Southern Illinois has long had its share of coal mining and production, maybe you have some stock or an interested stake in a coal company? There may be a deduction for that. The IRS recently issued a memo that shows general guidelines for dictating refined coal credit transactions. The IRS advised that investors must have a true entrepreneurial interest in a refined coal operation to qualify for potential tax credits. The investor cannot be heavily insulated from the risk

The end of 2017 saw the rise of cryptocurrency in a major fashion. At one point, the most expensive currency (bitcoin) was being traded for slightly above $19,000 per coin. Recently, because the price has dropped and become much more steady, many investors still hold some type of coin to their name. Many have asked the question, how are these taxed, if they are? The answer is simple, yes the IRS expects people to report income from profit on cryptocurrencies, here’s how. Th

A simple fact of being the sole shareholder of a company, do not loan money between yourself and the company. Some owner’s from time to time will make incremental deposits between bank accounts (personal and business) and eventually it creates a mess. When an owner lends money to a corporation, it does not allow the owner to take a long-term capital loss on his own personal income. Loans must be signed correctly with a promissory note, otherwise it is an informal deposit th

Recently, as virtually all of America is aware, Congress and the President passed the Tax Cuts and Jobs Act, which substantially affects the way individuals will file their taxes. It seems, however, that the tax changes may just be beginning with the recent comments from President Donald Trump and Congressman Kevin Brady. In a string of recent comments from both parties, it seems that this Phase Two of tax cuts may be more directly targeted at the individuals. Individual ta