Are you familiar with 401(k) retirement funds?
More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy.…
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Article Highlights
Higher Standard Deduction
IRA Options
Self-Employed Parent
Employing Your Child
Tax Benefits
Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals…
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Article Highlights:
$5,000 First-year Start-up and Organizational Expense Write-off
Timely Filing Requirements
Qualifying Start-up Expenses
Trade or Business Purchase
Qualifying Organizational Expenses
Expense Write-off Limitations
…
https://www.islernw.com/wp-content/uploads/2022/05/Blog-header-image-writing-off-your-business-expenses-Isler-Northwest-CPAs-in-Portland-Oregon.jpg320845IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2022-05-05 12:00:192022-05-03 22:37:36Business Start-Up Expenses and How to Write Them Off
There's an old saying that reminds us "if you fail to plan, you plan to fail." Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not.
Financial and tax literacy aren't just an…
https://www.islernw.com/wp-content/uploads/2022/05/Blog-header-image-why-proactive-planning-is-more-important-than-you-realize-Isler-Northwest-CPAs-in-Portland-Oregon.jpg320845IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2022-05-03 21:22:212022-05-03 22:20:05Why Proactive Planning is More Important Than You Realize
Article Highlights:
Statute of Limitations
Filing Before April Due Date
Filing After April Due Date
Extension
Amended Returns
Three-year Statute
Understatement Exceeds 25%
No Filing or Fraud
Ten-year Collection Period
…
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May 2022 Individual Due Dates
May 10 - Report Tips to Employer
If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10.…
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Article Highlights:
Qualifications
Actual Expense Method
Simplified Method
Home Office Expenses for Renters vs. Homeowners
Deduction Limitation
How Moving Affects the Home-Office Deduction
Other Issues
If you are a…
https://www.islernw.com/wp-content/uploads/2022/04/Blog-header-image-you-may-qualify-for-a-small-home-business-deduction-Isler-Northwest-CPAs-in-Portland-Oregon.jpg320845IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2022-04-21 12:00:052022-04-22 22:10:50You May Qualify for a Small Business Home Office Deduction
Article Highlights:
Reason for Conversion
Basis
Depreciation
Cash Flow versus Tax Profit or Loss
Passive Losses
Home Gain Exclusion
Other Tax Issues
Becoming a Landlord
With the current substantial appreciation…
https://www.islernw.com/wp-content/uploads/2022/04/Blog-header-image-tax-issues-that-arise-when-converting-a-home-into-a-rental-Isler-Northwest-CPAs-in-Portland-Oregon.jpg320845IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2022-04-19 12:00:382022-04-22 22:10:54Tax Issues That Arise When Converting a Home into a Rental
Article Highlights:
Tax Credit
Credit Phase-Out
Determining the Credit
Off-Road Vehicles and Golf Carts
Allocation Between Business and Personal Use
Credit Reduces Basis
Business Standard Mileage
If you are considering…
https://www.islernw.com/wp-content/uploads/2022/04/Blog-header-image-electric-vehicles-tax-credit-phasing-out-Isler-Northwest-CPAs-in-Portland-Oregon.jpg320845IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2022-04-14 12:00:132022-04-11 21:44:11Electric Vehicle Credits Phasing Out
Article Highlights:
Tapping Your Retirement Savings
Traditional IRAs and Qualified Retirement Plans
Simple IRAs
Early-Withdrawal Penalties
Reduction in Retirement Savings
Exceptions from the Early-Withdrawal Penalty
Roth…
https://www.islernw.com/wp-content/uploads/2022/04/Blog-header-image-read-this-before-tapping-into-your-retirement-savings-Isler-Northwest-CPAs-in-Portland-Oregon.jpg320845IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2022-04-13 12:00:002022-04-11 21:44:18Read This First Before Tapping Your Retirement Savings
What Every Employee Needs to Know About 401(k) Savings
RetirementSummer Employment for Your Child
JobsBusiness Start-Up Expenses and How to Write Them Off
Small Business, Tax TipsWhy Proactive Planning is More Important Than You Realize
Financial PlanningOwe the IRS Money? How Long Do They Have to Collect?
TaxesMay 2022 Due Dates
Due DatesYou May Qualify for a Small Business Home Office Deduction
Small BusinessTax Issues That Arise When Converting a Home into a Rental
Home Ownership, Rental PropertyElectric Vehicle Credits Phasing Out
Electric Vehicles, Tax CreditsRead This First Before Tapping Your Retirement Savings
Retirement