Although Congress has been promising to repeal the alternative minimum tax (AMT), they failed to do that when they passed tax reform in 2017. Instead, they lessened the effects of the AMT by increasing AMT exemptions (an amount of income exempt…
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Four states – New York, Connecticut, Maryland and New Jersey – have sued the federal government to void the tax-reform cap on the federal itemized deduction for state and local taxes, contending that limiting the deduction is unconstitutional.…
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As a result of the 2016 Combat-Injured Veterans Tax Fairness Act, more than 133,000 injured veterans may qualify for a federal tax refund. The minimum refund is estimated at $1,750, meaning the government will be paying out an estimated minimum…
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Offer in Compromise FAQs
We’re all responsible for paying our fair share of taxes each year. But what happens when the amount that you owe is simply out of reach? What happens if you failed to make payments in a timely manner and your financial…
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The process of starting a small business can be an arduous one; there are numerous steps that need to be taken — and often in a precise order — to legally establish a business. As a result, the process can be overwhelming. Unfortunately,…
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The Health Savings Account (HSA) is one of the most misunderstood and underused benefits in the Internal Revenue Code. Congress created HSAs as a way for individuals with high-deductible health plans (HDHPs) to save for medical expenses that…
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Section 107 of the Internal Revenue Code provides that a minister of the gospel’s gross income doesn’t include the rental value of a home (parsonage) provided; if the home itself isn’t provided, a rental allowance paid as part of compensation…
https://www.islernw.com/wp-content/uploads/2018/07/IRS-Clergy-Tax-Changes.jpg420850IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2018-07-21 00:30:562018-07-21 00:30:56Clergy Tax Benefits Under Fire
Years ago, to prevent parents from transferring their investment accounts into their children’s name to avoid taxes, Congress created what is referred to as the kiddie tax. This counteracted the strategy of taking income from the parents’…
https://www.islernw.com/wp-content/uploads/2018/07/Big-Changes-to-the-Kiddie-Tax.jpg420850IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2018-07-18 07:00:042018-07-18 07:00:04Big Changes to the Kiddie Tax
Gift taxes were created to prevent wealthy taxpayers from transferring their estates to their beneficiaries via gifts and thus avoid estate taxes when they pass away. But that does not mean only wealthy taxpayers need to be concerned with the…
https://www.islernw.com/wp-content/uploads/2018/07/Taxpayers-Find-Gift-Tax-Reporting-Confusing.jpg420850IslerNWhttps://www.islernw.com/wp-content/uploads/2013/12/header_logo_trans.pngIslerNW2018-07-17 06:16:562018-07-17 06:16:56Taxpayers Find Gift Tax Reporting Confusing
Taxes are similar to vehicles, in that they sometimes need a check-up to make sure they are performing as expected. That is especially true for 2018, with all of the changes brought about by tax reform.
One area of major concern is the…
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Tax Reform Eases the Alternative Minimum Tax – But It’s Still There
2018 Tax Laws, Tax Reform, TaxesStates Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction
2018 Tax Laws, News, Tax News133,000 Injured Veterans Entitled to Tax Refunds
Tax News, TaxesOffer in Compromise
Tax Tips, Taxes10 Mistakes Most Small Business Owners Miss When Starting Out
Business, Business Development, Corporate, Education, Entrepeneurship, Finance, GrowthHealth Savings Accounts Fill Multiple Tax Needs
Health Savings AccountsClergy Tax Benefits Under Fire
2018 Tax Laws, TaxesBig Changes to the Kiddie Tax
2018 Tax Laws, TaxesTaxpayers Find Gift Tax Reporting Confusing
2018 Tax Laws, Gift Tax, Tax Tips, TaxesA Mid-Year Tax Checkup May Be Appropriate
Taxes