Thursday, February 1, 2018

Home Equity Loan Interest Will No Longer Be Deductible For 2018 Filing Year

Source:
https://www.marketplace.org/2017/12/22/business/tax-bill-2017/tax-reform-home-equity-interest-deduction-affect

How Do I Report Your Crypto Currency On My Taxes?

Like other stock investments, it depends on cost basis, long-term or short-term (duration of your investment), and your gain or loss.

Further Info from TaxAct:

SOURCE: https://proadvance.taxact.com/paying-taxes-cryptocurrency-bitcoin-ethereum-litecoin-ripple/

Thursday, June 15, 2017

I'm Self-Employed, How Much Of My IRA Contributions Can Be Deducted As A Business Expense?

Typically up to the lesser 25% of net income or $18,000. The worksheet will tell you exactly how much can be deducted.

Find the following worksheet:

Self-Employment Retirement Plan Worksheet

SOURCE:
https://www.irs.gov/publications/p560/ch05.html

I Filed an Extension, Can I Still Make SEP IRA Contributions?

Yes. You have until the end date of the extension to make contributions for the previous year.

SOURCES:
https://www.irs.gov/retirement-plans/retirement-plans-faqs-regarding-seps-contributions