Entries by IslerNW

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Gift and Estate Tax Primer

Article Highlights: Exclusions from Gift and Estate Taxes Annual Gift Tax Exclusion Gifts for Medical Expenses and Tuition Lifetime Exclusion from Gift and Estate Taxes Spousal Exclusion Portability Qualified Tuition Programs Basis of Gifts The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. […]

Payroll Management: A Complete Guide for SMBs

Payroll taxes can be a significant headache for many small—to medium-sized business owners. Without proper education, entrepreneurs can find themselves in trouble with the IRS and state tax agencies. Fortunately, if you’ve been struggling with payroll taxes, you’re in the right place. This guide will help you understand and manage payroll taxes effectively to ensure […]

Installment Sale – a Useful Tool to Minimize Taxes

Selling a property you have owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain to the 3.8% surtax on net investment income. Capital gains […]

Important May 2024 Due Dates

May 2024 Individual Due Dates May 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA […]

5 Steps You Should Take Every Time You Open QuickBooks

When it comes to managing your small business finances, establishing a consistent routine is important. This is especially true when using QuickBooks, a powerful accounting software system that can help you stay organized and make informed decisions about your finances daily. Here are five key steps you should take every time you open QuickBooks: 1. […]

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Drug & Alcohol Addiction Treatments May Be Tax Deductible

Article Highlights: Potential medical deductions Medical dependents Divorced parents Medical AGI limitations A taxpayer is allowed an itemized deduction for medical expenses paid during the taxable year and not compensated by insurance or otherwise for medical care of the taxpayer or the taxpayer’s spouse, dependent, or medical dependent. Alcoholism and drug addiction are treated as […]

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Tax Facts about Claiming Tax Benefits for Childcare Expenses 

Article Highlights: Credit For Childcare Credit Percentage Child Qualifications Employment-Related Expense Taxpayer Earnings Limits Full-Time-Student or Disabled Spouse Qualifying Care Other Facts and Issues Tactic for Maximizing Credit Many parents who work or are actively looking for work must arrange for care of their children after the school day ends, on weekends when they get […]

Proving Noncash Charitable Contributions 

Article Highlights: Noncash Charitable Contributions Establishing Donation Value Fair Market Value Documentation Requirements Appraisal Requirements Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax return are taking advantage of the higher standard amount and are not itemizing their deductions. […]