Cryptocurrency taxes have always been complicated, but 2025 has taken things to a new level. With rapid shifts in regulation, enforcement, and political priorities, many crypto investors are left wondering what’s next. The IRS spent years working toward expanded oversight of decentralized finance (DeFi) platforms, only to have that effort reversed almost overnight. The repeal […]
What You Need to Know About Underpayment of Tax Penalties
Taxes are an essential part of a functioning society, providing the government with the necessary funds to provide public services and support various programs. However, when it comes to paying taxes, many individuals and businesses may find themselves making mistakes or underestimating their obligations. This can lead to tax underpayment, a situation that often incurs […]
How Long Can My State Collect Back Taxes?
Owing back taxes is never a pleasant situation, but it’s even more stressful when you’re unsure how long the state has to collect those taxes. While the IRS has fairly standardized time limits, the rules for state-level tax collection vary widely—and in some cases, the clock might never stop ticking. Understanding how long your state […]
How to Report Rental Income and Avoid IRS Red Flags
Rental income is an important source of revenue for many property owners, but it also carries specific tax reporting responsibilities. If you’re a landlord or a property owner who rents out your property, understanding how to report rental income correctly and avoid IRS red flags is essential to ensure compliance and minimize the risk of […]
Home Office Deduction: Do You Qualify?
As remote work and small business continue to gain popularity, more individuals are setting up home offices to create a conducive work environment. What many may not be aware of is the potential tax benefits associated with a home office. The home office deduction allows eligible taxpayers to reduce their taxable income by claiming a […]