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Did you know that “crowdfunding” may be taxable? “Crowdfunding” is when a project or venture is funded by many small amounts of money raised from a large number of people. This typically takes place online. Often times, “crowdfunding” websites are used. These include sites such as Kickstarter, Indiegogo, Crowdfunder, Donorbox, Paypal, Facebook Fundraising, and GoFundMe.

Teachers: did you know that the IRS offers tax deductions to educators who spend their own funds on classroom supplies? The IRS Educator Expense Deduction allows teachers and administrators to deduct costs of technology, supplies, and training from their taxes.

The Employee Retention Credit (“ERC”) enables employers to claim a percentage of wages paid to an eligible employee after March 12, 2020, and before October 1, 2021, as a refundable tax credit. This credit was originally created under the Coronavirus Aid, Relief, and Economic Security Act (CARES) and has been extended over the last 2 years through various other pieces of legislation such as the Taxpayer Certainty and Disaster Relief Act of 2020, American Rescue Plan, and the Infrastructure and Jobs Act.

Hobbies are great – in addition to benefiting our mental health by reducing stress, enabling social connection, and increasing happiness, hobbies can also generate some extra income. Here at Bryson Law Firm, LLC, we’ve seen many Taxpayers earn money from a hobby – landscaping, woodworking, embroidery, sewing, crafting – and it’s important to know that if your hobby produces income, it must be reported to the IRS on your tax return. Here are a few tips to make sure you stay compliant with your tax obligations so that you can continue to enjoy your hobby without the stress of a tax problem.

We get contacted all the time by Taxpayers who are looking to take advantage of the IRS’ “Fresh Start Program.” Thanks to many national tax relief outfits, the “Fresh Start Program” has gained a reputation of being a quick and easy way to setting a tax debt for “pennies on the dollar.” While such settlement offers are possible to Taxpayers who qualify, it’s important to know what the IRS’ “Fresh Start Program” actually entails. Here’s a breakdown:

We are already halfway through 2022 – time flies!; As shared across our website and with each and every one of our clients – ensuring that you are up to date with filing and payment obligations is crucial when resolving a back tax matter.; The IRS requires that you be able to file and pay your taxes on time moving forward before considering any resolution request for outstanding balances owed.; It is always a challenge when a taxpayer opts to wait until the end of the year to tackle this – chances are, if you wait until December or January, you may be surprised and unprepared for the amounts owed and it may be tough to come up with the funds needed to cover that tax bill.; That’s why we’re giving you this mid-year reminder – it’s time to perform a MID-YEAR TAX CHECK-IN.;

When the Covid-19 pandemic struck in March of 2020, we were forced to adapt in so many ways. Our offices, like many across the world, were forced to begin working remotely to minimize physical contact with others. However, as time has moved forward, our team has remained a virtual and begun to offer top-tier services through virtual convenience.

In most cases, tax-related issues can be solved before things escalate. However, when the seriousness of a given case rises, in the eyes of the IRS, they assign a specific Revenue Officer to your situation to collect the tax payment they're owed.

Before your tax-related issues are completely resolved, the team at the Bryson Law Firm needs to address any ancillary items your case presents.

In the latest installment of Talkin' Tax, we're taking a deep dive into the Tax Resolution Process to address your specific tax-related issue. After completing the Monitoring & Compliance Phase, it's time to present our case to the IRS or state tax agents. Let's get into it!