top of page

Tax Season is HERE!

What documents do I need to be prepared for filing?

  • Your social security number or tax ID number

  • Your spouse’s full name, social security number or tax ID number, and date of birth

  • Information about your stimulus payment — also known as an economic impact payment (EIP) — if applicable — you may have IRS Notice 1444 or other records showing your EIP amount

  • Personal information of all dependents 

  • Childcare records (including the provider's tax ID number) if applicable

  • Income documents-W2, 1099, 1099G, 1099R, Social Security Income, Rental Income

  • Interest, dividend income (1099-INT, 1099-OID, 1099-DIV)

  • Records of all expenses — check registers or credit card statements, and receipts

Tax Tips

Capital Gains

Long term capital gains (from the sale of investments held more than one year) are taxed at a maximum of 20%

Short term capital gains (from the sale of investments held for one year or less) are taxed at the same rate as ordinary income.

Qualified dividends are subject to either 0%, 15% or 20% maximum tax rates. Dependent on filing status and taxable income.

If capital loss is more than capital gains, a taxpayer can claim a capital loss deduction upto $3000.00 in the current tax year and carryover any remaining losses to future years.

Passive activity capital gains and losses occur when there is no material participation in the business activity. Passive activity loss is no deductible on an individual income tax however, the loss can offset passive activity gains.

Cryptocurrency and Taxes

What is the tax rate on cryptocurrency?

Similar to stocks, Cryptocurrencies are taxed at either short term or long-term capital gains rate or at the ordinary income tax rates.

Are Cryptocurrencies subject to taxes when a purchase is made?

Taxes are only applied when there is a sale of transactions not at the time of purchase.

Expect to receive a 1099B from your exchange when a sale of Cryptocurrency is conducted.

Subscribe Form

Stay up to date

Thanks for submitting!

bottom of page