By month: April 2023

NFTs and Taxes: New Rules and What You Need to Know

NFTs—short for “non-fungible tokens”—are one of the hottest types of digital assets. Unlike Bitcoin, they are not digital currency. Instead, they represent ownership of virtual or physical assets. NFTs can be bought and sold on online platforms. Such sales result in ordinary income for NFT creators. Purchasers face the collectibles rules if the NFTs are collectibles and the owner can recognize capital gains or losses both on initial purchase and later sales.

If I Hire My Kids, Can I Give Them Tax-Free Education Benefits?

Owning your business has many advantages, including the possible ability to get some tax deductions when you have your business pay for your child’s education—in select circumstances, as we explain in this article.

Eight Answers to Section 105-HRA Questions

The Section 105 medical reimbursement plan can be confusing, and you want to get it right. To help, we answer eight common questions in this article, including what documentation to use, where to file for the deduction, how many work hours are needed to justify the reimbursement, who needs to create the plan, whether it will work with an S corporation, and more.

PDF Guide: Four Powerful Tax Strategies for Charitable Giving

Charitable contributions not only support great causes but can also reduce your taxes. Download this guide to read up on four often overlooked tax strategies for maximizing your tax savings with charitable contributions.

Business Gym for Your Employees, and Maybe You Too

Looking to add a business gym? This should be straightforward, but not so. There are two different tax code sections that could apply. If you are thinking of a gym for your business, this article advises how to make your deduction possible by keeping you from using the wrong set of IRS regulations.

Don’t Expose Yourself with Improper Use of the $75 Rule

Confused about when you need a receipt for a business expense? The rules can be tricky. Don’t risk getting it wrong. Here’s what you need to know about the $75 receipt rule.

Revitalize Your Understanding: Guide to Bad Debt Loss Deductions

When you make a loan and that loan goes bad, your tax deduction for that lost money could be either a capital loss subject to the dreaded $3,000 cap or an ordinary loss that’s fully deductible. You want to get this right, and this article puts you on the right path.

Take Advantage of the Once-in-a-Lifetime IRA-to-HSA Rollover

Health savings accounts (HSAs) are the best retirement account ever invented. You can help fund your HSA by making a once-in-a-lifetime rollover of money from your IRA. No tax need be paid on the rollover. Thus, if you later withdraw the funds from your HSA for medical expenses, you’ll never pay taxes on them. The only drawback is that the rollover amount is limited to your HSA contribution limit for the year. But hey, tax-free is free.


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