Blog
New IRS Tip Deduction Rule: Is Your Job on the OBBB Act Tipped Occupations List?
Understanding The New OBBB Act Tipped Occupations List If you work in an industry where tips are a regular part of your income, there’s big news for you. Under the new OBBB Act, a special tax deduction will be available for certain tipped occupations — but only if...
Education Savings & Taxes: 529s and Credits.
Essentials - 529 plan: Tax-deferred growth; tax-free withdrawals for qualified education; beneficiary can be changed within family; limited K-12 tuition allowed. - Credits: AOTC: Up to $2,500 per eligible student; income limits; partially refundable. Lifetime Learning...
Selling Your Primary Home: $250k/$500k Exclusion Explained
Key rules - Exclusion: Up to $250k (single) / $500k (MFJ) of gain - 2-of-5 test: Own and use as main home for 2 of the last 5 years - Frequency: Generally once every 2 years - Depreciation recapture: Prior rental/home-office depreciation is taxable - State note:...
The IRS Is Watching “Cash-Only” Businesses
What attracts scrutiny? Cash-heavy businesses (restaurants, salons, contractors, convenience stores) show higher underreporting risk. Examiners reconcile POS → bank deposits → books → tax return and flag gaps. Typical red flags Large cash deposits without matching...
Guía práctica para comprar tu vivienda en EE. UU. 🏡
Comprar casa es una de las decisiones financieras más importantes y los bancos analizan mucho más que tu deseo de tener un hogar. En Wave Tax te guiamos paso a paso para que llegues listo a tu hipoteca. 1. W-2 o 1099: ¿qué piden los bancos? Empleados W-2:...
El arte de pagar menos impuestos (legalmente)
Pagar menos impuestos no es “esquivar” al IRS: es planificar con reglas en mano. La clave está en tomar decisiones antes del 31 de diciembre, documentar todo y usar las deducciones y créditos que la ley ya permite. Aquí van los pilares que más suelen mover la aguja:...
¿Moviste cripto en 2025? El IRS ya lo sabe (y así debes reportarlo)
Desde 2025, los brokers y exchanges que custodian cripto reportan al IRS los ingresos brutos (gross proceeds) de ventas y permutas mediante el Formulario 1099-DA. A partir de 2026 se irá incorporando por fases el reporte de base y ganancia/pérdida con alivios de...
3 Legal Deductions You’re Missing Out On.
3 Legal Deductions You’re Missing Out On Are you one of those who say: “My accountant takes care of that”? That’s the problem. Your accountant files… but you are the one who plans. And if you’re not planning properly, you’re losing money.Literally. There are 100%...
The IRS Warns about the Second Quarterly Tax Payment Deadline: Details and Consequences for Taxpayers
The US Internal Revenue Service (IRS) issued a crucial reminder to millions of taxpayers about the second quarterly tax payment deadline, which was June 16. This notification was especially important for self-employed workers, small business owners, and all citizens...