Advices

For federal tax purposes in 2025, cryptocurrency is generally treated as property, not cash. That means many crypto transactions trigger tax consequences under the same broad income principles that apply to other property transactions. If you sell crypto for dollars, trade one token for another, use crypto to buy goods or services, receive crypto for...

If a taxpayer cannot pay a federal tax debt in full, the two most common IRS resolution paths are an installment agreement and an offer in compromise. An installment agreement allows the taxpayer to pay the liability over time, generally in monthly payments. An offer in compromise allows the taxpayer to settle for less than...

Starting a side hustle can be a smart way to earn extra income, test a business idea, or build toward full-time self-employment. It also creates tax obligations that many first-time business owners do not expect. In general, if you operate your own business or have other self-employment income, such as from babysitting or selling crafts,...

If you filed a joint federal income tax return and later learned there was additional tax due because of your spouse’s or former spouse’s mistake, you may be able to ask the IRS for innocent spouse relief. This relief can, in some cases, remove all or part of your responsibility for tax, interest, and penalties...

Parents often help children financially by paying tuition, covering medical bills, making cash gifts, or transferring property. For federal gift tax purposes, many of these transfers are either excluded or sheltered, but the rules depend on how the transfer is structured. In 2025, the annual gift tax exclusion is $19,000 per recipient, and special rules...

  IRS penalties in 2025 are not one-size-fits-all. Different penalties apply to different failures, the dollar amounts vary by return type and timing, and relief often depends on whether the taxpayer can show reasonable cause or qualifies for administrative waiver. For 2025 returns filed in 2026, the core late-filing and late-payment rules remain grounded in...

  For closely held business owners, one of the more useful planning rules is the so-called “Augusta Rule.” In general terms, it allows a homeowner to rent out a residence for a short period during the year without including the rental income in gross income. When structured properly, that can let a business deduct the...

For 2025, the comparison between and bonus depreciation is more complicated than in prior years because 2025 has two different bonus depreciation regimes depending on when the property was acquired. Property acquired before January 20, 2025 generally follows the phased-down bonus rules, while property acquired after January 19, 2025 generally qualifies for 100% bonus depreciation....

  If your business gets paid through credit cards, payment apps, or online marketplaces, Form 1099-K remains an important tax document in 2025. But the reporting rules depend on how you were paid. For small business owners, the biggest point of confusion is that payment card transactions and third-party network transactions do not follow the same threshold rules....

  If you owe federal taxes and cannot pay in full, the IRS offers several collection alternatives that are commonly grouped under the “Fresh Start” label. The sources do not describe a single Code section or one formal standalone program called “Fresh Start.” Instead, they describe a set of IRS collection options that may help...