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# Isler Northwest, LLC

Certified Public Accountants & Business Advisors

## Sitemaps

- [XML Sitemap](https://www.islernw.com/sitemap.xml): Contains all public & indexable URLs for this website.

## Posts

- [Blog](https://www.islernw.com/blog-2/)
- [Tax Consequences of Employee Holiday Gifts](https://www.islernw.com/tax-consequences-of-employee-holiday-gifts/) - Article Highlights: De Minimis Fringe Benefits Cash Gifts Gift Certificates and Debit Cards Non-cash Vouchers Group Meals Tax Compliance and Planning It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and
- [Important December Due Dates for Individuals & Businesses](https://www.islernw.com/important-december-due-dates-for-individuals-businesses/) - December 2025 Individual Due Dates December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2025. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2025 should call for a
- [Last-Minute Year-End Tax Tactics: Maximize Your Business Savings Now!](https://www.islernw.com/last-minute-year-end-tax-tactics-maximize-your-business-savings-now/) - Article Highlights: Tax Strategy Optimization Buy Equipment and Other Fixed Assets Section 179 Expensing Bonus Depreciation De Minimis Safe Harbor Year-end Inventory Management Contributing to a Retirement Plan Maximize the Qualified Business Income (QBI) Deduction Review Accounts Receivable for Bad Debts Pre-Pay Expenses Deferring Income First Year in Business Avoid Underpayment Penalties Are You a
- [Cash Flow vs. Profit: The Hidden Reason Healthy Businesses Struggle](https://www.islernw.com/cash-flow-vs-profit-the-hidden-reason-healthy-businesses-struggle/) - When a “Good Year” Still Feels Tight You finally have a year where sales are up and the books show a profit—yet your bank account feels like it missed the memo. You’re working harder than ever, but cash seems to disappear the moment it hits your account. If that sounds familiar, you’re not doing anything
- [Important November Individual and Business Due Dates](https://www.islernw.com/important-november-individual-and-business-due-dates/) - November 2025 Business Due Dates November 10 - Social Security, Medicare and Withheld Income Tax File Form 941 for the third quarter of 2025. This due date applies only if you deposited the tax for the quarter in full and on time. November 17 - Social Security, Medicare and Withheld Income Tax If you are
- [Considering Selling Your Second Home? Read This First!](https://www.islernw.com/considering-selling-your-second-home-read-this-first/) - Article Highlights: Motivations for Selling: Tiring of Property Management Retiring and Downsizing Taking Advantage of Appreciation Family Transfers Changing Personal Goals or Circumstances Tax Strategies and Issues 1031 Exchange Primary Residence Conversion Consider Renting First How is Capital Gains Tax Calculated Owning a second home can be a cherished asset, providing a haven for relaxation,
- [Why Cash Flow Planning Gets Harder as You Grow](https://www.islernw.com/why-cash-flow-planning-gets-harder-as-you-grow/) - Growth Feels Great—Until It Doesn’t At first, running your business feels simple: money comes in, bills go out, and if there’s something left over, you’re doing fine. Then growth happens. More clients. Bigger projects. Higher payroll. Maybe even a second location. Suddenly, cash doesn’t flow the way it used to. You’re booking record sales, but
- [Year-End Individual Tax Planning Opportunities](https://www.islernw.com/year-end-individual-tax-planning-opportunities/) - Article Highlights: Not Needing to File a 2025 Return? Are Your Children Attending College? Did You Sell Your Home This Year? Do You Have an Employer Health Flexible Spending Account? Did You Become Eligible to Make Health Savings Account (HSA) Contributions This Year? Have You Funded Your Retirement Savings? Married and Spouse Does Not Work?
- [Penalties That Can Wreck Your Finances](https://www.islernw.com/penalties-that-can-wreck-your-finances/) - The IRS Doesn’t Send Thank-You Notes—Just Penalty Notices You file a little late. You miss an estimated payment. You hire a remote employee in another state and forget to register for payroll taxes there. No big deal, right? The IRS and state agencies think otherwise. They don’t send gentle reminders—they send bills with penalties and
- [Life Events That Impact Your Business Taxes](https://www.islernw.com/life-events-that-impact-your-business-taxes/) - When Change Hits Your Business, So Do Tax Consequences In business, change is constant. You start strong, add partners, grow fast, face challenges, and eventually think about what’s next. Each of those turning points—what we’ll call “life events”—comes with tax and financial ripple effects that are easy to overlook in the moment. From new partnerships
- [Exploring Tax Opportunities to Pay Off Student Loans](https://www.islernw.com/exploring-tax-opportunities-to-pay-off-student-loans/) - Leveraging tax-advantaged strategies can alleviate some of this burden for student loans. Learn what options might help you save.
- [October 2025 Important Due Dates](https://www.islernw.com/october-2025-important-due-dates/) - October 2025 Individual Due Dates October brings cooler weather and key tax dates. If you filed for a 6-month extension, October 15 is your last chance to submit your 2024 Form 1040 and pay any tax due—don’t miss it. October 10 - Report Tips to Employer If you are an employee who works for tips
- [October Extended Due Date Just Around the Corner](https://www.islernw.com/extended-due-date-october-around-the-corner/) - Article Highlights: October 15, 2025, is the extended due date for 2024 federal 1040 returns. Late-filing Penalty Interest on Tax Due Other October 15 deadlines If you could not complete your 2024 tax return by April 15, 2025, and are now on extension, that extension expires on October 15, 2025. Failure to file before the
- [Occupations Qualified for Tip Deduction Released](https://www.islernw.com/occupations-qualified-for-tip-deduction-released/) - Article Highlights: Draft List of Occupations: Beverage & Food Service Entertainment and Events Hospitality and Guest Services Home Services Personal Services Personal Appearance and Wellness Recreation and Instruction Transportation and Delivery Eligibility Requirements Deduction Limitations Other Considerations On September 2, 2025, the Treasury Department released a draft list of 68 occupations eligible for the new
- [The IRS Just Got Leaner—But Not Softer on Enforcement](https://www.islernw.com/the-irs-just-got-leaner-but-not-softer-on-enforcement/) - The IRS is going through what you might call an identity crisis. Thousands of employees have been laid off right in the middle of tax season, including auditors, tech staff, and even customer service reps. Throw in yet another commissioner swap and a partial reset on their modernization plans, and you’ve got a recipe for
- [IRS Shifts to Paperless Refunds: What This Might Mean for You](https://www.islernw.com/irs-shifts-to-paperless-refunds/) - Article Highlights: Executive Order The Impetus Behind the Transition Challenges Facing Unbanked Taxpayers Proposed Solutions and Alternatives In a move set to redefine the refund process, the Internal Revenue Service (IRS), in collaboration with the U.S. Department of Treasury, has announced the gradual phasing out of paper tax refund checks starting September 30, 2025, as
- [College Planning Doesn't Have to Be Overwhelming](https://www.islernw.com/college-planning-doesnt-have-to-be-overwhelming/) - The cost of college is enough to make any parent’s stomach flip. Tuition, room, board, fees—it adds up fast. But here’s what most families don’t realize: you don’t have to shoulder it all on your own. There are multiple funding layers available—from proactive savings tools like 529 college savings plans, to federal and state grants,
- [Remote Employees, Reimbursements & Taxes: The Two Paths You Can Take](https://www.islernw.com/remote-employees-reimbursements-taxes-the-two-paths-you-can-take/) - Your team’s remote. They’ve got internet bills, home office gear, maybe extra phone costs. And you—being the good boss you are—want to cover those costs. But here’s the catch: how you reimburse them changes everything. There are really only two paths: Path 1: The “Easy” Way — Taxable Reimbursements You write a check or run
- [Is Your Website Secretly Costing Your Business Customers in 2025?](https://www.islernw.com/is-your-website-secretly-costing-your-business-customers-in-2025/) - As your financial partner, our focus isn’t just on preparing your taxes — it’s on helping you grow your business and protect your cash flow. And right now, one of the biggest threats we see isn’t on your balance sheet. It’s online. In 2025, an outdated website doesn’t just look behind the times — it
- [Qualified Small Business Stock (QSBS): A Huge Tax Benefit](https://www.islernw.com/qsbs-a-huge-tax-benefit/) - Qualified Small Business Stock (QSBS) offers a compelling tax advantage for investors aiming to support small business ventures. Introduced as a part of the Revenue Reconciliation Act of 1993, QSBS enables investors to exclude a considerable portion of their capital gains from taxable income under Section 1202 of the Internal Revenue Code or to elect
- [Last Chance: The One Big Beautiful Bill Countdown on Key Energy Tax Credits](https://www.islernw.com/last-chance-the-one-big-beautiful-bill-countdown-on-key-energy-tax-credits/) - In recent years, as the conversation about climate change has intensified, the federal government sought to encourage homeowners and consumers towards sustainable energy solutions by providing tax credits for various green initiatives. The installation of solar panels, upgrading to energy-efficient home systems, and purchasing electric vehicles (both new and used) have all been incentivized. However,
- [A Smarter Way to Read Your Business’s Health: The Balance Sheet Deep Dive](https://www.islernw.com/a-smarter-way-to-read-your-businesss-health-the-balance-sheet-deep-dive/) - Starting a business is more than revenue and expenses—it's about knowing what you truly own, what you owe, and what your venture is worth. That’s where a balance sheet comes in: a snapshot that tells the story of your business’s financial condition in a single glance. Why Every Business Needs a Balance Sheet A Clear
- [Important September 2025 Due Dates](https://www.islernw.com/important-september-2025-due-dates/) - September 2025 Individual Due Dates September 2025 tax deadlines include tip reporting and estimated tax payments. Learn safe harbor rules, how to avoid penalties, and strategies to prepare for 2026. 2025 Fall and 2026 Tax Planning Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you
- [Launching a Bright Financial Future: Tax Benefits for Your Children](https://www.islernw.com/launching-a-bright-financial-future/) - Setting up a child's financial future can be one of the most impactful gifts parents, grandparents, relatives, and friends can provide. By leveraging various tax-advantaged accounts and strategies, you can not only contribute to a child’s immediate financial needs but also lay a foundation for lifelong financial security. Here’s a comprehensive look at the options
- [From Side Hustle to Six Figures: Turning Your Small Business Into a Scalable Firm](https://www.islernw.com/from-side-hustle-to-six-figures/) - It started as a side hustle — a few clients, a few late nights, maybe some extra cash to ease the budget. But now the calls are coming in faster. The demand is growing. And you’re starting to wonder: Am I ready to take this full-time? The leap from side hustle to six figures is exciting
- [Got an IRS Notice? Here’s How to Handle It Without Losing Sleep](https://www.islernw.com/got-an-irs-notice-heres-how-to-handle-it-without-losing-sleep/) - Few things can rattle a business owner faster than seeing “Internal Revenue Service” on an envelope. The instinct is to panic. But the truth? An IRS notice doesn’t automatically mean you’ve done something wrong. In 2025, notices are more common than ever. Many are generated automatically when systems flag something for review — a missing
- [Understanding the New Deduction for Overtime Under the OBBBA: A Comprehensive Guide](https://www.islernw.com/understanding-the-new-deduction-for-overtime-under-the-obbba-a-comprehensive-guide/) - The recent passage of the One Big Beautiful Bill Act (OBBBA) marks a significant shift in the tax landscape, bringing with it a range of changes aimed at easing the financial burden on American workers. Among these changes, the introduction of a new deduction for overtime pay is of particular interest. This article will explore
- [Tax Break for Businesses: 100% Bonus Depreciation is Back Plus New Expensing of Qualified Production Property](https://www.islernw.com/tax-break-for-business-bonus-depreciation/) - The reinstatement of bonus depreciation is a critical component of recent U.S. tax legislation aimed at fostering economic growth. The 2017 Tax Cuts and Jobs Act (TCJA) had already put significant emphasis on bonus depreciation, but its permanent reinstatement under the "One Big Beautiful Bill Act" at 100% further emphasizes its importance, especially after considering
- [The 2025 Guide to Small Business Tax Deductions You Can’t Afford to Miss](https://www.islernw.com/the-2025-guide-to-small-business-tax-deductions-you-cant-afford-to-miss/) - When it comes to running a successful small business, every dollar counts. Yet every year, many owners miss out on valuable tax deductions — and with them, the chance to strengthen their cash flow and reinvest in growth. In 2025, smarter tax planning isn’t optional. It’s a financial strategy that can give your business a
- [Unravelling Education Savings: Mastering 529 Plans to Maximize Tax Benefits](https://www.islernw.com/unravelling-education-savings-mastering-529-plans-to-maximize-tax-benefits/) - Section 529 plans are tax-advantaged savings plans designed to encourage saving for future education costs. They are legally known as "qualified tuition plans" and are sponsored by states, state agencies, or educational institutions. With rising education expenses, these plans offer a valuable option for families to invest in the future of a child's education. Let's
- [How to Keep Your Business in the Family - Tax Traps and Solutions](https://www.islernw.com/how-to-keep-your-business-in-the-family-tax-traps-and-solutions/) - So you built something real. A business. A legacy. A family-run thing that’s weathered recessions, pandemics, and probably more sleepless nights than you care to count. Maybe it’s a restaurant. A dental practice. A small farm. Maybe it’s a consulting firm that started at your kitchen table with a laptop and a dream. And now?
- [Estate Planning Is No Longer Optional—Even If You're Not a Millionaire](https://www.islernw.com/estate-planning-is-no-longer-optional-even-if-youre-not-a-millionaire/) - For years, the myth persisted: Estate planning is only for the ultra-wealthy. But if you're Gen X, a Boomer, or even one of the older Millennials, it's time to rethink that mindset. A lot has changed. And waiting until it's urgent could leave your family exposed to legal headaches, financial loss, and avoidable stress. Estate
- [Understanding the New Above-the-Line Tax Deduction for Qualified Tips](https://www.islernw.com/understanding-the-new-above-the-line-tax-deduction-for-qualified-tips/) - Article Highlights: Prior Law on Tip Reporting and Employer Requirements Introduction of the Above-the-Line Deduction for Qualified Tips Above-the-Line Deductions Qualified Tips Definition Tips in Business Operations When the Deduction is Unavailable Specified Service Trades or Businesses Income Based Reduction Lacking Employment-Eligible Social Security Number Expanded FICA Tip Tax Credit for Employers The U.S. tax
- [Important August 2025 Due Dates](https://www.islernw.com/important-august-2025-due-dates/) - August 2025 Individual Due Dates August 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 11. Your employer is required to withhold FICA
- [How to Choose the Perfect Business Entity for Your Venture](https://www.islernw.com/how-to-choose-the-perfect-business-entity-for-your-venture/) - Article Highlights: Choosing the Right Business Entity General Overview of Common Business Structures Sole Proprietorships Partnerships Limited Liability Companies (LLCs) C Corporations S Corporations Choosing the right business entity is a critical decision for entrepreneurs and business owners. The type of entity you select can have significant implications for liability, taxation, and the overall management
- [Important July 2025 Due Dates](https://www.islernw.com/important-july-2025-due-dates/) - July 2025 Individual Due Dates July 1 - Time for a Mid-Year Tax Check Up Time to review your 2025 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report Tips to Employer If you are an employee who works for tips and received
- [Flat Tax Fever? States Ramp Up 2025 Income Tax Overhauls](https://www.islernw.com/flat-tax-fever-states-ramp-up-2025-income-tax-overhauls/) - Many U.S. states are considering or implementing flat income tax systems. These policies apply a single tax rate to all taxpayers regardless of income. While supporters say these reforms simplify tax codes and spur economic growth, critics argue they disproportionately benefit the wealthy and jeopardize state revenue. With South Carolina making national headlines with its
- [Don’t Let Your Side Hustle Become a Tax Nightmare](https://www.islernw.com/dont-let-your-side-hustle-become-a-tax-nightmare/) - W-2 by Day, Wedding Photographer by Weekend? You started your side hustle for the flexibility. The extra income. The “hey, I’m good at this—why not get paid?” kind of freedom. And now it’s summer, and the bookings are rolling in. Weddings. Brand shoots. Freelance design projects. Extra coaching sessions. Maybe even some Airbnb income while
- [Stop Guessing, Start Tagging: How to Make QuickBooks® Online Work Smarter for You](https://www.islernw.com/stop-guessing-start-tagging-how-to-make-quickbooks-online-work-smarter-for-you/) - If you’ve ever wanted to slice and dice your financial data in QuickBooks® Online without changing your chart of accounts or creating new classes or locations, you’re in luck. The Tags feature in QuickBooks® Online offers an intuitive, flexible way to track transactions across any category you choose—clients, events, sales channels, campaigns, or even employee
- [Understanding the Proposed Tax Legislation: A Cautionary Approach to Tax Planning](https://www.islernw.com/understanding-the-proposed-tax-legislation-a-cautionary-approach-to-tax-planning/) - Article Highlights: Permanent Extension of the Increased Standard Deduction and Changes to Tax Rates Senior Bonus Deduction Adjustment to the Qualified Business Income Deduction (QBI) Estate and Gift Tax Exemption Enhancements Saver's Credit Adjustments “No” Tax on Social Security Income “No” Tax on Overtime “No” Tax on Tips Reinstatement of Bonus Depreciation Increased State and
- [Congress Is About to Terminate Environmental Tax Credits. Taxpayers Need to Act Quickly to Qualify](https://www.islernw.com/congress-is-about-to-terminate-environmental-tax-credits-taxpayers-need-to-act-quickly-to-qualify/) - Article Highlights: The One, Big, Beautiful Bill Previously Owned Clean Vehicle Credit New Clean Vehicle Credit Energy Efficient Home Improvement Credit Residential Clean Energy Credit The legislative landscape of environmental tax credits may soon change significantly, as "The One, Big, Beautiful Bill" awaits Senate approval following its passage by the House of Representatives on May
- [Married, Successful, and Overpaying? Tax Planning Strategies for High-Income Dual-Income Households](https://www.islernw.com/married-successful-and-overpaying-tax-planning-strategies-for-high-income-dual-income-households/) - Here’s something the IRS doesn’t advertise: Success gets expensive fast, especially when there are two high earners under one roof. You both worked hard. You both climbed your career ladders. And now you’re living in that post-promotion, post-bonus, equity-vesting glow. Until tax season slaps you with a surprise. And suddenly, you’re asking the same question
- [Think the IRS Is Slowing Down? Why That Might Actually Increase Your Audit Risk](https://www.islernw.com/think-the-irs-is-slowing-down-why-that-might-actually-increase-your-audit-risk/) - You’ve probably seen the headlines: “IRS funding slashed.” “Audit rates down.” “Staffing cuts.” If you’re a business owner, investor, or part of a high-earning household, you may be thinking: Finally, some breathing room. But here's the reality: The IRS isn’t pulling back. It’s just getting smarter about who it goes after. The IRS Isn't Auditing
- [A Comprehensive Guide for Itemized Medical Deductions](https://www.islernw.com/a-comprehensive-guide-for-itemized-medical-deductions/) - Article Highlights: Adjusted Gross Income (AGI) limitation Itemized Deductions List of Over 60 Medical Issues and Their Deductibility In today's world, where medical costs are soaring, understanding the intricacies of tax-deductible medical expenses is not just beneficial—it's necessary for effective financial planning. This guide explores the ins and outs of deductible medical expenses, touching on
- [Navigating IRS Penalty Abatement](https://www.islernw.com/navigating-irs-penalty-abatement/) - Article Highlights: Understanding Reasonable Cause Abatement What Constitutes Reasonable Cause? How to Apply for Reasonable Cause Relief Who Can Apply? IRS Guidelines on Evaluating Reasonable Cause Grounds Used for Requesting Abatement Exploring First-Time Abatement Penalty Relief Qualifications for First-Time Abatement Is FTA a One-Time Benefit? Scope and Limitations of FTA How to Apply for FTA
- [Summer Hiring? Here’s How to Handle Seasonal Workers, Interns, and Payroll Compliance Without the Headache](https://www.islernw.com/how-to-handle-summer-hiring/) - Hiring for the summer? That’s exciting—until the IRS gets involved. While onboarding interns or part-time help sounds simple enough, summer hiring is one of the most common ways small business owners get tripped up on payroll, compliance, and classification. And yes, even a single misstep—like putting a W-2 employee on a 1099 “just for the
- [Important June 2025 Due Dates](https://www.islernw.com/important-june-2025-due-dates/) - June 2025 Individual Due Dates June 2 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2024. The FMV of an IRA on the last day
- [Tips Every Self-Employed Individual Should Know About Self-Employment Tax](https://www.islernw.com/tips-every-self-employed-individual-should-know-about-self-employment-tax/) - Article Highlights: What is Self-Employment Tax? Net Earnings Subject to Self-Employment Tax Comparison: Employee vs. Self-Employment Prepayment and Estimation Exemptions from Self-Employment Tax Issues and Challenges Self-employment tax plays a crucial role in the life of every entrepreneur, freelancer, and business owner. Understanding this tax is essential for anyone who makes their living other than
- [Summer Jobs for Your Children](https://www.islernw.com/summer-jobs-for-your-children/) - Article Highlights Higher Standard Deduction IRA Options Typical Summer Jobs for Young Adults Self-Employed Parent Employing Your Child Tax Benefits Summer jobs for kids offer more than just extra cash—they provide valuable life lessons and skills that can benefit young individuals in their personal and professional lives. Whether they are saving up for a special
- [Tax Bill Clears the House: What It Means for Americans and What’s Next](https://www.islernw.com/tax-bill-clears-the-house-what-it-means-for-americans-and-whats-next/) - On May 22, the U.S. House of Representatives passed a sweeping tax package, advancing a bill that could significantly reshape the federal tax landscape heading into the 2025 filing season. Dubbed by supporters as “The One Big Beautiful Bill,” the legislation now heads to the Senate, where its fate remains uncertain amid partisan disagreement. The
- [You Are Not an ATM](https://www.islernw.com/you-are-not-an-atm/) - Let’s get one thing straight: your business is not a bottomless pit for personal spending. Too often, SMB owners treat their bank accounts like ATMs—dispensing cash on impulse until there’s nothing left for growth, innovation, or even living well. And it’s not just the company’s funds at risk; if you’re constantly pouring personal money into
- [Understanding Filing Requirements and Non-Compliance Penalties for Exempt Organizations ](https://www.islernw.com/understanding-filing-requirements-and-non-compliance-penalties-for-exempt-organizations/) - Article Highlights: Annual Filing Requirements Understanding Which Form to File Due Dates and Extensions Online Filing Options Consequences of Late Filing or Non-Filing Monetary Penalties for Filing Non-Compliance Other Considerations Staying Informed and Compliant Navigating the labyrinth of return filing requirements for tax-exempt entities can seem daunting at first glance. However, understanding these requirements is
- [Taxpayers Living Abroad, June 16, 2025, Is an Important Filing Deadline](https://www.islernw.com/taxpayers-living-abroad-june-16/) - Article Highlights: Americans Living and Working Abroad Extension Requests Report of Foreign Bank and Financial Accounts (FBAR) Statement of Foreign Financial Assets Estimated Tax Payments Estimated Tax Safe Harbors June 16, 2025, is the due date both for Americans living and/or working outside the U.S. to file their 2024 federal income tax returns and for
- [How the Social Security Fairness Act and Lump-Sum Election Can Maximize Your Benefits](https://www.islernw.com/social-security-fairness-act-lump-sum-election/) - Discover the Social Security Fairness Act's impact, taxation options for lump-sum payments, and how to make informed financial decisions.
