by LittleOwlCPA Admin | Mar 10, 2023 | Individual Tax, Tax Planning
Over the last few years, investing in virtual currencies (“cryptocurrency” or “crypto”) has become very popular. The IRS defines a virtual currency as a form of property and refers to virtual currency as a medium of exchange. There are various types of transactions...
by LittleOwlCPA Admin | Feb 17, 2023 | Individual Tax, Small Business, Tax Planning
As a small business owner, you may be eligible to claim the home office deduction on your tax return. This deduction allows you to claim a portion of your home expenses as a business expense, which can lower your taxable income and save you money on your taxes. ...
by LittleOwlCPA Admin | Feb 10, 2023 | Individual Tax, Small Business
Tax season is here! It’s important to start preparing now and to know your deadlines to ensure a smooth and stress-free filing process in the months ahead. Know Your Deadlines It’s important to be aware of the various tax deadlines that apply to you...
by LittleOwlCPA Admin | Jan 6, 2023 | Individual Tax
If you fail to estimate your federal income tax withholding properly, it may cost you in a variety of ways. If you receive an income tax refund, it essentially means that you provided the IRS with an interest-free loan during the year. By comparison, if you owe taxes...
by LittleOwlCPA Admin | Dec 23, 2022 | Individual Tax, Tax Planning
There are many ways to give to charity. You can make gifts during your lifetime or at your death. You can make gifts outright or use a trust. You can name a charity as a beneficiary in your will, or designate a charity as a beneficiary of your retirement plan or life...
by LittleOwlCPA Admin | Dec 9, 2022 | Individual Tax, Tax Planning
Among the many provisions in the multi-trillion-dollar legislative package being debated in Congress is a provision that would eliminate a strategy that allows high-income investors to pursue tax-free retirement income: the so-called back-door Roth IRA. The next few...
