Yulia Langolf, CPA
Crypto Loophole
When calculating your gains and losses on crypto sales, you may use HIFO method – short for Highest In, First Out. When sell your crypto,...
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Yulia Langolf, CPA
Nov 12, 20211 min read
IRS Red Flags
Did you know that IRS issues 220 million notices every year? If you get an IRS notice, don’t panic, don’t ignore, don’t respond yourself....
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Yulia Langolf, CPA
Oct 8, 20211 min read
Traditional vs Roth IRA?
What is better Traditional or Roth IRA? It really depends. Traditional IRA allows to make PRE-TAX contributions, so you get an immediate...
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Yulia Langolf, CPA
Oct 8, 20211 min read
Uniform Expense
Many of my business clients misunderstand the meaning of UNIFORM EXPENSE as a business tax deduction. For example, a realtor claiming a...
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Yulia Langolf, CPA
Oct 8, 20211 min read
Personal Property Loss
Many of my clients ask me “Why are we not reporting the loss from the sale of my BMW? I lost so much, I would like my taxable income to...
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Yulia Langolf, CPA
May 14, 20211 min read
Credit Card Rewards Program
Did you know that cashback from your credit card rewards program is a taxable income? If you are getting cashback, you need to include it...
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Yulia Langolf, CPA
Apr 13, 20211 min read
Premium Tax Credit Repayment
Good news! If your 2020 income is higher than what you reported at the time you applied for 2020 marketplace health insurance, no...
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Yulia Langolf, CPA
Feb 7, 20211 min read
Long-Term Capital Rates
Did you know that there is zero tax rate for the long-term capital gains if you are filing jointly and making up to $80,000/year (up to...
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Yulia Langolf, CPA
Sep 18, 20201 min read
PPP loan forgiveness
Please note that SBA announced that it will review all PPP loans in excess of $2million. SBA will also “spot check” the loans in lower...
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Yulia Langolf, CPA
Sep 8, 20201 min read
“Above-the-line” deduction for charitable contribution
Good news! Beginning in 2020 nonitemizing taxpayers will be able to deduct $300 of qualified charitable contributions as an...
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Yulia Langolf, CPA
Sep 1, 20201 min read
Taxation for Unemployment Benefits
Are you receiving unemployment benefits? Remember that these benefits are considered a taxable income by IRS. What it means? If you are...
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Yulia Langolf, CPA
Aug 3, 20201 min read
Sales Tax Holiday
Good news! NO SALES TAX! Florida will hold a sales tax holiday from Friday August 7 through Sunday August 9. During the holiday no sales...
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Yulia Langolf, CPA
Jun 19, 20201 min read
Health Insurance Penalty Refund
Did you pay penalties for not having a health insurance in previous years? And you are a citizen of Ukraine, Russia, Moldova, Belarus and...
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Yulia Langolf, CPA
Jun 16, 20201 min read
SBA reopens disaster-loan program
Great news! SBA reopens disaster-loan program to nonagricultural businesses. If you did not apply for SBA loan earlier this year, you can...
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Yulia Langolf, CPA
Jun 4, 20202 min read
PPP loan forgiveness
Have you received a PPP loan for your business? If yes, I have some good news for you (see below). If not, you still have time until June...
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Yulia Langolf, CPA
May 15, 20202 min read
Another round of stimulus checks!
FINGERS CROSSED! House of Representatives is going to vote today on the new legislation known as HEROES Act (Health and Economic Recovery...
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Yulia Langolf, CPA
May 5, 20201 min read
Advanced QuickBooks Online Certified
Yulia Langolf сompleted Advanced QuickBooks Online Certification. There are a lot of changes in the new QuickBooks Online and the best...
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Yulia Langolf, CPA
Apr 15, 20201 min read
Stimulus Check from IRS
Have you already received a STIMULUS CHECK from IRS? I’ve received mine! Thank you, Mr. President, for the help much needed these days....
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Yulia Langolf, CPA
Apr 14, 20201 min read
2020 decrease of standard mileage rates
Taxpayers can use optional standard mileage rates to calculate deductible auto expense. Standard mileage rate for business use of a...
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Yulia Langolf, CPA
Mar 6, 20201 min read
Foreign Bank Accounts Report
Do you have bank accounts outside of US? If there was more than $10k in total balance on all your foreign (NON US) bank accounts, you...
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