Tag: Reduce Taxes

Loss on the Decline in Value of Cryptocurrency

Cryptocurrencies, a type of digital asset, can be a valuable source of tax losses. In fact, harvesting tax losses at or near the end of the year is a well-recognized tax planning strategy. This entails selling crypto positions that have sustained losses and immediately buying them back. This is not available for other assets, such… Continue reading Loss on the Decline in Value of Cryptocurrency

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February 6, 2023
Innocent Spouse Can Benefit from Tax Savings

Innocent spouse relief is a complex and nuanced area of tax law that can be difficult to navigate. In order to successfully file a claim, one must have a thorough understanding of the rules and requirements. One example of this complexity is found in Section 6015(c), which does not require that the innocent spouse not… Continue reading Innocent Spouse Can Benefit from Tax Savings

The post Innocent Spouse Can Benefit from Tax Savings appeared first on Austin Tax Attorney | Mitchell Tax Law.

January 22, 2023
Is IRS Bound by Social Security Disability Determination?

If the Social Security Administration determines that you are disabled, does the IRS have to accept that determination for tax purposes? It is one government is it not? The court considered this in Gentry v. United States, No. 3:18-cv-00581 (D. Nev. 2019) for the disability exception allowing for a longer period of time to file… Continue reading Is IRS Bound by Social Security Disability Determination?

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November 12, 2019