Cryptocurrency has become an incredibly popular way to invest, but the tax side of this virtual coin can be difficult to navigate. The IRS has gone back and forth over the years on it’s stance on cryptocurrency, making it confusing even for the most diligent investors. In March of 2021, the IRS announced Operation Hidden […]
Tax
Are You Tracking Absolutely All of Your Tax-Related Business Expenses?
Not sure what expenses to track or what you can deduct for your new business? If you’re self-employed, understanding what’s deductible and recording all of your business expenses should be priorities. When you work for yourself, accurate accounting is critical. The IRS pays special attention to tax returns prepared by sole proprietors. Not only does […]
4 Common Tax Return Mistakes That Could Get You in Trouble with the IRS
As tax filing season unfolds, many taxpayers are taking the bull by the horns and doing their own taxes. Though it may seem like good news for the individual taxpayer, it’s important to watch out for common tax filing mistakes. Tax preparation software makes some errors like addition and subtraction blunders less likely, but even […]
Employee or Independent Contractor? The Differences
The distinction may be challenging to make sometimes, but the IRS has very strict rules about it. Depending on the size of your business, onboarding a new hire can involve a lot of reading and writing for both of you. You may want the new worker to fill out a personal profile. There could be […]
Does the IRS Disagree with Your Income Figures? 7 Critical Steps to Take Next
It is one of the scariest things that can befall a taxpayer – the dreaded notice from the IRS stating you owe them more money you can’t pay. When you open up the mailbox and see the return address of the tax agency staring back at you, your heart is bound to skip a beat […]
Revisit and Review Your Last Tax Return
WesTax, Inc offers a complimentary review of a tax return that you have already filed. Whether you just want that peace of mind, paid some tax you didn’t understand or just not sure that you were on the same page as your preparer, contact us to schedule your complimentary review! Contact us @ maurie@westaxinc.com or 941-893-1791 […]