The Bitcoin Dilemma for Tax Reporting

If you have followed financial news over the past decade, then you have probably heard of Bitcoin. Introduced to the world in 2009, Bitcoin is an open-source, entirely digital currency. Since its inception, Bitcoin has been categorized by speculation, wild value swings, and the abrupt shuttering of a major currency exchange. More recently, Bitcoin values  … Read more

Accounting for Business Expenses

Starting a business can be truly exciting. You are pursuing your dreams and have become your own boss. Obviously, it is also incredibly hard work and an exercise in coming to expect the unexpected. One thing that you can count on is just how much time you are going to spend on record keeping. Efficiently  … Read more

Keeping Property Separate

When a couple divorces in Illinois, their marital property is subject to an equitable division. This means a “fair” division based on a number of factors within the court’s discretion. Marital property is generally all income and property earned and acquired during the course of the marriage. In contrast, anything that a spouse owned coming  … Read more

Reporting Foreign Assets

Many people own foreign assets. Whether it derived from your family’s country of origin, or whether it is part of a diverse investment portfolio, there may be important tax implications that come with owning this property. Since 2010, the IRS has required that specific taxpayers report information about “specified foreign financial assets” if those assets  … Read more

Tax Reporting and the “Gig Economy”

In the past several years, this country has seen a boom in companies that offer every day people the chance to make good money on the side. Examples of this are ride-sharing companies like Uber and Lyft, which created a mechanism for anyone who can pass a basic background check and has their own car  … Read more

Should I Start an LLC?

Starting your own business can be a nerve-wracking process. You are trying to do something big and important for your life, but you are also anxious about whether it will work out. Significantly, you want to make good decisions from the beginning so that you can carry positive momentum into the future. One of these  … Read more

When You’ve Made a Mistake on Your Tax Return

Everyone makes mistakes. Sometimes, we make mistakes on our tax returns. Even after spending many hours gathering forms, records, and receipts, reading about every deduction and credit, and crunching each number twice, the best of us can make an error. If this happens, my first recommendation is to take a deep breath. While many people  … Read more

Seeking a Tax Extension

Preparing your tax return can be incredibly complicated. This is especially true if you have a great deal of wealth, multiple sources of income, and a diversified portfolio. Or, if you run your own business, your individual tax return is likely to require professional assistance to ensure accuracy and that every tax advantage is considered.  … Read more