Money Matters Blog Posts
Cryptocurrency 101
With the explosion in the usage of various cryptocurrencies lately, it’s becoming more and more important to understand exactly how they work and how they are being used. While it’s common to assume that a cryptocurrency can be treated just like any other type of currency, the truth is a bit more complicated, and it can have significant tax-related ramifications for anyone who uses them or accepts them as payment. What Is Cryptocurrency? There are several types of cryptocurrency available, with the most popular being Bitcoin. Alternative varieties include Litecoin, Etherium, Zcash, Dash, and Ripple, among others. All of these… Read More
How the 2017 Hurricane Season is Affecting Our Economy
The recent devastating storms that have hit various parts of the United States have had dramatic and catastrophic human impact. The economic impact of these storms and the destruction they brought with them can be far-reaching as well, and the significance of that impact nationally varies from one storm to the next. There are usually some large numbers thrown around after a major storm framed as the total cost to rebuild, but these are only part of the big economic picture that starts to take shape as an affected area begins the process of returning to normal life. Harvey in… Read More
How Legalizing Marijuana Has Affected States’ Revenues
On November 6, 2012, voters in Colorado and Washington passed amendments that made them the first states in the country to legalize marijuana for recreational use. This statute went into effect in January of 2014 in Colorado, and since then, several other states have followed their lead. One major benefit of the legalization of marijuana in these states has been the huge infusion of cash due to taxes on the sales to both state and local government budgets, and this revenue is being used to finance new programs as well as fill the void created by the loss of some… Read More
All The Taxes You Could Pay In Your Lifetime
It’s said that there are two unavoidable things in life: death and taxes. While we can’t dodge that first one, there are certainly many people who try to reduce the pain of paying of taxes. This guide defines the taxes that most Americans will pay in their lifetimes and what they encompass. Use the following links to quickly jump to a section of interest. Taxes on Income & Business Taxes on Purchases Taxes on Investments & Savings Other Taxes Taxes on Income & Business 1. Payroll Tax This tax is generally a percentage deducted from the paychecks of staff (full… Read More