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…
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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…
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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…
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QuickBooks Online provides numerous ways for you to know which customers owe you money – and who is late.
There are so many financial details to keep track of when you’re running a small business. You have to make sure your products and…
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Article Highlights:
What is the Work Opportunity Tax Credit?
Maximum Credit
Who Can Claim the Credit?
Qualified Employees
Pre-screening and Certification
Tax-exempt Employers
The Work Opportunity Tax Credit (WOTC) is a…
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July 2022 Individual Due Dates
July 1 - Time for a Mid-Year Tax Check-Up
Time to review your 2022 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties.
July 11 - Report…
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Article Highlights:
Mid-year Increase
Items Included in the Optional Mileage Rate
What Can Be Deducted in Addition to the Optional Mileage Rate
Switching Methods
With gas prices soaring it has been expected the IRS would increase…
Every small business — whether a respected local mom-and-pop retailer, a startup tech company, or an online venture — has accounting and bookkeeping responsibilities, including selecting the accounting method that works best for them. …
https://www.islernw.com/wp-content/uploads/2022/06/Blog-header-image-the-right-accounting-method-for-your-business-Isler-Northwest-CPAs-in-Portland-Oregon.jpg320845IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2022-06-21 17:22:442022-06-21 17:44:36The Right Accounting Method for Your Business
What Do You Do If the IRS Wants to “Audit” Your Tax Return?
Audit, Tax TipsDon’t Overlook Your Charitable Contributions
Charity, DeductionsCutting the IRS Out of Your Gifts
Gift TaxSold or Thinking of Selling Your Home?
Home OwnershipKeeping Up With Receivables: Know Who Owes You
Accounting, Small BusinessSmall Businesses Can Benefit from the Work Opportunity Tax Credit
Small BusinessStudent Loan Debt: Paying and Avoiding It, Plus Tax Benefits
Student LoansJuly 2022 Important Due Dates
2022 Due DatesIRS Announces Mid-Year Optional Vehicle Mileage Rate Increase
Tax NewsThe Right Accounting Method for Your Business
Accounting, Business Development