Coronavirus and Taxes: Frequently Asked Questions (FAQ)
The COVID-19 outbreak is affecting every facet of our lives – including our taxes. Check here for all your FAQ to see how you may be impacted.
Entries by IslerNW
Isler NW COVID-19 Announcement
Isler Northwest LLC is continuing to provide tax and accounting services during the COVID-19 pandemic, while also taking steps to protect the health and safety of our employees and our community. We are closely monitoring local, state and federal announcements and recommendations.
Where is Estate Tax Going in the Future?
The Tax Cuts and Jobs Act (TCJA, often referred to as tax reform) generally became effective in 2018 and increased the federal estate and gift tax lifetime exclusion amount (LEA) from $5 million per person to $10 million per person. On top of that, the exclusion is annually adjusted for inflation, meaning the LEA for […]
What Does a Tax Deduction Save You?
Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes, […]
New Tax Rules for Retirees
If you are at or approaching the age of 70, you need to be aware of some changes that Congress made to the tax laws, effective starting in 2020. These changes will have direct impacts on you and the decisions you make related to your retirement accounts. Not only will they affect your federal taxes, […]
Congress Green-Lights Some Alternative Vehicle Credits
To encourage U.S. taxpayers to move away from gasoline-powered motor vehicles, over the years, Congress has provided various tax credits for purchasing electric or alternative fuel vehicles.
March 2020 Individual Due Dates
March 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10.
Congress Does Away with the Stretch IRA
Some members of Congress have, for some time, expressed their displeasure with the so-called stretch IRAs that have permitted some beneficiaries, such as a young child or a grandchild, to extend the payout period from the IRAs they inherited for decades.
IRS Letters: Tax Scam or Something You Need to Address?
Your taxes contain an array of sensitive information, from financial data to your Social Security number or tax ID number. Because of this, there are many scams that unsavory characters attempt to perpetrate by impersonating the IRS or another tax authority. It can be difficult to tell when the IRS is really seeking information versus […]
The Best Approach to Paying off Your Debt Quickly? It’s Unique to You
If you asked 10 different people how they were able to get out from under their debts as quickly as possible, you’d probably get 10 different answers.