isler northwest, portland

Personal Casualty Losses Axed by the New Tax Law

Article Highlights:

  • Casualty Losses
  • Deduction Suspension
  • Disaster Related Casualty Losses
  • Insurance Coverage

Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to as “the Act” in this article), which passed in late December 2017, could affect you and your family, in both 2018 and future years. This series offers strategies that you can employ to reduce your tax liability under the new law. Read more

isler, business advisors, cpa, portland

Will Your 2018 Withholding Be Right?

Article Highlights:

  • Tax Cuts & Jobs Act
  • Wage Withholding Tables
  • W-4
  • Be Cautious with Adjusted Withholding

Note: The is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might effect you and your family in 2018 and future years, and offering strategies you might employ to reduce your tax liability under the new tax laws.
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isler, cpa, accountants, portland, oregon

Yes or No? Simple answers to your tax questions

Article by Danielle Wiener-Bronner | Found on CNN

The changes to the new tax law are complex, and difficult even for experts to unpack. But some of the plan’s provisions are straightforward enough for simple “yes” or “no” answers. Read more

isler cpa, portland, oregon

3 Things Every Entrepreneur Can Learn From Amazon’s Second Headquarters Search

Article by Monique Claiborne | Found on INC.COM

On Thursday, Amazon announced its plans to search for a second headquarter city in North America. According to the press release, the new office will be a full equal to Amazon‘s headquarters in Seattle with 50,000 employees and investment north of $5 billion.

Chicago, Dallas, San Diego, Pittsburgh, and Toronto, along with states like Michigan, have already voiced interest. On the surface, this can be great for the economy of the metropolis that snags the e-commerce giant. Read more

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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