LyfeAccounting

OCTOBER 23, 2020

However, there is a limit to the amount you can contribute to your 401k or IRA account every year. But for 2020, you can contribute up to $19,500 to your 401k. And up to $6,000 to your traditional IRA account and up to $57k for your SEP-IRA account. Health Saving Accounts or HSAs. So just keep this in mind.

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LyfeAccounting

MARCH 11, 2021

If you are married filing jointly and make $100,000 or more in adjusted gross income the deduction begins to phase out. After $109,000 in adjusted gross income, the deduction disappears entirely. Currently, the private mortgage deduction ended in 2020 but may get extended by congress again as it has in the past. Property Taxes.

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LyfeAccounting

MARCH 31, 2021

If you held your cryptocurrency for less than a year, profits are taxed as regular income and are known as short-term capital gains. If you held your cryptocurrency for more than a year, profits are taxed at long-term capital gains rates which are typically lower than income tax rates. Payment via Cryptocurrency.

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LyfeAccounting

MAY 5, 2021

And like short-term capital gains, long-term capital gains have a different tax rate applied to them as well. It really just depends on your income and filing status. As of 2020, for example, if you are single and you make $40,000 or less, then you would pay 0% long-term capital gain tax. Businesses. Collectibles.

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