FREQUENTLY ASKED QUESTIONS


This depends on factors like your income, filing status, and age. Generally, if your income exceeds a certain threshold, you are required to file a tax return.

Deductions and credits can help reduce your taxable income or the amount of tax you owe. Deductions are expenses you can subtract from your income, while credits directly reduce the amount of tax you owe.

If you can't pay your taxes in full, it's important to file your return on time and pay as much as you can to avoid penalties and interest. You can also explore payment plans or other options with the IRS.

In many cases, gifts and inheritances are not taxable to the recipient, but there may be exceptions and specific rules depending on the amount and nature of the gift or inheritance.

An extension is only for time to file your return. Any taxes that are due are due by the initial deadline, generally April 15th of the year in question. If you feel that you will need to extend, it is important that we get enough information from you to estimate your tax liability, in order to make a sufficient payment by April 15th.

Cryptocurrencies are not currently regulated in the U.S. and they are not backed by any tangible assets. For this and other reasons they are more risky than typical investments. As with all investments, you should not invest more money than you can afford to lose.

From a taxation perspective, gains and losses in trading cryptocurrencies are the same as for trading stocks and bonds. The IRS expects you to report such gains as short- or long-term capital gains, depending on how long you held the asset. Both gains and losses are reported on Schedule D.  Read More...

A visiting IRS Revenue Officer will first identify themselves and show their credentials. To make sure it is not a fraudster acting as an IRS Revenue Officer, it is important that you see the credentials, as well as their Federal ID Card (it is called an HSPD-12 card). At that point, you should call the IRS Field Employee Verification center at 1-844-809-4566 to verify the Revenue Officer’s identity. In this way, you can be certain you are dealing with a government employee, and this is not a fraudulent visit.  Read More...

Receiving a letter from the IRS can be stressful, so the first thing to do is to remain calm. The IRS does its job methodically, and so should you. Here's a step-by-step guide on how to proceed:  Read More...

Do not get upset if you receive a letter from your State taxation authority, and do not tear-up the letter! Here's a guide on how to proceed:  Read More...