- [Fore! When Golfers Miss the Fairway on Taxes](https://www.islernw.com/fore-when-golfers-miss-the-fairway-on-taxes/) - As Rory McIlroy celebrates his historic 2025 Masters victory, joining an elite group of golfers – including Tiger Woods and Jack Nicklaus – who've completed the career Grand Slam, the spotlight on professional golf has never been brighter. Yet, behind the scenes, some players have grappled with challenges off the course, particularly concerning tax issues.​
- [When Consumers Pull Back: What Small Businesses Need to Know Right Now](https://www.islernw.com/when-consumers-pull-back/) - It starts small. Fewer cars on the dealership lot. Half-empty restaurants on a Friday night. A "maybe next year" when customers talk about their next big vacation. It’s not your imagination. Consumer behavior is shifting — and small businesses are feeling it. When uncertainty rises (tariffs, policy shifts, rising prices), people don’t always rush to
- [When Your Supply Chain Gets Shaky: How SMBs Can Stay Strong](https://www.islernw.com/when-your-supply-chain-gets-shaky-how-to-stay-strong/) - If the last few years have taught us anything, it’s this: no supply chain is bulletproof. Ships stall. Tariffs hike. Materials vanish into thin air. And suddenly the parts you counted on — the parts your customers counted on — are stuck somewhere between here and nowhere. These disruptions aren't just inconvenient if you’re running
- [Don’t Get Played by a “Finfluencer”: Why Your Tax Pro Should Be Your First Call](https://www.islernw.com/dont-get-played-by-a-finfluencer/) - In an era where financial advice is just a scroll away, many individuals, especially from younger generations, are turning to social media platforms like TikTok, Instagram, and YouTube for guidance on managing their finances. While these platforms offer a seemingly endless supply of content, the old adage of “don’t believe everything you read on the
- [Maximizing Business Deductions](https://www.islernw.com/maximizing-business-deductions/) - Maximizing Business Deductions: An Introduction to Depreciation, Amortization, and Expensing Article Highlights: MACRS Depreciation Bonus Depreciation Section 179 Expensing Amortization Materials and Supplies Expensing The De Minimis Safe Harbor Rule Expensing Routine Maintenance Expensing Per Building Safe Harbor for Small Taxpayers Expensing In the intricate world of business accounting and taxation, the ability to strategically
- [May 5th Resumption of Federal Student Loan Collections](https://www.islernw.com/may-5th-resumption-of-federal-student-loan-collections/) - Article Highlights: Historical Pause in Collections Current Debt Situation Mechanisms of Collection Communication and Engagement Efforts Support and Resources for Borrowers Enhanced Income-Driven Repayment (IDR) Process Outreach and Partnerships: As the U.S. Department of Education charts a new path post-pandemic, one significant move is the resumption of federal student loan collections. This initiative, set to
- [Maximizing Your Financial Happiness: Stop the Cycle and Thrive](https://www.islernw.com/maximizing-your-financial-happiness-stop-the-cycle-and-thrive/) - Ever feel like no matter how hard you try, your finances just aren’t working for you? You’re not alone. Many people—especially busy business owners—make the same costly mistakes when it comes to money. But what if you could flip the script and create a future where your finances bring you joy, not stress? The Hidden
- [Maximize Your Tax Savings: A Small Business Owner’s Guide to Essential Tax Deductions](https://www.islernw.com/maximize-your-tax-savings-a-small-business-owners-guide-to-essential-tax-deductions/) - We’ve seen firsthand how optimizing your tax deductions can create real, measurable benefits for your business. With inflation driving up expenses and economic uncertainty still lingering, small business owners need every strategic advantage they can get. That includes knowing what deductions you’re entitled to and taking steps throughout the year to claim them. The good
- [Navigating the Tax Landscape for Day Traders](https://www.islernw.com/navigating-the-tax-landscape-for-day-traders/) - Article Highlights: Who Qualifies as a Day Trader? Pros of Day Trading from a Tax Perspective Cons of Day Trading from a Tax Perspective Other Noteworthy Tax Considerations Day Trader Election Day trading, the practice of buying and selling financial instruments within the same trading day, has gained significant popularity in recent years. With the
- [Looking to Move to One of America’s Most Tax-Friendly Cities? Here’s Where to Go](https://www.islernw.com/looking-to-move-to-one-of-americas-most-tax-friendly-cities-heres-where-to-go/) - Taxes can be one of the biggest financial burdens for individuals and businesses alike. Whether you’re looking to keep more of your paycheck, save on property taxes, or enjoy lower sales taxes, some U.S. cities offer a much more tax-friendly environment than others. If you’re considering a major move, it’s worth considering which cities provide
- [The Mid-Year Review: Your Secret Weapon (Now That Everything Is Uncertain)](https://www.islernw.com/the-mid-year-review-your-secret-weapon-now-that-everything-is-uncertain/) - Let's face it: Waiting until December to check your business's financial pulse is like waiting for your engine to seize before checking the oil. In this economy? Downright reckless. We're not just talking about garden-variety economic jitters. Tax laws may change, and tariffs are doing the cha-cha with your vendor relationships. A mid-year financial review
- [Unlock Savings: How the Child and Dependent Care Credit Can Ease Your Childcare Costs](https://www.islernw.com/child-care-credit-savings/) - Article Highlights: Qualifying Expenses Whose Care Qualifies Filing Requirements for Married Taxpayers Maximum Amount of Expenses Eligible Imputed Income for Disabled or Full-Time Student Spouse Credit Percentages Based on AGI Necessary for Gainful Employment Non-Refundable Credit Carryover School Expenses Day Camps vs. Overnight Camps Absences or Part-Time Employment Live-In Caregivers Legal and Ethical Considerations Related
- [IRS Unveils Top Tax Scams and Threats to Watch For](https://www.islernw.com/irs-unveils-top-tax-scams-and-threats-to-watch-for/) - Article Highlights: Dirty Dozen Email Phishing Scams Bad Social Media Advice IRS Individual Online Account Help from Scammers: Fake Charities False Fuel Tax Credit Claims Credits for Sick Leave and Family Leave Bogus Self-employment Tax Credit Improper Household Employment Taxes Overstated Withholding Scam Misleading Offers in Compromise Ghost tax return preparers New client scams and
- [Navigating the Complexities of Estimated Tax Payments to Avoid Underpayment Penalties](https://www.islernw.com/navigating-the-complexities-of-estimated-tax-payments-to-avoid-underpayment-penalties/) - Article Highlights: The Intricacies of Estimated Safe Harbors Understanding Underestimated Penalties Estimated Safe Harbors Ratable Payments Requirement Uneven Quarters and Computing Penalties Workarounds: Increasing Withholding and Retirement Plan Distributions Tax planning is a crucial aspect of financial management, yet it often remains underutilized by many taxpayers. One area that frequently causes confusion and potential financial
- [Cash Flow Management Amid Tax Payments: Keep Your Business in the Green](https://www.islernw.com/cash-flow-management-amid-tax-payments-keep-your-business-in-the-green/) - When tax season rolls around, small and medium businesses often feel like they’re juggling flaming torches—one wrong move and everything could come crashing down. Balancing operating expenses with looming tax obligations isn’t just a challenge; it’s an opportunity to optimize your cash flow strategy and safeguard your business’s future. The Tightrope Act of Tax Payments
- [Millennials: Redefining Your Tax and Financial Planning](https://www.islernw.com/millennials-redefining-your-tax-and-financial-planning/) - You’re not like the rest—you’re a millennial, and you’re rewriting the rules of financial planning. As tax and accounting experts, we know that your unique lifestyle demands a fresh approach. With digital tools at your fingertips and a mindset geared toward innovation, it’s time to take control and build a future that’s uniquely yours. Why
- [Important April 2025 Tax Due Dates](https://www.islernw.com/important-april-2025-tax-due-dates/) - April 2025 Individual Due Dates April 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than April 10. Your employer is required to withhold FICA
- [Can’t Pay Your Taxes? Explore These Alternatives to Manage Your Tax Liability](https://www.islernw.com/cant-pay-your-taxes-explore-these-alternatives/) - Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Tap a Retirement Account Offer-in-Compromise Filing Extensions If the Taxes Cannot Be Paid Timely About 3 out of 4 American taxpayers receive a refund each year when
- [How Employers Can Establish and Fund Employee Pensions with Tax Incentives](https://www.islernw.com/how-employers-can-establish-and-fund-employee-pensions-with-tax-incentives/) - Article Highlights: Tax Credit for Employer Contributions to New Retirement Plans Retirement Plan Qualifications Employer Qualifying Contributions Employer Eligibility Phase-Out Based on Number of Employees Employee Qualifications Phase-Out of Credit Over Five Years Part of the General Business Credit Effective Years Encouraging Employers Without a Pension Plan In today's competitive business environment, offering a retirement
- [Important March 2025 Due Dates](https://www.islernw.com/important-march-2025-due-dates/) - March 2025 Individual Due Dates March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. See Pub. 531 for more information on
- [Navigating the Complex Tax Maze for Student-Athletes](https://www.islernw.com/navigating-the-complex-tax-maze-for-student-athletes/) - Article Highlights: Scholarships Grants and Financial Aid Income from NIL (Name, Image, and Likeness) NCAA Eligibility and Tax Considerations Part-Time Jobs Student’s Standard Deduction Education Credit Student Loan Interest Deduction State Tax Considerations Planning and Compliance The world of college athletics has undergone significant changes in recent years, particularly with the introduction of Name, Image,
- [How Living in a Community Property State Impacts Married Couples’ Taxes](https://www.islernw.com/how-living-in-a-community-property-state-impacts-married-couples-taxes/) - Article Highlights: Community Property Laws Community Property States Domicile and Its Importance Treatment of Community Property Community vs. Separate Property When Community Property Ends Special Rule for Spouses Living Apart Effect of Prenuptial and Postnuptial Agreements Relief from Community Property Law Effect on Certain Tax Issues Additional Medicare Tax Non-Resident Alien Spouse Gifts of Community
- [The EV Tax Debate: Should Electric Vehicle Owners Pay More to Use the Roads?](https://www.islernw.com/the-ev-tax-debate-should-electric-vehicle-owners-pay-more-to-use-the-roads/) - As electric vehicle (EV) adoption accelerates across the U.S., states are grappling with a major funding dilemma: how to replace the billions of dollars traditionally generated by gasoline taxes, which have long funded infrastructure and road maintenance. Since EVs don’t use gasoline, their owners don’t contribute to these taxes, leading states to explore alternative revenue
- [IRS Wage Garnishment: What It Means, Why It Happens, and How You Can Stop It](https://www.islernw.com/irs-wage-garnishment-what-why-how/) - Picture This… It’s Monday morning. You’re running on caffeine fumes and a sliver of hope as you open the mail. Then—bam—you see it. A letter from the IRS. You scan the page, your eyes land on those dreadful words: “Wage Garnishment.” Your heart plummets. Questions come fast and furious: How much will they take? Will
- [Congress Liberalizes PPP Loan Forgiveness](https://www.islernw.com/congress-liberalizes-ppp-loan-forgiveness/) - If you are the owner of a small business that was able to obtain a Paycheck Projection Program (PPP) Loan, you have probably already started worrying about how you are supposed to spend the loan proceeds to maximize loan forgiveness. When these loans were first offered, the keyword business owners heard was “forgiveness,” and that
- [Uncertain About the Reporting Deadlines for BOI?](https://www.islernw.com/uncertain-about-the-reporting-deadlines-for-boi/) - Article Highlights: Corporate Transparency Act Beneficial Ownership Information Events Leaving Beneficial Ownership Information Reporting in Doubt History of Events Current Status Back in 2021 Congress passed the Corporate Transparency Act (CTA) which included the Beneficial Ownership Information (BOI) reporting requirements for certain companies beginning in 2024. Companies in business before 2024 had a reporting deadline
- [Unlocking Wealth: How Exchanges Can Transform Your Real Estate Investments](https://www.islernw.com/unlocking-wealth-how-exchanges-can-transform-your-real-estate-investments/) - Article Highlights: The Basics of Section 1031 Exchanges Key Requirements Limitations Imposed by the Tax Cuts and Jobs Act State Considerations The Role of a Qualified Intermediary Types of 1031 Exchanges Boot in 1031 Exchanges Time Limits and Identification Rules When 1031 Exchanges Are Appropriate When 1031 Exchanges Are Not Appropriate Blog: Section 1031 of
- [Untangling the Tax Maze: Who Claims the Kids After Divorce?](https://www.islernw.com/untangling-the-tax-maze-who-claims-the-kids-after-divorce/) - Article Highlights: Custodial Parent Joint Custody Issues Conflicts Between Family Court and the Tax Code Tiebreaker Rules Impact on Dependent Care Credit Child Tax Credit Impact on Earned Income Tax Credit (EITC) Education Credits Form 8332: Impact and Revocation Claiming Medical Expenses Head of Household Filing Status When parents go through a separation or divorce,
- [Navigating the Aftermath: Understanding Disaster Loss Tax Provisions for Homeowners Affected by Disasters](https://www.islernw.com/understanding-disaster-loss-tax-provisions/) - Article Highlights: Understanding Qualified Disaster Losses Claiming a Qualified Disaster Loss Election to Claim Loss on Prior Year Amended Return Net Operating Loss Deduction Insurance Coverage and Reimbursement Taxation of FEMA Assistance Payments When Disaster Losses Might Result in a Gain Involuntary Conversions Debris Removal and Demolition Expenses Filing Extensions Using Retirement Funds for Recovery
- [Federal EV Tax Credits: Should They Stay or Go?](https://www.islernw.com/federal-ev-tax-credits-should-they-stay-or-go/) - The debate over federal tax credits for electric vehicles (EVs) is as electrified as the cars themselves. These credits, designed to incentivize the adoption of EVs, have sparked contrasting opinions about their effectiveness, fairness, and future. Advocates argue they are essential for achieving sustainability goals, while critics question their cost and equitable impact. The Biden
- [Is 2025 the Year to Retire?](https://www.islernw.com/is-2025-the-year-to-retire/) - Are you eyeing 2025 as the year you finally trade your daily commute for days spent traveling, relaxing, or chasing long-postponed dreams? You’re not alone. Many soon-to-be retirees are mapping out a fresh chapter—but hold up. Before you sail into the sunset, there are a few key financial moves you should have on lock. Below,
- [Unveiling the Hidden Costs: How Non-Compliance in Foreign Asset Reporting Could Lead to Substantial Penalties](https://www.islernw.com/unveiling-the-hidden-costs-how-non-compliance-in-foreign-asset-reporting-could-lead-to-substantial-penalties/) - Article Highlights The Report of Foreign Bank and Financial Accounts Statement of Specified Foreign Financial Assets Foreign Rental Property Foreign Pensions Reporting Receipt of Foreign Gifts or Bequests Reporting Ownership or Transactions with Foreign Trusts Annual Information Return for Foreign Trust with U.S. Owner Ownership or Voting Power in Foreign Corporation Tax on Non-Resident Alien
- [Important February 2025 Due Dates](https://www.islernw.com/important-february-2025-due-dates/) - February 2025 Individual Due Dates February 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during January, you are required to report them to your employer on IRS Form 4070 no later than February 10. Your employer is required to withhold FICA
- [You May Receive a Form 1099-K This Year: What It Means for Your Taxes   ](https://www.islernw.com/you-may-receive-a-form-1099-k-this-year-what-it-means-for-your-taxes/) - Article Highlights: Historical Context of Form 1099-K The Evolution of Reporting Thresholds Current Reporting Threshold for 2024 Implications for Recipients of Form 1099-K Impact on Tax Reporting Individuals Selling Personal Items Self-employed Individuals Crowdfunding No Business Ownership Interest Given Not Taxable Crowdfunding Income Special Considerations Incorrect 1099-K Forms The landscape of digital transactions has undergone
- [Tax Avoidance and Hollywood’s Golden Age: A Glitzy Game of Loopholes](https://www.islernw.com/tax-avoidance-and-hollywoods-golden-age-a-glitzy-game-of-loopholes/) - Tax avoidance has long been a contentious topic in the business world, but few industries blend its complexities with glamour quite like Hollywood. During the Golden Age of Hollywood, a period marked by glittering stars and box office dominance, major players in the film industry became as skilled at finding tax loopholes as they were
- [Oops, They Did It Again: The BOI Ruling That’s Leaving Small Businesses Dizzy](https://www.islernw.com/oops-they-did-it-again-the-boi-ruling-thats-leaving-small-businesses-dizzy/) - Remember that rollercoaster ride we all thought was over? Well, buckle up—because the Beneficial Ownership Information (BOI) saga just took another wild turn. An appeals court recently reinstated an injunction that halts BOI enforcement (yes, again). If your head is spinning trying to keep track, you’re not alone. The Headline Drama, in Plain English A
- [Start Off on the Right Foot for the 2025 Tax Year](https://www.islernw.com/start-off-on-the-right-foot-for-the-2025-tax-year/) - Article Highlights: W-4 Updates W-9 Collection Estimated Tax Payments Charitable Contributions Required Minimum Distributions Gifting Retirement Plan Contributions Beneficiaries Reasonable Compensation Business-Vehicle Mileage College Tuition Plans Record Keeping Individuals and small businesses should consider various ways of starting off on the right foot for the 2025 tax year. W-4 Updates – If you are employed,
- [Tax Season Is Coming: Here’s a Laugh Before the Madness Begins](https://www.islernw.com/tax-season-is-coming-heres-a-laugh-before-the-madness-begins/) - As tax season approaches, the annual rush to gather documents, crunch numbers, and meet deadlines can be overwhelming. Amid the seriousness of tax preparation, it's refreshing to remember that the world of taxes is also filled with quirky, humorous, and downright bizarre stories. These anecdotes not only provide a good laugh but also highlight the
- [What Are the Most Common Business Financial Fraud Schemes?](https://www.islernw.com/most-common-business-financial-fraud-schemes/) - You’ve worked hard to build your business. The long hours, sleepless nights, and countless sacrifices were all for one goal: to create something successful and sustainable. But what happens when a trusted employee or an external scam threatens all that hard work? Financial fraud isn’t just something that happens to large corporations. Small and medium-sized
- [Important January 2025 Tax Due Dates](https://www.islernw.com/important-january-2025-tax-due-dates/) - The start of the new year means tax season is here! Stay ahead of the curve by marking these critical January deadlines on your calendar. From making tax appointments to reporting tips, paying estimated taxes, and filing essential forms, being proactive can save you from penalties and stress. Read on for a detailed guide to
- [The Retirement Catch-Up Plan: Maximize Tax Savings in Your 40s and 50s](https://www.islernw.com/the-retirement-catch-up-plan-maximize-tax-savings-in-your-40s-and-50s/) - You’ve hit your 40s or 50s, and suddenly, retirement doesn’t feel like a distant mirage. It’s real. The countdown is on. But here’s the good news: You’re in a prime position to play catch-up and fortify your future, using smart tax strategies to stretch your dollars further. Think of it as turning your financial cruise
- [Essential Tax Credits Every Parent Should Know About](https://www.islernw.com/essential-tax-credits-every-parent-should-know-about/) - Article Highlights: Social Security Number Child Tax Credit Child and Dependent Care Credit Adoption Tax Credit Earned Income Tax Credit Credit for Other Dependents American Opportunity Tax Credit Lifetime Learning Credit Parents have special tax situations and benefits. Tax breaks for parenting expenses can result in a lower tax bill and a higher refund. Here
- [How to Handle IRS Letters During Filing Season: What You Need to Know for 2025](https://www.islernw.com/how-to-handle-irs-letters-during-filing/) - The dreaded moment arrives: you check your mail, and there it is—a letter from the IRS. Your heart sinks. What could it be? A mistake? A penalty? A request for missing information? If this sounds familiar, you’re not alone. During filing season, the IRS sends out millions of notices, often leaving taxpayers confused, stressed, and
- [Why Updating Beneficiaries is Crucial After Life Changes   ](https://www.islernw.com/why-updating-beneficiaries-is-crucial-after-life-changes/) - Article Highlights: The Role of Beneficiaries Life Events That Necessitate Updates Why Regular Reviews Are Essential The Complexity of Naming a Trust as a Beneficiary In the realm of estate planning, naming beneficiaries is a critical step that ensures your assets are distributed according to your wishes after your passing. However, the process doesn't end
- [Top Year End Tax Strategies to Boost Your Business Bottom Line](https://www.islernw.com/top-year-end-tax-strategies-to-boost-your-business-bottom-line/) - Article Highlights: Accelerate Business Expenses Review and Adjust Payroll Manage Inventory and Cost of Goods Sold Optimize Retirement Contributions Charitable Contributions Business Advertising Filing Obligations and Compliance Tax Credits and Incentives Employee Gifts Disaster Loses As the year draws to a close, small business owners have a unique opportunity to implement strategies that can significantly
- [Tax-Savvy Retirement: Strategies Boomers Can Use to Lower Their Tax Bill and Maximize Savings](https://www.islernw.com/tax-savvy-retirement-strategies-boomers-can-use/) - Retirement is your reward for a lifetime of hard work, but keeping more of your savings in retirement requires strategy. Many Baby Boomers unknowingly leave tax dollars on the table by missing out on tax-savvy moves. You’ve built up a lifetime of savings—now it’s time to make sure they work for you. Let’s break down
- [2025 Year-End Prep: Essential Tools and Updates in QuickBooks Online](https://www.islernw.com/2025-year-end-prep-essential-tools-and-updates-in-quickbooks-online/) - As 2024 winds down, tax professionals are gearing up to prepare and reconcile client accounts for the year ahead. QuickBooks Online (QBO) offers tools to simplify this process, helping business owners wrap up year-end details and ensure their books are tax-ready for 2025. Below, we’ll dive into QBO features that optimize year-end prep, from running
- [Essential Year End Tax Moves You Can't Afford to Miss](https://www.islernw.com/essential-year-end-tax-moves-you-cant-afford-to-miss/) - Article Highlights: Itemizing Deductions and Medical Expenses Prepaying Property Taxes Charitable Contributions and Bunching Deductions Required Minimum Distributions (RMDs) Did You Know You Can Make Charitable Deductions from Your IRA Account? Maximizing Retirement Account Contributions Tax Loss Harvesting Reviewing Paycheck Withholdings and Estimated Taxes Managing Health Flexible Spending Accounts (FSAs) Did You Become Eligible to
- [Cash Flow Hacks for Subscription-Based Revenue Models: A Guide for Niche SMBs](https://www.islernw.com/cash-flow-hacks-for-subscription-based-revenue-models-a-guide-for-niche-smbs/) - If you’re running a subscription-based business, you’re in the game of recurring revenue—a model full of potential for steady income but also some unique challenges. The lifeblood of your business is cash flow, and keeping it steady can make or break your success. To help you master your subscription-based revenue, let’s dive into practical ways
- [Unlocking Cash Flow from Tax Credits: A Hidden Advantage for Small Businesses](https://www.islernw.com/unlocking-cash-flow-from-tax-credits-a-hidden-advantage-for-small-businesses/) - If you’re the driving force behind a small or medium-sized business, you know that cash flow is the lifeline of your operations. Yet, in the daily whirlwind, an incredible opportunity often gets overlooked—tax credits. These aren’t just numbers on a financial statement; they’re transformative tools that can give your cash flow the boost it needs.
