Entries by IslerNW

What Is a Required Minimum Distribution?

Article Highlights: Required Minimum Distributions When the Distributions Must Begin RMD Distribution Tables Figuring the Amount of the Distribution Beneficiary Distribution Rules Surviving Spouse Eligible Designated Beneficiaries Account Owner’s Minor Child Other Beneficiaries Ten Year Rule Pending Legislation Required minimum distributions (RMDs) are required distributions from qualified retirement plans. RMDs are commonly associated with traditional […]

August 19, 2022 by

Take Tax Advantage of a Low-Income Year

Article Highlights: Exercise Stock Options Convert a Traditional IRA to a Roth IRA Maximize IRA Distributions Sell Appreciated Stock Delay Business Expenditures Release Dependency Delay Personal Deductible Expenditures People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who […]

August 17, 2022 by

Will Your Planned Retirement Income Be Enough after Taxes?

Article Highlights: States With No Income Tax Social Security Benefits Roth IRA Retirement Account Traditional IRA Retirement Account Spousal IRA Back-Door Roth IRA Saver’s Credit Employer Pensions Employee Funded Retirement Plans Health Savings Accounts Brokerage Accounts Municipal Bonds Investments Home Equity & Gain Exclusion Reverse Mortgage Whole Life Insurance Cash Value That is an important […]

August 4, 2022 by

August 2022 Due Dates

August 2022 Individual Due Dates August 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA […]

August 2, 2022 by
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Ways to Maximize Business Deductions

Article Highlights  New Business Legal and professional fees Spousal Joint Ventures Self-employed Health Insurance Home Office Deducting the Cost of Business Equipment Advertising Expenses Website Costs Financing Vehicle Expenses Business Meals As a small business owner, you should always be on the lookout for legitimate ways to minimize your taxes. Waiting for year-end to do […]

July 28, 2022 by
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Tax and Personal Finance Tips for New Parents

Expanding your family? Whether you’re in the planning stages or your bundle of joy has already arrived, raising a child is one of life’s greatest joys — and biggest expenses. And we’re not just talking about the costs of college. From diapers to daycare, from braces to bicycles, parents are often shocked by the constant […]

July 26, 2022 by
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What Do You Do If the IRS Wants to “Audit” Your Tax Return?

The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing. There are several reasons why the IRS might want to audit your taxes and financial information, and there […]

July 22, 2022 by
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Don’t Overlook Your Charitable Contributions

Article Highlights: Charitable Itemized Deductions Bunching Deductions Qualified Charitable Distributions Donor-Advised Funds Volunteer Expenses Misconceptions Household Goods and Used Clothing Documenting Charitable Contributions Your charitable contributions include a wide variety of tax-saving opportunities, some you may not be aware of and some that are frequently overlooked. And there are some contributions that you may believe […]

July 20, 2022 by

Cutting the IRS Out of Your Gifts

Article Highlights: Gift Tax Rule Annual Exemption Lifetime Exemption Medical and Tuition Exemptions Gift Splitting Gifts of Property If you are financially well off, you may want to gift money or property to family members or others you care about. If that is the case, there are some gift tax issues you should be aware […]

July 14, 2022 by

Sold or Thinking of Selling Your Home?

Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Form 1099-S IRS Matching Records If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale. […]

July 12, 2022 by