Will Gifts Now Using the Temporarily Increased Gift-Estate Exclusion Harm Estates after 2025?

Will Gifts Now Using the Temporarily Increased Gift-Estate Exclusion Harm Estates after 2025?

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Individuals with large estates generally want to gift portions of their estate to beneficiaries while they are still living, to avoid or lessen the estate tax when they pass away. That can be done through annual gifts (up to the inflation-adjusted…
2019 Standard Mileage Rates Announced

2019 Standard Mileage Rates Announced

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The Internal Revenue Service (IRS) computes standard mileage rates for business, medical and moving each year, based on a number of factors, to determine the standard mileage rates for the following year. As it does annually around the…
The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready

The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready?

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If  you engage the services of an individual (independent contractor) in your business, other than one who meets the definition of an employee, and you pay him or her $600 or more for the calendar year, then you are required to issue that person…
Last-Minute Tax Strategies

Last-Minute Tax Strategies

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Just a reminder that the last day you may make a tax-deductible purchase, pay a tax-deductible expense, take advantage of tax credits, or make tax-deductible charitable contributions for 2018 is Dec. 31. Every taxpayer’s situation is unique,…
Holiday Gifts with Tax Benefits

Holiday Gifts with Tax Benefits

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Some holiday gifts you provide to members of your family, employees and others may also yield tax benefits. Here are some examples: Electric Car Credit – If you purchase an electric car as a holiday gift for your spouse or even…
S Corporation Stockholders Are You Taking Reasonable Compensation in the Form of Wages

S Corporation Stockholders: Are You Taking Reasonable Compensation in the Form of Wages?

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S corporation compensation requirements are often misunderstood and abused by owner-shareholders. An S corporation is a type of business structure in which the business does not pay income tax at the corporate level and instead distributes (passes…
When To Claim a Disaster Loss

When To Claim a Disaster Loss

Tax reform eliminated the deduction for casualty losses but did retain a deduction for losses within a disaster area. With the wild fires in the west, hurricanes and flooding in the southeast and eastern seaboard we have had a number of presidentially…
December 2018 Individual Due Dates

December 2018 Individual Due Dates

December 3 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2018. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status,…
Mitigating the Effects of Employee Burnout: What You Need to Know

Mitigating the Effects of Employee Burnout: What You Need to Know

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Make absolutely no mistake about it: Not only is employee burnout very real, it’s probably costing your business a lot more money than you realize. It’s also not a problem that you’re necessarily going to be able to buy your way out of,…
isler northwest, cpa, portland

Expecting Your Taxable Income to Be Low This Year? You Can Take Advantage of It

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If your taxable income is exceptionally low this year, or even if you expect not to be required to file a tax return this year, a number of tax opportunities may be available to you. But time is running short, since these opportunities will…