Top 3 Misconceptions About Cryptocurrency & Taxes

It happens all the time. Someone has a tax question about how crypto trading affects their tax filing, so they turn to the internet for guidance. Unfortunately, most information that’s readily available on this topic isn’t written by accountants or tax attorneys–it’s written by amateur crypto investors throwing out baseless, and downright dangerous advice.

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Everyone Forgets to Report Their Health Insurance

There you were – anxiously awaiting your refund. But it seems like you should’ve received it already! You go to check the IRS website, only to discover that it says your return hasn’t even been filed! What?! This year, for the first time, the IRS will reject your return–kick it back as if you had never even filed it–if you didn’t report having health insurance for the year.

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Did Your Tax Software Let You Down?

We all hit that wall at some point … our years of going our own tax preparation with the latest tax software suddenly goes awry. So you file an extension while you try and figure it out. But you can’t. And you know you can’t possible owe this year. In fact, you were expecting a nice refund. Let’s look at what happened.

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Greg Melon
Self-Preparation Software + A Relative That “Knows” How To File Taxes = Disaster

Your relative knows just how to help you with your taxes - and it will save you a few bucks, right?

No.

Think about when your relative (or friend) told you that they could fix your computer. How did that work out? Not so well. I just helped a client fix a problem caused by a relative who knew how to do his taxes - the mistake was only $500, but the mistake was one that would have been avoided by a trained professional. A couple of pointers….

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Greg Melon
Understanding Your Tax Home, e.g. “Do I Have To Pay California Tax?”

“My wife and I are going to be working in California for part of the year, do I have to pay taxes in California?” asked someone recently. Another client was recently playing fast and loose on which state their income was taxable, resulting in a telephone call from one state tax authority and a LOT of penalties. Your tax home is an important consideration that most people know nothing about.

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Greg Melon
Harvey Hints And Tips #1

Walking through the neighborhood right behind where I live, I walked past a jumble of sodden trash out on the curb. Among this detritus were two plastic file boxes with hanging files in them, clearly marked “2015 W2” and “940/941”. This is confidential information about the home owner’s employees, left out in the open for anyone to come by and retrieve.

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Greg Melon
Tax Cut & Jobs Act Implications For Airline Flight Crews

As tax reform makes it way through the legislative process, there are many fundamental changes that those who work as airline crew members should be aware of. Assuming that the legislation goes forward as has been passed by committee and makes it to President Trump’s desk before the last day of the year, the following are some of the changes that airline flight crews can expect:

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Greg Melon
Disaster Losses On Tax Returns – How It Works

Just did my first post-Harvey disaster losses on a 2016 tax return. It wasn’t much of a loss; couple of desks, some lobby furniture, a couple of printers/copiers, a computer after a storefront was flooded with nearly three feet of water. Here is how it works:

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Greg Melon