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IRS Focuses on Cryptocurrency

IRS Focuses on Cryptocurrency

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...
Benefit Big from the Work Opportunity Tax Credit

Benefit Big from the Work Opportunity Tax Credit

The Work Opportunity Tax Credit rewards your good deeds. And now, because of new legislation, the rules are in place for longer than usual. If you need to hire workers in your business, this dollar-for-dollar reducer of your taxes is one to know about. Suppose your...
Helicopter View of Meals and Entertainment (2021-2022)

Helicopter View of Meals and Entertainment (2021-2022)

Have you missed partying and having business meals with your prospects, customers, and employees? Well, get ready to start again. Soon, COVID-19 will behind us. It could be just a few short months away. To help you get ready, check the table below for what you can do...
Deduct 100 Percent of Your Employee Recreation and Parties

Deduct 100 Percent of Your Employee Recreation and Parties

When you know the rules, you can party with your employees and deduct 100 percent of the cost. The IRS says that the following types of entertainment qualify for the 100 percent employee entertainment tax deduction: Holiday parties, annual picnics, and summer outings...