Mac Tax

This course comprehensively covers cryptocurrency and digital asset taxation and is designed for accounting professionals handling crypto transactions. Learn the IRS treatment of digital assets, including taxable events, reporting requirements, and common pitfalls. Understand how to properly calculate and report crypto gains, losses, and income while exploring practical strategies for compliance using specialized software tools. The course addresses recent IRS notices, documentation requirements, and best practices for managing cryptocurrency tax obligations. After completing this course, participants will be able to: - Identify tax implications of IRS property classification for cryptocurrency transactions - Demonstrate proper response procedures for IRS CP2000 notices regarding cryptocurrency transactions - Discover the current tax advantage of cryptocurrency losses compared to stock losses - Evaluate tax reporting requirements for business expenses paid in cryptocurrency - Document cryptocurrency self-transfers to demonstrate non-taxable status for IRS reporting

Learn about sole proprietors and single member LLCs taxation by the IRS and what to keep track of for income tax purposes Full episode out on Youtube and Audio. #newbusiness #llc #schC #accounting #business #taxes #bookkeeping #accountant #accountantlife #cpa #entrepreneur #finance #financialfreedom #taxeducation #education #taxaccountant #mactax #accountingpodcast #podcast #moneyeducation #irs #taxplanning #smallbusiness #nft #cryptocurrency #bitcoin

Today we have a conversation with Benjamin David. Ben David has served as an elected District Attorney since 2004. He is a past president of the NC Conference of District Attorneys and currently holds executive office in the National District Attorneys Association, chairing the commission on community outreach. Ben is now moving on to help CPAs and Accountants think like a prosecutor to help fight white collar crime through education and CPE training. https://pageraftstaging.nxtbook.com/the_ygs_group/vscpa/disclosures_summer_2024/disclosures_summer_2024_fraud.html   https://www.vscpa.com/report-fraud-every-time   https://www.vscpa.com/follow-money-highest-criminal-charge   https://www.theiia.org/en/products/learning-solutions/on-demand/why-internal-auditors-should-think-like-a-prosecutor/

BTC Spot ETF what's next for crypto part 2? Price appreciation? Republican support for crypto in 2024?

Learn about the bitcoin ETF what's next for crypto investors and why you should get serious about filing your Crypto taxes ASAP

Time to take inventory and do tax planning before year end to save on your income taxes

This Supreme Court case could forever block a future wealth tax

We have been seeing too many people lose money to scams never send crypto or money to a platform or wallet you don't hold the private keys or passwords too

Join us for a conversation about the state of being an accountant, the IRS, running a business and more

Here are the 10 factors the irs looks at in determining if your business is a business or hobby for taxes

The new crypto broker law has a big impact on consumers listen in for details

Short clip from legal limelight podcast with Francesca Witzburg

Full podcast with Bryan on Audio and YouTube

How to write off your car on your taxes. What car expenses can you write off and methods for calculating car deduction amount

Learn about Jagruti Solanki (BitPay CFO) background, how she went from assurance partner at an accounting firm to BitPay CFO. How businesses and individuals can use BitPay to get paid in crypto and also make payments in crypto, the future of crypto blockchain and more.

Tune into our mini series to see why and how to save money for next tax season

Estimated taxes are due January 17th all W2 and 1099 due January 31st

E-mail question and topics to jmacari@mactaxcpa.com

E-mail questions and video ideas you would like to learn about to jmacari@mactaxcpa.com

Use code “MACTAX10” at checkout to save 10% on Zenledger

Email your thoughts to jmacari@mactaxcpa.com

In this episode learn why if you have multiple wallets and exchange accounts why your gains/losses reported by the exchanges may be incomplete regarding cryptocurrency NFTs and other digital assets

In this episode @web3bryan and @Mac Tax CPA talk all things legal and tax releated to operating a business and NFT projects, what you should be considering and more.

Email topic suggestions into jmacari@mactaxcpa.com

Here is a brief summary of the new tax law changes. Please let me know what you think or want to learn more about by emailing me at jmacari@mactaxcpa.com

In this episode we discuss how to take passive losses on rental properties. See the video on Instagram and TikTok for more info

In this episode of our mini 3 part series we discuss how ordinary income is taxed and how ordinary losses can be utilized to offset your other income.

