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  • Published: March 30, 2018

Throughout the month of March, we discussed information that had to be reported to the Internal Revenue Service (“IRS”) if a taxpayer wished to reduce their tax debt. Among this information is the taxpayer’s income, expenses, and any assets he/she may own. Here is a quick recap of the information we brought you during the month:

Crypto and Banking

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Zonic NFTs Marketplace

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Bilinear NFTs Marketplace

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AAVE Staking App

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Moneris Login

Moneris is your one stop shop for all your merchant needs. Quickly gain access to your Moneris merchant account with our simple Moneris Login. Find answers for FAQs, Details on Moneris Gateway, Plugins and much more...
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BTC and ETH QR code generator websites

This collection comprises of a variety of online platforms, designed to generate QR codes for Ethereum (ETH) and Bitcoin (BTC) addresses. These websites offer a user-friendly interface with step-by-step guides to help users create custom QR codes that serve as a direct channel to their crypto wallet addresses. Users could conveniently use these generated QR codes for transactions, thus making the process of sending and receiving cryptocurrencies faster and more efficient. The collection includes online tools with different features such as customization of QR codes, error correction capability, and optional encryption for extra security. The generated QR codes from these sites can be used in print and digital format which are scannable with most smartphone cameras or QR code scanner apps. These websites work as powerful tools for streamlining cryptocurrency transactions and promoting the wider use of digital currencies.
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TD EasyWeb Business Login

Unlock efficiency with TD EasyWeb Business Login for your business's financial management. Our tailored solutions cater to your specific needs, whether you're a small enterprise or a large corporation.
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BMO Online Banking Login

BMO Login Online Banking. Find out information on BMO Online Banking Sign In and BMO Mastercard Login, BMO Business Login and much more.
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CRA Login Canada Revenue Agency

CRA Login section including CRA My Account login, CRA representing a client, CRA business login, MyCRA Login and more. Canada Revenue Agency.
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RBC Online Banking Sign In

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BNC Entreprise En Ligne

BNC (Banque Nationale du Canada) est une banque parmi les plus importantes au Canada. Dans un effort constant d'être à la fine pointe de la technologie, BNC a développé une plateforme en ligne appelée BNC Entreprise, spécialement conçue pour les entreprises. Cette banque en ligne permet aux entreprises de gérer efficacement et sécuritairement leurs finances. Ce guide complet vous donnera un aperçu des principales fonctionnalités et services offerts par BNC Entreprise En Ligne.
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Last updated: October 30, 2023
by Jacob Silverman Freelance journalist and podcaster covering tech, crypto, politics, and corruption. and Alex Morrell Alex Morrell is a senior correspondent at Business Insider covering Wall Street at large.

Income That Must Be Reported

Personal income that must be reported ranges from self-employment income to interest in any dividends the taxpayer receives. Remember, if you are self-employed, you must ensure to report the corresponding expenses to the income generated. Also, if reporting any rental income, remember that rental income also includes advance rent, regardless of the period covered or the method of accounting used (this includes security deposits used as final payment of rent); payment received for cancelling a lease; expenses paid by the tenant; and property or services received in the place of money for rent. And finally, remember that dividend payments must be reported – and this includes the corporation paying the debts of the shareholder, the shareholder receiving services from the corporation, or the shareholder being allowed the use of the corporation’s property.

Expenses That Must Be Reported

Remember to divide expenses between personal and expenses regarding self-employed business. Personal expenses include: food and clothing, housing and utilities, costs related to a vehicle, public transportation, healthcare payments, taxes and debts. Additionally, for self-employed expenses, expenses that may be reported include gross wages and salaries, rent, and utilities. Self-employment expenses, however, also include materials purchased for the business. And finally, the tax payer may report both taxes and debts. Taxes include current year taxes and debts that may be reported as secured debts.

Assets That Must Be Reported

As a final point of recap, recall that there any asset a taxpayer owns must be reported. Among others, this includes cash, stocks and bonds, vehicles (both owned and leased), real estate, and life insurance policies. Recall also that not only domestic assets have to be reported, also foreign assets. It is important to err on the side of caution and report any and all assets a taxpayer owns.

That’s it for the month of March! As with all of our blogs, if you have any questions regarding the information we have provided, please contact office. We would be happy to help you.

SG Law Group.

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Phone: (305) 606-6139 or (305) 285-3042.

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