- [Holiday Gifts That Offer Tax Benefits for You and Your Loved Ones](https://www.islernw.com/holiday-gifts-that-offer-tax-benefits-for-you-and-your-loved-ones/) - Article Highlights: Educational Gifts: A Gift for the Future Retirement Contributions: A Gift with Long-Term Benefits Gifts to Spouses: Supporting Self-Employment Gifts to Spouses: Qualifying Clean Vehicle Employee Gifts: Navigating Tax Implications Understanding the Annual Gift Tax Exclusion Summary The holiday season is a time of giving, and while the joy of gifting is often
- [How Qualified Small Business Stock Can Maximize Your Investment Returns](https://www.islernw.com/how-qualified-small-business-stock-can-maximize-your-investment-returns/) - Article Highlights: Gain Exclusion Benefits of Sec 1202 QSBS Qualifications for Sec 1202 QSBS Limitations of Sec 1202 QSBS Holding Period Requirements Determining the 5-Year Holding Period Investor Exclusion Limits Rollover Possibilities Active Business Requirement AMT Ramifications Application to Pass-Through Entities Making the Election Example of Sec 1202 QSBS Benefits The Internal Revenue Code (IRC)
- [Special Provisions for Qualified Performing Artists’ Employee Business Expense Deductions](https://www.islernw.com/special-provisions-for-qualified-performing-artists-employee-business-expense-deductions/) - Article Highlights The World of Performing Arts Understanding the Basics Qualifications for Performing Artists Special Considerations for Married Performers Maintain Adequate Records Types of Deductible Expenses Recordkeeping Requirements The world of performing arts is vibrant and dynamic, but it also comes with its unique set of financial challenges. One of the significant concerns for performing
- [Maximizing Your Retirement Savings: Strategies for Late Starters](https://www.islernw.com/maximizing-your-retirement-savings-strategies-for-late-starters/) - As a baby boomer, you may find yourself approaching retirement with less savings than you'd hoped. Whether due to economic fluctuations, personal circumstances, or simply the demands of life, many late starters face this challenge. However, it’s never too late to take action. Here are effective strategies to maximize your retirement savings and catch up
- [How Community Property Laws Impact Beneficial Ownership for Spouses](https://www.islernw.com/how-community-property-laws-impact-beneficial-ownership-for-spouses/) - Article Highlights: Background of the Corporate Transparency Act Reporting Requirement Beneficial Ownership Community Property Laws and Beneficial Ownership Spouses and Beneficial Ownership Reporting Implications for Reporting Companies Exceptions and Considerations Conclusions Filing Deadlines Background - The Corporate Transparency Act (CTA) was enacted as part of a broader effort to combat money laundering, terrorism financing, and
- [How to Prepare for Your Year-End Financial Review: A Guide for SMBs](https://www.islernw.com/how-to-prepare-for-your-year-end-financial-review-a-guide-for-smbs/) - As the year draws to a close, it’s time to take stock of your business’s financial health. A year-end financial review isn't just a box to check—it’s a crucial opportunity to assess your profit and loss, evaluate growth potential, and ensure your business is on track for continued success. Whether you're looking to maximize tax
- [IRS Provides Relief for Hurricane Helene Victims](https://www.islernw.com/irs-provides-relief-for-hurricane-helene-victims/) - Article Highlights: Hurricane Helene Affected States. Who Qualifies for Relief. Filing and Payment Relief Relief Start Dates. Relief Period Ending Date. IRS Address of Record Address Outside the Disaster Area Additional Tax Relief Qualified Disaster Relief Payments The Internal Revenue Service has announced disaster tax relief for all individuals and businesses affected by Hurricane Helene,
- [Managing Contractor Payments and 1099s the Easy Way with QuickBooks Online](https://www.islernw.com/managing-contractor-payments-and-1099s-the-easy-way-with-quickbooks-online/) - The surge in self-employment and small businesses during the COVID-19 pandemic led to millions of new entrepreneurs, many of whom had to quickly learn how to manage their finances, especially when it came to taxes and compensation. Now, nearly half a decade later, business owners in nearly all industries have discovered the benefits of working
- [Snails in Skyscrapers and David Beckham: The Strangest Tax Avoidance Schemes in History](https://www.islernw.com/snails-in-skyscrapers-and-david-beckham-the-strangest-tax-avoidance-schemes-in-history/) - Tax avoidance is a tale as old as, well, taxes themselves, with individuals and companies constantly seeking creative (and often strange) ways to reduce their liabilities. While most of us rely on accountants to help find wholly legal deductions, some schemes venture into truly bizarre territory, exploiting obscure loopholes in tax laws. From snail farms
- [Important October 2024 Due Dates](https://www.islernw.com/important-october-2024-due-dates/) - October 2024 Individual Due Dates October 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 10. Your employer is required to withhold FICA
- [Employee or Freelancer Navigating the Complex Landscape of Worker Classification  ](https://www.islernw.com/employee-or-freelancer-navigating-the-complex-landscape-of-worker-classification/) - Article Highlights: The Fundamental Differences The Perils of Misclassification Section 530 Relief The Role of Form SS-8 States Impact on Classification Navigating Misclassification In the evolving landscape of the modern workforce, the distinction between independent contractors and employees has become increasingly significant. This differentiation not only affects the way workers are managed and compensated but
- [Making Home Improvements? You May Qualify for a Substantial Tax Credit](https://www.islernw.com/making-home-improvements-you-may-qualify-for-a-substantial-tax-credit/) - Article Highlights Credit Percentage Specific Qualified Items and Per Item Annual Limits Components Subject To $1,200 Aggregate Credit Limit Components Subject To $2,000 Aggregate Credit Limit Annual Credit Limits, $1,200 vs. $2,000 Home Energy Audits Qualifying Homes 5-Year Requirement Basis Adjustment Manufacturer’s Certification Qualified Product ID Number Differences Between Sec 25C Credit and Rebates Installation
- [IRS Highlights New Warning Signs for Businesses Regarding the Employee Retention Credit](https://www.islernw.com/irs-highlights-new-warning-signs-for-businesses-regarding-the-employee-retention-credit/) - In the wake of the COVID-19 pandemic, the Employee Retention Credit (ERC) emerged as a vital financial lifeline for businesses. However, as the IRS intensifies its scrutiny of ERC claims, it has unveiled five new warning signs that businesses must heed to avoid costly mistakes. Understanding these red flags is crucial for maintaining compliance and
- [Mastering Cash Flow: Strategies for Navigating Seasonal Slowdowns](https://www.islernw.com/mastering-cash-flow-strategies-for-navigating-seasonal-slowdowns/) - As the vibrant colors of fall give way to the chill of winter, many businesses brace for the inevitable seasonal slowdown. Whether it's the changing weather or the uncertainty of election cycles, these periods can pose significant challenges to maintaining a healthy cash flow. However, with strategic planning and proactive measures, businesses can navigate these
- [Succession Planning for Baby Boomer Business Owners: Ensuring a Smooth Transition](https://www.islernw.com/succession-planning-for-baby-boomer-business-owners-ensuring-a-smooth-transition/) - As Baby Boomer business owners approach retirement, planning for the future of their businesses becomes crucial. Succession planning is not just about finding a successor; it's about ensuring the continuity and success of the business you’ve built. Here’s how you can prepare for a seamless transition. Start Succession Planning Early Initiating the succession planning process
- [Tax-Free Weekends Guide: September – December 2024](https://www.islernw.com/tax-free-weekends-guide-september-december-2024/) - Looking to stretch your dollars further before the end of the year? Tax-free weekends offer a fantastic opportunity to save on essential purchases. From school supplies and clothing to technology and holiday gifts, these special state-sponsored events allow you to shop without the burden of sales tax. Whether you’re gearing up for the school year
- [Hidden Tax Benefits: How Equitable Ownership Can Maximize Your Mortgage Interest and Tax Deductions](https://www.islernw.com/hidden-tax-benefits-how-equitable-ownership-can-maximize-your-mortgage-interest-and-tax-deductions/) - Article Highlights: Equitable Ownership Who Qualifies as an Equitable Owner? Tax Implications of Being an Equitable Owner Mortgage Interest Deduction Property Tax Deduction Examples of Equitable Ownership Examples Where Taxpayers Were Not Equitable Owners Equitable ownership refers to the situation where an individual possesses the benefits and burdens of ownership of a property, even though
- [Unexpected Windfall or Financial Pitfall? Navigating the Tax and Financial Consequences of Losing Your Job](https://www.islernw.com/unexpected-windfall-or-financial-pitfall-navigating-the-tax-and-financial-consequences-of-losing-your-job/) - Article Highlights: Severance Pay Unemployment Compensation Health Insurance COBRA Marketplace Employer Retirement Plans Repaying Retirement Plan Loans Moving and Home Sale Navigating the Financial Consequences Losing a job is a significant life event that not only affects your immediate emotional well-being but also has profound tax and financial implications. From severance pay to unemployment benefits,
- [Stop Chasing Payments: QuickBooks’ Reminders Can Help You Get Paid Faster](https://www.islernw.com/stop-chasing-payments-quickbooks-reminders-can-help-you-get-paid-faster/) - In 2021, QuickBooks introduced a set of reminder options designed to tackle one of the most pressing challenges for many businesses: getting customers to pay on time. If you haven't fully utilized these features yet, it's time to revisit them and streamline your collections process. Here’s an updated guide on how to use QuickBooks' payment
- [Surprising Tax Impact of Converting Your Traditional IRA to a Roth IRA](https://www.islernw.com/surprising-tax-impact-of-converting-your-traditional-ira-to-a-roth-ira/) - Article Highlights: Understanding Traditional and Roth IRAs The Conversion Process Benefits of Converting Tax-Free Withdrawals No Required Minimum Distributions Estate Planning Advantages Pros and Cons of Converting Age Considerations Other Tax-Related Issues Non-Deductible Traditional IRAs Conversion Income Net Investment Income Surtax Paying the Tax on a Conversion Tax Strategy Taxpayers are limited in the annual
- [Important September 2024 Due Dates](https://www.islernw.com/important-september-2024-due-dates/) - September 2024 Individual Due Dates September 1 - 2024 Fall and 2025 Tax Planning Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them
- [Cash In on Global Wealth: How Working Abroad Can Slash Your Tax Bill and Expand Your Horizons](https://www.islernw.com/cash-in-on-global-wealth/) - Article Highlights: Qualifications Tax Home in a Foreign Country Foreign Earned Income Bona Fide Residence Test Physical Presence Test Foreign Housing Exclusion and Deduction Married Couples Self-Employed Individuals Earned Income Tax Credit Foreign Tax Credit Combat Zone Workers Flight Attendants State Tax The Foreign Earned Income Exclusion (FEIE) under Section 911 of the U.S. Internal
- [Unlimited Deductions: How Landlords Can Navigate Beyond the $25,000 Loss Limitation](https://www.islernw.com/how-landlords-navigate-loss-limitation/) - Article Highlights: $25,000 Rental Passive Loss Limitation Unlimited Losses When Qualifying as a Real Estate Professional What is Material Participation? Navigating the Rules Examples The intricacies of tax law, particularly around rental real estate, can be both a boon and a bane for investors. Among these complexities, the $25,000 rental passive loss limitation stands out
- [Education Savings: How a Sec 529 Plan Can Transform Your Family's Future](https://www.islernw.com/education-savings-how-a-sec-529-plan-can-transform-your-familys-future/) - Article Highlights: What is a Sec 529 Plan? Tax Benefits of Sec 529 Plans Funding a Sec 529 Plan Who Can Contribute to a Sec 529 Plan Gift Limitation and the 5-Year Option Form 709 and Making Up Contributions Higher Education Credits Impact on Financial Aid Qualified Expenses and Recent Flexibility Enhancements Refunds & Recontribution
- [Important August 2024 Due Dates](https://www.islernw.com/important-august-2024-due-dates/) - August 2024 Individual Due Dates August 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 12. Your employer is required to withhold FICA
- [Protecting Our Seniors; Understanding and Preventing Scams](https://www.islernw.com/protecting-our-seniors-understanding-and-preventing-scams/) - Article Highlights: Understanding the Threats Common Scams Targeting Seniors Awareness and Protection Strategies Tips for Caregivers Key Points to Remember IRS Advice and Resources Key IRS Recommendations What to Do if Scammed Long-Term Steps As our population ages, seniors increasingly become targets for a variety of scams. These fraudulent schemes can have devastating financial and
- [Can States Save Seniors? Fighting the Rising Costs of Property Taxes](https://www.islernw.com/can-states-save-seniors-fighting-the-rising-costs-of-property-taxes/) - Property taxes are a significant financial burden for many Americans, particularly senior citizens. Rising property taxes have begun to jeopardize the financial stability of older adults living on fixed incomes. In response, some states are implementing reforms and rebate programs to alleviate this burden, while others are considering eliminating property taxes altogether. Here, we explore
- [Top 5 Accounting Mistakes Small Business Owners Make and How to Avoid Them](https://www.islernw.com/top-5-accounting-mistakes-small-businesses/) - Proper accounting is the backbone of any successful small business. It ensures that your financial records are accurate, helps you make informed decisions, and keeps you compliant with tax regulations. However, many small business owners, who juggle multiple responsibilities, often commit common accounting mistakes that can lead to significant issues down the line. Avoiding these
- [Understanding the Types of IRS Audits: Why Professional Help is Essential](https://www.islernw.com/understanding-the-types-of-irs-audits-why-professional-help-is-essential/) - Dealing with the IRS can be a daunting experience, especially when you receive an audit notice. Understanding the different types of IRS audits and what each entails can help you navigate the process more effectively. However, it's crucial to recognize that handling an audit is not a DIY task. Professional assistance can make a significant
- [Boost Your Income: How Renting Your Vacation Home Can Maximize Your Earnings and Minimize Your Taxes](https://www.islernw.com/boost-your-income-renting-your-vacation-home/) - Article Highlights: Definition of a Dwelling Unit The Augusta Rule Personal Use Days Taxpayer Uses It Over 10% of the Rental Days Definition of Rental Days Definition of Personal-Use Days Fix-Up Days Allocating Expenses Short-Term Rentals Room Rentals Renting to a Relative Fair Rental Value Owning a dwelling unit that is used as a vacation
- [Invest in Customer Experience to Boost Your Bottom Line](https://www.islernw.com/invest-in-customer-experience-to-boost-your-bottom-line/) - In today's competitive business landscape, providing an exceptional customer experience (CX) is no longer a luxury—it's a necessity. Companies that prioritize CX not only foster customer loyalty but also see significant improvements in their financial performance. This article explores how investing in customer experience can enhance your bottom line, focusing on the accounting, cash flow,
- [Reclaim Your Life: Essential Steps to Overcome Identity Theft and Secure Your Future](https://www.islernw.com/reclaim-your-life-essential-steps-to-overcome-identity-theft-and-secure-your-future/) - Article Highlights: Tax-related Identity Theft Immediate Steps for Taxpayers Report the Incident to the IRS Contact Other Agencies Secure Your Personal Information Stay Vigilant How the IRS Protects Taxpayers Special Number for Filing Tax Returns Obtaining an Identity Protection PIN (IP PIN) In an era where digital transactions and online interactions have become the norm,
- [Money Doesn't Stink: The 12 Strangest Taxes in History](https://www.islernw.com/money-doesnt-stink-the-12-strangest-taxes-in-history/) - Throughout history, taxes have been a fundamental aspect of governance, often reflecting the economic and social priorities of the times. While many taxes are straightforward, aimed at income, property, or sales, some historical taxes have been quite unusual. These peculiar levies tend to reveal the solutions government officials devised to deal with societal challenges during
- [Important July 2024 Tax Due Dates](https://www.islernw.com/important-july-2024-due-dates/) - July 2024 Individual Due Dates July 1 - Time for a Mid-Year Tax Check Up Time to review your 2024 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report Tips to Employer If you are an employee who works for tips and received
- [A Secret to Lower Taxes: Special Deduction for Self-Employed Health Insurance](https://www.islernw.com/a-secret-to-lower-taxes-special-deduction-for-self-employed-health-insurance/) - Article Highlights: Who Qualifies for the Self-Employed Health Insurance Deduction? Self-Employed Individuals Partners in Partnerships S Corporation Shareholders Where is the Deduction Claimed? The Tax Benefit What Insurance Qualifies Limitations and Restrictions In the labyrinth of tax regulations, the self-employed health insurance deduction stands out as a beacon of relief for self-employed individuals, partners in
- [Living Below Your Means: A Key to Entrepreneurial Success](https://www.islernw.com/living-below-your-means-a-key-to-entrepreneurial-success/) - Starting a business is a thrilling adventure, filled with dreams of innovation, independence, and financial success. However, the reality of entrepreneurship often involves long hours, relentless challenges, and financial uncertainty. As tax and accounting professionals, we have seen firsthand the struggles that startups face. One of the most critical lessons for new entrepreneurs is understanding
- [How an Accounting Pro Can Help You Create and Stick to a Budget](https://www.islernw.com/how-an-accounting-pro-can-help-you-create-and-stick-to-a-budget/) - Maintaining a clear and effective budget is crucial for success. Yet, many businesses are overwhelmed by day-to-day operations, often making financial decisions without a solid forecast. This can lead to unexpected financial troubles and missed growth opportunities. As accounting professionals, we understand the challenges you face. We are here to offer insights on how a
- [A Retiree's Guide to Reducing Taxes on Social Security Benefits](https://www.islernw.com/a-retirees-guide-to-reducing-taxes-on-social-security-benefits/) - Article Highlights: Funding Taxation Thresholds and Conditions Railroad Retirement Married Taxpayers Filing Separate Survivor Benefits Strategies to Minimize Taxation Income Planning Tax-Deferred Savings Tax-Efficient Investments Deductions and Credits Tax Withholding on SS Benefits Same-Sex Married Couples Gambling & Social Security Taxation International Aspects and Treaties Social Security benefits serve as a crucial financial backbone for
- [Breaking News: The IRS Has Just Updated Their Position Related to Denying or Paying Employee Retention Credit (ERC) Claims](https://www.islernw.com/irs-updated-employee-retention-credit-claims/) - Article Highlights: IRS's Current Position on ERC Claims High-Risk Claims Medium-Risk Claims Low-Risk Claims Availability of a Voluntary Withdrawal Program Businesses with Unprocessed Claims Businesses with Uncashed Refund Checks Businesses with Concerns About Claim Validity How to Withdraw an ERC Claim The Employee Retention Credit (ERC) was introduced as a part of the Coronavirus Aid,
- [From Sugary Sips to Slimmer Kids – The Real Impact of Seattle’s Soda Tax](https://www.islernw.com/impact-of-seattles-soda-tax/) - New research indicates that children living in Seattle experienced a significant decrease in body mass index (BMI) following the implementation of the city's soda tax. This tax, aimed at reducing the consumption of sugary beverages, has not only had positive health effects but also carries important tax implications worth exploring. Here, we look at the
- [Keep More of Your Money: Top 12 Tax Strategies for the High-Net-Worth](https://www.islernw.com/keep-more-of-your-money/) - High-net-worth individuals face unique challenges in managing their wealth, particularly when minimizing tax liabilities.
