Janet Moore

Time to File Extended Returns

With Summer here, most people are thinking of vacations, staycations, relaxation and… procrastination when it comes to filing taxes. However, the latter can lead to big headaches when suddenly September and October arrive with the realization that the time to gather and submit tax data is now.   Important Dates …

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Cutting Tax Ties with California

For the first time in many years, long-standing residents are leaving California. According to the California State Department of Finance, the population declined by 173,000 between July 1, 2020 and July 1, 2021. This departure trend began in 2020, as many Californians headed for Texas and other western states. The …

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Reporting Crypto for Tax Purposes

The number of people investing in cryptocurrency is increasing as more investors become familiar with how this asset functions, may be acquired, held as an investment asset, or used in purchase transactions. Cryptocurrency, or what the IRS calls Virtual Currency, is a digital representation of value, aside from the U.S. …

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2021 Tax Preparation & Updates

As the 2022 filing season rapidly approaches, taxpayers should be aware of federal tax law changes and updates that will affect individual 2021 income tax returns. For the 2021 tax year, tax rates remained the same; however, the federal government made certain changes to the income tax brackets to account …

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Tax Implications of Gift-Giving

Gifting financial or personal assets in the present day offers immediate resources to a person’s beneficiaries and provides the extra enjoyment of watching the gifts enrich their lives. While it can be personally rewarding to bask in their delight, there are added tax benefits, such as reductions in the taxable …

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2021 Year-End Tax Checklist

The 2021 tax year is quickly ending, with only weeks left to take advantage of the available tax breaks. Below are some key strategies to potentially help minimize taxes.   Evaluate Opportunities for Roth Conversions   Investors with traditional IRAs might consider converting to a Roth IRA. Investors who move …

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New Spiegel Website

Spiegel Accountancy recently launched a new website with a freshly branded look, simple and intuitive navigation, plus an enhanced level of security. The new website URL: www.spiegel.cpa is a restricted domain, specific to licensed CPA firms and individuals. The American Institute of CPAs (AICPA) introduced the .cpa domain exclusively to …

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IRS Pushes Tax Deadline

Taxpayers now have more time to compile their 2020 income taxes as the Internal Revenue Service (IRS) moves this year’s tax-filing deadline to May 17th, offering taxpayers and their accountants a huge sigh of relief. This move comes following many pleas from lawmakers and accountants to extend the deadline amid …

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All About Gift Tax

When giving assets to a beneficiary, whether cash or property, the government may want to know about it and might even want to collect what the Internal Revenue Service (IRS) refers to as a gift tax. Fortunately, a large portion of some gifts or estate assets are excluded from taxation and …

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Cryptocurrency and Tax Law

The IRS has increased scrutiny on Bitcoin and other cryptocurrency transactions in its effort to make those aware who previously neglected to declare these forms of virtual investments. The first question on the 2020 tax year Form 1040 for individuals asks about virtual currency transactions. However, the degree to which …

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Why File a Tax Extension

There are a variety of reasons for filing a tax extension; however, having an extra six months to complete the filing process would be at the top, particularly for the 2020 tax year. Aside from normal tweaks to tax laws, American taxpayers may need extra time to sift through the …

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