About Musteba Buyukdag

Musteba Buyukdag is founder of TaxBasket, positioning and branding firm that helps individuals and businesses with their various tax needs. He is an experienced tax expert with over 10 years of experience in US tax preparation, tax strategy, tax planning.

Guide to cryptocurrency and taxes

If you are a cryptocurrency investor or receiving payments for your products or services in cryptocurrency, be aware that cryptocurrency transactions are under the radar of IRS now more than ever. Before getting into the topic, let’s define cryptocurrency. For federal tax purposes, cryptocurrency is a virtual currency and treated as property. It’s not [...] Read more

By |2022-03-30T10:06:56-04:00March 29th, 2022|Individual|

American Rescue Plan Act of 2021

The United States has provided about $1.9 trillion that was approved and signed into law under the American Rescue Plan (ARP) Act. Most of the provisions are temporary expansions for 2021 to fight the pandemic. However, some policymakers are already considering making some of the changes permanent. Below we provide more details on tax-related [...] Read more

By |2021-03-18T00:03:27-04:00March 16th, 2021|COVID-19|

New PPP Rules for Self-employed Individuals

Effective March 3rd, 2021 the U.S. Small Business Administration (SBA) announced revisions to Loan Amount Calculation and Eligibility allowing individuals who file an IRS Form 1040, Schedule C Profit or Loss from Business, to calculate their maximum loan amount using gross income instead of net profit. Who Can Apply? Sole proprietors, Gig workers, [...] Read more

By |2021-03-17T21:12:31-04:00March 13th, 2021|PPP|

Taxation of Forgiven PPP Loans

Is PPP Loan Forgiveness Taxable? Forgiven PPP loans are not taxable for federal income tax purposes. But you must check with your state for state level taxation. We are listing the states below which announced the taxation of Forgiven PPP loans. We will update the list as more announcements come. Forgiven PPP [...] Read more

By |2021-03-20T02:39:27-04:00February 20th, 2021|PPP|
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