About kirkteachout

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So far kirkteachout has created 9 blog entries.

Being Prepared For An IRS Audit

The IRS recently announced it intends to hire thousands of new employees as part of a tax-enforcement push. This could mean an uptick in audits sometime soon, likely focused on wealthier individuals and business owners. (Some tax returns are chosen randomly as well.) The best way to survive an IRS audit is to prepare [...]

By |2022-05-02T09:34:37-05:00March 20th, 2022|Financial, Taxes|Comments Off on Being Prepared For An IRS Audit

Curtailing Cryptocurrency Tax Surprises

As investing in Bitcoin, Dogecoin and other cryptocurrencies becomes increasingly popular, investors need to understand the potential tax ramifications. Unlike traditional currency, the IRS views cryptocurrency as property for federal income tax purposes and even asks about it on Form 1040. Many transactions involving cryptocurrency — such as purchases of goods or services — become [...]

By |2022-05-02T11:12:40-05:00March 18th, 2022|Financial, Taxes|Comments Off on Curtailing Cryptocurrency Tax Surprises

A Tax Quirk of Being a Business Partner

If you’re a partner in a business, you may have encountered a situation that gave you pause: In any given year, you may have been taxed on more partnership income than was distributed to you. The cause of this quirk of taxation lies in the way partnerships and partners are taxed. Pass-through taxation Unlike [...]

By |2022-05-02T11:16:09-05:00March 16th, 2022|Financial, Taxes|Comments Off on A Tax Quirk of Being a Business Partner

Budgeting for baby

Babies bring joy and excitement. They also bring substantial adjustments to the family budget! According to U.S. News and World Report, after adjusting for inflation, it costs about $267,233 in 2021 dollars to raise a baby to age 18 (based on previously published Bureau of Labor Statistics data). That’s a daunting number, to be [...]

By |2022-05-02T11:20:30-05:00March 12th, 2022|Financial, Taxes|Comments Off on Budgeting for baby
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