Author - John Bird

1
Update: Tax & IRA Deadline
2
Saving in Retirement
3
Tax Planning For Fiscal Year 2018
4
Four Years, A Lifetime of Achievements
5
What We Know about How the IRS Treats Taxation of Cryptocurrencies

Update: Tax & IRA Deadline

Over the past several years, you have seen several posts from Albion’s Senior Wealth Advising team designed to help you and your family make a lifetime of good financial decisions. 

The first step in making any good decision is to understand the relevant facts.  However, given recent events, there have been a plethora of changes that have come out over a very short period.  Understandably, it is difficult for anyone to keep up with all these changes.  

Our goal in this post, and those coming soon, is to help keep you informed on some of the …

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Tax Planning For Fiscal Year 2018

MON, MAY 7th, 2018
 
As we take a deep breath after filing our 2017 taxes and begin to look forward to warmer temperatures and Spring flowers, we should take a few minutes to focus on setting ourselves up for tax success in 2018.

Many of us have enjoyed a bit of extra income as the new tax rates have started to flow through our paychecks. While enjoying the extra cup of coffee, lunch or additional 401k contribution that the extra income is affording us, we need to pause and shift our attention to our tax withholding for 2018. With …

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Four Years, A Lifetime of Achievements

FRI, FEB 2nd, 2018

Two days ago I was interviewed and quoted by Reuters News regarding the Fed’s January FOMC statement. But the dialogue and policy decisions – or lack thereof – from this rather uneventful meeting was not what I wished to truly cover. The January meeting was Janet Yellen’s last. It was the end of an era – cut far too short by a man who only made a change because he wanted to place his mark on the Fed – whatever that means. The best person for the job wasn’t what mattered. And make no mistake, Janet …

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What We Know about How the IRS Treats Taxation of Cryptocurrencies

THURS, JAN 25th, 2018

The IRS has provided little guidance regarding virtual currencies such as bitcoin, Ethereum, and Litecoin. The most notable IRS publication, Notice 2014-21, states “For federal tax purposes, virtual currency is treated as property. General tax principles applicable to property transactions apply to transactions using virtual currency.”

What does this IRS statement mean to virtual currency users? It means that you will need to file and/or pay taxes if you traded, sold, or used virtual currencies to make a purchase. Consider the following scenarios:

1. If you bought a virtual currency and sold it for a gain, …

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