- [Say Sayonara to Manual Transaction Entry in QuickBooks Online](https://www.islernw.com/say-sayonara-to-manual-transaction-entry-in-quickbooks-online/) - Ditching manual transaction entry should be your number one priority now that QuickBooks Online streamlines the process of importing transactions from your bank. When you manually input transactions, you open the door to data transposition errors, potentially leading to inaccuracies in customer billing, reports, and taxes. Plus, it's a time-consuming task that eats into hours
- [Think Twice Before Tossing: The Critical Timing for Disposing of Your Tax Records Safely](https://www.islernw.com/think-twice-before-tossing-the-critical-timing-for-disposing-of-your-tax-records-safely/) - Article Highlights: Why We Keep Records Audit Defense Amending Returns Claiming Refunds Tax Basis Duration for Keeping Tax Records Federal Statute of Limitations on Tax Refunds Tax Return Omissions Indefinite Retention Financially Disabled The Big Problem! Stock Acquisition Data Stock and Mutual Fund Statements Tangible Property Purchase and Improvement Records The 10-Year Statute of Limitations
- [Smarter Headcount Management with AI](https://www.islernw.com/smarter-headcount-management-with-ai/) - In the face of slowing economic times and rising labor costs, small and medium-sized businesses (SMBs) must find innovative ways to maintain profitability across all industries. One way to increase productivity and streamline day-to-day operations is to use artificial intelligence (AI) engines like ChatGPT. Although AI platforms can seem daunting to new users, with a
- [Important June 2024 Due Dates](https://www.islernw.com/important-june-2024-due-dates/) - June 2024 Individual Due Dates June 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 10. Your employer is required to withhold FICA
- [Purr-fect Savings: The Secrets of Pet Tax Deductions](https://www.islernw.com/purr-fect-savings-the-secrets-of-pet-tax-deductions/) - When tax season rolls around every year, many pet owners wonder if they can get a tax break for their furry companions – after all, “pet parents” often consider their fur babies to be as much a part of the family as actual children. Pet expenses are big business in the United States. Charlotte NBC
- [Gift and Estate Tax Primer](https://www.islernw.com/estate-and-gift-tax-primer/) - Article Highlights: Exclusions from Gift and Estate Taxes Annual Gift Tax Exclusion Gifts for Medical Expenses and Tuition Lifetime Exclusion from Gift and Estate Taxes Spousal Exclusion Portability Qualified Tuition Programs Basis of Gifts The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes.
- [Payroll Management: A Complete Guide for SMBs](https://www.islernw.com/payroll-management-a-complete-guide-for-smbs/) - Payroll taxes can be a significant headache for many small—to medium-sized business owners. Without proper education, entrepreneurs can find themselves in trouble with the IRS and state tax agencies. Fortunately, if you’ve been struggling with payroll taxes, you’re in the right place. This guide will help you understand and manage payroll taxes effectively to ensure
- [Installment Sale – a Useful Tool to Minimize Taxes](https://www.islernw.com/installment-sale-a-useful-tool-to-minimize-taxes/) - Selling a property you have owned for a long period of time will frequently result in a large capital gain, and reporting all of the gain in one year will generally expose the gain to higher than normal capital gains rates and subject the gain to the 3.8% surtax on net investment income. Capital gains
- [Reminder: Claims For Recovery Rebate Credit About to Expire](https://www.islernw.com/reminder-claims-for-recovery-rebate-credit-about-to-expire/) - Article Highlights: COVID 2020 Economic Impact Payments Recovery Rebate Credit Credit Refund Is About to Expire $1,200 for Single Taxpayer and $2,400 for Married Couples plus $500 for Dependents. How To Claim the Credit if Not Previously Received Qualifications Filing Deadline for Refund is May 17, 2024 Background: In response to the economic fallout from
- [Secure Your Child's Financial Future: The Importance of Establishing Custodial Accounts Early](https://www.islernw.com/secure-your-childs-financial-future-the-importance-of-establishing-custodial-accounts-early/) - As parents, ensuring the financial security of our children is paramount. One effective tool for this is a custodial account, a financial mechanism designed to hold and protect assets for minors until they reach adulthood. In this article, we will explore what custodial accounts are, how to set them up, and why they're a crucial
- [Tax Facts about Claiming Tax Benefits for Childcare Expenses ](https://www.islernw.com/tax-facts-about-claiming-tax-benefits-for-childcare-expenses/) - Article Highlights: Credit For Childcare Credit Percentage Child Qualifications Employment-Related Expense Taxpayer Earnings Limits Full-Time-Student or Disabled Spouse Qualifying Care Other Facts and Issues Tactic for Maximizing Credit Many parents who work or are actively looking for work must arrange for care of their children after the school day ends, on weekends when they get
- [Important May 2024 Due Dates](https://www.islernw.com/important-may-2024-due-dates/) - May 2024 Individual Due Dates May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA
- [Drug & Alcohol Addiction Treatments May Be Tax Deductible](https://www.islernw.com/drug-alcohol-addiction-treatments-may-be-tax-deductible/) - Article Highlights: Potential medical deductions Medical dependents Divorced parents Medical AGI limitations A taxpayer is allowed an itemized deduction for medical expenses paid during the taxable year and not compensated by insurance or otherwise for medical care of the taxpayer or the taxpayer’s spouse, dependent, or medical dependent. Alcoholism and drug addiction are treated as
- [5 Steps You Should Take Every Time You Open QuickBooks](https://www.islernw.com/5-steps-you-should-take-every-time-you-open-quickbooks/) - When it comes to managing your small business finances, establishing a consistent routine is important. This is especially true when using QuickBooks, a powerful accounting software system that can help you stay organized and make informed decisions about your finances daily. Here are five key steps you should take every time you open QuickBooks: 1.
- [Proving Noncash Charitable Contributions ](https://www.islernw.com/proving-noncash-charitable-contributions/) - Article Highlights: Noncash Charitable Contributions Establishing Donation Value Fair Market Value Documentation Requirements Appraisal Requirements Tax legislation passed in late 2017 nearly doubled the standard deduction for years 2018 through 2025, and now about 90% of individuals filing a tax return are taking advantage of the higher standard amount and are not itemizing their deductions.
- [Checking the Status of Your Federal Tax Refund Is Easy](https://www.islernw.com/check-the-status-of-your-federal-tax-refund/) - Your federal tax refund status can be checked online. E-file refunds are generally issued within 21 days of filing. Direct deposit provides the quickest refunds. If your 2023 federal tax return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an
- [How Overstaffing Can Impact Your Small Business](https://www.islernw.com/how-overstaffing-can-impact-your-small-business/) - In the world of small businesses, where every decision can significantly impact your bottom line, overstaffing can be a major problem.
- [Is It Better to Have a Tax Credit or a Deduction?](https://www.islernw.com/is-it-better-to-have-a-tax-credit-or-a-deduction/) - In one way or another, tax deductions reduce the taxable portion of an individual’s income, which thus reduces the tax on that income.
- [The IRS Is Tackling Tax Evasion With AI](https://www.islernw.com/the-irs-is-tackling-tax-evasion-with-ai/) - As the current tax season continues, the Internal Revenue Service (IRS) has ushered in a new era of tax enforcement thanks to the power of artificial intelligence (AI). AI tools have taken nearly every industry by storm recently, and even federal tax authorities have realized that these resources can be invaluable in catching tax evaders.
- [Tax Benefits Available for Disabled Taxpayers](https://www.islernw.com/tax-benefits-available-for-disabled-taxpayers/) - Article Highlights: Increased Standard Deduction Tax-Exempt Income Impairment-Related Work Expenses Financially Disabled Earned Income Tax Credit Child or Dependent Care Credit Special Medical Deductions Qualified Medicaid Waiver Payments ABLE Accounts Disabled individuals, as well as parents of disabled children, may qualify for several tax credits and other tax benefits. If you or someone listed on
- [Important April 2024 Due Dates](https://www.islernw.com/important-april-2024-due-dates/) - April 2024 Individual Due Dates April 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than April 10. Your employer is required to withhold FICA
- [5 Essential Personal Finance Tips Every Millennial Should Know](https://www.islernw.com/5-essential-personal-finance-tips-every-millennial-should-know/) - As Millennials continue to navigate their financial journeys, understanding key tax and personal finance topics is crucial for achieving long-term prosperity. In this article, we'll explore some of the most important issues facing Millennials today, providing valuable insights and strategies to help them make informed decisions about their finances 1. The Importance of Time Value
- [Can’t Pay Your Taxes? Here Are Some Options](https://www.islernw.com/cant-pay-your-taxes-here-are-options/) - Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections Offer-in-Compromise About 3 out of 4 American taxpayers receive a refund each year when they file their income tax returns, but
- [The 2024 Tax-Filing Deadline Is Drawing Near](https://www.islernw.com/the-2024-tax-filing-deadline-is-drawing-near/) - Article Highlights: Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2020 Tax Year Missing Information As a reminder to those who have not yet filed their 2023 tax returns, April 15, 2024, is the due date to either file a return (and pay the taxes owed) or file for
- [New Employee vs Independent Contractor Rule Effective March 11](https://www.islernw.com/new-employee-vs-independent-contractor-rule-effective-march-11/) - Article Highlights: New U.S. Department of Labor Rule Prior Rule Rescinded Effect on ABC Test Used by Some States New Six Factor Test Opportunity for Profit or Loss Depending on Managerial Skill Investments by the Worker and the Potential Employer Degree of Permanence of the Work Relationship Nature and Degree of Control Extent Work Performed
- [Who Needs to File a Tax Return in 2024](https://www.islernw.com/who-needs-to-file-a-tax-return-in-2024/) - Article Highlights: Factors That Affect Whether Someone Needs to File a Tax Return Gross Income Required Filing Threshold 2023 Filing Thresholds by Filing Status Self-employment Status Status as a Dependent Some Individuals Should File a Tax Return Even Though Not Required to Do So Tax Withholding Earned Income Tax Credit (EITC) Child Tax Credit (CTC)/American
- [Tax Deductible Expenses for Charity Volunteers](https://www.islernw.com/tax-deductible-expenses-for-charity-volunteers/) - Article Highlights: Charity Tax Exempt Status General Rules for Deducting Volunteer Expenses Away-From-Home Travel Expenses Vehicle Expenses Entertaining For Charity Uniforms Use of a Capital Assets Conventions Underprivileged Youths Foster Parents Church Deacon Substantiation Requirements If you volunteer your time for a charity, you may qualify for some tax breaks. Although no tax deduction is
- [Don’t Miss Out on Your Employer’s Flexible Spending Benefits](https://www.islernw.com/dont-miss-out-on-your-employers-flexible-spending-benefits/) - A health Flexible Spending Arrangement (FSA) allows employees to be reimbursed for medical expenses. Learn the benefits.
- [Using a Ghost Preparer? Who You Going to Call When the IRS Comes Knocking](https://www.islernw.com/using-a-ghost-preparer-who-you-going-to-call-when-the-irs-comes-knocking/) - Article Highlights: Ghost Preparers PTIN Requirement Signing the Return Preparation to Boost Refund Taxpayer Left Holding the Bag How to Report Ghost Preparers Professional Tax Preparation As people begin to have their 2023 tax returns prepared, this is a reminder to avoid unethical “ghost” tax return preparers. A ghost preparer is someone who charges for
- [Employers Beware: ERC Voluntary Disclosure Program Ends Soon](https://www.islernw.com/employers-beware-erc-voluntary-disclosure-program-ends-soon/) - Article Highlights: ERC Background. TV Promoters and Marketeers. IRS Programs to Withdraw Erroneous Claims. ERC Voluntary Disclosure Program. How to Apply for the Voluntary Disclosure Program. ERC Claim Withdrawal Program. The Employee Retention Credit (ERC) was a government-sponsored program to keep workers employed during the Covid-19 pandemic. It provided qualifying employers with a refundable credit
- [Effortless Financial Management: Mastering QuickBooks Online's Recurring Transactions](https://www.islernw.com/effortless-financial-management-mastering-quickbooks-onlines-recurring-transactions/) - QuickBooks Online continues to provide a wide array of bookkeeping and accounting features to simplify financial management tasks for small business owners.
- [Healthcare Considerations for Boomers in Retirement](https://www.islernw.com/healthcare-considerations-for-boomers-in-retirement/) - Baby Boomers – the largest generation in America by the numbers – are approaching their golden years. This means that many are beginning to look ahead to a healthy and secure retirement as they put their years in the workforce behind them. One of the critical aspects of Boomer retirement planning is healthcare. In this
- [Navigating the Tax Implications of Remote Work for SMBs: A Comprehensive Guide](https://www.islernw.com/navigating-the-tax-implications-of-remote-work-for-smbs-a-comprehensive-guide/) - Understanding these implications is crucial for SMBs to avoid potential penalties and ensure compliance with tax laws.
- [Major Tax Sunset on the Horizon](https://www.islernw.com/major-tax-sunset-on-the-horizon/) - With the potential for tax changes on the horizon, taxpayers should begin thinking more urgently about their estate and income tax planning.
- [Financial Resolutions: A Guide to Kickstart Your Best Money Year Yet](https://www.islernw.com/guide-to-kickstart-your-best-money-year-yet/) - This article will guide you through essential financial resolutions to set the tone for your best money year yet.
- [Saver’s Credit Can Help You Save for Retirement ](https://www.islernw.com/savers-credit-can-help-you-save-for-retirement/) - Article Highlights: Benefits Eligible Taxpayers Rules for Students, Dependents of Others and Individuals Under the Age of 18 Due Date for Contributions Low- and moderate-income workers can take steps to save for retirement and earn a special tax credit. The saver’s credit, also called the retirement savings credit, helps offset part of the first $2,000
- [Are You Taking Advantage of Your Employer’s Fringe Benefits?](https://www.islernw.com/are-you-taking-advantage-of-your-employers-fringe-benefits/) - The tax code allows employers to provide their employees with a variety of tax-free fringe benefits. Not all employers have them so be sure to check.
- [Common IRS Audit Triggers for Small Businesses: How to Avoid Them](https://www.islernw.com/common-irs-audit-triggers-for-small-businesses-how-to-avoid-them/) - Understanding the common triggers for an IRS audit and taking proactive steps can significantly reduce the likelihood of facing one.
- [2024 Standard Mileage Rates Announced](https://www.islernw.com/2024-standard-mileage-rates-announced/) - The IRD recently announced the inflation-adjusted 2024 optional standard mileage rates used to calculate the deductible costs of operating an automobile.
- [Great News for Employers Who Received Questionable Employee Retention Credits](https://www.islernw.com/employers-who-received-questionable-employee-retention-credits/) - Article Highlights: Combating Dubious Employee Retention Credit (ERC) Claims New Voluntary Disclosure Program Employer Benefits Applying for the New Voluntary Disclosure Program When the 80% is Due Installment Payment Plan Other Ongoing ERC Initiatives Claim Withdrawal Still Available The IRS has introduced a New Voluntary Disclosure Program that allows employers who received questionable Employee Retention
- [Important January 2024 Tax Due Dates](https://www.islernw.com/january-2024-due-dates/) - January 2024 Individual Due Dates January 2 - Time to Call For Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10 - Report Tips to Employer -
- [8 Steps to Avoid Common Tax and Accounting Mistakes](https://www.islernw.com/8-steps-to-avoid-common-tax-and-accounting-mistakes/) - Successfully steering a small business involves adeptly managing its financial intricacies. Amid the myriad responsibilities, tax and accounting often prove to be a potential minefield for entrepreneurs, with common mistakes capable of significantly impacting a business's fiscal health. We will delve into each of the eight common tax and accounting mistakes, providing insights into why
- [Coming Soon – Business Beneficial Ownership Reporting](https://www.islernw.com/business-beneficial-ownership-reporting/) - Article Highlights Corporate Transparency Act (CTA) Financial Crimes Enforcement Network (FinCEN) Companies Required to Report Beneficial Ownership Information Who is a Beneficial Owner Filing Due Dates Penalties Updates Small Entity Compliance Guide How Does a Company File a BOI Report In the ever-evolving landscape of business regulations, the Corporate Transparency Act (CTA), passed as part
- [Healthcare Systems and Controversial Tax Breaks: Everything You Need to Know](https://www.islernw.com/healthcare-systems-controversial-tax-break/) - Just about everyone has an opinion on the healthcare system in the United States. What may Americans don’t realize, however, is that there’s another tangential battle going on when it comes to healthcare facilities themselves. Property tax breaks – specifically for non-profit hospitals and clinics – are common. In recent months and years, though, many
- [E-File Mandate - Reporting of Cash Payments Over $10,000](https://www.islernw.com/e-file-mandate-cash-payments/) - Article Highlights: Reason for Form 8300 E-File Mandate Waiver Exemptions Late Returns Late Filing Penalties Record Keeping E-File Starting Jan. 1, 2024, businesses are required to electronically file (e-file) Form 8300, Report of Cash Payments Over $10,000, instead of filing a paper return. This new requirement follows final regulations amending e-filing rules for information returns, including Forms
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- [Supreme Court Showdown: The Fate of American Wealth Taxes](https://www.islernw.com/american-wealth-taxes/) - Some politicians’ dreams of imposing a wealth tax on the richest Americans face a critical juncture as the United States Supreme Court prepares to weigh in on a seemingly minor tax dispute involving a $14,729 tax liability. The case, known as Moore v. United States, challenges a provision of President Donald Trump's 2017 tax package
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- [IRS Expands Requirement to E-File Information Returns Starting in 2024](https://www.islernw.com/irs-efile-information-returns-starting-2024/) - Article Highlights: New Lower threshold for e-filing information returns Why the e-filing mandate? What is an Information Return? Other affected filings Corrected information returns Noncompliance Penalties Waivers IRS Portal Businesses, whether operating as a corporation, partnership, or a sole proprietorship, have been required to electronically file information returns when the aggregate number of these returns,
- [Demystifying Business Valuations: A Guide for Informed Decision-Making](https://www.islernw.com/demystifying-business-valuations-a-guide-for-informed-decision-making/) - As a business owner, understanding the value of your company is crucial for various scenarios, from transactions to tax reporting, financial reporting, and even potential litigation. In this comprehensive guide, we’ll address ten commonly asked questions about business valuations, providing you with the knowledge you need to navigate this important aspect of business ownership. Why
- [Year-End Prep: 5 Key QuickBooks Online Tasks Before January 1](https://www.islernw.com/5-key-quickbooks-online-tasks-before-jan-1/) - December always seems to fly by. In just a few short weeks, Thanksgiving dinner will be over and it will be time to welcome the New Year. The holiday season brings personal obligations, but for retailers, it's also the busiest time of the year. Even if you're not in the retail business, you probably have
- [Important December 2023 Due Dates](https://www.islernw.com/december-2023-due-dates/) - December 2023 Individual Due Dates December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2023. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2023 should call for a
- [Year-End Tax Planning Opportunities Are Here](https://www.islernw.com/year-end-tax-planning-opportunities/) - Article Highlights for End of Year: Not Needing to File a 2023 Year Return? Are Your Children Attending College? Did You Sell Your Home This Year? Do You Have an Employer Health Flexible Spending Account? Did You Become Eligible to Make Health Savings Account (HSA) Contributions This Year? Is Your Income Unusually Low This Year?
- [Cracking the (Tax) Code: Your Guide to Tax Jargon](https://www.islernw.com/cracking-the-tax-code-your-guide-to-tax-jargon/) - Do taxes have you feeling like you've stumbled into a secret society with its own language? You're not alone! The world of taxes is full of jargon that can leave even the savviest of individuals scratching their heads. But don't worry, we’re here to help! In this brief guide, we’ll give you the lowdown on
- [Employers, Don’t Miss Out on the Work Opportunity Credit](https://www.islernw.com/employer-dont-miss-out-on-the-wotc/) - Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Work Opportunity Tax Credit (WOTC) allows an employer who is willing to help disadvantaged individuals to benefit from a substantial federal tax credit. The WOTC is typically worth up to $2,400 for each eligible employee, but it can be worth up to
- [Smart Strategies for Building and Expanding Your Financial Nest Egg](https://www.islernw.com/smart-strategies-for-expanding-your-financial-nest-egg/) - In today's dynamic financial landscape, it's imperative to explore innovative ways to save and grow your nest egg. This comprehensive guide outlines practical and proven savings hacks that can significantly enhance your financial security and future prosperity. 1.Craft a Comprehensive Budget: The foundation of any successful savings plan starts with a well-defined budget. By meticulously
- [New Business Start-up Costs](https://www.islernw.com/new-business-start-up-costs/) - Article Highlights Starting a Business What Expenses Qualify as Start-up and Organizational Costs Tax Treatment of Start-up and Organizational Costs Common Start-up and Organizational Costs Summary Starting a business can seem daunting to the prospective entrepreneur. A step-by-step plan to get started can alleviate some of the angst. The cost of getting started is one
- [Made a Mistake on Your Tax Return, so What Happens Now?  ](https://www.islernw.com/made-a-mistake-on-your-tax-return-so-what-happens-now/) - Article Highlights: Tax Return Mistakes are Common Fixing Tax Return Mistakes Amended Return Superseding Return Don’t Procrastinate in Responding to IRS Common Family Tax Mistakes Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated, and the paperwork required to file proper tax returns is often convoluted.
