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Tax News

IRS Provides Further Guidance on the Taxation of Virtual Currency

October 15, 2019 / TurboTaxLisa

On October 9, 2019, the IRS released further guidance, on how virtual currency should be taxed. The last guidance, issued in 2014, explained that virtual currency is treated as property for Federal income tax purposes and applied tax principles applicable...

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Tax Planning

8 Last Minute Tax Tips to Make the Tax Extension Deadline

September 24, 2019 September 25, 2019 / TurboTaxLisa

The air is cooling down, fall is already here, and another important tax day is quickly approaching! If you filed for a tax extension on April 15, you have until the October 15 tax extension deadline to file your taxes....

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Self-Employed

Train Your Own Gym Clients? Make Sure You’re Snagging These Tax Breaks

March 1, 2019 July 11, 2019 / Ginita Wall, CPA, CFP®

If you are a personal trainer, you know what it takes to keep your body fit. But what about your self-employed business? Often personal trainers don’t even think of themselves as being in business, but they are. As a self-employed...

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Tax News

E-File is Now Open: Why You Should File your Taxes Early

January 28, 2019 March 30, 2019 / TurboTaxBlogTeam

Today, January 28, the IRS officially kicked off the opening of the 2019 tax season and is now accepting e-filed tax returns. As we all know, some taxpayers wait until last minute to file their taxes, but if you stop...

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Tax Refunds

What To Expect When You’re Expecting…a Tax Refund

January 17, 2019 March 15, 2019 / TurboTaxBlogTeam

Ready for your tax refund? You’re not alone! Close to 75% of taxpayers received a federal direct deposit tax refund of about $3,000 last year! TurboTax is now accepting tax returns, which means you’re one step closer to receiving your...

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Tax Deductions and Credits

7 Crazy Things People Have Deducted

January 14, 2019 July 24, 2019 / Ginita Wall, CPA, CFP®

When it comes to U.S. taxpayers, there’s no end to the ingenuity applied when it comes to weird tax deductions and the crazy reasons given to justify them. Though some of them may seem like a reach, sometimes the IRS...

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Tax News

IRS Announces E-file Open Day! Be the First In Line for Your Tax Refund

January 7, 2019 March 30, 2019 / TurboTaxLisa

The IRS announced today that it will begin processing tax returns on 1/31/14. The good news for you? TurboTax is open for business and will begin accepting tax returns on January 2, 2014!

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Tax Planning

Holiday Bonus Season: How Your Holiday Bonus is Taxed

December 11, 2018 July 11, 2019 / Ginita Wall, CPA, CFP®

The article below is up to date based on the latest tax laws. It is accurate for your 2018 taxes, which you will file by the April 2019 deadline. Learn more about tax reform here. December is a time for giving...

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Tax News

The PATH Act and What You Need to Know About Expiring ITINs

October 10, 2018 January 5, 2019 / TurboTaxLisa

The Protecting Americans from Tax Hikes (PATH) Act of 2015, which was passed by Congress and signed into law in December 2015 requires taxpayers to renew expired ITINs in order to file their taxes. The IRS announced that more than...

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Tax Planning