NEW YORK—When accountant Zach Gordon gets calls from clients about how to handle cryptocurrency on their taxes, there is a common theme. “They have absolutely no idea,” says Gordon, a principal with Grassi Advisors & Accountants in Westchester, New York. It is not entirely their fault. The whole arena of cryptocurrencies like bitcoin is so…
Last-Minute Tax Tips for U.S. Crypto Investors
April 14, 2022
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So, You’re Getting a Tax Refund!
Discovering that you’ll be getting a tax refund is certainly not the worst news you’ve had in your life. In fact, it’s easy to see a tax refund as some kind of gift from the universe. But here’s the truth: More than likely, it’s part of your paycheck that you should have been getting all…
‘Where’d the Money Go?’ How to Handle a Windfall
Tax refunds. Child tax credits. COVID-19 relief checks. We dream of the next unexpected bundle of money that lands in our lap. Perhaps it’s a few hundred dollars earned from a garage sale, maybe even more from a job bonus, or hundreds of thousands from a winning lottery ticket or inheritance. Our minds race with…
Use Your Tax Refund to Knock Down Debt, Lift Your Finances
April 7, 2022
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So you’re expecting a tax refund this year. With inflation driving up the price of gas, food, and nearly everything else, that extra money can’t come soon enough. The hard part is deciding how to spend it. Should you invest the money? Book a trip? If you really want to do yourself a favor, use…
How to Keep Your Tax Return from Getting Hung Up
There may never be a good time to draw the IRS’ attention, but this year you really want to avoid extra scrutiny. The IRS is so understaffed and overwhelmed that even a tiny mistake could delay your refund for months. A return that requires “manual processing”—basically, any action by an IRS employee—could join a massive…
How to Put Your Tax Refund to Work for You
April 5, 2022
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If you’re eagerly anticipating a tax refund in the coming weeks, you have good reason to be optimistic: The IRS reports that about 77 percent of tax returns filed last year generated a refund, and the average refund was $2,815. Even though what can feel like a gift from the government is actually a delayed…
Answers to All Your Burning Tax Filing Questions for 2022
By Madeline Garfinkle Tax Day looks a little different in 2022. With respect to the pandemic and unprecedented events of 2021, this tax season presented changes including new tax rules, deadlines, extensions and refunds. Here’s everything you’ll want to know to minimize mistakes, maximize your refund and file your tax return successfully. What Changes Were…
A Tax Proposal Driven by Greed and Envy
President Joe Biden has just proposed the biggest federal budget request in U.S. history–with the exception of his near $7 trillion spent last year. When I came to Washington in 1985, the federal budget hit $1 trillion. Now, we are in the $6 trillion to $7 trillion range, and we wonder how it is that…
Capitol Report (March 30): US Could See Unprecedented Border Crossings
March 30, 2022
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Border Patrol agents and the Biden administration are expecting a surge of illegal border crossings—up to 18,000 migrants every day. And this could start in hours or in days. Border state Rep. Chip Roy (R-Texas) has just penned a letter to DHS Secretary Alejandro Mayorkas. President Joe Biden got his second booster on camera, while…
Ontario Raises Foreign Homebuyer Tax, Makes It Provincewide
Ontario is increasing a tax on non-resident homebuyers to 20 percent and expanding it to cover the whole province. The government said the changes set to take effect Wednesday are part of its action plan on housing. “Our government is working to increase supply and help keep costs low for Ontario families and homebuyers, not…
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