- [Navigating the Impact of Rising Interest Rates on Personal Finances](https://www.islernw.com/navigating-the-impact-of-rising-interest-rates-on-personal-finances/) - As the current 30-year mortgage rate hovers at 8%, and the 10-year treasury approaches 5%, it's crucial to understand the implications of rising interest rates on personal finances. Depending on your life stage and financial situation, these changes can bring both benefits and challenges. By incorporating effective tax planning strategies, you can mitigate the impact
- [Tax Benefits for Members of the Military](https://www.islernw.com/tax-benefits-for-members-of-the-military-2/) - Article Highlights: Service Member and Spouse Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home Sale Gain Exclusion Moving Deduction Death Gratuity Payments Child Credit Earned Income Tax Credit IRA Contributions Reservist’s Travel Expenses Qualified Reservist’s Early Retirement Plan Withdrawals Retired Military Disability Compensation Extension of Deadlines
- [IRS Alters Audit Focus](https://www.islernw.com/irs-alters-audit-focus/) - Article Highlights Audit Methods Additional Audit Funding Taxpayers Earning Less Than $400,000 Earned Income Tax Credit Taxpayers With Total Positive Income Above $1 Million Partnerships Foreign Bank Accounts Employee Retention Credit A key component in promoting the highest degree of voluntary compliance on the part of taxpayers is enforcement of the tax law. By pursuing
- [Innocent Spouse Tax Relief](https://www.islernw.com/innocent-spouse-tax-relief/) - Article Highlights Overview Innocent spouse relief Separation of liability Equitable relief Fairness Facts and Circumstances Confidentiality If you are or were married and filed your federal tax return jointly with your spouse, and you were unaware of potential errors or underreporting on that tax return for which the IRS is now billing you, you may
- [A Tax Twist on Your Favorite Game Show](https://www.islernw.com/a-tax-twist-on-your-favorite-game-show/) - Article Highlights: Unexpected 1099-MISC Cash Winnings Prize Winnings Famous Prize Winnings If you like to watch game shows and enjoy all the excitement that goes with watching contestants win prizes, then you can add another element to your viewing pleasure by considering how the contestants will handle the IRS Form 1099-MISC they receive for the
- [Important November 2023 Due Dates](https://www.islernw.com/important-november-2023-due-dates/) - November 2023 Individual Due Dates November 13 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 13. Your employer is required to withhold FICA
- [Taxes and Holiday Gift Giving](https://www.islernw.com/taxes-and-holiday-gift-giving/) - Article Highlights: Watch Out for Holiday Gift Scams Gifts with Tax Benefits Gift of College Tuition Gift of College Student’s Supplies Payoff of Student Loan Debt Clean Car Credit Qualified Tuition Programs Qualified Charitable Distribution Donor-Advised Funds Work Equipment Employee Gifts Monetary Gifts to Individuals Documentation Timing The holiday season is customarily a time of
- [Navigating the Challenge: How Rising Interest Rates Impact Start-up Fundraising](https://www.islernw.com/navigating-the-challenge-how-rising-interest-rates-impact-start-up-fundraising/) - In the dynamic world of start-ups, securing funding is the lifeblood of growth and innovation. However, as interest rates begin to rise, entrepreneurs find themselves facing a new set of challenges. In this article, we'll explore the multifaceted impact of rising interest rates on start-up fundraising and delve into strategic approaches to navigate this shifting
- [October Extended Due Date - Just Around the Corner](https://www.islernw.com/october-extended-due-date-around-the-corner/) - Article Highlights: October 16, 2023 is the extended due date for 2022 federal 1040 returns. Late-filing Penalty Interest on Tax Due Other October 16 deadlines If you could not complete your 2022 tax return by April 18, 2023 and are now on extension, that extension expires on October 16, 2023. Failure to file before the
- [Find Lost Money](https://www.islernw.com/finding-lost-money/) - Article Highlights: What is unclaimed property? How can you find unclaimed property? Is the unclaimed property you find taxable? What are your chances of finding unclaimed property in your name? Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of
- [October 2023 Important Due Dates](https://www.islernw.com/october-2023-important-due-dates/) - October 2023 Individual Due Dates October 2 - Fiduciaries of Estates and Trusts File a 2022 calendar year return (Form 1041). This due date applies only if you were given an extension of 5½ months. If applicable, provide each beneficiary with a copy of their Schedule K-1 (Form 1041) or a substitute Schedule K-1.s October
- [How Does Education Impact Your Taxes?](https://www.islernw.com/how-does-education-impact-your-taxes/) - The kids are back in school! Things like student loans, scholarships, and fellowship grants can play a role in parents’ and college students’ tax liability. Let’s look at how education costs can impact your taxes. Student Loan Forgiveness Student debt is a hot topic. As of July 2023, total U.S. student loan debt stood at
- [Tax Issues When Converting a Rental to Your Personal Residence](https://www.islernw.com/tax-issues-when-converting-a-rental-to-your-personal-residence/) - Article Highlights: Sale of a Rental Property Converted to a Personal Residence Exclusion of Gain on Sale of Personal Residence – The Ownership and Use Tests Partial Exclusion of Gain The Impact of a Rental Period After 2008 Depreciation Recapture Reporting the Sale Deductions When a Rental Property Is Converted to a Personal Residence Converting
- [The Hidden Costs of Sloppy Bookkeeping](https://www.islernw.com/the-hidden-costs-of-sloppy-bookkeeping/) - A recent Stanford study reviewed the aftermath of the Enron collapse and the repercussions to Enron's accounting firm's former clients. The primary trend they identified was when former clients issued accounting restatements or revisions because of less-than-accurate bookkeeping; there was an increase in the salary demands at the affected companies. The takeaway is that risky
- [Using the Home Sale Gain Exclusion for More than Just Your Home](https://www.islernw.com/using-the-home-sale-gain-exclusion-for-more-than-just-your-home/) - Article Summary: Home Sale Exclusion Primary Residence Second Home Fixer-upper Rental With careful planning, and provided you follow the rules, the tax code allows you to use the home sale gain exclusion every two years. Let’s assume you own a home, perhaps a second (vacation) home, or maybe are even thinking about buying a fixer-upper
- [Important September 2023 Due Dates](https://www.islernw.com/important-september-2023-due-dates/) - September 2023 Individual Due Dates September 1 - 2023 Fall and 2024 Tax Planning Contact this office to schedule a consultation appointment. September 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your
- [Financial Planning for All Ages](https://www.islernw.com/financial-planning-for-all-ages/) - Are you wondering where the world economy is going and how your personal finances will stand up to the changes? If so, you are not alone. Part of the fun of being on this planet is planning for the future even when it’s not clear what will happen tomorrow or next week. If you’re old
- [Are You Ignoring Retirement Planning?](https://www.islernw.com/are-you-ignoring-retirement-planning/) - Article Highlights: Predicting Social Security Income Planning for the Future Employer Retirement Plans Tax Incentive Retirement Savings Plans Are you ignoring your future retirement needs? That tends to happen when you are younger, retirement is far in the future, and you believe you have plenty of time to save for it. Some people ignore the
- [Tax Breaks for Grandparents](https://www.islernw.com/tax-breaks-for-grandparents-2023/) - Article Highlights: Head of household filing status Earned income tax credit Child tax credit Child care credit for certain working grandparents Grandchild’s education credits Medical and dental expenses More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States
- [Tax Implications of Student Loan Forgiveness](https://www.islernw.com/tax-implications-of-student-loan-forgiveness/) - Article Highlights: Background Court Battle Forgiveness Under Income-Driven Repayment (IDR) Plans Debt Relief Income American Rescue Plan Act General Welfare Exception Insolvent Taxpayer Exclusion Employer-Provided Educational Assistance Sec 529 Plans Back in August of 2022, President Biden issued an executive order that would forgive federal student loan debt for lower income individuals. The program would
- [Mid-Year Tax Planning Checklist 2023](https://www.islernw.com/mid-year-tax-planning-checklist-2023/) - Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences Waiting until after the close of the tax year to worry about your taxes can result in missed opportunities that could have reduced your tax liability or provided financial benefits. Mid-year is the perfect time for tax planning. The following are some events
- [August Due Date Reminders](https://www.islernw.com/august-due-date-reminders/) - August 2023 Individual Due Dates August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA
- [Nvidia Wasn't Born an AI Juggernaut, But It Certainly Did Become One](https://www.islernw.com/nvidia-wasnt-born-an-ai-juggernaut-but-it-certainly-did-become-one/) - If you've been paying attention to the news recently, you're no doubt well aware that artificial intelligence is a topic of much discussion. Thanks largely due to the launch of ChatGPT and the potentially disruptive implications of what this topic can do, it's everywhere. The FTC recently announced that it's investigating whether ChatGPT itself harms
- [Employee or Independent Contractor – A Primer for Employers and Employees](https://www.islernw.com/employee-or-independent-contractor-a-primer-for-employers-and-employees/) - Article Highlights: Distinguishing Employee and Independent Contractor State Legislation Federal Guidelines Partners Advantages of Independent Contractor Status Form SS-8 SE Tax Form 8919 Penalties for Misclassifying Workers IRS’ Voluntary Classification Settlement Program It is not uncommon for employers to misclassify employees as independent contractors, either to intentionally avoid their withholding and tax responsibilities or because
- [Relief For Some 2023 IRA RMDs](https://www.islernw.com/relief-for-some-2023-ira-rmds/) - Article Highlights: IRA Owners Turning 72 in 2023. Required Minimum Distribution Not Required Until April 1, 2025. 60-Day Rollover Period Rollover Period Extended Until September 30, 2023. On July 14, 2023, the IRS issued Notice 2023-54 announcing that traditional IRA owners who will attain age 72 in 2023 (that is, individuals born in 1951) will
- [When Tax Issues Become a Criminal Situation in the Eyes of the IRS](https://www.islernw.com/when-tax-issues-become-a-criminal-situation-in-the-eyes-of-the-irs/) - Due to the admittedly complicated nature of the tax code in the United States, the idea that someone might experience issues when filing is not exactly unheard of. Oftentimes people will calculate certain aspects of their returns wrong, fail to submit the necessary paperwork, or something similar. That's part of what amended returns are for
- [New Employee Onboarding Best Practices: Factors to Consider for Success](https://www.islernw.com/new-employee-onboarding-best-practices-factors-to-consider-for-success/) - According to one recent study, replacing an employee who has left your business can cost between 50% to 60% of that person's salary. This is why it's virtually always more expensive to hire a new person than it is to simply retain one of your existing workers. If you're replacing someone who makes about $100,000
- [Tax Changes Coming After 2025](https://www.islernw.com/tax-changes-coming-after-2025/) - Article Highlights: Standard Deductions Personal & Dependent Exemptions Child Tax Credit Home Mortgage Interest Limitations Tier 2 Miscellaneous Deductions Phaseout of Itemize Deductions SALT Limits Moving Deduction Commuting Tax Benefits Personal Casualty Losses Estate Tax Exclusion Tax Brackets Alternative Minimum Tax (AMT) Qualified Business Income (QBI) Deduction Blog: By now you have probably gotten used
- [Why It's Never Too Early to Start a Savings Account for Your Children](https://www.islernw.com/why-its-never-too-early-to-start-a-savings-account-for-your-children/) - Parents - especially new ones - are always looking for new ways to improve the lives of their children. Surprisingly, one of the most effective opportunities that people also often overlook has to do with starting a savings account for that child as early as they're capable of doing so. On the one hand, no
- [Can a Self-Employed Taxpayer Mix Business and Pleasure During Foreign Travel and Still Get a Tax Deduction?](https://www.islernw.com/can-a-self-employed-taxpayer-mix-business-and-pleasure-during-foreign-travel-and-still-get-a-tax-deduction/) - Article Highlights: 100% Business Primarily Vacation Primarily Business Special Circumstances Foreign Conventions, Seminars, and Meetings Cruise Ships Spousal Travel Expenses Note: the business expenses discussed in this article – both foreign and domestic – are not deductible by employees during years 2018 through 2025. However, they are available to self-employed individuals. When a self-employed individual
- [Your Entrepreneur Start-Up Guide: The Best Practices to Help Motivate Success](https://www.islernw.com/your-entrepreneur-start-up-guide-the-best-practices-to-help-motivate-success/) - Ask any experienced entrepreneur and they will tell you that the difference between running a business and running a successful business is massive. To truly give yourself the best chance of success, and to help achieve your overall goals in the most effective ways possible, there are a number of key best practices you'll want
- [Have You Gotten Bad Tax Advice?](https://www.islernw.com/have-you-gotten-bad-tax-advice/) - Article Highlights: Divorce or Separation Agreements Can Specify Who Claims a Child. If You Pay Child Support, You Claim the Child as a Dependent. Avoiding Payroll Taxesby Treating an Employee’s Compensation as a Gift. Only Medical Expenses for Taxpayer, Spouse, and Dependents Are Deductible. Donation of the Use of a Time-Share Week Is a Charitable
- [5 Ways QuickBooks Online Can Make You More Profitable](https://www.islernw.com/5-ways-quickbooks-online-can-make-you-more-profitable/) - QuickBooks Online can enhance your company’s bottom line by improving your cash flow, customer relationships, inventory balance, and your future. QuickBooks Online is really good at a lot of things. It helps you create and manage contact records and sales forms. It can keep you apprised of your online account transactions and balances and help
- [What’s Best, FSA or HSA?](https://www.islernw.com/whats-best-fsa-or-hsa/) - Article Highlights: Employer Medical Fringe Benefits. Flexible Spending Account (FSA). FSA Annual Contribution Limits. FSA Limited Annual Carryover Provisions. Health Savings Account (HSA). HSA Qualifications. High Deductible Insurance. HSA as a Retirement Vehicle. Comparison Table. Many employers offer health flexible spending accounts (FSAs) and health savings accounts (HSAs) as part of their employee benefits packages. Both
- [Tax Breaks for Hiring Your Children in Your Family Business](https://www.islernw.com/tax-breaks-for-hiring-your-children-in-your-family-business/) - Article Highlights: Child Under the Age of 19 or a Student Under the Age of 24 Kiddie Tax Tax on a Child’s Earned Income Deduction for the Business Employment Taxes IRAs and Retirement Plans You might consider hiring your children to help in your business. Financially, it makes more sense to keep the family employed
- [Employer-Offered Benefits That Can Save You Money and Taxes](https://www.islernw.com/employer-offered-benefits-that-can-save-you-money-and-taxes/) - Article Highlights: Health Insurance Retirement Plans Special Rule for Military Spouses Qualified Transportation Fringe Benefits Flexible Spending Accounts (FSAs) Group Term Life Insurance Qualified Employee Discounts Employer-Provided Education Assistance Adoption Expenses Child and Dependent Care Benefits Health Savings Accounts Special Rule for Military Spouses Tax law includes several tax- and financially favored benefits that
- [Divorced, Separated, Married or Widowed This Year? Unpleasant Surprises May Await You at Tax Time](https://www.islernw.com/divorced-separated-married-or-widowed-this-year-unpleasant-surprises-may-await-you-at-tax-time/) - Article Highlights: Separated Taxpayers Divorced Taxpayers Recently Married Taxpayers Widowed Taxpayers Filing Status Joint and Several Liability Who Claims the Children Alimony Community Property States Affordable Care Act Taxpayers are frequently blindsided when their filing status changes because of a life event such as marriage, divorce, separation or the death of a spouse. These occasions
- [Important July 2023 Due Dates](https://www.islernw.com/july-2023-due-dates/) - July 2023 Individual Due Dates July 3 - Time for a Mid-Year Tax Check Up Time to review your 2023 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report Tips to Employer If you are an employee who works for tips and received
- [Did You Get a Letter from the IRS? Don’t Panic.](https://www.islernw.com/get-a-letter-from-the-irs-dont-panic/) - Article Highlights: IRS Notices CP Series Notice Automated Notices Frequent Errors ID Theft Penalties and Interest What You Should Do What We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the
- [Business Growth: How to Plan for (and Make the Most of) This Critical Stage ](https://www.islernw.com/business-growth-how-to-plan-for-and-make-the-most-of-this-critical-stage/) - While it's true that every business is different from the next - and every entrepreneur will go on his or her own unique journey - there are still a few constants that we know to be true. The start-up phase, for example, is when you write a formal business plan. You secure financing, you select
- [Did You Overlook Something on a Prior Tax Return? ](https://www.islernw.com/did-you-overlook-something-on-a-prior-tax-return/) - Article Highlights: Repercussions of Incorrect Tax Returns Filing Amended Returns Statute of Limitations for Refunds Potential of Audit It is not uncommon to discover that an item of income was overlooked, a deduction was not claimed, or that an amended tax document was received after the tax return was already filed. Regardless of whether the
- [Reconstructing Tax Records for Individuals](https://www.islernw.com/reconstructing-tax-records-for-individuals/) - Article Highlights Advance Preparedness Cloud Storage Copies of Returns or Return Transcripts Records of Personal Residence and Real Property Vehicles Personal Property Business Records Hurricanes, fires, floods, tornadoes and other unanticipated events can all destroy tax records and require taxpayers to reconstruct financial records lost during such a tragedy or disaster. Individuals will need these
- [Are You an American Living Abroad? Here Are the Essential Tax Facts to Consider](https://www.islernw.com/are-you-an-american-living-abroad-here-are-the-essential-tax-facts-to-consider/) - It can be logical to assume that because you've moved out of the country, you no longer have to pay taxes on any money you earn. It can be logical... but it is also incorrect. Nearly all United States citizens must file a Federal Tax Return every year. This is true regardless of where in
- [The IRS Issues Update to the Tax Scams to Be Aware of For 2023 and Beyond ](https://www.islernw.com/the-irs-issues-update-to-the-tax-scams-to-be-aware-of-for-2023-and-beyond/) - When it comes to income taxes, two things tend to be true every year. The first is that April will always roll around yet again, whether you like it or not - which means that it's in your best interest to make sure your tax filing needs are accounted for. The second is that with
- [Reconstructing Individual Tax Records](https://www.islernw.com/reconstructing-individual-tax-records/) - Article Highlights Advance Preparedness Cloud Storage Copies of Returns or Return Transcripts Records of Personal Residence and Real Property Vehicles Personal Property Business Records Hurricanes, fires, floods, tornadoes and other unanticipated events can all destroy tax records and require taxpayers to reconstruct financial records lost during such a tragedy or disaster. Individuals will need these
- [Tax Exempt Organization Filing Deadline Approaching](https://www.islernw.com/tax-exempt-organization-filing-deadline-approaching/) - Article Highlights: Information Filing Due Dates Calendar Year Nonprofit Fiscal Year Nonprofits Which Form To File Extension of Time to File Late Filing Penalty Failure To File For 3 Years State Filing Requirements Most organizations exempt from income tax under section 501(a) must file an annual information return or submit an annual electronic notice (Form
- [Warning Signs That You Should STOP Managing Your Own Books](https://www.islernw.com/warning-signs-that-you-should-stop-managing-your-own-books/) - Warning Signs That You Should STOP Managing Your Own Books On the one hand, it's almost a prerequisite for entrepreneurs of all types to have that "can-do spirit." That sense that nobody else sees things quite like they do so, whatever it is they want to accomplish, it becomes something they know they'll have to
- [Has Technology Disrupted Your Business Model? Here's What to Do Next](https://www.islernw.com/has-technology-disrupted-your-business-model-heres-what-to-do-next/) - Think for a moment about the many ways that the world has changed since Steve Jobs first introduced the iPhone to the world in 2007. Overnight, entire industries were upended. Nobody needed a standalone camera because they were suddenly carrying one around with them in their pocket all day. GPS units for your car became
- [When Can You Dump Old Tax Records?](https://www.islernw.com/when-can-you-dump-old-tax-records-2023/) - Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the
- [Want to Improve Your Cash Flow? Shorten the Amount of Time it Takes to Get Paid](https://www.islernw.com/want-to-improve-your-cash-flow-shorten-the-amount-of-time-it-takes-to-get-paid/) - To say that things are uncertain right now when it comes to the economy is, in all probability, a bit of an understatement. Inflation is at levels we haven't seen in decades. Employment costs are rising across the board. Materials in a number of industries are more expensive than ever - if you can even
- [Worried About Getting Audited? Here's What You Need to Know About Your Chances](https://www.islernw.com/worried-about-getting-audited-heres-what-you-need-to-know-about-your-chances/) - If you've been following the news recently, you're no doubt familiar with the talk about the Internet Revenue Service hiring new agents during a time when they've been critically understaffed for years. Indeed, the IRS is expected to receive approximately $80 billion in funding between now and 2031, much of which will be used to
- [Looking for Quick Cash? Try to Avoid Retirement Savings](https://www.islernw.com/looking-for-quick-cash-try-to-avoid-retirement-savings/) - Article Highlights: Early-Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early-Withdrawal Penalty If you find yourself looking for a quick source of cash, your retirement savings may look like a tempting option. However, if you are under age 59½ and withdraw money from a traditional IRA or qualified retirement account, you will likely pay
- [Important May 2023 Due Dates](https://www.islernw.com/important-may-2023-due-dates/) - May 2023 Individual Due Dates May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA taxes
- [What is the Difference Between an HSA and a Health FSA?](https://www.islernw.com/what-is-the-difference-between-an-hsa-and-a-health-fsa/) - Article Highlights: Flexible Spending Accounts Common Features of an FSA FSA Allowable Medical Expenses Unused Amounts (Use It or Lose It) Health Savings Accounts Enrolled in Medicare Covered Under a High-deductible Health Plan HSA Contributions and Contribution Limits HSA as a Supplemental Retirement Vehicle FSA-HSA Comparison Table The tax code provides two tax advantageous plans
- [Don’t Get Hit with IRS Underpayment Penalties](https://www.islernw.com/dont-get-hit-with-irs-underpayment-penalties/) - Article Highlights: Pay-as-You-Earn System Withholding and Payment Forms IRS On-line Withholding Estimator Situations Triggering Underpayments Safe Harbor Payments True Safe Harbor Under federal law, taxpayers must pay taxes during the year as they earn or receive income, or they can find themselves falling victim to substantial underpayment penalties. Even worse, they may have spent the
- [It’s Not Too Late for an IRA Contribution](https://www.islernw.com/its-not-too-late-for-an-ira-contribution/) - Article Highlights: Contribution Due Date Age Rules Compensation Rules When To Contribute Contribution Limits Deductibility & Benefits Saver’s Credit Choosing Between Traditional & Roth IRAs Most of the time an expense that may be tax deductible needs to be paid by the end of the year for which the expense will be claimed. However, there
- [How Employee Stock Options Are Taxed](https://www.islernw.com/how-employee-stock-options-arehow-employee-stock-options-are-taxed-taxed/) - Article Highlights: Non-statutory Option Wage Income Statutory (Incentive) Options Capital Gains Alternative Minimum Tax Many companies, as an incentive to employees to help grow the companies’ market value, will offer stock options to key employees. The options give the employee the right to buy up to a specified number of shares of the company’s stock
- [Important April 2023 Due Dates](https://www.islernw.com/important-april-2023-due-dates/) - April 2023 Individual Due Dates Disaster Area Extensions: Please note that when a geographical area is designated as a disaster area, due dates will be extended. For more information whether an area has been designated a disaster area and the filing extension dates visit the following websites: FEMA: https://www.fema.gov/disaster/declarations IRS: https://www.irs.gov/newsroom/tax-relief-in-disaster-situations For example, disaster-area taxpayers
- [Have You Lost Your Job? Here's What You Need to Know About Taxes](https://www.islernw.com/have-you-lost-your-job-heres-what-you-need-to-know-about-taxes/) - If you were laid off from your job at some point in the last year, at least take comfort in the fact that you are not alone. In 2022 alone, there were approximately 15.4 million layoffs in the United States as per one recent study. About 6.9 million of them happened in the last half
- [Can’t Pay Your Taxes? Here Are Some Options](https://www.islernw.com/cant-pay-your-taxes-here-are-some-options/) - Article Highlights: If You Can’t Pay Automatic Extension in Federally Declared Disaster Areas Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections Offer-in-Compromise About 3 out of 4 American taxpayers receive a refund each year when they file their income tax returns, but
- [What You Can Learn About Running a Business From Henry Ford](https://www.islernw.com/what-you-can-learn-about-running-a-business-from-henry-ford/) - If you had to make a list of people who changed the world essentially just by existing, Henry Ford's name would likely be on it. Most people know him from history as the founder of the (appropriately named) Ford Motor Company. Here, he developed the assembly line method of mass production. Not only did this
- [Home Energy Improvement Credit Is Enhanced](https://www.islernw.com/home-energy-improvement-credit-is-enhanced/) - Article Highlights: Credit History Credit Percentage and Annual Credit Limit Per Item Credit Limit Home Energy Audit Identification Number Requirement Other Credit Issues Tip To Maximize The Credit This credit goes all the way back to 2006, providing a tax credit for making energy-saving improvements to a taxpayer’s home. This tax benefit was supposed to
- [Are You Caring for a Disabled Family Member? Read This.](https://www.islernw.com/are-you-caring-for-a-disabled-family-member-read-this/) - Article Highlights: Caring for Disabled Family Members Qualified Medicaid Waiver Payments Exclusion Qualifications Mandatory Exclusion Earned Income Earned Income Tax Credit Tax Court Ruling Many taxpayers prefer to care for ill or disabled family members in their homes as opposed to placing them in nursing homes, but doing this can be expensive, time-consuming, and exhausting.
