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IRS issues information letters to Advance Child Tax Credit recipients and recipients of the third round of Economic Impact Payments; taxpayers should hold onto letters to help the 2022 Filing Season experience | Internal Revenue Service
Include your Covid home test and PPE equipment in your medical expenses
Child Tax credit increase- 2021-
Personal exemption suspension-2018-2025
20% deduction for qualifying business income- 2018-2025
Standard deduction increase-2018-2025
More Information for individuals & families click here.
The IRS is classifying cryptocurrency as a capital asset.
Virtual Currency- a digital representation of value that functions as a medium of exchange, a unit of account, and a store of value other than representation of the U.S. dollar or a foreign currency.
Cryptocurrency- a type of virtual currency that utilizes cryptography to secure transactions that are digitally recorded on a distributed ledger, such as blockchain. Units of cryptocurrency are generally referred to as coins or tokens.
For more information on virtual currency regulations click here.
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3100 Lorna Rd
Birmingham, AL 35216
JMB Tax and Accounting, LLC is an American accounting firm that is passionate about assisting individuals and small businesses with tax preparation. We also provide consulting services to structure entities and solve tax controversy. Our goal is to save you valuable time and alleviate any stress while accomplishing your accounting goals. We appreciate your business and loyalty.
-John Brown, E.A.