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Advanta Tax, Tax Tip of the Day:

Withholding Checkup

The Internal Revenue Service today encouraged several key groups of taxpayers to perform a “paycheck checkup” to check if they are having the right amount of tax withholding following recent tax-law changes.

The IRS emphasizes the new tax law changes make it especially important for specific groups of taxpayers to visit the Withholding Calculator on IRS.gov. This includes people in households with two or more jobs, who have children or dependents, who itemize their taxes, or who have high incomes or complex tax situations.

"It's important every year for people to review if they're having the right amount of tax withheld from their paychecks," said Acting IRS Commissioner David Kautter. "This year, it's even more urgent for people to review their situation following the new tax law changes. As people complete their 2017 tax returns, this is a perfect time to take a paycheck checkup."

Crytocurrency Tax done affordable and easy for you, call us today for an appointment 713 664 7253

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Advanta Tax Tax Tip of the Day: CRYPTOCURRENCY TAX

IRS reminds taxpayers to report virtual currency transactions

The Internal Revenue Service today reminded taxpayers that income from virtual currency transactions is reportable on their income tax returns.

Virtual currency transactions are taxable by law just like transactions in any other property. The IRS has issued guidance in IRS Notice 2014-21 for use by taxpayers and their return preparers that addresses transactions in virtual currency, also known as digital currency.

Taxpayers who do not properly report the income tax consequences of virtual currency transactions can be audited for those transactions and, when appropriate, can be liable for penalties and interest. Call us today, we can help.