Tax It and Forget It
By Crypto J
Host: Jamaal "Crypto-J" Solomon
Tax It and Forget It Apr 21, 2020
Paycheck Protection Program Dos and Don'ts
As a tax consultant, I know the importance of correctly applying for loans and grants. I will do a limited podcast series dedicated to Covid-19 tax issues. This episode will be about applying Paycheck Protection Program. If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
How To Mentally Approach Applying for Covid-19 Related Loans or Grants
As a tax consultant, I know the importance of correctly applying for loans and grants. I will do a limited podcast series dedicated to Covid-19 tax issues. This episode will be about how you should mentally approach the application process.
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode #17: What's a SEP IRA and How Does It Work?
If you are self-employed or a small business owner and are looking for a retirement plan for you and your employees, a SEP-IRA may be the right choice. A SEP IRA is a tax-deferred retirement plan for anyone who is self-employed, owns a business, employs others, or earns freelance income. SEP stands for Simplified Employee Pension Plan. In this episode, I will discuss the basics of operating an SEP. Let's talk about it!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode #16: Why and When You Need to Pay Estimated Taxes
You may be required to make estimated tax payments to the government if you receive certain types of taxable income and no tax is withheld (such as self-employment income, pension or annuity income, interest and dividend income, cash payments, etc.)If you're making estimated tax payments, pay close attention to the due dates. You could be penalized by the IRS if you miss a deadline. In this episode, I will discuss what you need to know about making estimated tax payments. Let's talk about it!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode #15: What You Need To Know About Self-Employment Taxes
If you’re a freelancer, independent contractor or small-business owner, you may need to pay self-employment tax. You usually must pay self-employment tax if you had net earnings from self-employment of $400 or more. The law sets the self-employment tax rate as a percentage of your net earnings from self-employment. This rate consists of 12.4% for social security and 2.9% for Medicare taxes. In this episode, I'm going to discuss what you should know about self-employment taxes. Let's talk about it!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode #14: Important IRS Income Tax Deadlines
You should know the tax deadlines that apply to you, so you won't be hit with IRS penalties or miss out on a valuable tax break. Do you know when IRS tax forms and payments are due throughout the year? In this episode, I'm going to discuss important tax deadlines for various different tax forms. Let's talk about it!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode #13: Tax Filing Tips For Tax Exempt Organizations
Tax Season is a confusing time for all organizations. It’s true that tax-exempt organizations don’t pay any federal income tax. However, depending on your income model, you may still need to provide other tax documentation to the IRS. In this episode, I'm going to discuss what a tax-exempt organization should know for tax season . Let's talk about it!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode #12: Getting Ready For Tax Season
In this episode, I'm to discuss how to keep your tax season stress low and how to make filing your taxes easier. Let's talk about it!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode #11: What To Do With Your Form 1099-K for Cryptocurrency Taxes
Form 1099-K, also called Payment Card and Third Party Network Transactions, is used by credit card companies and third-party processors like PayPal and Amazon to report the payment transactions they process for retailers or other third parties. Did you know that you may also receive a Form 1099-K from a cryptocurrency exchange? If you received a Form 1099-K from an exchange like Coinbase, there's no need to panic. Learn what the 1099-K is and what it means for your cryptocurrency taxes. Let's talk about it!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode #10: Finding Your Ideal Tax Preparer
Even though, I’m approaching 40 years old, I consider myself to be an old fashioned guy. I still believe in the importance of marriage. I’m approaching 13 years as a married man. There are a lot of times when my wife tells me something that I absolutely don’t want to hear BUT need to hear. It is very important to find yourself an honest life partner. Well, this is the same way that you should feel about a relationship with your tax accountant. If you want to stay out of trouble with the IRS, you need to find a tax accountant that you can trust. Let's talk about it!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode #9: Security Tips For Filing Your Taxes Online
Online tax filings are growing every year. Online fraud is a growing problem especially during tax season. You must treat your personal information with extreme care. In this episode, I will go over a few precautions and tips to help protect your online privacy and data when filing your tax return online. Let's talk about it!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode #8: Deducting Business Expenses in an Unprofitable Business
