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How to Navigate Scholarships, Stipend and Taxes: A Grad’s Guide to Tax Savvy

Scholarships are a lifeline for students, providing much-needed financial support for their education. But here’s the catch: are scholarships considered taxable income? The answer isn’t straightforward. It all depends on how you use that scholarship money. Let’s dive into the details. In most cases, scholarships used to cover qualified educational expenses at eligible institutions are […]

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Maximizing Business Success With Management Accounts Reporting

Blog / swifttaxassist

Introduction: Welcome to Swift Tax Assist, your gateway to unraveling the intricacies of financial management. Today, we are delving deep into the realm of management accounts, a dynamic tool that can propel your business’s performance and bolster your cash flow. Whether you’re an entrepreneur, a business leader, or a financial enthusiast, these insights can help

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Mastering Florida Real Estate Brokerage Business: Expert Accountant’s Guide to Financial Success

Accounting & Bookkeeping, Blog / swifttaxassist

Operating a real estate brokerage in the vibrant and dynamic market of Miami, Florida, can be a thrilling endeavor. However, it comes with unique financial and accounting challenges that require expert solutions. In this article, we will explore the key financial challenges that real estate brokers face in Florida and provide expert accounting solutions to

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Using Cryptocurrency in Real Estate

Blog, Crypto Tax Accounting / swifttaxassist

Cryptocurrencies and non-fungible tokens (NFTs) have disrupted many industries in recent years, and the real estate sector is no exception. These digital assets have opened up new opportunities for investment and transaction in the real estate market. In this blog, we will explore the use of cryptocurrency and NFTs in real estate and how they

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Tracing the Real Owner of a Metamask Wallet

Blog, Crypto Tax Accounting / swifttaxassist

MetaMask wallets are known for their anonymity and pseudonymity, with no personally identifying information associated with them. However, in certain circumstances, it may be necessary to attempt to trace the real owner of a MetaMask wallet. This article will explore some of the techniques that investigators and law enforcement agencies may use to link a

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Revitalize Your Business Finances: The Power of Financial Clean-Up

Accounting & Bookkeeping, Blog / swifttaxassist

Running a business is undoubtedly fulfilling, but keeping your financial operations on track can be a demanding endeavor for any entrepreneur. Amid the hustle and bustle of day-to-day operations, keeping your financial house in order can sometimes take a back seat. If you find yourself grappling with incomplete financial visibility or delayed reports, it might

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Determining Earned Income for Max Limit of Contribution Under IRA

Blog, US Federal Income Tax / swifttaxassist

Pursuant to Publication 590-A, page 9, a taxpayer can contribute to his or her traditional IRA the smaller of $6,000 ($7,000 if the taxpayer is 50 or older) or the taxpayer’s taxable compensation for the year (Publication 590-A, page 6). In addition, compensation does not include government-provided unemployment compensation (IRC Section 219(f)(1) and Revenue Procedure

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