A. The IRS is open, and taking phone calls. They released a statement stating the IRS is answering less than 20% of all phone calls, and has over 6 million pieces of mail to open from previous years.
A. The stimulus checks are not taxable. The first two stimulus checks were based on your 2019 and 2020 tax returns. The third stimulus was a tax credit.
A. No, HAF payments are not defined as taxable income. These payments were to only be used to prevent you from falling behind on your mortgage, utilities, HOA fees, energy costs, internet, and homeowners insurance (including flood insurance).
A. Cryptocurrency is taxable. If you received a digital asset as a form of payment, you have to pay tax on its value. Similar to a stock, if you sell the digital asset for a profit (capital gains), you may be subject to either short-term or long-term tax rates. In terms of stock sales, your broker sends you a 1099-B, the federal government will begin requiring 1099-B for cryptocurrency starting in 2023.
A. You must file your business returns by March 15th, and your personal returns by April 15th. However, you may file for a personal extension which will allow you to file you taxes by October 15th.
A. If you received FORM W-2G from a payer, you will need to report the totals as “Other Income.” If you itemize your deductions you may deduct gambling losses up to the amount of winnings reported.
A. As of recent, there are millions of new “retail investors” buying and selling stocks. We highly recommend contacting a professional in regards to your capital gains. There is short-term and long-term capital gains, as well as taxes on dividends. Tax returns that involve these types of gains and losses can become highly complex.
A. If you are an employee, you should have filled out a W-4. You may use this form to have more taxes taken out of each pay period if needed. If you are self-employed, you should be making quarterly estimated tax payments.
A. Randolph Law Firm offers FREE consultations to individuals and families who are struggling with debt in Las Vegas and the surrounding communities. To schedule a consultation to discuss your particular circumstances, call our office today or fill out our brief online form.
A. The length of time to complete the bankruptcy process is dependent on the type of bankruptcy filed. Typically, a Chapter 7 bankruptcy will take between four and six months from the time the debtor files until the debt is discharged. A Chapter 13 bankruptcy case generally remains open for a minimum of three years and a maximum of five years. The automatic stay that prevents creditors from collection activity begins as soon as the bankruptcy case is filed.
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