isler, portland, oregon, accountants

Tax Tips for June Weddings

Article Found on AccountingToday

In all the frenzy that goes into the June wedding season, the last thing and bride- or groomzilla is thinking about is their tax situation – but as Mark Luscombe, principal federal tax analyst at Wolters Kluwer Tax & Accounting points out, there are a host of tax issues that kick in when you say, “I do.”

Luscombe suggested a number of areas where a tax practitioner’s expertise may be particularly useful to the newlyweds. Read more

cpa, portland, taxes

Tax Filers Could Overlook Security Risks as They Rush to Submit Their Returns

Article by Gretal Egan | Found on AccountingToday

As Tax Day looms near, many individuals are likely scrambling to gather their 2016 tax documents to avoid missing the filing deadline.

This year’s “extension” to April 18 may have contributed to an atmosphere of procrastination: According to an IRS interim results report, early March filings for 2017 were down 8.5 percent from 2016. And earlier this month, IRS Commissioner John Koskinen told Congress that, as of March 31, about 60 million individual returns were still outstanding.

As technology plays a greater role in daily routines, it’s quite possible that individuals have lost the sense of urgency to submit their tax returns early, Read more

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6 End-Of-Year Tax Tips That All Millennials Need To Hear

By Maya Kachroo-Levine | Found on Forbes

As a freelancer, I have a front row seat to the true nightmare that tax season can be. I earn almost all of my income via 1099s, and every month, I make a table that reflects exactly how much I earned, who paid me what, and when I received compensation. I also diligently track my receipts for business expenses (which is an entirely different spreadsheet). Between my color-coded Google spreadsheets, my file boxes, and regularly emailing my accountant with questions, I’ve been able to stay on top of things this year, and which will hopefully make for a less chaotic April 15. Read more

Year-end tax tips for charitable giving this holiday season

Article by Jeff Brown | Featured on CNBC.com

For most people, giving to charity is simply a matter of goodwill and generosity. But there are tax benefits, and they can be significant. Knowing how to get a tax deduction can allow you to give even more.

But you’ve got to follow the rules. And as with so many tax matters, common sense is not good enough.

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Employers: Don’t Overlook the Small Business Health Care Tax Credit - Isler NW

Employers: Don’t Overlook the Small Business Health Care Tax Credit

IRS Tax Tip 2015-37, March 12, 2015

Do you own or run a small business or tax-exempt group with fewer than 25 full-time employees? If you do, you should know that the Small Business Health Care Tax Credit can help you provide insurance to your employees. You may be able to save on your taxes if you paid for at least half of their health insurance premiums. Here are several things that you should know about this important credit:

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Protect Yourself from a Tax Audit - Isler NW

Protect Yourself from a Tax Audit

Tax audits are rare. The average taxpayer has a 1-in-100 probability of being formally audited by the IRS in a given year. The odds of a tax audit rise if, among other things, you itemize deductions, report profits or losses on a home business or rental property, or have an income of $200,000 or more.

And the IRS conducts many more informal reviews for problems like math errors and mismatches between the income taxpayers show on their tax forms and what their employers and other income providers report. Those raise your chances of being contacted by the IRS closer to 7 in 100. But you can take steps that will help you survive a tax audit in some key areas.

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Precision Wealth Transfer With A CLAT - Isler NW

Precision Wealth Transfer With A CLAT

Boston Consulting Group senior partner Ron L. Nicol approaches financial decisions with the thoroughness and precision demanded of the nuclear submarine officer he was for seven years after graduating from the Naval Academy. So believe him when he says this is an excellent time to execute a high-end maneuver known as a charitable lead annuity trust, or CLAT. Read more

11 Tips to Avoid a Tax Hit in 2015 - Isler NW

11 Steps To Avoid a Tax Hit in 2015

By Robert Powell

Take these steps now to avoid a tax hit in 2015:

  1. Review your estimated taxes. If you’re paying quarterly estimated taxes, now would be a good time to review your payments, especially if you had a big change in income from the prior year, said Paula Nangle, a certified financial planner with Marshall Financial Group in a Doylestown, Pa. Read more