When calculating your gains and losses on crypto sales, you may use HIFO method – short for Highest In, First Out. When sell your crypto,...

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....

What is better Traditional or Roth IRA? It really depends. Traditional IRA allows to make PRE-TAX contributions, so you get an immediate...

Many of my business clients misunderstand the meaning of UNIFORM EXPENSE as a business tax deduction. For example, a realtor claiming a...

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...

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...

Good news! If your 2020 income is higher than what you reported at the time you applied for 2020 marketplace health insurance, no...

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...

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...

Good news! Beginning in 2020 nonitemizing taxpayers will be able to deduct $300 of qualified charitable contributions as an...

Are you receiving unemployment benefits? Remember that these benefits are considered a taxable income by IRS. What it means? If you are...

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...

Did you pay penalties for not having a health insurance in previous years? And you are a citizen of Ukraine, Russia, Moldova, Belarus and...

Great news! SBA reopens disaster-loan program to nonagricultural businesses. If you did not apply for SBA loan earlier this year, you can...

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...

FINGERS CROSSED! House of Representatives is going to vote today on the new legislation known as HEROES Act (Health and Economic Recovery...

Yulia Langolf сompleted Advanced QuickBooks Online Certification. There are a lot of changes in the new QuickBooks Online and the best...

Have you already received a STIMULUS CHECK from IRS? I’ve received mine! Thank you, Mr. President, for the help much needed these days....

Taxpayers can use optional standard mileage rates to calculate deductible auto expense. Standard mileage rate for business use of a...

Do you have bank accounts outside of US? If there was more than $10k in total balance on all your foreign (NON US) bank accounts, you...