Using Bitcoin to Make Purchases Is A Tax Reportable Event? Huh?

December 23, 2021
Hosted by Marcelino Dodge, EA

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Episode Description

Since the Great Recession the New Economy has created challenges for both taxpayers and the IRS. More and more taxpayers have jumped into the New Economy without knowing the issues about income reporting and allowable expenses. The IRS is just starting to catchup and taxpayers better be ready. Many taxpayers are buying virtual currency, then using virtual currency to buy products and services. What effect does the purchase and sale of virtual currency have on the tax return? Is using virtual currency a reportable event for tax purposes? What is the IRS doing about the growth in use of virtual currencies? Marcelino will discuss these vital tax questions about virtual currency along with other parts of the New Economy that affect your personal tax return.

The Tax Answers Advisor

The Tax Answers Advisor

Thursday at 9 AM Pacific Time on VoiceAmerica Business Channel

The tax world is always revolving and changing. How does the taxpayer keep up with both individual tax and business tax changes? The year 2020 saw thousands of pages added to the tax code. We help our listeners to understand the importance of using a licensed, credentialed tax preparer, such as an Enrolled Agent (EA), to prepare their individual tax returns and their business tax returns. You will learn how a proactive approach to rapidly changing tax laws will help you to pay the least amount of income tax possible. You’ll learn by working year-round with an Enrolled Agent. You can maximize both your tax deductions and your tax credits. Together we can help you create tangible strategies to achieve financial success and increase cash flow. By strategic planning and implementation, you can keep tax liability down in the future no matter what Congress does. The Tax Answers Advisor can be heard every Thursday at 9 AM Pacific Time on the VoiceAmerica Business Channel.

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Marcelino Dodge, EA

Marcelino Dodge, EA

Marcelino Dodge, an Enrolled Agent since March 2006, is an experienced tax professional who has over 21 years of experience. An enrolled agent is a federally licensed tax professional who is authorized to represent taxpayers before the IRS. Mr. Dodge owns and operates Cash Tracks Financial Inc., a tax, accounting, life insurance and investment advisory business.

Mr. Dodge has been life insurance licensed since 1995 and investment licensed since 1996. He is uniquely qualified with a background consisting of more than just accounting and tax preparation. He is knowledgeable in many types of employee benefits programs including retirement plans and health insurance programs. Marcelino is uniquely qualified to speak authoritatively on how tax, insurance and investments all work together.

Marcelino has become an Intelligent Solutions Management Advisor (ISMA). As an ISMA, Marcelino now works together with clients year-round to take advantage of tax law changes and to implement proactive tax saving strategies. Plus, by working together year-round he helps individuals and businesses increase they cash flow. He has prepared tax returns for individuals, sole-proprietors, corporations, LLC’s and partnerships. He has been a member of the National Association of Tax Professionals since 2011, and was voted the Lamar (Colorado) Ledger’s People’s Choice Tax Preparer for 2016 and 2017. He holds a Bachelor of Science Degree from Colorado State University in Pueblo.

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Episode Directory

January 2022

December 2021

  • 12/30/2021: IRS Enforcement – Letters and Collections Are Moving Quickly! Listen Now
  • 12/23/2021: Using Bitcoin to Make Purchases Is A Tax Reportable Event? Huh? Listen Now
  • 12/16/2021: To Rent or Not Rent Out My Home or a Room? Tax Benefits & Risks Listen Now
  • 12/9/2021: Tax Questions 2.0 and More With The Tax Answers Advisor Listen Now
  • 12/2/2021: Basis? I Am So Confused? What is Basis? Why Is Basis Important? Listen Now

November 2021



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