Best Tax Preparation Services in Austin, TX

New taxable 1099s this year - how to prepare to limit exposure (Part 3) Based on the new American Rescue Plan act of this year, there is a new $600 threshold per year for those of us that conducted transactions online. The above situations will lead to the IRS sending such taxpayers what is called a “CP2000” or similar notice, which will explain that the agency has information of missing income from the return. The letter will then proceed to apply tax on the full amount of the 1099, plus self-employment tax, plus interest, plus underreporting penalties/negligence penalties. These are no fun and take quite a bit of work to fix What is the solution? In many cases we can entirely remove or significantly reduce tax obligation. How? - For e-commerce, we list the cost basis of the product sold - For services, we list business related deductions on the return - if you need to get your expenses in order, this is called bookkeeping and it needs to get done right away before peak tax season as most accountants will be booked up by then - For crypto trading, we include the cost basis in form 8949 - For rent, we include expenses & depreciation - List goes on - we have a solution for most of these Please note that such planning must be ironed out now as during peak season availability may be limited If you need help with bookkeeping, crypto transaction reconciliation, Q&A, or planning, please reach out to us with your exact request ​ George Dimov CPA...