The Treasury Department and the IRS have essentially shot down efforts by several states to help their residents circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT).
When the Tax Cuts and Jobs Act (TCJA),…
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Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. Recent tax law changes have added to the confusion. The differences…
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Taxpayers often will hire an individual or firm to provide services at the taxpayer’s home. Because the IRS requires employers to withhold taxes for employees and issue them W-2s at the end of the year, the big question is whether or not that…
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Note: effective for years 2018 through 2025, the Tax Cuts and Jobs Act of 2017 suspended the deduction of miscellaneous itemized expenses that must be reduced by 2% of the taxpayer’s adjusted gross income. Employee business expenses, including…
https://www.islernw.com/wp-content/uploads/2019/06/How-Does-Combining-a-Vacation-with-a-Foreign-Business-Trip-Affect-the-Tax-Deduction-for-Travel-Expenses-of-a-Self-Employed-Individual.jpg321855IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2019-06-08 04:20:022019-06-08 04:20:02How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?
June 15th falls on the weekend this year, so the due date for the second installment of estimated taxes is the next business day, June 17, which is just around the corner. So, it is time to determine if your estimated tax payment should be lowered…
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Summer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the school vacation period. A popular…
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If you would like to make a substantial tax-deductible charitable donation this year, but have the ability to spread the actual distribution of funds to specific charities over a number of years, a donor-advised fund (DAF) may fill that need.…
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Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not taxable when withdrawn if used to pay qualified…
https://www.islernw.com/wp-content/uploads/2019/05/Gift-Tax-Treatment-of-Tuition-Plans.jpg321855IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2019-05-25 01:51:092019-05-25 01:51:09Gift Tax Treatment of Tuition Plans
Starting a small business can be one of the most exciting and rewarding events in someone’s life. But it can also be extremely stressful. If you’re thinking about becoming an entrepreneur, you might have more questions swirling around…
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Because people are living longer now than ever before, many individuals are serving as care providers for loved ones (such as parents or spouses) who cannot live independently. Such individuals often have questions regarding the tax ramifications…
https://www.islernw.com/wp-content/uploads/2019/05/Eldercare-Can-Be-a-Medical-Deduction.jpg321855IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2019-05-18 04:51:362019-05-18 05:10:12Eldercare Can Be a Medical Deduction
States’ SALT Deduction Workarounds Shot Down
2018 Tax Laws, Tax Planning, Tax Reform, TaxesHobby or Business? It Makes a Difference for Taxes – Now More than Ever
Accounting, BusinessHousehold Help: Employee or Contractor?
Accounting, Business, Finance, Personal Finance, Self-Employment, Small Business, Tax Planning, Tax TipsHow Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?
2018 Tax Laws, Business, Deductions, Entrepeneurship, Self-Employment, Tax Planning, Tax Reform, Tax Tips, TaxesJune Estimated Tax Payments Are Just Around the Corner
2018 Tax Laws, Business, Corporate, Tax News, Tax PlanningSchool’s Out – Who Is Going to Take Care of the Kids?
Education, Tax PlanningDonor Advised Funds Provide Tax Benefits
Charity, Gift Tax, Non-Profits, Tax Planning, Tax TipsGift Tax Treatment of Tuition Plans
College, Education, Gift TaxTop 10 Startup Business Questions Every Entrepreneur Should Answer
Business, Business Development, Entrepeneurship, Small BusinessEldercare Can Be a Medical Deduction
Deductions, Retirement, Tax Tips