JB Story & Associates, PC

For many taxpayers, the biggest financial concerns revolve around two things: how much money they owe in taxes and how to lower their tax bill. When it comes to investment income, there are a few strategies that can help reduce the amount of taxes you owe. In this blog post, we'll take a look at two of them: tax-free capital gains and dividends.

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The Benefits of Tax-Free Capital Gains and Diviends - JB Story Accounting Services For many taxpayers, the biggest financial concerns revolve around two things: how much money they owe in taxes and how to lower their tax bill. When it comes to investment income, there are a few strategies that can help reduce the amount of taxes you owe. In this blog post, we'll take a look at two...

If you’re thinking of selling your home, you may be wondering if you’ll have to pay taxes on any gains from the sale. The good news is that, in most cases, you won’t! Here’s what you need to know about tax-free home sale gains.

Under certain circumstances, you can exclude up to $250,000 of gain from the sale of your home from your taxes, or up to $500,000 for married couples filing a joint return. To qualify for this exclusion, you must meet all three of the following requirements:

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Tax-Free Home Sales Gains: What You Need to Know - JB Story Accounting Services If you're thinking of selling your home, you may be wondering if you'll have to pay taxes on any gains from the sale. The good news is that, in most cases, you won't! Here's what you need to know about tax-free home sale gains.

You've paid into Social Security your whole life. Now it's time to start collecting benefits. But did you know that you can get your benefits without paying any taxes? Read on to learn more about tax-free Social Security benefits.

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Taxation of Social Security Benefits - JB story You've paid into Social Security your whole life. Now it's time to start collecting benefits. But did you know that you can get your benefits without paying any taxes? Read on to learn more about tax-free Social Security benefits.

How to Achieve Tax-Free Income with a Roth IRA

For many taxpayers, the thought of having to pay taxes on their retirement savings is enough to make them cringe. Fortunately, there is a way to accumulate and withdraw funds from your retirement account without having to worry about paying Uncle Sam a dime. A Roth IRA offers tax-free growth and withdrawals for qualified taxpayers. Here’s an overview of how it works.

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How to Achieve Tax-Free Income with a Roth IRA - JB story For many taxpayers, the thought of having to pay taxes on their retirement savings is enough to make them cringe. Fortunately, there is a way to accumulate and withdraw funds from your retirement account without having to worry about paying Uncle Sam a dime. A Roth IRA offers tax-free growth and wit...

Click here to see 2023 IRS Inflation adjustments:

IRS announces annual inflation adjustments for tax year 2023 Changes include increases in the standard deduction for many taxpayers, new tax brackets, and a higher maximum earned income tax credit amount.

Can my non-working spouse contribute to an IRA?

Find out: https://storyaccounting.com/spousal-ira-contributions/

Spousal IRA Contributions - JB story You may have joined the Great Resignation, maybe temporarily or maybe for good or your non-working status might have nothing to do with the Great Resignation. For instance, you could be a stay-at-home parent. In any case, as a spouse with no tax-defined earned income, you might want to continue savi...

Through October 2022, you can buy Series I bonds that pay 9.62 percent interest and you receive that rate for six months from the time of purchase.

What happens after that?

READ MORE: https://storyaccounting.com/investing-alternative-series-1-savings-bond/

Treasury warns taxpayers to brace for a turbulent tax season.
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The IRS is still dealing with backups in processing returns from the past two filing seasons.
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Treasury warns taxpayers to brace for a turbulent tax-filing season The IRS is still dealing with backups in processing returns from the past two filing seasons.

Five Year-End Tax Strategies: https://storyaccounting.com/five-year-end-tax-strategies/

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The earned income tax credit (EITC) has been around for years. But for some folks, it’s never been worth as much as it will be for 2021.

That’s thanks to liberalizations included in the American Rescue Plan Act of 2021 (ARPA). Some of the favorable changes are only for the 2021 tax year. Others are permanent....

READ MORE: https://storyaccounting.com/the-earned-income-tax-credit-eitc-in-2021/

Cryptocurrencies have gone mainstream.

For example, you can use bitcoin to buy far more than you would think. To see, try googling “What can I buy with bitcoin?” You will get more than 350,000 hits. But using cryptocurrencies has federal income tax implications that may surprise you.

With the price of bitcoin having gone through the roof (before its recent decline), and with increasing acceptance of bitcoin and other cryptocurrencies as forms of payment, the tax implications of using cryptocurrencies are a hot-button issue for the IRS.

The 2020 version of IRS Form 1040 (the form you recently filed or will file soon) asks whether you received, sold, sent, exchanged, or otherwise acquired—at any time during the year—any financial interest in any virtual currency. If you did, you are supposed to check the “Yes” box....

READ MORE: https://storyaccounting.com/the-irs-and-cryptocurrency/