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…

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…

Donating to Disaster Relief? What you need to know.

With the wildfires still raging in Northern California, and numerous states and territories still devastated by multiple hurricanes, many of my family, friends, and clients are talking of donating to help those affected. Some even mention a tax deduction as a benefit of donating. While this can be true in some situations, if the deductibility…

Direct Sales and Income Tax

Lularoe Fashion Retailer, Scentsy Consultant, DoTerra Wellness Advocate, Avon Representative, Rodan + Fields Consultant…even Tupperware. There are many names and opportunities, but it all comes down to the same thing – you have a small business. Businesses have their own sets of rewards and challenges, including special requirements for your tax return. It’s not just you…