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Yulia Langolf, CPA
Jan 19, 20221 min read
Crypto Loophole
When calculating your gains and losses on crypto sales, you may use HIFO method – short for Highest In, First Out. When sell your crypto,...
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Yulia Langolf, CPA
Nov 12, 20211 min read
IRS Red Flags
Did you know that IRS issues 220 million notices every year? If you get an IRS notice, don’t panic, don’t ignore, don’t respond yourself....
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Yulia Langolf, CPA
Oct 8, 20211 min read
Traditional vs Roth IRA?
What is better Traditional or Roth IRA? It really depends. Traditional IRA allows to make PRE-TAX contributions, so you get an immediate...
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Yulia Langolf, CPA
Oct 8, 20211 min read
Uniform Expense
Many of my business clients misunderstand the meaning of UNIFORM EXPENSE as a business tax deduction. For example, a realtor claiming a...
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Yulia Langolf, CPA
Oct 8, 20211 min read
Personal Property Loss
Many of my clients ask me “Why are we not reporting the loss from the sale of my BMW? I lost so much, I would like my taxable income to...
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Yulia Langolf, CPA
May 14, 20211 min read
Credit Card Rewards Program
Did you know that cashback from your credit card rewards program is a taxable income? If you are getting cashback, you need to include it...
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Yulia Langolf, CPA
Apr 13, 20211 min read
Premium Tax Credit Repayment
Good news! If your 2020 income is higher than what you reported at the time you applied for 2020 marketplace health insurance, no...
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Yulia Langolf, CPA
Feb 23, 20211 min read
"Willful" FBAR
DO YOU KNOW ABOUT requirements for Report of Foreign Bank and Financial Accounts (FBAR)? A married couple, Peter and Susan Horowitz...
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Yulia Langolf, CPA
Feb 7, 20211 min read
Long-Term Capital Rates
Did you know that there is zero tax rate for the long-term capital gains if you are filing jointly and making up to $80,000/year (up to...
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Yulia Langolf, CPA
Nov 9, 20201 min read
Are your taxes going to change with Biden presidency?
It depends on how much you earn. Taxes of lower-income taxpayers’ are intended to be cut. Biden proposes refundable credits for paying...
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Yulia Langolf, CPA
Oct 9, 20201 min read
Tax Fraud
Just received a call from a potential client stating that she cannot move into a fancy rental apartment because the management of the...
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Yulia Langolf, CPA
Sep 18, 20201 min read
PPP loan forgiveness
Please note that SBA announced that it will review all PPP loans in excess of $2million. SBA will also “spot check” the loans in lower...
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Yulia Langolf, CPA
Sep 8, 20201 min read
“Above-the-line” deduction for charitable contribution
Good news! Beginning in 2020 nonitemizing taxpayers will be able to deduct $300 of qualified charitable contributions as an...
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Yulia Langolf, CPA
Sep 1, 20201 min read
Taxation for Unemployment Benefits
Are you receiving unemployment benefits? Remember that these benefits are considered a taxable income by IRS. What it means? If you are...
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Yulia Langolf, CPA
Aug 3, 20201 min read
Sales Tax Holiday
Good news! NO SALES TAX! Florida will hold a sales tax holiday from Friday August 7 through Sunday August 9. During the holiday no sales...
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Yulia Langolf, CPA
Jun 19, 20201 min read
Health Insurance Penalty Refund
Did you pay penalties for not having a health insurance in previous years? And you are a citizen of Ukraine, Russia, Moldova, Belarus and...
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Yulia Langolf, CPA
Jun 16, 20201 min read
SBA reopens disaster-loan program
Great news! SBA reopens disaster-loan program to nonagricultural businesses. If you did not apply for SBA loan earlier this year, you can...
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Yulia Langolf, CPA
Jun 12, 20201 min read
Langolf CPA is against racism
Langolf CPA is against racism. TOGETHER we can strengthen tolerance, unity and love! Only together we will make this world a place worth...
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Yulia Langolf, CPA
Jun 4, 20202 min read
PPP loan forgiveness
Have you received a PPP loan for your business? If yes, I have some good news for you (see below). If not, you still have time until June...
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Yulia Langolf, CPA
May 19, 20201 min read
IRS is hiring 3,500 new phone operators to answer your questions about economic impact payments
Most of my clients have already received their stimulus checks under CARES act. However, there are still some eligible taxpayers who have...
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