Cryptocurrency Tax Consulting | Millan & Co. P.C. | Certified Public Accountants Cryptocurrency Tax Guide Summary Cryptocurrency Taxes 101 Taxable and non-taxable crypto events Calculating cryptocurrency tax Accounting methods for cryptocurrency Capital Gains and Cost Basis FIFO, LIFO … [Read more...]
PayPal, Venmo And Most Payment Apps To Report Payments of $600 Or More To IRS In 2022
Payment processing apps such as PayPal and Venmo will now be required to report transactions of $600 or more to the IRS in 2022. Article Summary Beginning Jan. 1, 2022, if you receive $600 or more payments for goods and services through a third-party payment network, such as PayPal, Venmo or … [Read more...]
Section 179 Tax Credit Calculator (and Deadline)
The Section 179 Credit can save SMBs a lot of money on equipment costs (the deduction is up to a robust $1,050,000). Passenger vehicles exceeding 6,000+ pounds GVW (gross vehicle weight) will usually qualify, but they are typically limited to a $25,000 deduction. Article Summary Section … [Read more...]
Are Your Business Meals And Entertainment Expenses 100% Deductible?
Article Summary This article attempts to help provide clarification for taxpayers in avoiding conflicts with the IRS with respect to business meals. On January 1,2018, The Tax Cuts and Jobs Act (TCJA) invalidated the general deduction of business entertainment expenses. Nonetheless, as stated … [Read more...]
Biden’s Capital Gains Plan: Proposed Changes May Affect Your Current and Planned Investments
Biden's Proposed Tax Plan Includes Significant Capital Gains Changes The Biden administration has recently released its proposed budget (aka "Green Book") for the 2022 fiscal year. The U.S. Treasury indicates the $6 trillion budget aims to improve infrastructure, clean energy, research & … [Read more...]
Gaining Clarity: The R&D Tax Credit – Eligibility & Misconceptions
Topics What Is The R&D Tax Credit? Eligibility Benefits Misconceptions R&D Tax Credit Eligibility: The Four-Part Test Required Documentation Changes to the R&D tax credit in 2022 What is the R&D Tax Credit? The R&D tax credit is available to companies developing improved or … [Read more...]
Realtors in Austin and Real Estate Professionals: Which type of business entity is right for you?
The Austin Real Estate Investment and Housing markets are benefiting from major forces that are providing unprecedented income opportunities for real estate professionals. From the wave of companies leaving the coasts for more business-friendly states, to the beginning of the ‘Great Reshuffling’ … [Read more...]
What the Paycheck Protection Plan is Offering for Small Businesses (CARES Act)
CARES Act Small Business Loan Basics. From the beginning, Millan and Company's mission has always been to help small businesses grow, and help them learn how to stay connected post pandemic even through the challenges and difficulties the coronavirus pandemic presents. To that end, we’d like you to … [Read more...]
Distinguishing between a hobby versus a business for tax purposes
Several factors and circumstances help determine if an activity producing a net operating loss should be treated as a business or hobby for tax filing purposes. In general, a hobby is mainly done for recreation and pleasure whereas a business is primarily focused on generating a profit. Of the … [Read more...]
Choosing among Pass-through Entities
By: Carlos Nazario CPA, JD, Tax Director at Millan and Co, PC, Austin, TX. February 2019. carlos@millancpa.com Pass-through Entities Usually a business is organized using an entity, which has legal capacity independent form its organizers, and can own property, raise capital, enter into … [Read more...]