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The latest Apple iPads, MacBooks, AirPods and more are on sale for Presidents Day CNNSave $100 on Apple Watch Series 11, plus 28 other Apple Presidents Day deals CNNApple Presidents' Day sales are live: Get the Apple Watch Series 11 for $299, plus more deals to shop now EngadgetThe best Presidents' Day Apple deals — huge discounts on AirPods, MacBooks, iPads, Apple W
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An innovative use of tax data shows just how tough it is for New Yorkers to grow a family.
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Tax season is underway and you have until April 15 to file your return with the IRS. If you want to avoid the stress of the looming deadline, start getting organized as soon as possible.
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Crypto investors can expect to receive a new tax form this year from exchanges such as Coinbase and Robinhood.
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IRS staff shortages and new tax laws mean you should file your taxes early and triple-check everything.
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The 2022 crypto price crash understandably has some investors concerned. But for those of you who haven't run for the hills, it's worth knowing that cryptocurrency currently has the attention of not only the Biden administration, and Congress, but the IRS as well. In terms of crypto news and taxes, the IRS recently proposed changes to cryptocurrency tax reporting question on the Form 1040. The agency will also receive $80 billion from the Inflation Reduction Act, some of which will be directed to digital asset enforcement—including cryptocurrency tax compliance.
Additionally, you may have heard that the IRS continues to successfully obtain court orders to require cryptocurrency brokers and exchanges to provide information to the IRS. That information concerns investors who failed to report and pay taxes on cryptocurrency transactions.
And while this IRS enforcement focus isn't new, recent crypto announcements and developments from Congress, the Biden administration, and the IRS, mean that it's important to stay up-to-date on crypto tax reporting and compliance. So, here's some information to get you started.
How Crypto is Taxed
A common question about cryptocurrency concerns how crypto is taxed. The answer is that cryptocurrency is considered property, so it's taxed by the IRS in the same way that other capital assets are taxed. As a result, when you sell or trade crypto, you can have asset losses and potential taxable gains depending on the fair market value of the virtual currency, and your basis in the crypto.
SEE MORE 9 Ways to Cut Crypto Taxes Down to the Bone
Given that, it
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The IRS has granted victims of the recent severe storms in Arizona more time to file various individual and business tax returns and make tax payments. Specifically, victims of the storms on July 17 and 18, 2022, have until November 15, 2022, to file and pay tax returns and payments due between July 17 and November 14.
SEE MORE 2022 Tax Calendar: Important Tax Due Dates and Deadlines
The tax relief is available to anyone in any area designated by the Federal Emergency Management Agency (FEMA) as qualifying for individual assistance. At this point, only affected taxpayers who live or have a business in the Salt River Pima-Maricopa Indian Community qualify for the extensions, but the IRS will offer the same relief to any taxpayers in other Arizona localities designated by FEMA later.
The IRS will also work with other people who live outside the disaster area but whose tax records are in the disaster area. Call the IRS at 866-562-5227 if you face this situation. This also includes workers assisting the relief activities who are affiliated with a recognized government or philanthropic organization.
Deadlines Extended
The deadlines that are pushed back include extended 2021 personal income tax returns that were supposed to be due on October 17, 2022. However, payments for 2021 income taxes that were due on April 18, 2022, are not extended. In addition, Arizona storm victims in the designated area get more time to make the estimated tax payments due on September 15, 2022.
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Many farmers are facing a critical retirement decision. The traditions of yesterday are often changing, and their children may no longer want to follow in their parents' footsteps. The challenges are many. However, there are options available.
In 1971, I began my farming career at the tender age of 9 in the Skagit Valley, 60 miles north of Seattle. Crop farming was my gig; rouging spinach, sorting tulips, picking strawberries, raspberries and cucumbers alongside the migrant workers from Mexico. When I was old enough, I was driving picking machines with a dozen kids lying on boards over a conveyor belt, or driving an open tractor pulling a green pea combine while traveling about 1 mile in four hours.
SEE MORE Keeping Property in the Family with LLCs and Partnerships
Today, at the age of 59, I realize that I've been preparing this article for 50 years. During 12-hour shifts on the open tractor, it rained, often. My family could not afford proper rain gear, so a plastic lawn bag with holes punched out for my head and arms provided quite well. Working six of these shifts every seven days gives a teenager time to reflect. That's when I decided farming was very hard and I wanted an easy office job someday!
Challenges for Farmers Today
A huge debt of gratitude is owed to the men and women who feed the world. You face unprecedented challenges:
Mother NatureInconsistent commodity prices
Lack of access to labor
Global competition with lower costs of operations
Lack of resources to compete with larger corporate farming technology
Next-generation (family) choosing a different career path
You are at an age where you need to slow down or retire completely
Potential income tax law changes
Inheritance and estat
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