Entries by IslerNW

October Extended Due Date Just Around the Corner

Article Highlights: October 17, 2022 is the extended due date for 2021 federal 1040 returns.  Late-filing Penalty  Interest on Tax Due Other October 17 deadlines If you could not complete your 2021 tax return by April 18, 2022 and are now on extension, that extension expires on October 17, 2022. Failure to file before the […]

Will You Benefit from Biden’s Student Loan Relief?

Article Highlights:  Relief Amounts Income Limitations  Dependents of Another Pell Grant Recipients Repayment Pause Monthly Payment Reduction  Cancellation of Debt Income On August 24, President Biden announced a three-part plan to deal with student loan debt which includes, among other things, $20,000 in loan relief to borrowers with loans held by the Department of Education […]

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IRS Providing Penalty Relief to 1.6 Million Taxpayers

Article Highlights: Penalty Relief 2019 & 2020 Tax Returns Includes 1040, 1120, Certain 1099 Series Filings Refunds Are Automatic September 30, 2022, Deadline The First-Time Abatement Penalty Relief To help struggling taxpayers affected by the COVID-19 pandemic, the IRS has issued a notice, which provides penalty relief to most people and businesses who file or […]

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Mid-Year Tax Planning Checklist

Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences  All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially benefit them. Mid-year is the perfect time for tax planning. The following are some […]

Important September 2022 Due Dates

September 2022 Individual Due Dates September 1 – 2022 Fall and 2023 Tax Planning Contact this office to schedule a consultation appointment. September 12 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your […]

What Does The Inflation Reduction Act Mean To You?

Article Highlights:   Increased Internal Revenue Service (IRS) Funding Drug Pricing Affordable Care Act Insurance Premiums Corporate Minimum Tax Excise Tax on Corporate Stock Buybacks Home Solar Energy Credit Extended and Increased Credit For Energy Efficient Home Modifications Clean Vehicle Credit Credit For Previously Owned Clean Vehicles Credit For Qualified Commercial Clean Vehicles Research Credit […]

Tax Benefits for Members of the Military

Article Highlights:   Service Member Residence or Domicile Service Member Spouse’s Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home Sale Gain Exclusion Moving Deduction Death Gratuity Payments Child Credit Earned Income Tax Credit IRA Contributions Reservist’s Travel Expenses Qualified Reservist’s Early Retirement Plan Withdrawals Retired Military […]

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Not All Interest Is Deductible for Taxes

Article Highlights:  Interest Categories Category Deductibility Interest Tracing Rules A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately, not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds […]