A RELATIVELY NEW FEATURE ON THE FINANCIAL LANDSCAPE Crypto currencies are a relatively new feature on the financial landscape. Because of their novelty, there has been a lot of speculation and, frankly, wishful thinking regarding how the IRS would treat these currency transactions. Many provisions, e.g., “wash sales” and tax lot treatment, have not yet been finalized. But there are some things, as laid out in IRS Notice 2014-21, that
Accountants write blogs?
In a continuing effort to provide information as we listen to the budget and debt debates out of Washington D.C., outlined here are some IRS statistics on who pays individual income taxes. The information provided here is the most current available information. Income % of Income Share of Income Tax Paid Average Tax Rate Top 1% 18.9% 37.4% 23.4% Top 5% 33.8% 59.1% 20.6% Top 10% 45.2% 70.6% 18.5% Top
The 2012 Form 1098 does not contain a box for qualified mortgage insurance premiums. This is likely due to the fact that the new tax bill was passed in January when mortgage companies were already in the process of issuing 1098s. The mortgage insurance premiums are deductible for 2012 and 2013, but could easily be overlooked if a tax professional does not specifically ask clients for the amount.
Video Link A useful video explaining your rights if your IRS Audit doesn’t go quite the way you want.
Setting a cap on deductions is a better starting point than raising tax rates http://goo.gl/8CMjx Mitt Romney may leave us a tax legacy after all. Using this approach both sides can claim victory. The GOP can say they’ve held the line on tax rates and the Dems can claim that they’ve raised revenues.