When a cryptocurrency becomes worthless it isn’t treated the same as a worthless security on a tax return. As an asset, it needs to be sold before a loss is allowed. There are two ways you can get a tax deduction for worthless and nearly worthless crypto. We will discuss both methods (sale of asset and abandonment) below and the associated risks.
From the first days of my tax practice I have had an open door policy to clients and employees. This worked well when I had fewer clients and demand by new clients was limited. After over three decades in business I am finally closing the door to take my life back. It was a long overdue change.
Is it possible to turn non-deductible personal travel expenses into tax deductible business travel expenses? Yes! You can deduct your vacation as a business expense. . .
They call it flyover country, that central part of America people overlook on their way to another destination. The thought is that there is nothing to see down the backbone of America. But you would be wrong if thought that way. And the best way to see the heart of America is with a road trip.
Tax-loss harvesting is often bandied as a no-lose way to reduce taxes. Unfortunately, there are many pitfalls and under certain circumstances could actually increase your tax liability. Paying a service like Betterment to increase harvested losses only really works in a few limited situations.
Finding qualified employees is getting harder in the tax and accounting industry. You can either reduce your number of clients, outsource or increase automation. Gruntworx is a powerful tool automating much of the data entry process on a tax return. Tedious work is reduced so you can focus on the value added part of tax preparation: review and consulting.
Even before the Affordable Care Act people were looking for alternatives to traditional health insurance. The biggest desire to change was insurance premiums that were getting out of control. Some also wanted to cut a middleman out of the equation. Payment of claims is an even more important consideration, however.
Beating the average is “not” about finding the best of the best winners every year! It is about avoiding the clunkers. (Remember Buffett’s two rules!!! The secret is buried in there when you understand what he was saying.)
Winners are harder to find. But losers? Some are hard to spot and others stand out like a sore thumb. These deadbeats will break the Buffett rules and put you in the position of catchup. Hard to beat the indexes coming from behind.