- [Are You Worried You Won't Have Enough Money Saved for Retirement?](https://www.islernw.com/are-you-worried-you-wont-have-enough-money-saved-for-retirement/) - All of us dream of one day being able to retire - to finally be able to relax and enjoy the lifestyle we worked so hard for. However, you'll need a significant amount of money to do it, which is where a lot of Americans begin to worry. Saving for retirement is a constant fear
- [Be on the Outlook for Tax Reporting Forms](https://www.islernw.com/be-on-the-outlook-for-tax-reporting-forms/) - Article Highlights: Form W-2 Form W-2G Form 1099-G Form 1099-MISC Form 1099-DIV Form 1099-INT Form 1099-B Form 1099-S Form SSA-1099 Form RRB-1099 Form 1099-R Form 1098-T Form 1095-A Form 1099-NEC Form 1099-K Schedule K-1 With tax season upon us, documents reporting income, sales and other items needed for your 2022 tax return should have arrived
- [Haven't Filed Tax Returns for Multiple Years? Here's What You Need to Do Next](https://www.islernw.com/havent-filed-tax-returns-for-multiple-years-heres-what-you-need-to-do-next/) - You'd be hard-pressed to find someone who actually enjoys the process of filing taxes. Having said that, it's absolutely something that you're supposed to do like clockwork every single year. Of course, there is a myriad of different reasons why you may have fallen behind. You could be going through something of a major life
- [Many Taxpayers Will See Smaller Refunds This Year](https://www.islernw.com/many-taxpayers-will-see-smaller-refunds-this-year/) - Article Highlights: Child Tax Credit Dependent Care Benefits Recovery Rebates Employee Retention Credit Congress has for years used the tax return as a means of providing benefits to taxpayers in need and incentives to stimulate activities in business, as well as addressing environmental issues. So when COVID-19 hit, Congress and many state governments provided tax
- [Tax Benefits For Parents](https://www.islernw.com/tax-benefits-for-parents/) - Article Highlights: Child Tax Credit Earned Income Tax Credit Head of Household Filing Status Child Care Education Savings Plans Education Tax Credit Education Loan Interest Child’s Medical Expenses If you are a parent, whether single, married or divorced, there are a significant number of tax benefits available to you, including deductions, credits, and filing status
- [Important March 2023 Due Dates](https://www.islernw.com/important-march-2023-due-dates/) - March 2023 Individual Due Dates March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA
- [Planning On Buying a New Electric Vehicle and Claiming a Tax Credit? Better Read This First](https://www.islernw.com/planning-on-buying-a-new-electric-vehicle-and-claiming-a-tax-credit-better-read-this-first/) - Article Highlights: Background Qualifications Income Limit 4-wheel vehicle Street Vehicle Minimum Battery Capacity Acquired for Original Use Final Assembly MSRP Critical Mineral and Battery Components Seller Provided Report List of Qualifying Vehicles Transfer of Credit to the Dealer Although the credit for purchasing a new electric vehicle can still be as much as $7,500, Congress
- [Who Claims the Children’s Tax Benefits You or Your Ex-Spouse?](https://www.islernw.com/who-claims-the-childrens-tax-benefits-you-or-your-ex-spouse/) - Article Highlights: Custodial Parent Dependency Release Joint Custody Tiebreaker Rules Child’s Exemption Head of Household Filing Status Tuition Credit Child Care Credit Child Tax Credit Earned Income Tax Credit If you are a divorced or separated parent, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. This
- [Consequences of Filing Married Filing Separate](https://www.islernw.com/consequences-of-filing-married-filing-separate/) - Article Highlights Reasons to File Separate Filing Threshold Community Property State Income Joint & Several Liability Social Security Benefits Taxation Threshold Capital Loss Limitation Sec 179 Limitation Rental Loss Limitation Traditional IRA Roth IRA Savings Bond Interest Exclusion Higher Education Interest Standard Deduction Standard Deduction vs Itemized Deductions Medicare Premiums Home Mortgage Interest SALT Limitation
- [All the Signs That You May Need Some Assistance With Your Bookkeeping](https://www.islernw.com/all-the-signs-that-you-may-need-some-assistance-with-your-bookkeeping/) - Especially in the early days of a business, it can be natural to want to handle as many day-to-day tasks yourself - bookkeeping included. Sometimes, it's in an effort to save money. Often, entrepreneurs just feel like they're in a better position to handle everything themselves. Regardless, this situation does seem to play out regularly.
- [February 2023 Due Dates](https://www.islernw.com/february-2023-due-dates/) - February 2023 Individual Due Dates February 3 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in
- [Start Off on the Right Foot for the 2023 Tax Year](https://www.islernw.com/start-off-on-the-right-foot-for-the-2023-tax-year/) - Article Highlights: W-4 Updates W-9 Collection Estimated Tax Payments Charitable Contributions Required Minimum Distributions Gifting Retirement-Plan Contributions Beneficiaries Reasonable Compensation Business-Vehicle Mileage College-Tuition Plans Individuals and small businesses should consider various ways of starting off on the right foot for the 2023 tax year. W-4 Updates – If you are employed, then your employer takes
- [Want to Relieve Stress in 2023? Start Building Your Emergency Fund](https://www.islernw.com/want-to-relieve-stress-in-2023-start-building-your-emergency-fund/) - Maybe you're one of the people who went through mass layoffs in virtually all industries in 2022. Maybe you've made a New Year's resolution to become more financially stable in 2023. You might even be worried that this is the year that the economy will truly enter into the recession that many have predicted for
- [Wonder What a Tax Deduction Is Worth?](https://www.islernw.com/wonder-what-a-tax-deduction-is-worth/) - Article Highlights: Non-business deductions Tax bracket Above-the-line deductions Itemized deductions Business deductions Tax credits Individuals are always looking for tax deductions that can reduce their tax liability. But what is the actual tax benefit derived from a tax deduction? There is no straightforward answer because some deductions are “above the line”, others must be itemized,
- [Common Family Tax Mistakes](https://www.islernw.com/common-family-tax-mistakes/) - Article Highlights Family Member Transactions Renting to a Relative Below-Market Loans Transferring Home Titles Gifts Basis Life Estate Incorrect Withholding Child Files Incorrect Return When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following aresome commonly encountered situations and the tax ramifications associated with
- [How QuickBooks Can Get Your Finances In Order for 2023](https://www.islernw.com/how-quickbooks-can-get-your-finances-in-order-for-2023/) - Put 2022 behind you by wrapping up those unfinished accounting tasks in QuickBooks. You meant to clean up your accounting data by the end of 2022, but December is so busy. It was hard to do much beyond managing each day’s high-priority QuickBooks work. You’d catch up in January, you told yourself in December. Now
- [Understanding What Tax-Deferred Investing Is](https://www.islernw.com/understanding-what-tax-deferred-investing-is/) - Article Highlights: Income Deferral Earnings Deferral Individual Retirement Accounts Retirement Accounts Bank Savings Short- and Long-Term Capital Gains Education Savings Accounts Health Savings Accounts Installment Sales Tax Deferred Exchanges Qualified Opportunity Funds When you are attempting to defer the taxability of a capital gain, save money for your children’s future education or plan your retirement
- [January 2023 Important Due Dates](https://www.islernw.com/january-2023-important-due-dates/) - January 2023 Individual Due Dates January 3 - Time to Call For Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10 - Report Tips to Employer -
- [Looking Ahead to 2023 Taxes ](https://www.islernw.com/looking-ahead-to-2023-taxes/) - Article Highlights: Solar Credit Home Backup Electric Storage Battery Credit Home Energy Improvement Credit Research Credit Clean Energy Vehicles (New and Used) Credits Standard Deduction Increase Increased Retirement Plan Contributions Other Tax-Related Inflation Adjustments With the holiday celebrations coming to an end and the New Year just around the corner, now is the time to
- [Huge Increase in Scam Texts – Don’t Be a Victim](https://www.islernw.com/huge-increase-in-scam-texts-dont-be-a-victim/) - Article Highlights: ID Thieves Are Constantly After Your ID Information There Has Been an Exponential Increase in Text Scams Your Phone Is Their Target How to Report Text and Phishing Scams to the Government. Taxpayers should be aware of the recent increase in IRS-themed texting scams aimed at stealing personal and financial information. So far
- [How to Manage Your Money During a Recession](https://www.islernw.com/how-to-manage-your-money-during-a-recession/) - According to one recent study, the probability of the United States experiencing a recession in the next year hit 96% in October 2022. If you needed a single statistic to outline the importance of paying attention to what is going on with the economy on a regular basis, let it be that one. A recession
- [The Tax Consequences of Gig Work](https://www.islernw.com/the-tax-consequences-of-gig-work/) - Over the last decade, in particular, the definition of the term "career" has changed. Rather than being employed by a single entity for which you receive a W2 at the end of the year, many are now participating in the "gig economy" in a variety of ways. They're not just working a day job. They're
- [Steps Your Business Can Take to Survive a Recession](https://www.islernw.com/steps-your-business-can-take-to-survive-a-recession/) - According to one recent study, there is a 96% chance that the United States will experience some form of economic recession within the next 12 months. If you needed a single statistic to underline the importance of planning ahead when it comes to your business, let it be that one. Thankfully, this news isn't a
- [Holiday Family Employment Tax Benefits](https://www.islernw.com/holiday-family-employment-tax-benefits/) - Article Highlights: Employing a Child Child Payroll Taxes FUTA Tax for a Child Child IRA Contributions Child Tax-Free Income Spouses Working in the Same Business Partnership Spousal Joint Venture Spouse Employee Along with the holidays comes a lot of extra work for many family-run businesses, which may require putting the kids to work and having
- [December 2022 Important Due Dates](https://www.islernw.com/december-2022-important-due-dates/) - December 2022 Individual Due Dates December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2022. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2022 should call for a
- [Ways To Save on Your Taxes If You are Laid Off ](https://www.islernw.com/ways-to-save-on-your-taxes-if-you-are-laid-off/) - If you've been following the news recently, you're no doubt aware of a massive round of layoffs that struck one of the most popular social media sites in existence, Twitter. Under the direction of new owner Elon Musk, it was estimated that as many as 3,700 people lost their jobs with more expected to be
- [Managing Gains and Losses in a Turbulent Year   ](https://www.islernw.com/managing-gains-and-losses-in-a-turbulent-year/) - Article Highlights: Rough Year for the Stock Market Year End Approaching Annual Capital Losses Are Limited Be Aware of Wash Sale Rules Off-Set Short-Term Gains with Long-Term Capital Losses Planning for Zero Tax on Long-Term Capital Gains Converting a Traditional IRA to a Roth It's been a rough Fall for the stock market. So much
- [The IRS Achieves a 90% Conviction Rate, or: "Why You Shouldn't Cheat on Your Taxes"](https://www.islernw.com/the-irs-achieves-a-90-conviction-rate-or-why-you-shouldnt-cheat-on-your-taxes/) - There's an old saying that reminds us that there are only two certainties in this life: "death, and taxes." Whoever coined that phrase couldn't have known how true it was, particularly when it comes to the latter portion. The Internal Revenue Service recently came out with its annual Enforcement Report, and the numbers themselves don't
- [Year End Tax Planning Issues](https://www.islernw.com/year-end-tax-planning-issues/) - Article Highlights: Benefits Sunsetting After 2021 Benefits Sunsetting After 2022 Not Needing to File May Be an Opportunity Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Roth IRA Conversions Avoid Required Minimum Distribution (RMD) Penalties Recognizing Capital Losses Take Advantage of the Zero Capital Gains Tax Rate Make Business
- [Use QuickBooks Online Effectively: 7 Best Practices](https://www.islernw.com/use-quickbooks-online-effectively-7-best-practices/) - Here are seven ways you can be safe, compliant, and productive when you’re using QuickBooks Online. “Best practices” is a phrase that human resources professionals have been using for decades. But every type of profession has its own best practices, whether they call it that or not. These guidelines are not enforceable rules, though some
- [What Is an Offer in Compromise?](https://www.islernw.com/what-is-an-offer-in-compromise/) - Carrying long-term debt is a challenge, but when the money is owed to the government and you see no way to pay what you owe, it can be psychologically and emotionally debilitating. Some people think they can turn to bankruptcy, but that is not the case – bankruptcy specifically will not discharge tax debts. One
- [Four Popular Platforms for Finding Gig Work](https://www.islernw.com/four-popular-platforms-for-finding-gig-work/) - There was once a time when the only people who used the word “gig” were musicians chatting about a booking. Today, virtually every newspaper and magazine features the booming gig economy — or how to make the most of it — on a regular basis. Though the term generally refers to people who have taken
- [Are You Missing Out on the Increased Child Tax Credit?](https://www.islernw.com/are-you-missing-out-on-the-increased-child-tax-credit/) - Article Highlights: American Rescue Plan Act 2021 Enhanced Child Tax Credit Credit Phaseout Advance Payments TIGTA Report Millions Entitled to But Did Not Receive the Credit Credit Still Available to Those That Qualify The American Rescue Plan Act of 2021, also referred to as the COVID-19 Stimulus Package or ARPA, was a $1.9 trillion bill
- [Is This an Opportune Time to Convert Your Traditional IRA to a Roth IRA?](https://www.islernw.com/is-this-an-opportune-time-to-convert-your-traditional-ira-to-a-roth-ira/) - Article Highlights: Stock Markets Downward Slide Traditional IRA to a Roth IRA Conversions Younger Individuals Here Is How It Works Marginal Tax Rates Example When Using the Marginal Table Conversions Cannot Be Undone. Non-deductible Traditional IRA Contributions If your traditional IRA is invested in stocks and/or mutual funds, the recent substantial downward slide by the
- [November 2022 Important Due Dates](https://www.islernw.com/november-2022-important-due-dates/) - November 2022 Individual Due Dates November 10 - Report Tips to Employee If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold FICA
- [If You Want to Maximize Your Social Security Income, You Need to Start Planning Now](https://www.islernw.com/if-you-want-to-maximize-your-social-security-income-you-need-to-start-planning-now/) - According to one recent study, about 27% of people in the United States between the ages of 55 and 67 years old have less than $10,000 saved for retirement. If you needed just one statistic to outline how important it is to plan ahead when you're younger, let it be that one. Similarly, you need
- [Bunching Your Deductions Can Provide Big Tax Benefits](https://www.islernw.com/bunching-your-deductions-can-provide-big-tax-benefits/) - Article Highlights: Itemized Versus Standard Deductions Medical Expenses Taxes Charitable Contributions If your tax deductions normally fall short of itemizing your deductions or even if you are able to itemize, but only marginally, you may benefit from using the “bunching” strategy. The tax code allows most taxpayers to utilize the standard deduction or itemize their
- [Multiple Tax Needs Filled By Health Savings Accounts](https://www.islernw.com/multiple-tax-needs-filled-by-health-savings-accounts/) - Article Highlights: Medical Savings Account Retirement Account High-Deductible Plan Eligible Individuals Monetary Qualification for an HSA Qualification Chart Maximum Contributions Establishing an HSA 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)
- [Increased Tax Credits for Home Builders](https://www.islernw.com/increased-tax-credits-for-home-builders/) - Article Highlights: Contractor Developer Credit Retroactive Extension to 2022 Increased Credit 2023 through 2032 Prevailing Wage Requirements Qualifications Qualifying Residential Projects Non-Refundable Credit Basis Adjustment As part of the Inflation Reduction Act, passed in August 2022, modifying Internal Revenue Code Sec. 45L, contractors will benefit from the increased tax credit for building Energy Efficient New
- [October 2022 Important Due Dates](https://www.islernw.com/october-2022-important-due-dates/) - October 2022 Individual Due Dates October 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 11. Your employer is required to withhold FICA
- [October Extended Due Date Just Around the Corner](https://www.islernw.com/october-extended-due-date-just-around-the-corner/) - Article Highlights: October 17, 2022 is the extended due date for 2021 federal 1040 returns. Late-filing Penalty Interest on Tax Due Other October 17 deadlines If you could not complete your 2021 tax return by April 18, 2022 and are now on extension, that extension expires on October 17, 2022. Failure to file before the
- [Best Practices for Avoiding Cash Flow Problems With Your Business: A Guide](https://www.islernw.com/best-practices-for-avoiding-cash-flow-problems-with-your-business-a-guide/) - If you had to make a list of some of the biggest issues that plague small business owners on a regular basis, cashflow problems would undoubtedly be right at the top. Cash flow is about more than just the money coming into and going out of your business. It represents your ability to capitalize on
- [Will You Benefit from Biden’s Student Loan Relief?](https://www.islernw.com/will-you-benefit-from-bidens-student-loan-relief/) - Article Highlights: Relief Amounts Income Limitations Dependents of Another Pell Grant Recipients Repayment Pause Monthly Payment Reduction Cancellation of Debt Income On August 24, President Biden announced a three-part plan to deal with student loan debt which includes, among other things, $20,000 in loan relief to borrowers with loans held by the Department of Education
- [IRS Providing Penalty Relief to 1.6 Million Taxpayers](https://www.islernw.com/irs-providing-penalty-relief-to-1-6-million-taxpayers/) - Article Highlights: Penalty Relief 2019 & 2020 Tax Returns Includes 1040, 1120, Certain 1099 Series Filings Refunds Are Automatic September 30, 2022, Deadline The First-Time Abatement Penalty Relief To help struggling taxpayers affected by the COVID-19 pandemic, the IRS has issued a notice, which provides penalty relief to most people and businesses who file or
- [Mid-Year Tax Planning Checklist](https://www.islernw.com/tax-planning-checklist-mid-year/) - Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially benefit them. Mid-year is the perfect time for tax planning. The following are some
- [Important September 2022 Due Dates](https://www.islernw.com/important-september-2022-due-dates/) - September 2022 Individual Due Dates September 1 - 2022 Fall and 2023 Tax Planning Contact this office to schedule a consultation appointment. September 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your
- [What Does The Inflation Reduction Act Mean To You?](https://www.islernw.com/what-does-the-inflation-reduction-act-mean-to-you/) - Article Highlights: Increased Internal Revenue Service (IRS) Funding Drug Pricing Affordable Care Act Insurance Premiums Corporate Minimum Tax Excise Tax on Corporate Stock Buybacks Home Solar Energy Credit Extended and Increased Credit For Energy Efficient Home Modifications Clean Vehicle Credit Credit For Previously Owned Clean Vehicles Credit For Qualified Commercial Clean Vehicles Research Credit
- [Tax Benefits for Members of the Military](https://www.islernw.com/tax-benefits-for-members-of-the-military/) - Article Highlights: Service Member Residence or Domicile Service Member Spouse’s Residence or Domicile Non-Taxable Allowances Combat Zone Exclusion Home Mortgage Interest Deduction Home Property Tax Deduction Home Sale Gain Exclusion Moving Deduction Death Gratuity Payments Child Credit Earned Income Tax Credit IRA Contributions Reservist’s Travel Expenses Qualified Reservist’s Early Retirement Plan Withdrawals Retired Military
- [Take Tax Advantage of a Low-Income Year](https://www.islernw.com/take-tax-advantage-of-a-low-income-year/) - Article Highlights: Exercise Stock Options Convert a Traditional IRA to a Roth IRA Maximize IRA Distributions Sell Appreciated Stock Delay Business Expenditures Release Dependency Delay Personal Deductible Expenditures People generally assume that tax planning only applies to individuals with the big bucks. But think again, as some tax moves benefit lower-income taxpayers and those who
- [What Is a Required Minimum Distribution?](https://www.islernw.com/what-is-a-required-minimum-distribution/) - Article Highlights: Required Minimum Distributions When the Distributions Must Begin RMD Distribution Tables Figuring the Amount of the Distribution Beneficiary Distribution Rules Surviving Spouse Eligible Designated Beneficiaries Account Owner’s Minor Child Other Beneficiaries Ten Year Rule Pending Legislation Required minimum distributions (RMDs) are required distributions from qualified retirement plans. RMDs are commonly associated with traditional
- [Even if You’re Not Required to File a Tax Return, You May Be Missing Out if You Don’t](https://www.islernw.com/even-if-youre-not-required-to-file-a-tax-return-you-may-be-missing-out-if-you-dont/) - Article Highlights: Tax Filing Thresholds Withholding 2021 Recovery Rebate Credit Earned Income Tax Credit (EITC) Child Tax Credit or Credit for Other Dependents Education Credits Some people may choose not to file a tax return because they didn't earn enough money to be required to file, but these folks may miss out getting a refund
- [Not All Interest Is Deductible for Taxes](https://www.islernw.com/not-all-interest-is-deductible-for-taxes/) - Article Highlights: Interest Categories Category Deductibility Interest Tracing Rules A frequent question that arises when borrowing money is whether or not the interest will be tax deductible. That can be a complicated question, and unfortunately, not all interest an individual pays is deductible. The rules for deducting interest vary, depending on whether the loan proceeds