Business expenses are the cost of carrying on a trade or business. These expenses are usually deductible if the business operates to make a profit. Even without income, you may be able to deduct your expenses, as long as you meet certain IRS guidelines. Your business loss can offset other income on your tax return and lower your overall tax bill. The test for being able to deduct your expenses is whether you are operating a true business and not practicing a hobby. Let's Talk About!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode #7: Tax Season Preparation for Cryptocurrency Tax Compliance
"The IRS is expanding our efforts involving virtual currency, including increased use of data analytics. We are focused on enforcing the law and helping taxpayers fully understand and meet their obligations." -IRS Commissioner Chuck Rettig (press release statement made back in the summer of 2019)
The above statement is a warning shot! The IRS is coming! It is tax season and it will be my goal to give you weekly tax tips until April! Today's episode will be about how to prepare to give complete your crypto tax returns. Let's Talk About!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Epsiode #6: Home Office Tax Deduction Dos and Don'ts
It is tax season and it will be my goal to give you weekly tax tips until April! Today's episode will be about deducting the home office tax deduction. If you use part of your home for business, you may be able to deduct expenses for the business use of your home. The home office deduction is available for homeowners and renters, and applies to all types of homes. Let's Talk About!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Hire My Brain Package: https://gum.co/hiremybrain
Ebook available at https://www.amazon.com/Good-Guys-Tax-Journey-Part-ebook/dp/B00FMGH9P6
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Facebook: TaxitandForgetit
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode 5: Show Me What You Got (The Crypto Tax Remix)
Who is old as dirt like me and remembers Jay-Z's song "Show Me What You Got?" That song is a straight classic! Well, the IRS just dropped the remix to that classic song! The IRS is looking for new ways to find out about your cryptocurrency transactions. Starting on the 2019 tax returns, there will be a question regarding virtual currencies. The new question will be “At any time during 2019, did you receive, sell, send, exchange or otherwise acquire any financial interest in any virtual currency?” Your two options to the question will be simply “yes” or “no.” As we all know, nothing about taxes are simple.
Lets' talk about it!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Check out my articles: https://medium.com/@cryptojmeansbusiness
Episode #4: Don't Believe The Hype: We Can All Contribute!
Don't let the media have you believe that you need to be a "genius," male or a certain skin color to educate people about emerging technologies like Blockchain. We can all play our part in educating the community. It can be as simply as having a small conversation with your family and friends. Don't make it complicated. My goal in this episode is to motivate you to think out of the box. This episode will go beyond cryptocurrency tax issues.
Lets' talk about it!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
Need help with your taxes? Ask me about my "Hire My Brain" packages: https://gum.co/hiremybrain
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Twitter: taxit_forgetit
Website: www.taxitandforgetit.com.
Episode #3: Welcome Back IRS! My Love, Where Have You Been All These Years?
On Oct 9th, IRS issues additional guidance on tax treatment. It only took the IRS five years to do it! Expanding on guidance from 2014, the IRS is issuing additional detailed guidance to help taxpayers better understand their reporting obligations for specific transactions involving virtual currency. The new guidance includes Revenue Ruling 2019-24. The new revenue ruling addresses common questions by taxpayers and tax practitioners regarding the tax treatment of a cryptocurrency hard fork.
Lets' talk about it!
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: www.taxitandforgetit.com.
Episode #2: Don't Walk Away From IRS Letters
Remember the one-hit wonder R & B group, Jade? Yeah, you probably don't remember them! However, their one hit song was called "Don't Walk Away." The IRS has started to send some cryptocurrency holders letters regarding their possible tax reporting obligations. The absolute worst thing that you can do is avoid the letters. Just listen to Jade and "Don't walk away." In this episode, I will discuss the reasons why you should respond to the letters.
Disclaimer: this episode was recorded before the IRS issued their first cryptocurrency tax guidance in 5 years on Oct 9th. We will talk about the new guidance on episode 3.
If you want to discuss more in detail, feel free to email me at jamaal@jstaxcorp.com.
IG pages: @therealcryptoj
@taxitandforgetit
@jstaxcorp
Website: jamaal@jstaxcorp.com
Episode #1: Crpyto taxes are like my ex-girlfriends....Complex!
Hello All!
My name is Jamaal Solomon aka "Crpyto-J." I'm a tax accountant that is passionate on educating people about financial literacy, entrepreneurship, taxes and technology. This episode will be about what you need to know about the IRS views on cryptocurrency. Trust me, follow the series and I will have you become tax audit proof in regards to your cryptocurrency tranasactions.
Taxes are complex so I'm intentionally keeping all episodes no later than 15 minutes. If you should have any additional questions, feel free to contact me at:
Email: jamaal@jstaxcorp.com
Website: taxitandforgetit.com
IG: @therealcryptoj, @jstaxcorp, @taxitandforgetit.
Facebook: JSTaxCorporation
Support the Crypto-J movement at www.cryptojworld.com
BLOCKCHAIN 4 THE PEOPLE!!!