In the news... the IRS has shut down its Web application for looking up a person's Identity Protection PIN. The Tax Foundation and Brian Krebs have additional details on this story.
Who gets hit with the alternative minimum tax? A new chart from the Tax Foundation seeks to answer that question.
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| | | How Bitcoins are Taxed | The biggest tax tip when it comes to bitcoin is to establish a record-keeping system. The IRS views bitcoins like they view property: and the IRS wants to see a paper trail of calculations to measure the income resulting from purchases and sales made using this virtual currency. | |
| Employee Stock Purchase Plans | Here's the thing to know about employee stock purchase plans (ESPP). Selling shares from an ESPP results in income that shows up in two places: part of the income shows up as wages on Form W-2, and part of the income shows up as capital gain reported on Schedule D. The trick is to make sure the same income isn't being taxed twice, and to do that we need to work through some math using documents from the ESPP administrator. | |
| Tax Tips for Capital Gains and Losses | Capital gain is the income from selling a capital asset. Capital assets could be stocks and bonds, or real estate or bitcoin or collectibles. The key thing is we measure the income by subtracting the cost of your investment (your basis) from what you sold the asset for. | |
| Spread Capital Gains Over Years Using Installment Sales | Speaking of capital gain, here's a long-range planning strategy to keep in mind. Let's say you want to sell your business, or some real estate, or any asset really and it's going to generate a large capital gain. Well one strategy we can use is an installment sale. With an installment sale, we get to spread the capital gain over several years -- over the life of the seller-backed loan. | |
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