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Requirements to Qualify 

The IRS allows up to $250,000 of profit on a home’s sale to be excluded from your tax return. For married couples filing jointly, that amount is increased to $500,000. Any profits over this amount would be taxed as income. In order to qualify for this exclusion, you must...

Don’t Treat It Like Cash 

Cryptocurrency creates a bit of a blurred line between cash assets and investments. While it is possible in many places to use cryptocurrencies like cash, it is not taxed that way. For IRS purposes, cryptocurrency is treated more like stocks and bonds, or even real esta...

Changes to Limits 

In the past, the limits for the amount you could deduct on a vehicle purchase differed depending the type of vehicle you bought—passenger vehicle, or a truck or SUV. However, the Tax Cuts and Jobs Act changed this so that most vehicles (with a few exceptions we’ll discuss late...

Who Needs to Pay? 

As mentioned above, anyone with a source of income that is not taxed upfront should be making estimated payments. This includes: 

• Sole proprietors or partners in a business 
• S-corporation shareholders 
• Freelance or contract workers 
• Corporations 
• Individual...

Signs You’re a Victim 

First, it’s important to know the signs of tax-related identity theft. If your Provo tax professional or the IRS contacts you regarding any of the following situations, your identity may have been stolen: 

• Multiple tax returns were filed with your Social Security numbe...