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Ryan Losi - 1 Mark Steber - 1 Jackson Hewitt - 1 Steber - 1 what's - 1 Losi - 1 Erin Collins - 1
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Syracuse U.S
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Getty - 1 IRS - 1 Office - 1 NEC - 1 lotto - 1 Center - 1 filers - 1

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☆ 4 red flags for an IRS tax audit — and how to avoid the 'audit lottery,' according to tax pros
  + stars: | 2024-02-13 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
But everyday filers could still face an audit — and certain issues are more prone to IRS scrutiny, experts say. Audit rates of individual income tax returns decreased for all income levels from tax years 2010 to 2019, largely due to lower IRS funding, according to a report from the Government Accountability Office. Here are some of the biggest IRS audit red flags. Unreasonable tax breaksAnother red flag could be excessive deductions compared to what's considered normal for your income level, according to Losi. Earned income tax creditThe earned income tax credit, a tax break for low- to moderate-income workers, has historically been scrutinized "because the refundable part attracts certain bad actors," said Steber.
Persons: Ryan Losi, Mark Steber, Jackson Hewitt, Steber, what's, Losi, Erin Collins Organizations: Getty, IRS, Office, NEC, lotto, Center, filers Locations: Syracuse, U.S
☆ Here's how to report 2022 crypto losses on your tax return
  + stars: | 2023-03-15 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
But if you're still recovering from last year's losses, it may be possible to score a tax break on your 2022 return. The crypto market plunged by nearly $1.4 trillion in 2022 after a series of bankruptcies, liquidity issues and the collapse of FTX, one of the biggest crypto exchanges. If you're itching to claim a crypto loss on your taxes, there are a few things to know, experts say. Offset gains with crypto lossesOne of the silver linings of plummeting assets is the chance to leverage tax-loss harvesting, or using losses to offset gains. If your crypto losses exceed other investment gains and $3,000 of regular income, you can use the rest in subsequent years, Greene-Lewis said.
☆ After a tough year for crypto, here's how to handle losses on your tax return
  + stars: | 2023-01-30 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +3 min
Plus, there's currently no "wash sale rule" for crypto. The rule blocks the tax break if you buy a "substantially identical" asset 30 days before or after the sale. If your crypto losses exceed other investment gains and $3,000 of regular income, you can use the rest in subsequent years, Greene-Lewis said. But it's easy to lose track of carryover losses and miss future opportunities to lower taxes, she warned. If you wind up getting, say, 10% back after claiming a bad debt deduction, that 10% becomes regular income.
☆ Oscar-nominated 'Everything Everywhere All At Once' features an IRS ordeal, but here's what really happens in an audit, according to tax pros
  + stars: | 2023-01-24 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
But audits have been rare, according to Ryan Losi, a certified public accountant and executive vice president of CPA firm Piascik. "I have maybe two or three a year, and that's with 600 clients," he said. Typically, the IRS uses software to assign a numeric score to returns, and when the rating is high enough, it may be flagged for an audit, explained Michael Prinzo, managing principal of tax at CliftonLarsonAllen. During the fiscal year 2022, 85% of IRS audits occurred by correspondence, according to the Syracuse University report. Michael Prinzo managing principal of tax at CliftonLarsonAllen
☆ Here's how the BlockFi bankruptcy may affect your crypto taxes for 2022
  + stars: | 2022-11-28 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +2 min
Photo by LanaStock via Getty ImagesWhy crypto investors may have a tax billDespite recent losses, "gains from earlier in the year are still on the books," Gordon said. Typically, crypto trading is more active when the market is going up, and that's when you are more likely to incur gains, he said. If you're sitting on crypto losses, there may be a silver lining: the chance to offset 2022 gains or carry losses forward to reduce profits in future years, Gordon explained. The strategy, known as tax-loss harvesting, may apply to digital currency gains, or other assets, such as year-end mutual fund payouts. How the FTX collapse and BlockFi bankruptcy may affect your taxes
☆ It's been a rough year for crypto — but investors still may have a tax bill. Here's how to prepare
  + stars: | 2022-11-16 | by ( Kate Dore | Cfp | ) www.cnbc.com   time to read: +1 min
damircudic | Gettywatch nowThe IRS defines cryptocurrency as property for tax purposes, and you must pay levies on the difference between the purchase and sales price. How to reduce your crypto tax billSince reaching an all-time high of more than $68,000 in November 2021, the price of bitcoin has dropped by more than three-quarters, plunging below $17,000 as of Nov. 15. If you're sitting on crypto losses, there may be a silver lining: the chance to offset 2022 gains or carry losses forward to reduce profits in future years, Gordon explained. The strategy, known as tax-loss harvesting, may apply to digital currency gains, or other assets, such as year-end mutual fund payouts. After reducing investment gains, you can use up to $3,000 of losses per year to offset regular income.
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