Cryptocurrency and the IRS – What You Need to Know

Yes, your cryptocurrency can be taxed. What, you thought that somehow the Internal Revenue Service wouldn’t want a piece of it? Of course they do! The IRS have even fought Coinbase and won, meaning Coinbase is turning over transaction information on some of its users to the IRS.   No, seriously. And while you may…

What you need to know about cryptocurrency at tax time

Cryptocurrency is a relatively new and exciting field. Blockchain technology has opened up tons of new applications and fields from Smart Contracts to instant money transfers to mining cryptocurrencies. Advocates claim it will impact our daily lives in the near future, and there is no doubt it affects your tax situation right now. Congress and…

Book Your Tax Appointment Now!

It’s time to schedule your tax appointment.  Did it sneak up on you? Don’t panic, it’s less painful than the dentist and you might even head home with more money than when you made the appointment.  Does your dentist do that? A tax appointment with Kim Schorr is painless! This year KMS Tax Preparation has…

How to get a FREE Paycheck Checkup

Are you worried about a huge tax bill in April? Are you confused about how the new tax law will truly affect you? Do you just want to get peace of mind that you are on the right track? If yes, a tax checkup is for you! And this is the perfect time to do…

Procrastinate No Longer – This is the Perfect Time to Panic

If you filed an extension for your 2018 Federal Tax Return, time is almost up. You only have until October 15th to complete and submit your return. Yes, you heard that right. Less than two weeks! As the noted philosopher Sheriff Woody once said, “This is the perfect time to panic!” There are many reasons…

Need more time to file your taxes? You’ll need an extension. Here’s how.

Taxes are due one week from today! While things have been busy here at KMS Tax Prep, we know your life has been busy too. Did I just remind you about filing your taxes? Yes, it’s true, you have procrastinated that long. Don’t worry, there is still hope for you. The IRS allows you an…

Mortgage Insurance: The Zombie Deduction

Mortgage Insurance. Many of you who have purchased a house in the past decade may be familiar with it. If you do not have a 20% down payment, your mortgage lender will probably require mortgage insurance. It’s an extra amount you pay every month that helps cover the lender if something goes wrong. Once upon…

Tax Advice for Scentsy Consultants

This advice goes for all direct sales folks, be it Rodan & Fields, Scentsy, Mary Kay, Amway, Tupperware, anything really. Many direct sales small business owners dive into their online support network for tax advice and rarely get anything useful.  Rumors and “I think you can…” is never good advice when dealing with money so…

Hobby or Business?

Jewelry maker, potter, blogger, selling wine at parties, have your own Etsy store? Are these endeavors businesses or hobbies? And who cares? The IRS cares. No matter where it comes from, if you earn income, the IRS wants its fair share. But how that is calculated depends on if it is a business or a…

It’s almost tax season! Get ready early!

I’m gearing up for the start of the tax season. While you get worried, I get excited! I’m dusting off my calculator, sharpening my pencils, and moving into my new office. You probably aren’t as excited about taxes as I am, but there is some preparation you should be doing for tax time. While W-2s…