CPA for Freelancers

Taxes, Accounting, & Business Advice for the Self-Employed

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Cashing In on Crypto? Getting to Know HIFO! It Can Save You Significant Tax Dollars

If you are holding bitcoin in your virtual currency portfolio, you need to be aware of the HIFO (highest in, first out) tax loophole which could save you significant amounts of cash by reducing your tax burden on cryptocurrency capital gains. Here Is How HIFO Works for Bitcoin and Other Virtual Currency Investments: As you […]

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Cryptocurrency Taxes 101: What You Need to Know About Filing Virtual Currency on Your 2022 Taxes

What is cryptocurrency and how does it impact your taxes?   As more people are investing in cryptocurrency, how complex can this get if they do their own taxes? What are some factors they need to keep in mind? While cryptocurrency (crypto) investors were expected to meet the same reporting standards when it came to […]

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Serious About Scaling with Crypto? The New Infrastructure Bill Shows the IRS is Serious About It, Too.

Given that the new infrastructure bill mainly allocates funding for public works projects, you may not be aware that the bill also puts in place new reporting requirements for individuals trading and using cryptocurrency which begin January 1, 2023. While cryptocurrency (crypto) investors were expected to meet the same reporting standards when it came to […]

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A Freelance Business Owner’s Guide to Virtual Currency

Cryptocurrencies, a type of virtual currency, are controversial everywhere around the world. One thing that is for sure, at least for the moment, is that they are here to stay. With BTC hitting over $50,000 and the US Securities and Exchange Commission approving a cryptocurrency stock exchange-traded fund (ETF), to China’s crypto bans, these coins […]

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Get Ready to Claim Virtual Currency on Your Freelance Tax Return

If you are one of the thousands of taxpayers who received a letter from the IRS this summer to inform you of your tax obligations related to virtual currency, it should come as no surprise that the IRS is ramping up their efforts to enforce laws in this area. If you haven’t been contacted by […]

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