We recently had a business owner client approach us about his daughter going to college. She is a volleyball athlete and was awarded a full tuition athletic scholarship to her preferred college, BUT it didn’t start until her sophomore year. This had us thinking… are there any special tax provisions related to athletes that would […]
Are NIL Donations Tax Deductible? Read More »
At Cerebral Tax Advisors, we recommend making your tax payments via the government’s secure payments links. This helps to eliminate your payment being lost in the mail and reduces human error with entering your payments into the IRS and state systems. Following is a list of online tax payment websites for the IRS and states.
Estimated Tax Payments Read More »
Running your own dental practice can mean high income, but this also means high tax liabilities. Luckily, dentists can benefit from a large variety of tax deductions if implemented properly. In this article, we have outlined six of our favorite, easy to implement tax tips for dentists. 1. Increase your retirement contributions Investing back into
Top 6 Tax Tips for Dentists in 2022 Read More »
A signing bonus is a financial incentive that an organization or business offers a prospective employee in order to woo them to join up. It could be given in the form of a one-time major cash payment or stock options and may as well be a combination of both. Signing bonuses are mainly offered to
Signing bonuses and their tax implications Read More »
If you missed Part 1, we outlined the basics of cryptocurrency tax, when you owe taxes on different types of trade (including when you receive crypto as a gift), calculating your cryptocurrency capital gain or loss, understanding different accounting methods when it comes to calculating this, and how to keep track of everything. This article
Cryptocurrency Taxation: A Basic Guide [Part 2 of 2] Read More »
Cryptocurrency is a relatively new concept, and when dabbling in the world of Bitcoin most investors aren’t thinking about taxes. With the IRS continuing to refine the compliance laws around cryptocurrency though, it is important to understand the rules of crypto tax. This article will be part of a two part series. We will cover
Cryptocurrency Taxation: A Basic Guide [Part 1 of 2] Read More »
If you have received an inheritance or a gift from a foreign individual or company within the past year then this article is for you. We will give you a run down of all you need to know surrounding foreign gift tax. If you have received a gift/inheritance that is not cash, it is advised
Foreign Gift Tax: Do I Have To Pay? Read More »
This article was written to help you answer the question: Should I superfund my 529 plan? First, let’s start with the basics. What is a 529 plan? With colleges and universities becoming more necessary in today’s world, but with tuition prices on the rise across the country, the 529 plan is something you should consider
Superfunding 529 Plans: Rules, Pros & Cons Read More »
Hiring a babysitter, or nanny, is a great way to have in-home care for your kids while you’re working, running errands, or doing whatever it is that you need to do sans-children. What you may not know is that the IRS sometimes considers these caregivers to be “household employees”, and therefore requires employment taxes (or
Nanny Tax Rules: Does It Apply To You? Read More »
What is the Child Tax Credit? The Child Tax Credit was first introduced in 1998 as a part of the Taxpayer Relief Act of 1997 as a $500-per-child non-refundable tax credit. This meant that a taxpayer could not claim the full credit amount, if their total tax liability was less than the $500-per-child credit. In
Advance Child Tax Credit – Changes for 2021 Read More »