- [Will Your Planned Retirement Income Be Enough after Taxes?](https://www.islernw.com/will-your-planned-retirement-income-be-enough-after-taxes/) - Article Highlights: States With No Income Tax Social Security Benefits Roth IRA Retirement Account Traditional IRA Retirement Account Spousal IRA Back-Door Roth IRA Saver’s Credit Employer Pensions Employee Funded Retirement Plans Health Savings Accounts Brokerage Accounts Municipal Bonds Investments Home Equity & Gain Exclusion Reverse Mortgage Whole Life Insurance Cash Value That is an important
- [August 2022 Due Dates](https://www.islernw.com/august-2022-due-dates/) - August 2022 Individual Due Dates August 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 10. Your employer is required to withhold FICA
- [Ways to Maximize Business Deductions](https://www.islernw.com/ways-to-maximize-business-deductions/) - Article Highlights New Business Legal and professional fees Spousal Joint Ventures Self-employed Health Insurance Home Office Deducting the Cost of Business Equipment Advertising Expenses Website Costs Financing Vehicle Expenses Business Meals As a small business owner, you should always be on the lookout for legitimate ways to minimize your taxes. Waiting for year-end to do
- [Tax and Personal Finance Tips for New Parents](https://www.islernw.com/tax-and-personal-finance-tips-for-new-parents/) - Expanding your family? Whether you’re in the planning stages or your bundle of joy has already arrived, raising a child is one of life’s greatest joys — and biggest expenses. And we’re not just talking about the costs of college. From diapers to daycare, from braces to bicycles, parents are often shocked by the constant
- [What Do You Do If the IRS Wants to “Audit” Your Tax Return?](https://www.islernw.com/what-do-you-do-if-the-irs-wants-to-audit-your-tax-return/) - The word “audit” tends to strike fear in the hearts of American taxpayers, but the truth is that not every audit is a result of a problem, or that the Internal Revenue Service suspects you of wrongdoing. There are several reasons why the IRS might want to audit your taxes and financial information, and there
- [Don’t Overlook Your Charitable Contributions](https://www.islernw.com/dont-overlook-your-charitable-contributions/) - Article Highlights: Charitable Itemized Deductions Bunching Deductions Qualified Charitable Distributions Donor-Advised Funds Volunteer Expenses Misconceptions Household Goods and Used Clothing Documenting Charitable Contributions Your charitable contributions include a wide variety of tax-saving opportunities, some you may not be aware of and some that are frequently overlooked. And there are some contributions that you may believe
- [Cutting the IRS Out of Your Gifts](https://www.islernw.com/cutting-the-irs-out-of-your-gifts/) - Article Highlights: Gift Tax Rule Annual Exemption Lifetime Exemption Medical and Tuition Exemptions Gift Splitting Gifts of Property If you are financially well off, you may want to gift money or property to family members or others you care about. If that is the case, there are some gift tax issues you should be aware
- [Keeping Up With Receivables: Know Who Owes You](https://www.islernw.com/keeping-up-with-receivables-know-who-owes-you/) - QuickBooks Online provides numerous ways for you to know which customers owe you money – and who is late. There are so many financial details to keep track of when you’re running a small business. You have to make sure your products and services are in good shape and ready to sell. You have to
- [Sold or Thinking of Selling Your Home?](https://www.islernw.com/sold-or-thinking-of-selling-your-home/) - Article Highlights: Home Sale Exclusion 2 out of 5 Rule Business Use of the Home Gain or Loss from a Sale Previous Use as a Rental Form 1099-S IRS Matching Records If you sold your home this year or are thinking about selling it, there are many tax-related issues that could apply to that sale.
- [Small Businesses Can Benefit from the Work Opportunity Tax Credit](https://www.islernw.com/small-businesses-can-benefit-from-the-work-opportunity-tax-credit/) - Article Highlights: What is the Work Opportunity Tax Credit? Maximum Credit Who Can Claim the Credit? Qualified Employees Pre-screening and Certification Tax-exempt Employers The Work Opportunity Tax Credit (WOTC) is a general business credit that is jointly administered by the Internal Revenue Service (IRS) and the Department of Labor (DOL). The WOTC is available for
- [Student Loan Debt: Paying and Avoiding It, Plus Tax Benefits](https://www.islernw.com/student-loan-debt-paying-and-avoiding-it-plus-tax-benefits/) - Article Highlights: Tax Advantaged Repayment of Student Loans Employer Provided Educational Assistance Qualified Tuition Programs The Deductibility of Student Loan Interest Student Loans Forgiven in 2021 through 2025 Avoiding Student Loan Debt Section 529 Plans Coverdell Education Savings Account Education Tax Credits The American Opportunity Credit The Lifetime Learning Credit Despite recent rounds of forgiveness
- [July 2022 Important Due Dates](https://www.islernw.com/july-2022-important-due-dates/) - July 2022 Individual Due Dates July 1 - Time for a Mid-Year Tax Check-Up Time to review your 2022 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 11 - Report Tips to Employer If you are an employee who works for tips and received more
- [IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase ](https://www.islernw.com/irs-announces-mid-year-optional-vehicle-mileage-rate-increase/) - Article Highlights: Mid-year Increase Items Included in the Optional Mileage Rate What Can Be Deducted in Addition to the Optional Mileage Rate Switching Methods With gas prices soaring it has been expected the IRS would increase the mileage rate that business owners can deduct for vehicle use instead of keeping a record of actual expenses.
- [The Right Accounting Method for Your Business](https://www.islernw.com/the-right-accounting-method-for-your-business/) - Every small business — whether a respected local mom-and-pop retailer, a startup tech company, or an online venture — has accounting and bookkeeping responsibilities, including selecting the accounting method that works best for them. If you’re new to small business ownership, you might not even realize that there are multiple ways to keep tabs on
- [Tips for Students Planning to Work During the Summer](https://www.islernw.com/tips-for-students-planning-to-work-during-the-summer/) - Article Highlights: Form W-4 Watch Out for Payroll Surprises Tips Odd Jobs Self-Employment Tax Working for Parents ROTC Students Newspaper Delivery Retirement Contributions As the summer break from school approaches, many students are looking for part-time summer employment. Both parents and students should be aware of the tax issues that need to be considered when
- [June 15 Is an Important Filing Deadline](https://www.islernw.com/june-15-is-an-important-filing-deadline/) - Article Highlights: Americans Living and Working Abroad Extension Requests Report of Foreign Bank and Financial Accounts (FBAR) Statement of Foreign Financial Assets Estimated Tax Payments Estimated Safe Harbors June 15 is the due date both for Americans living and working outside the U.S. to file their 2021 federal income tax returns and for the second
- [Do You Understand Tax Lingo?](https://www.islernw.com/do-you-understand-tax-lingo/) - Filing status. Adjusted gross income (AGI). Taxable income. Marginal tax rate. Alternative minimum tax (AMT). Tax Credits. Underpayment of estimated tax penalty. When discussing taxes, reading tax-related articles or trying to decipher tax form instructions, one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what
- [You May Be Able to Donate Your Unused Employee Vacation, Sick, or Personal Leave to Ukrainian Relief](https://www.islernw.com/you-may-be-able-to-donate-to-ukrainian-relief/) - Article Highlights: Forgoing Vacation, Sick, or Personal Leave in Exchange for Ukrainian Relief Program Duration Employee and Employer Tax Implications IRS Notice 2022-28 There is a little-known disaster provision of the tax code that, where if an employer has adopted a leave-based donation program, the employees can forgo paid vacation, sick, or personal leave in
- [Is Your Trust or Will Up to Date?](https://www.islernw.com/is-your-trust-or-will-up-to-date/) - Article Highlights: Estate Tax Exclusion Why a Will or Trust? Life-Changing Circumstances Beneficiaries When was the last time you or your attorney reviewed or updated your will or trust? If it was some time ago before the passage of substantial tax law changes over the past few years, your documents may be out of date.
- [Forgot Something on Your Tax Return? It’s Not Too Late to Amend the Return](https://www.islernw.com/forgot-something-on-your-tax-return-its-not-too-late-to-amend-the-return/) - Article Highlights Overlooked or Late Information Three Year Refund Statute Multiple Amendments Amending State Return If you discover that you forgot something on your tax return, you can amend that return after it has been filed. The need to amend can include a number of issues: Receiving an unexpected or amended K-1 from a trust,
- [June 2022 Important Due Dates](https://www.islernw.com/june-2022-important-due-dates/) - June 2022 Individual Due Dates June 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during May, you are required to report them to your employer on IRS Form 4070 no later than June 10. Your employer is required to withhold FICA
- [How QuickBooks Online Helps You Track Mileage](https://www.islernw.com/how-quickbooks-online-helps-you-track-mileage/) - With gas prices so high, you need to track your travel costs as closely as possible. Consider getting a tax deduction for your business mileage. If you drive even a little for business, it’s easy to let mileage costs slide. After all, it’s a pain to keep track of your tax-deductible mileage in a little
- [Important Times to Seek Assistance](https://www.islernw.com/important-times-to-seek-assistance/) - Article Highlights: When to seek professional assistance Examples of times where tax saving moves can be made Waiting for your regular appointment to discuss current tax-related issues can create problems or cause you to miss out on beneficial options that need to be timely exercised before year-end. Generally, you should call this office any time
- [When Can You Dump Old Tax Records?](https://www.islernw.com/when-can-you-dump-old-tax-records/) - Article Highlights: General statute is 3 years Some states are longer Fraud, failure to file and other issues can extend the statute Keeping the actual return Taxpayers often question how long records must be kept and the amount of time IRS has to audit a return after it is filed. It all depends on the
- [What Every Employee Needs to Know About 401(k) Savings](https://www.islernw.com/what-every-employee-needs-to-know-about-401k-savings/) - Are you familiar with 401(k) retirement funds? More and more employers are offering 401(k) plans as an employee benefit, and if you have the option and are not currently taking advantage of it, it may be time to rethink your savings strategy. Not only do these popular plans offer the advantage of using pre-tax dollars
- [Summer Employment for Your Child](https://www.islernw.com/summer-employment-for-your-child-2/) - Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Summer is almost here, and your children may be looking for a summer job. The standard deduction for single individuals increased from $12,550 in 2021 to $12,950 in 2022, meaning your child can now make up to $12,950 from working without
- [Business Start-Up Expenses and How to Write Them Off](https://www.islernw.com/write-off-your-business-start-up-expenses/) - Article Highlights: $5,000 First-year Start-up and Organizational Expense Write-off Timely Filing Requirements Qualifying Start-up Expenses Trade or Business Purchase Qualifying Organizational Expenses Expense Write-off Limitations How to Make the Election Other Considerations Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. However, with the help of vaccines and
- [Why Proactive Planning is More Important Than You Realize](https://www.islernw.com/why-proactive-planning-is-more-important-than-you-realize/) - There's an old saying that reminds us "if you fail to plan, you plan to fail." Whoever coined that phrase was talking about the world of small business accounting whether they realized it or not. Financial and tax literacy aren't just an important part of running a business. They're literally the foundation upon which everything
- [May 2022 Due Dates](https://www.islernw.com/may-2022-due-dates/) - May 2022 Individual Due Dates May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA
- [Owe the IRS Money? How Long Do They Have to Collect?](https://www.islernw.com/owe-the-irs-money-how-long-do-they-have-to-collect/) - Article Highlights: Statute of Limitations Filing Before April Due Date Filing After April Due Date Extension Amended Returns Three-year Statute Understatement Exceeds 25% No Filing or Fraud Ten-year Collection Period Tax Records State Statutes of Limitation Have you ever wondered how long the IRS has to question and assess additional tax on your tax returns?
- [Tax Issues That Arise When Converting a Home into a Rental](https://www.islernw.com/tax-issues-that-arise-when-a-home-turns-into-a-rental/) - Article Highlights: Reason for Conversion Basis Depreciation Cash Flow versus Tax Profit or Loss Passive Losses Home Gain Exclusion Other Tax Issues Becoming a Landlord With the current substantial appreciation in home values and demand for housing exceeding the available inventory, along with low home mortgage interest rates, more and more homeowners are converting their
- [You May Qualify for a Small Business Home Office Deduction](https://www.islernw.com/you-may-qualify-for-a-small-business-home-office-deduction/) - Article Highlights: Qualifications Actual Expense Method Simplified Method Home Office Expenses for Renters vs. Homeowners Deduction Limitation How Moving Affects the Home-Office Deduction Other Issues If you are a small business owner and use part of your home for business, you may be able to take the so-called office-in-home tax deduction. This deduction reduces both
- [Read This First Before Tapping Your Retirement Savings](https://www.islernw.com/read-this-first-before-tapping-your-retirement-savings/) - Article Highlights: Tapping Your Retirement Savings Traditional IRAs and Qualified Retirement Plans Simple IRAs Early-Withdrawal Penalties Reduction in Retirement Savings Exceptions from the Early-Withdrawal Penalty Roth IRAs Your 401(k), IRA or other retirement accounts may be a tempting source for cash if you find yourself short of funds or have a major purchase you are
- [Electric Vehicle Credits Phasing Out](https://www.islernw.com/electric-vehicle-credits-phasing-out/) - Article Highlights: Tax Credit Credit Phase-Out Determining the Credit Off-Road Vehicles and Golf Carts Allocation Between Business and Personal Use Credit Reduces Basis Business Standard Mileage If you are considering purchasing an electric vehicle and expect to receive a federal tax credit along with the purchase, you better do your homework first. There is a
- [Working Abroad Has Huge U.S. Tax Benefits](https://www.islernw.com/working-abroad-has-huge-u-s-tax-benefits/) - Article Highlights: Tax-Free Income from Working Abroad Foreign Earned Income and Housing Exclusions Foreign Self-Employment Income Claiming or Revoking the Exclusion U.S. citizens and resident aliens are taxed on their worldwide income, whether they live in the U.S. or in another country. However, qualifying U.S. citizens and resident aliens who live and work abroad may
- [Getting Started with Reports in QuickBooks Online](https://www.islernw.com/getting-started-with-reports-in-quickbooks-online/) - You should be running reports in QuickBooks Online on a weekly—if not daily—basis. Here’s what you need to know. You can do a lot of your accounting work in QuickBooks Online by generating reports. You can maintain your customer and vendor profiles. Create and send transactions like invoices and sales receipts, and record payments. Enter
- [Managing Your Finances During an Inflationary Period](https://www.islernw.com/managing-your-finances-during-an-inflationary-period/) - It’s hard to ignore the real-life impacts inflation is having. While gas and grocery prices are having the most immediate effect, the price of almost everything is going up. People who are looking for ways to counter the impact and preserve financial stability can start with these solutions. They’re accessible options that can make a
- [Hobby or For-Profit Activity? The Answer Makes a Big Difference for Tax Purposes](https://www.islernw.com/hobby-or-for-profit-activity-the-answer-makes-a-big-difference-for-tax-purposes/) - Article Highlights: Hobby Versus For-Profit Endeavor Factors Used to Determine For-Profit Three out of Five Rule Hobby Deductions Sales from Collections If you are engaged in an activity that produces income, the big tax question is whether the activity is a hobby or a business. The tax treatment of your income or loss from
- [What’s Next for the Child Tax Credit?](https://www.islernw.com/whats-next-for-the-child-tax-credit/) - December 15th, 2021 marked the last deposit date for the child tax credit payment expanded under the American Rescue Plan (ARP). Though many had hoped the program would be continued, political leaders are struggling to find a way forward that makes the majority of Congress happy, and as a result, many families have been left
- [Toss Your Paystub Every Week? Maybe It’s Time To Take a Closer Look](https://www.islernw.com/toss-your-paystub-every-week-maybe-its-time-to-take-a-closer-look/) - What you do with your paystub often depends on how you get paid. If you have direct deposit there’s a good chance that you just rip the entire thing up without a glance, confident in the fact that the money is in your bank account and all is good in your world. If you deposit
- [You May Need to File Estimated Tax Payments](https://www.islernw.com/you-may-need-to-file-estimated-tax-payments/) - Article Highlights: Employees Self-Employed Individuals Quarterly Payments Underpayment Penalty Safe Harbor Payments Estimated tax payments are not just for the self-employed. They are for anyone whose withholding and tax credits are significantly less than their projected tax liability, and if used properly, can protect a taxpayer from underpayment penalties. Employees who will have income, Social
- [Can’t Pay Your Taxes? Here Are Some Payment Options ](https://www.islernw.com/cant-pay-your-taxes-here-are-some-payment-options/) - Article Highlights: If You Can’t Pay Family Loans Home Equity Loans and HELOCs Credit Card Short-term Payment Plan IRS Installment Agreement Retirement Funds Filing Extensions Enforced Collections Offer-in-Compromise Although most (74% in 2020) American taxpayers receive a refund each year when they file their income tax returns, there are those who for one reason or
- [The Tax-Filing Deadline Is Drawing Near](https://www.islernw.com/the-tax-filing-deadline-is-drawing-near/) - Article Highlights: Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2018 Tax Year Missing Information As a reminder to those who have not yet filed their 2021 tax returns, April 18, is the due date to either file a return (and pay the taxes owed) or file for an
- [April 2022 Due Dates](https://www.islernw.com/april-2022-due-dates/) - April 2022 Individual Due Dates April 11 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than April 11. Your employer is required to withhold FICA
- [Charitable Tax Deduction Peculiarities](https://www.islernw.com/charitable-tax-deduction-peculiarities/) - Charitable Tax Deduction Peculiarities Charitable contributions are deducted as part of a taxpayer’s itemized deductions on IRS Schedule A, except for the special 2020 and 2021 provisions that allow up to $300 ($600 for married taxpayers filing jointly for 2021) of cash donations as a deduction for non-itemizers. Charitable contributions can take many forms, and
- [Hiring An Independent Contractor? How QuickBooks Online Can Help](https://www.islernw.com/hiring-an-independent-contractor-how-quickbooks-online-can-help/) - Hiring An Independent Contractor? How QuickBooks Online Can Help Are you taking on a worker who’s not an employee? QuickBooks Online includes tools for tracking and paying independent contractors. The COVID-19 pandemic created millions of self-employed individuals and small businesses. Whether they chose to, or circumstances forced them to, these new entrepreneurs had to
- [Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit?](https://www.islernw.com/does-a-tax-deduction-and-a-tax-credit-result-in-the-same-tax-benefit/) - Does a Tax Deduction and a Tax Credit Result in the Same Tax Benefit? Tax lingo, even without getting into the weeds of the Internal Revenue Code, tax regulations, IRS rulings, etc., can be confusing. Two frequently used terms that taxpayers sometimes think provide the same tax benefit, but don’t, are “tax deductions” and “tax
- [March 2022 Tax Due Dates & Reminders](https://www.islernw.com/march-2022-tax-due-dates-reminders/) - March 2022 Individual Due Dates March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA
- [Don’t Think You Have to File a Tax Return? You May Be Missing Out!](https://www.islernw.com/dont-think-you-have-to-file-a-tax-return-you-may-be-missing-out/) - Article Highlights: Withholding Other Prepayments Tax Credits Earned Income Tax Credit Child Tax Credit American Opportunity Tax Credit Recovery Rebate Credit These days the tax return is used for more than just collecting taxes. It has also become a tool for the government to provide social benefits. This article discusses the various reasons and resulting
- [February 2022 Individual and Business Due Dates](https://www.islernw.com/february-2022-individual-and-business-due-dates/) - February 2022 Individual Due Dates February 4 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in
- [Another Rough Tax Season for IRS and Taxpayers?](https://www.islernw.com/another-rough-tax-season-for-irs-and-taxpayers/) - Article Highlights: Rough tax season ahead? Avoiding processing delays IRS processing time Don’t procrastinate IRS customer service problems This could be another rough tax season for the IRS and taxpayers. Although this year’s filing season opens January 24, 2022 (i.e., it is the first day the IRS will accept and start processing 2021 returns), the
