Using Children’s IRAs to Pay for College If your child has earned income (maybe from working in your business), you may want to consider establishing an IRA for your child. The IRA funds can, in turn, be used to help pay your child’s college expenses. When your child...
Clean vehicle credits can help car buyers pay less at the dealership RS Tax Tip 2023-123, Nov. 15, 2023 Taxpayers who buy a qualifying new or used clean vehicle may be able to transfer their tax credits to the dealer in exchange for a financial benefit – such as a...
NFT’s & Taxes Did you buy, sell, donate, or receive an NFT during the tax year? If so, you must answer “yes” to the digital assets question on page one of the IRS Form 1040. Additionally, if you have sold an NFT, you could be liable for tax or eligible for a...
Home Office Deduction With a growing number of business owners now working from home, many may qualify for the home office deduction, also known as the deduction for business use of a home. Usually, a business owner must use a room or other identifiable portion of the...
Digital assets include (but are not limited to): Convertible virtual currency and cryptocurrency Stablecoins Non-fungible tokens (NFTs) Digital assets are broadly defined as any digital representation of value which is recorded on a cryptographically secured...
IRS issues standard mileage rates for 2023; business use increases 3 cents per mile IR-2022-234, December 29, 2022 WASHINGTON — The Internal Revenue Service issued the 2023 optional standard mileage rates used to calculate the deductible costs of operating an...
