Insights & Strategies for Smarter Tax Planning
Expert advice, updates, and practical tips to help you keep more of what you earn.
At FasTax Inc., we believe that knowledge is power, especially when it comes to managing your money and minimizing your tax burden.
Our blog is designed to keep individuals and small businesses in Hampton Roads informed with timely updates, easy-to-understand strategies, and actionable insights. From breaking down tax law changes to sharing smart financial planning tips, we’re here to help you make informed decisions year-round.
Explore our latest posts and see how proactive tax planning can protect your bottom line. Want to talk more about what you read here? Send us a message or call us at (757) 460-5862.
Calculating Crypto Taxes Simplified For Hampton Roads Investors
Quick Answer: Crypto taxes are calculated by subtracting your cost basis from your gross proceeds for each taxable sale, swap, or purchase made...
How the Secure 2.0 Act Changes Beneficiary IRS Tax Rules For Your Hampton Roads Heirs
Quick Answer: Under the SECURE 2.0 beneficiary IRA tax rules, most non-spouse heirs must fully liquidate an inherited IRA within 10 years, with...
Who Can Claim the American Opportunity Tax Credit? Guidance for Hampton Roads Parents
Quick Answer: The American Opportunity Tax Credit (AOTC) must be claimed by whoever legally lists the student as a dependent on their federal...
Do You Get Better Tax Breaks For Being Married, Hampton Roads Couples?
Key TakeawaysMost married couples lower their tax liability by choosing the Married Filing Jointly status, which preserves access to deductions that...
2026 Guide to Short-Term Rental Taxes for Hampton Roads Airbnb & VRBO Hosts
Key TakeawaysYou do not have to pay federal income tax on rental earnings if you rent your home for 14 days or fewer per year and use it personally...
Do You Have to Pay Taxes On Sports Betting? What Hampton Roads Bettors Need To Know
Key TakeawaysThe IRS considers all sports betting payouts as ordinary income, regardless of the amount or whether you received a tax form. For...
The Hampton Roads Taxpayer’s Guide: How Do I Calculate My Federal Tax Withholding?
Key TakeawaysA large refund is an interest-free loan to the government, while a big bill suggests you are at risk for IRS underpayment...
How Does Self-Employment Tax Work For Hampton Roads Taxpayers Leaving Their 9-to-5?
Key TakeawaysAs a W-2 employee, you pay half of Social Security and Medicare tax through withholding. As a self-employed taxpayer, you pay both...
Mistakes Hampton Roads Taxpayers Should Avoid When Filing For a Federal Tax Extension
Key TakeawaysA federal extension provides six extra months to file, but all taxes owed must still be paid by the April 15th deadline to avoid...