Individual Charitable Deductions

Individual Charitable Deductions

Charitable contributions are a great way to give back not only to your community, but to yourself around tax time! The IRS allows taxpayers to itemize charitable contributions in order to write them off–in most cases, you’re allowed to write off up to 60% of your...
Who Meets The Filing Threshold?

Who Meets The Filing Threshold?

The IRS doesn’t require every citizen to file come tax time. It depends on your age, filing status, income level, and the source of your income. You can refer to the below table to see if you meet the requirements for filing a tax return. Filing Status Age As Of The...
Don’t Use TurboTax

Don’t Use TurboTax

TurboTax is a popular choice for many every tax season, and while you may be drawn to the low entry price and quicker turnaround time, keep in mind that you get what you pay for, and you could end up regretting using it in the long run. TurboTax Can Be Confusing For...
Common Itemized Deductions

Common Itemized Deductions

If you’re itemizing your deductions this year, you might want to speak to a licensed CPA like LRSCPA. Let us give you a few tips for free! Bunch Your Deductions When your total tax deductions exceed the standard deduction ($12,550 for single filers and $25,100 for...
Cryptocurrency Tax Laws in 2022

Cryptocurrency Tax Laws in 2022

As it is with anything new, the IRS is playing catch up and trying to figure out the best way to handle income gained through the sale and trading of cryptocurrency. If you traded on any crypto market in 2021, your 2021 tax return might look a little different this...