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.
Entries by IslerNW
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.
Congress Removes IRA Contribution Age Restriction
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of […]
5 Things You Need to Know About Sales Taxes in QuickBooks Online
The most important thing you need to know about sales tax is that administering it correctly can be challenging. If you sold only one type of product to customers in one city, collecting and paying sales tax would be easy. But most businesses have a wider reach than that. QuickBooks Online offers tools that allow […]
New Twist for Kiddie Tax with a Refund Opportunity
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will, as a whole, impact a […]
Childbirth and Adoption Penalty Exception Added
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of […]
Did You Pay Tax on Home Mortgage Debt Relief in 2018? You May Be Entitled to a Refund
On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of […]