Tax Central – Page 28 – Fiducial Blog

Advance Child Tax Credit and EIP Must Be Reconciled on 2021 Return

February 18, 2022

In 2021, Congress passed the American Rescue Plan.This plan increased the child tax credit. It also implemented the advance child tax credit.

Entrepreneurs and Taxes: Claiming Expenses on Tax Returns

February 11, 2022

Entrepreneurs are often unaware that many start-up expenses can’t be deducted right away. The way you handle initial expenses can affect your tax bill.

Meticulous Records Are Key to Tax Deductions and Painless IRS Audits

February 9, 2022

All businesses need to keep records of income and expenses. Carefully record expenses in order to claim all of the tax deductions to which you’re entitled.

Numerous Tax Limits Affecting Businesses Have Increased for 2022

February 7, 2022

Many tax limits that affect businesses are annually indexed for inflation. Fiducial has a rundown of those that may be important to you and your business.

The IRS May Get a Big Budget Increase. Will It Impact the Rate of Audits?

February 4, 2022

The Congressional Budget Office has announced a proposal to increase funding for the IRS. Does that mean that more people are about to receive audits?

Complications to the Qualified Charitable Distribution (QCD) Provision

February 2, 2022

The tax code includes a provision called a Qualified Charitable Distribution (QCD). This allows retirees to make contributions for significant tax benefits.

Reporting Requirement for Cryptocurrency Added by Infrastructure Bill

January 31, 2022

The IRS has been engaged in a virtual currency compliance campaign for 3 years. The campaign addresses tax noncompliance related to cryptocurrency use.

How to Defer Tax with a Like-Kind Exchange

January 28, 2022

One way to defer a tax bill on the gain is with a Section 1031 “like-kind” exchange. A like-kind exchange doesn't sell the property, it exchanges it.