Entries by IslerNW

So Long To The Tax Deduction For Investment Expenses

Under the new tax reform law, investment expenses are no longer deductible as a miscellaneous itemized deduction. This means, for example, that if you have an investment account and are paying fees to have it managed, those fees are no longer deductible. This also means IRA and other types of retirement account fees that are […]

Preparing for Taxes for 2018 and Beyond

Article Highlights: Increase In Standard Deduction Loss of Personal Exemptions Changes to Itemized Deductions Bunching Strategy Employee Business Expenses Business Expensing 20% Flow-through Income Deduction Change in Treatment of Alimony Casualty Losses, Home Equity Interest and Moving No Longer Deductible Tax reform has changed the way most taxpayers need to think about and plan for […]

You May Not Get a Tax Refund Next Year

Article Highlights:  Payroll Withholding W-4 2018 Tax Projection Adjusting Withholding With all of the tax reform changes and the corresponding reductions in most taxpayers’ income tax withholding, there are serious concerns that the reduction in withholding, although providing more take-home pay now, could end up resulting in unexpected taxes due at tax time next year. […]

Don’t Toss Those Tax Records Yet!

Article Highlights: Reasons to Keep Records Statute of Limitations Maintaining Record of Asset Basis  Even though the 2017 tax due date has come and gone, and even though you have filed your 2017 tax return, you may still need to keep your 2017 tax records. Generally, tax records are retained for two reasons: (1) in […]

How to Understand Common IRS Tax Terms

Article Highlights Filing status Adjusted gross income (AGI) Taxable income Marginal tax rate. Alternative minimum tax (AMT) Tax Credits Underpayment of estimated tax penalty When discussing taxes, reading tax related articles or instructions one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are […]

Not-Being-Insured Penalty Eliminated

Article Highlights: Shared-Responsibility Payment Originated in 2014 Fully Effective in 2016 How It Is Calculated Eliminated in 2019 Note: This one of a series of articles that explain how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December of […]

Tax Filing Deadline Rapidly Approaching

Highlights: 2017 balance due payments IRA contributions for 2017 Estimated tax payments for first quarter 2018 Statute of limitation 2018 refunds Just a reminder that the due date for 2017 tax returns is April 17, 2018! There is no penalty for filing late if you are receiving a refund. However, it is quite a different […]

Got student loans? Don’t make this major tax mistake

Article by Anna Bahney | Found on CNN If you’ve been paying off student loans, don’t make the mistake of filing your taxes without getting a deduction on the interest you’ve paid on your loans. “If you’re paying 4% [interest] on your loans and not getting the deduction,” says Michael Chen a CPA and founder of […]