Discover the key updates to crypto tax rules in 2025, including new reporting requirements, taxable events, and IRS enforcement. Stay compliant and avoid penalties with the latest insights.
Rae Siebels
What’s the best way to track personal vs. business expenses?
Track personal and business expenses by keeping separate bank accounts, using dedicated business credit cards, documenting each expense’s purpose, and allocating mixed-use costs proportionally. Use accounting software to automate categorization and maintain compliance.
How do I handle cash transactions in my records?
Record all cash transactions daily, including date, amount, purpose, and customer info. Keep receipts, use a cash log, reconcile regularly, and report large payments over $10,000 using Form 8300.
What is the best method for organizing business receipts?
Organize business receipts using digital tools like QuickBooks or physical filing by year and category. Keep records for at least 3 years, separate personal/business finances, and back up all data for audit readiness.
What is the best method for organizing business receipts?
Organize business receipts using digital tools like QuickBooks, categorize by expense type, and keep records for at least 3 years. Separate personal and business finances for clarity and audit readiness.
How long do I need to retain business tax records?
Keep business tax records for at least 3 years from filing or due date. Employment taxes: 4 years. Property records: as long as owned, plus 3 years. Some cases require 6+ years or indefinite retention.
What records must I keep for business deductions?
Keep detailed records for all business deductions: receipts, invoices, mileage logs, and documentation showing amount, date, purpose, and business relationship. Retain for at least 3 years.
How do I report cryptocurrency received as payment?
Report cryptocurrency received as payment as ordinary income at its fair market value in USD. Use Schedule C or W-2 depending on employment status. Track gains/losses when sold.
Is foreign income from business activities taxable?
Foreign business income is generally taxable in the U.S. U.S. citizens report worldwide income; foreign persons pay tax only on U.S.-source or effectively connected income.
What do I do with a 1099-K received for business income?
Report Form 1099-K income on Schedule C as part of your gross receipts. Reconcile with records, deduct expenses and refunds, and pay tax on net profit. Keep documentation to support your return.