In this part 1 of a 3 part mini series we go over how capital gain favorable tax rates work and how to write off capital losses. Email all topics you want to learn about to jmacari@mactaxcpa.com

See the video on ticktok. Learn how to take advantage of this down market to harvest Crypto/NFT losses since there is no wash sale. https://www.tiktok.com/t/ZTd7coP2p/?k=1

On this episode we chat with Dan Hannum COO of ZenLedger. Learn more about Dan's background on his path from graduating college to becoming COO of ZenLedger. Dan and I talk about the taxation of crypto currencies and NFTs, common misconceptions about the tax code regarding NFT/Crypto as well as the tax codes limitations on this emerging field. Dan discusses how ZenLedger can help individuals, individuals with tax accountants, tax accountants, businesses as well as governments calculate the tax impact of NFT/Crypto activity across multiple wallets and accounts. Dan discusses how ZenLedger is a secure and easy to use platform and anyone get started for free to import their NFT/Crypto activity prior to signing up. We also talk about what it's like for Dan to work with legendary investors Mark Cuban and Gary Vee who are investors at ZenLedger. We hope you enjoy and we thank Dan for coming on the show! ZenLedger/Dan's website and socials: - ZenLedger website: https://www.zenledger.io/ - ZenLedger Twitter: https://twitter.com/ZenLedgerIO?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor - Dan's Twitter: https://twitter.com/DHannum8?ref_src=twsrc%5Egoogle%7Ctwcamp%5Eserp%7Ctwgr%5Eauthor

In this episode we discuss what the NYS LLC Tax Return is which is IT-204-LL, who must file this form, who does not need to file this form, how the LLC fee is computed and when this form is due (March 15th). Please email all questions to jmacari@mactaxcpa.com

In this episode we discuss what to do if you win big today on Super Bowl Sunday or throughout the year. Tune in to learn how to lower your tax bill on any sports betting earnings either from a sports betting app or wagers at your local bar. Send your questions in to jmacari@mactaxcpa.com

On this episode we discuss: the basics of how uber/lyft income is taxed, the deductions that can be taken for Uber/Lyft Drivers, self employment taxes, as well as criteria for material participation to take a net loss against your other income. Email all questions to jmacari@mactaxcpa.com

On this episode we discuss the launch of our website https://mactaxcpa.com/home as well as how to figure your Crypto and NFT gain/losses for the 2021 tax year to determine your income tax impact. Please email any questions to mactaxcpa@gmail.com

2022 Tax Season Start Date is jan 24th and 1099NEC and W2 Deadline January 31st. Please email your questions to mactaxcpa@gmail.com or join our discord to ask questions

In this episode I’ll give you the specific steps and tax forms that need to be filed in order to become an S-Corp. I’ll even explain how to make the S-Corp election even if you are 3 years late. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Tune into this week’s episode to learn the tax savings benefits of choosing an s-corp structure. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

In this podcast I discuss how you can tap into your 401k or IRA accounts if you have been diagnosed with COVID-19 or have had economic hardship during COVID-19. Use this method to get cash on hand now in times of need. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

The CARES act provides updated rules for the ability to take more of a deduction for charitable donations on your 2020 tax return. Tune in now to find out more how to start maximizing next years refund now! --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

AMT is a separate set of rules and adjustments that must be applied to your tax return once you make a certain amount of income. It is designed to make sure people taking excessive deductions still pay some “minimum” tax. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Businesses now have the ability to take advantage of the new NOL changes under the CARES act. If you had a taxable loss for your business in years 2017 or 2018 give this episode a listen. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Get the latest depreciation updates from the CARES act to take advantage of fast cash now and the details of the refunded paycheck protection program for small businesses. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Wanted to share with you guys an investment tip from the Tony Robins book Money Master the Game where he interviews one of the greatest wealth managers ever, Ray Dilao. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Learn about what a part year and non resident income tax returns are and why it’s so important to know residency rules for taxation purposes.

DISCLAIMER: Mactax is not responsible for any financial advice given. Please do your own research and consult with your financial advisor before acting on any advice/opinions in this episode. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

The Further Consolidated Appropriations Act of 2020 made changes to traditional IRA's. These changes included removing the age cap to contribute to a traditional IRA, raises the age to 72 for RMD's, and changes the rules for inheriting a traditional IRA. Tune into this weeks episode to learn the full details about the FCAAs impact on traditional IRA retirement accounts and how to change your tax strategy to adjust for these new law changes.  --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Tax Season is upon us but don’t be too eager to file for that refund before you get all of your tax documents in! Filing too early could run you the risk of forgetting about certain tax documents you need to complete your return. Take inventory of 2019 and establish what you need and where you made money before filing. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Can you deduct state taxes on your personal and business federal tax return? If so how much can you write off? Tune in to this week’s episode to find out! --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Any personal or business life insurance premiums paid to benefit an officer, employee or yourself are NOT tax deductible. If paid through a business these premium expenses must be reversed out each year as a permanent tax adjustment. All life insurance plans owned by an employer must be reported on form 8925 each year. Consequently life insurance payouts are tax free to the beneficiary, so at least it’s fair in that sense. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Learn about what each tax document is and what tax documents you should be expecting to receive this year in order to complete your 2019 tax return. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app

Happy Holidays everyone! Hope you got all the gifts and got to spend time with the family (hopefully you wanted that too). Have you ever wondered if you have to pay tax on those gifts you received? What if it’s a big gift, like a car? Tune into the latest episode to learn who has to pay the tax on gifts...the answer may surprise you. --- This episode is sponsored by · Anchor: The easiest way to make a podcast. https://anchor.fm/app