"I went to Abdullah, and he took care of everything. He asked me questions, told me exactly what he needed, and made what I thought was going to be an excruciating and drawn out process fast and simple. Abdulla did more than just complete my taxes. He made me feel confident about my financial future" - Dan
For over than 20 years, our experienced team has been helping folks across the USA with their personal taxes. Are you struggling to understand the 2023 Tax Brackets? You can count on us to handle complicated, get you the most deductions possible, and explain everything along the way. Your returns matters to us, lets make your 2023 Tax Filing.
Uncover the power of the IRS Fresh Start Program – a lifeline established in 2011 to empower individuals to conquer back taxes. If you owe an unusually large amount and feel like you are stuck, we're here to be your tax heroes. Don't let tax burdens weigh you down, let us pave the way to financial relief!
Crypto taxes are complex and demands meticulous accounting. Every crypto move, be it a sale, trade, or use, affects your tax liability. The method used to calculate your tax liability affects the amount of taxes you owe even more. We simplify the intricate world of crypto taxation, ensuring you pay the right amount and not a penny more. Let us be your partners in navigating the crypto tax landscape, so you can focus on what matters most to you.
Are you living abroad as a U.S. citizen but unsure about how to file your U.S. taxes? We are here to assist every step of the way. We simplify the process, ensure compliance with U.S. tax laws, and help with essential obligations like FBAR and virtual currency reporting. We can even help with filing your extensions if needed, making your expat tax filing hassle-free.
At EZ Tax we know how complicated those 1041 filings can be and how much attention to detail is required to complete them. Let us ease the stress and responsibility that comes with being a fiduciary so you can do what you do best.
Crypto has taken the world by storm and many are not prepared with the complicated accounting that comes with it. One transaction(sell, trade, use, or dispose of cryptocurrency in any way and recognize a gain)The choice of accounting method, whether FIFO, LIFO, or HIFO, plays a crucial role in determining how much taxes an individual may owe. The method selected can result in either higher or lower taxes paid to the IRS
FIFO (First-In-First-Out):
Default method, commonly used by investors.
Helps reduce capital gains during falling prices.
Advantageous for long-term capital gains tax rates.
LIFO (Last-In-First-Out):
Sells the latest-acquired coins first.
May save on capital gains, depending on market conditions.
Consideration of holding period is crucial.
HIFO (Highest-In-First-Out):
Sells coins with the highest cost basis first.
Potential for significant tax savings in complex trading scenarios.
Net capital losses can offset other income.
IRS allows yearly switches but frequent changes may raise red flags.
Requires detailed records of acquisition and sale details.
