How Prize and Award Winnings Can Impact Your Taxes

In the era of reality TV, aspiring entertainers often look to talent competitions to gain renown, visibility, and of course, the cash prize that comes with winning. In fact, a variety of industries and academic disciplines offer prizes and awards through competitions that may or may not be widely publicized. Whether the contest is associatedContinue reading “How Prize and Award Winnings Can Impact Your Taxes”

A Short Film by My Fiscal Office – A Refund is Born

In 5 minutes we cover the main sections of your tax return ending up at what is most important to you, your refund. Click here to watch –  https://bit.ly/arefundisborn If you need help with your accounting, payroll or taxes contact us at https://myfiscaloffice.com/connect/ +++++++++ Stay current on the latest tax and accounting news by invitingContinue reading “A Short Film by My Fiscal Office – A Refund is Born”

A Short Film by My Fiscal Office – Adjustments, Deductions and Credits, Oh My!

In 3 minutes we cover what you need to know adjustments, deductions AND credits. Click here to watch –  https://bit.ly/ADCohmy If you need help with your accounting, payroll or taxes contact us at https://myfiscaloffice.com/connect/ +++++++++ Stay current on the latest tax and accounting news by inviting My Fiscal Office into your inbox with our freeContinue reading “A Short Film by My Fiscal Office – Adjustments, Deductions and Credits, Oh My!”

A Short Film by My Fiscal Office – A Tale of Two Deductions

In just over six minutes we cover what you need to know about standard vs itemized deductions. Click here to watch –  https://bit.ly/taleoftwodeductions If you need help with your accounting, payroll or taxes contact us at https://myfiscaloffice.com/connect/   +++++++++ Stay current on the latest tax and accounting news by inviting My Fiscal Office into yourContinue reading “A Short Film by My Fiscal Office – A Tale of Two Deductions”

With Inflation, Your Inventory Can Be Source Of Tax Savings

The pandemic forced businesses to adapt in many ways. The economic recovery has highlighted supply chain issues exacerbated by strong demand and leading to overall inflation. Businesses are now continuing to adapt to higher prices. Those with inventory may be able to realize tax benefits to help with this inflationary effect through the Last-In, First-OutContinue reading “With Inflation, Your Inventory Can Be Source Of Tax Savings”

Keeping Good Records for Tax Compliance

One of the most common non-tax questions I get is “How long should I keep this?” ‘This’ could mean bank records, copies of tax returns, or virtually any other piece of business information.  Here are some best practices for keeping business records for tax compliance. Specifically, what to keep and how long to keep itContinue reading “Keeping Good Records for Tax Compliance”

Don’t Overpay Taxes For Your Virtual Currencies

Cryptocurrency has spiked in popularity in recent years, but the tax reporting process has struggled to keep up with the changing times. The IRS considers it property, which means that gains and losses from receiving, sending, selling, or exchanging cryptocurrency must be reported on your tax return. Currently, there is no 1099 form that functionsContinue reading “Don’t Overpay Taxes For Your Virtual Currencies”