BHT&D Certified Public Accountants Blog

The 2021 1040 tax return includes a question regarding virtual currency transactions during the calendar year. This question must be answered either yes or no. If the return is filed leaving the box blank, the return will be rejected and a new one must be filed.

Tags: Individual Tax Return, Tax Planning, Small Business, Crowdfunding, VirtualCurrency

Early in 2021, Congress passed the American Rescue Plan, which included a provision that increased the child tax credit amount and upped the age limit of eligible children. Historically, the credit was $2,000 per eligible child under age 17. For the 2021 tax year the American Rescue Plan increased the credit to $3,000 for each child under age 18 and to $3,600 for children under age 6 at the end of the year.

Tags: Individual Tax Return, Tax Planning, Tax Credit, Tax Liability, Child Tax Credit

A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married couples are to file jointly or separately. Both statuses can result in surprises – some pleasant and some unpleasant – for individuals who previously filed as unmarried.

Tags: Individual Tax Return, Tax Planning

If you aren’t one of those lucky Americans who gets a tax refund from the IRS you might be wondering about your options for paying off your tax liability by the April due date.

The IRS encourages taxpayers to pay the full amount of their tax liability on time, and it imposes significant penalties and interest on late payments. Thus, if you are unable to pay the taxes that you owe, it is generally in your best interest to make other arrangements to obtain the full funds to pay your taxes so that you are not subjected to the government’s penalties and interest. Here are a few options to consider.

Tags: Individual Tax Return, Business Tax, Individual Tax, Tax Liability

It seems like yesterday, but it was actually 45 years ago on November 1, 1971 when Connie and I opened the office on Bridge Street in Saranac, Michigan, two doors down from Larry's Store which was owned by my Dad.

I had been working for the national CPA firm of Alexander Grand & Company when Herb Talcott honored his promise to let me know when he was ready to retire. So, with 6 business clients and about 100 personal clients, we were off and running on our new adventure.

Tags: Individual Tax Return, Small Business Accounting

With the end of the year quickly approaching and the holiday stretching our free time thin, it is a great idea to squeeze in a little bit of tax planning to help yourself out before 2016.

Tags: IRS, Individual Tax Return, Tax Planning, Business Tax, Minimize Taxes, Tax Return

There are several new forms that have been issued by the IRS related to reporting requirements under the Affordable Care Act.

Tags: Individual Tax Return, Tax Planning, Premium Tax Credit, Affordable Care Act

Questions about itemized deductions are common with taxpayers. During the preparation of personal tax returns, I often receive one or both of two common questions:

Tags: Automobile Expense Tax Deductions, Itemizing Deductions, Individual Tax Return, Tax Planning, Tax Deductions, Home Office Tax Deduction, Tax Deductible Travel Expenses, Donation to Charity, Minimize Taxes

From a tax planning perspective, should I get married before the end of 2014 or wait until 2015?

Tags: Individual Tax Return, Tax Planning, Tax Provisions

Tax planning this fall could mean more money in your pocket at April 15th.

Tags: Individual Tax Return, Tax Planning, Tax Deductions, Retirement Plan, Business Tax, Tax Return, Farm Taxes