- [Brush Up On Your Bookkeeping Habits](https://www.islernw.com/brush-up-on-your-bookkeeping-habits/) - Now's the time! Are you the type who makes New Year’s resolutions? Though the vast majority of those who pledge self-improvement focus on losing weight or exercising more, deciding to brush up on your bookkeeping habits may actually be smarter – and easier to stick to. If you’ve ever found yourself shaking your head at
- [Planning for a Child’s College Expenses Should Start Early](https://www.islernw.com/planning-for-a-childs-college-expenses-should-start-early/) - Article Highlights: Sec. 529 plans Coverdell Education Savings Accounts The Lifetime Learning credit Qualified Education Loan Interest Some in Congress have proposed “free” (i.e., government-paid) tuition for community college attendance. Even if that proposal were to become law, it still leaves parents and their children-students responsible for paying for college and university attendance if the
- [Crucial Steps You Can Use To Take Control of Your Finances in 2022 and Beyond](https://www.islernw.com/crucial-steps-you-can-use-to-take-control-of-your-finances-in-2022-and-beyond/) - As the old saying goes, "If you fail to plan, you plan to fail." Whoever coined that phrase was absolutely talking about finances, whether they realized it or not. According to one recent study, a general lack of financial education costs Americans a collective $415 billion every single year. Not only is the average amount
- [2022 Standard Mileage Rates Announced](https://www.islernw.com/2022-standard-mileage-rates-announced/) - Highlights: Standard Mileage Rates for 2022 Business, Charitable, Medical and Moving Rates Important Considerations for 2022 Switching Between the Actual Expense and Standard Mileage Rate Methods Employer Reimbursements Employee Deductions Suspended Special Allowances for SUVs Bonus Depreciation As it does every year, the Internal Revenue Service recently announced the inflation- adjusted 2022 optional standard mileage rates
- [How Can a Nonworking Spouse Qualify to Fund an IRA?](https://www.islernw.com/how-can-a-nonworking-spouse-qualify-to-fund-an-ira/) - Article Highlights: Spousal IRA Compensation Requirements Maximum Contribution Traditional or Roth IRA? One of the fallouts of the COVID-19 pandemic is that millions of people have dropped out of the workforce, particularly female workers with families. While they remain unemployed, these women will have lost the opportunity to build up their retirement nest egg through
- [Using Data to Drive Your E-Commerce Business’ Growth](https://www.islernw.com/using-data-to-drive-your-e-commerce-business-growth/) - If knowledge is power, then the information available to e-commerce business owners provides nearly unlimited potential. The same platforms that host your websites include data collection tools that – if used properly – can guide your decision-making process and inform your business strategies. The metrics offered can easily overwhelm anybody who doesn’t have an MBA,
- [January 2022 Due Dates](https://www.islernw.com/january-2022-due-dates/) - January 2022 Individual Due Dates January 3 - Time to Call For Your Tax Appointment - January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10 - Report Tips to Employer -
- [What Is Tax Basis and Why Is It So Important?](https://www.islernw.com/what-is-tax-basis-and-why-is-it-so-important/) - Article Highlights: Definition of Tax Basis Cost Basis Adjusted Basis Gift Basis Inherited Basis Record Keeping For tax purposes, the term “basis” refers to the monetary value used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then
- [Does Your Business Need to File Forms 1099-NEC or 1099-MISC?](https://www.islernw.com/does-your-business-need-to-file-forms-1099-nec-or-1099-misc/) - Article Highlights: 1099-NEC Filing Requirements Independent Contractor Filing Threshold Form W-9 Form 1099-MISC If you use independent contractors to perform services for your business, for each one that you pay $600 or more for the year, you are required to issue the worker and the IRS a Form 1099-NEC no later than January 31, 2022,
- [Tax Tips for Holiday Charity Donations](https://www.islernw.com/tax-tips-for-holiday-charity-donations/) - Article Highlights: Long-Form Itemization Required Below-the-Line Cash Contributions for 2021 Qualified Charities Only Cash Donations Non-cash Donations Leave Donations Other Qualifying Donations AGI Limitations Year-End Donations During the holidays, many charities solicit gifts of money or property. This article includes tips for documenting your charitable gifts so that you can claim a deduction on your
- [Tax-Free Gifting](https://www.islernw.com/tax-free-gifting/) - Article Highlights: Lifetime Exclusion Annual Exclusion Medical Exception Education Exception Gifting Techniques If you are fortunate enough to have an estate large enough to be subject to the estate tax upon your death, you might be considering ways to give away some of your wealth to your family and loved ones now, thereby reducing the
- [Tax Benefits Available to Disabled Taxpayers](https://www.islernw.com/tax-benefits-available-to-disabled-taxpayers/) - Article Highlights: Increased Standard Deduction Tax-Exempt Income Impairment-Related Work Expenses Financially Disabled Earned Income Tax Credit Child or Dependent Care Credit Special Medical Deductions Qualified Medicaid Waiver Payments ABLE Accounts Disabled individuals, as well as parents of disabled children, may qualify for a number of tax credits and other tax benefits. Listed below are several
- [Tax Benefits for Holiday Gifts](https://www.islernw.com/tax-benefits-for-holiday-gifts/) - Article Highlights: Electric Car Credit Solar Electric Credit College Student Supplies Work Equipment Charitable Gifts Employee Gifts Some holiday gifts you provide to members of your family, employees and others may also yield tax benefits—think of it as Santa Claus meets Uncle Sam. Here are some examples: Electric Car Credit* – If you purchase
- [December 2021 Tax Due Dates](https://www.islernw.com/december-2021-tax-due-dates/) - December 2021 Individual Due Dates December 1 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2021. Taxpayers with substantial increases or decreases in income, changes in marital status or dependent status, and those who sold property during 2021 should call for a
- [Tax Penalties to Watch Out For](https://www.islernw.com/tax-penalties-to-watch-out-for/) - Article Highlights: Underpayment of Estimated Tax and Withholding Penalty Required Minimum Distribution Penalty Late-Filing Penalty Late-Payment Penalty Negligence Penalty Fraud Penalty Dishonored Check Penalty Missing ID Number Penalty Early Withdrawal Penalty Penalty for Failure to Report Tips Foreign Reporting Excessive Claim Penalty Accuracy-Related Penalty for Non-itemizers Frivolous Return Penalty Penalty for Failure to File Information
- [10 Tax-Saving Strategies to Consider Before Year-End](https://www.islernw.com/10-tax-saving-strategies-to-consider-before-year-end/) - Article Highlights: Taking Stock of Tax Strategies Education Tax Credits Converting a Traditional IRA to a Roth IRA Minimum Required Distributions Charitable Contributions Qualified Charitable Distributions Health Savings Accounts Prepaying State Taxes Paying Medical/Dental Bills Gifting Avoiding Underpayment Penalties It seems hard to believe, but the holiday season is almost upon us, and that means
- [Avoiding IRS Underpayment Penalties](https://www.islernw.com/avoiding-irs-underpayment-penalties/) - Article Highlights: Pay-as-You-Earn System Safe Harbor Payments Situations Triggering Underpayments True Safe Harbors Congress considers our tax system a “pay-as-you-earn” system. To facilitate that concept, the government has provided several means of assisting taxpayers in meeting the “pay-as-you-earn” requirement. These include: Payroll withholding for employees; Pension withholding for retirees; and Estimated tax payments for self-employed
- [Intimidated by Accounting? Five Simple Steps Are All You Need](https://www.islernw.com/intimidated-by-accounting-five-simple-steps-are-all-you-need/) - When you decided to start your own company, you likely focused on the products or services you were selling, along with your amazing customer service and marketing skills. While running your own small business offers plenty of upsides, it also means you’re responsible for every aspect of operations, including the parts you think are beyond
- [Tax Benefits When Saving for College Education](https://www.islernw.com/tax-benefits-when-saving-for-college-education/) - Article Highlights: Planning for a Child’s Post-Secondary Education Tax-Favored Plans Tax-Free Earnings Coverdell Accounts Qualified Tuition Plans Have Others Contribute Gift Tax Issues Tuition Gifts A common question among parents is, “How might I save for a child’s post-secondary education in a tax beneficial way?” The answer depends on how much the education is expected
- [Record Expenses in QuickBooks Online and On Your Phone ](https://www.islernw.com/record-expenses-in-quickbooks-online-and-on-your-phone/) - The money you spend to run your business must be recorded conscientiously for your taxes and reports. Here’s how to do it. You undoubtedly keep a very close watch on the money coming into your business. You record payments as soon as they come in and deposit them in your company’s bank account. But are
- [Distributed Workforce Businesses Are Facing Challenges as They Adapt to Remote Employees](https://www.islernw.com/distributed-workforce-businesses-are-facing-challenges-as-they-adapt-to-remote-employees/) - Distributed Workforce Businesses Are Facing Challenges as They Adapt to Remote Employees According to one recent study, nearly half of all employees switched to working remotely in 2020 during the onset of the COVID-19 pandemic. Almost overnight, local and state lockdowns went into effect on all services deemed non-essential — meaning that people suddenly had
- [November 2021 Individual Due Dates](https://www.islernw.com/november-2021-individual-due-dates/) - November 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 10. Your employer is required to withhold FICA taxes and income tax withholding
- [Understanding Tax Lingo](https://www.islernw.com/understanding-tax-lingo/) - Article Highlights Filing status. Adjusted gross income (AGI). Taxable income. Marginal tax rate. Alternative minimum tax (AMT). Tax Credits. Underpayment of estimated tax penalty. When discussing taxes, reading tax related articles or instructions one needs to understand the basic lingo and acronyms used by tax professionals and authors to be able to grasp what they
- [Tips to Get Your Startup Off the Ground](https://www.islernw.com/tips-to-get-your-startup-off-the-ground/) - Tips to Get Your Startup Off the Ground One of the most important things to understand about being a startup entrepreneur is that there is no “one size fits all” approach to what you're doing. Everyone's path is different, and you need to find out your own if you want to have any reasonable chance
- [Employers Hiring New Employees May Be Able to Claim a Work Opportunity Tax Credit](https://www.islernw.com/employers-hiring-new-employees-may-be-able-to-claim-a-work-opportunity-tax-credit/) - Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Covid-19 pandemic has had a significant impact on the labor market – mandated government lockdowns and workers’ and customers’ fears of contracting the illness resulted in businesses closing or temporarily cutting back and laying off or furloughing millions of employees. In April
- [The Ins and Outs of Bookkeeping: All the Best Practices to Get the Best Financial Outcome From Your Organization ](https://www.islernw.com/the-ins-and-outs-of-bookkeeping-all-the-best-practices-to-get-the-best-financial-outcome-from-your-organization/) - If you had to make a list of some of the most critical elements of running a business that most new entrepreneurs don't think enough about until it's far too late, bookkeeping would undoubtedly be right at the top. On a surface level, bookkeeping is simply the process of keeping accurate, thorough records of the
- [Education Credits are for Children? Think Again!](https://www.islernw.com/education-credits-are-for-children-think-again/) - Article Highlights: Who Qualifies for Education Credits American Opportunity Credit Lifetime Learning Credit Qualifications Who Gets the Credit 1098-T Qualified Expenses If you think that education credits are just for sending your children to college, think again—the credits are available to you, your spouse (if you are married), and your dependents. Even if you or
- [Fall Tax Planning May Be Wise](https://www.islernw.com/fall-tax-planning-may-be-wise/) - Article Highlights: Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Convert Traditional IRAs to Roth IRAs Don’t Forget Your 2021 Minimum Required Distributions Bunching Deductions Take Advantage of the Zero Capital Gains Rate Defer Deductions Increase IRA Distributions Defer Capital Gains by Investing in an Opportunity Zone Fund Sell
- [How Understanding the ‘Rule of 72’ Helps You Make Personal Finance Decisions](https://www.islernw.com/how-understanding-the-rule-of-72-helps-you-make-personal-finance-decisions/) - Though everybody wants their money to grow, few people understand the best way to make that happen. It’s all about where you choose to put your money and the rate of growth you’re able to achieve over a period of time. When you’re trying to figure out how compound interest works, the “rule of 72”
- [4 of the Most Common IRS Tax Problems](https://www.islernw.com/4-of-the-most-common-irs-tax-problems/) - For years, politicians have been talking about simplifying the process of filing federal taxes, but despite the promises, the process continues to be complicated and stressful. But as bad as preparing taxes can be, it pales in comparison to the sinking sensation of receiving an IRS notification telling you that you’ve done something wrong.
- [Tax Breaks for Grandparents](https://www.islernw.com/tax-breaks-for-grandparents/) - Article Highlights: Head of household filing status Earned income tax credit Child tax credit Child care credit for certain working grandparents Grandchild education credits Medical and dental expenses More and more individuals who thought their child-rearing days were over are now raising their grandchildren. It is estimated that 6.5 million children in the United States
- [Complications to the IRA-to-Charity Distribution Provision](https://www.islernw.com/complications-to-the-ira-to-charity-distribution-provision/) - Article Highlights IRA Contribution Age Restrictions Removed Required Minimum Distributions Qualified Charitable Distribution Tax Trap Individuals are required to begin taking distributions from their IRA when they reach a certain age. That age was 70½ until Congress passed the SECURE Act in late 2019 which made significant changes to the retirement plan provisions of the
- [Post-Pandemic Savings Burning a Hole in Your Pocket?](https://www.islernw.com/post-pandemic-savings-burning-a-hole-in-your-pocket/) - Not to overstate the obvious, but the last 18 months have seen major modifications in the ways that most Americans spent their money. Without the ability to visit department stores, malls, and big-box stores, retail therapy was significantly curtailed. Spending on travel, entertainment, restaurants, and bars all plummeted, and even with consumers splurging on grocery
- [October 2021 Due Dates](https://www.islernw.com/october-2021-due-dates/) - October 2021 Individual Due Dates October 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during September, you are required to report them to your employer on IRS Form 4070 no later than October 12. Your employer is required to withhold FICA
- [Filing as Married Separate? Better Read This.](https://www.islernw.com/filing-as-married-separate-better-read-this/) - Article Highlights: Filing Requirements Changing Filing Status Social Security Benefits Traditional IRA Deductibility Roth IRA Contribution Restrictions Higher Education Interest Deduction Itemized Deductions Medicare Premiums Child & Dependent Care Credit Earned Income Tax Credit (EITC) Premium Tax Credit (PTC) Tax Rates Other Limitations Married taxpayers have two options when filing their 1040 or 1040-SR tax
- [The IRS Backlog Is Causing Taxpayer Heartburn](https://www.islernw.com/the-irs-backlog-is-causing-taxpayer-heartburn/) - Article Highlights: COVID-19 and Tax-Return Processing Delays Congress Helped to Create the Backlog Taxpayer Advocate’s Assessment Backlog Before the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to
- [September 2021 Individual Due Dates](https://www.islernw.com/september-2021-due-dates/) - September 1 - 2021 Fall and 2022 Tax Planning Contact this office to schedule a consultation appointment. September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070
- [When Is Your Business No Longer a “Startup”?](https://www.islernw.com/when-is-your-business-no-longer-a-startup/) - Where’s a specific sensibility and respect that gets attached to businesses that are referred to as “startups.” There’s a general feeling of risk taking and future-facing enterprise that owners enjoy. But the actual definition of what a startup is can be murky, and even if your business meets the definition in the eyes of the
- [Mid-Year Tax Planning Checklist](https://www.islernw.com/mid-year-tax-planning-checklist/) - Article Highlights: Mid-Year Planning Avoiding Unpleasant Surprises Events That Have Tax Consequences All too often, taxpayers wait until after the close of the tax year to worry about their taxes and miss opportunities that could reduce their tax liability or financially assist them. Mid-year is the perfect time for tax planning. The following are some
- [Small Businesses: Here’s How the U.S. Supreme Court Wayfair Decision Affects You](https://www.islernw.com/small-businesses-heres-how-the-u-s-supreme-court-wayfair-decision-affects-you/) - If you are a small business owner, chances are good you’re paying more attention to your accounts receivables and deliverables than to a three-year-old Supreme Court decision. But knowing what happened in the Wayfair decision on June 21st of 2018 is important if you do a significant amount of business in states other than where
- [Businesses Have 60 Days to Notify the IRS of Changes in Contact Information and Responsible Party](https://www.islernw.com/businesses-have-60-days-to-notify-the-irs-of-changes-in-contact-information-and-responsible-party/) - Article Highlights Employer Identification Numbers (EINs) Contact Information Update Responsibilities ID Theft and Fraud Issues Responsible Party Filing Tips Updating Individual Contact Information Blog: The Internal Revenue Service (IRS) is reminding entities with Employer Identification Numbers (EINs) of their responsibility to update that information whenever the contact information or responsible party changes. IRS regulations require
- [How to Use Tags in QuickBooks Online](https://www.islernw.com/how-to-use-tags-in-quickbooks-online/) - Where is your money coming from? Where is it going? You can use tags in QuickBooks Online to find out. QuickBooks Online offers numerous ways to help you track your sales, expenses, and profitability. If you’re using QuickBooks Online Plus or Advanced, you can create and assign Classes to transactions to differentiate between, for example,
- [Tax Ramifications of Disposing of a Vehicle](https://www.islernw.com/tax-ramifications-of-disposing-of-a-vehicle/) - Article Highlights: Trading in a Vehicle Selling a Vehicle Gifting a Vehicle Donating a Vehicle to Charity If you are buying a new car, are you wondering what to do with the old one? You actually have a number of options, some of which have tax implications and some of which don’t. These options include
- [Getting Married and Related Tax Issues](https://www.islernw.com/getting-married-and-related-tax-issues/) - Article Highlights: SSA Name Change IRS Address Change Postal Service Address Change Tax Withholding Tax Filing Status Marrying A Non-resident Alien Joint and Several Liability Beware of Tax Scams Most weddings planned for 2020 were delayed because of COVID, causing a big upswing in the number of weddings in 2021. Although tax issues are the
- [Contemplating Refinancing Your Home Mortgage? Things You Should Consider](https://www.islernw.com/contemplating-refinancing-your-home-mortgage-things-you-should-consider/) - Article Highlights: Is It Appropriate to Refinance Your Home Loan? Refinance Costs Interest Rates Credit Score Borrowing Additional Cash Loan Term Itemizing Deductions With home mortgage rates at historic lows, it may be appropriate for you to consider refinancing your current mortgage. However, refinancing may not always be the greatest idea, even though mortgage rates are low, and
- [How Long Should You Keep Old Tax Records?](https://www.islernw.com/how-long-should-you-keep-old-tax-records/) - Article Highlights: The general statute: 3 years Longer durations in some states Fraud, failure to file and other issues that extend the statute’s duration Keeping the actual return Ordering copies of previously filed returns This is a common question: How long must taxpayers keep copies of their income tax returns and supporting documents? Generally, individuals
- [35 Million: The Total Backlog of Tax Returns The IRS Had At The End Of Tax Season](https://www.islernw.com/35-million-the-total-backlog-of-tax-returns-the-irs-had-at-the-end-of-tax-season/) - The Internal Revenue Service has released a midyear report to Congress that details a significant backlog of tax returns dating back to the end of tax filing season, and many of those returns have yet to be processed. While backlogs are not unusual, this year’s is far greater than in previous years. That’s bad news
- [Customers Paying Late? How to Create Statements](https://www.islernw.com/customers-paying-late-how-to-create-statements/) - There are many ways to encourage delinquent customers to pay. QuickBooks Online’s statements may be effective for you. After the year-plus you’ve just experienced, the last thing your small business needs is customers who are behind on their payments to you. You may have been giving them a break because you know that they’re struggling,
- [Minimizing Tax on Social Security Benefits ](https://www.islernw.com/minimizing-tax-on-social-security-benefits/) - Article Highlights: Income as a Factor Filing Status as a Factor 85% Maximum Taxable Base Amounts Deferring Income Maximizing IRA Distributions Gambling Gotcha Whether your Social Security benefits are taxable (and, if so, the amount that is taxed) depends on a number of issues. The following facts will help you understand the taxability of your
- [Tax Rules for Home Flippers](https://www.islernw.com/tax-rules-for-home-flippers/) - Article Highlights: Definition of Flipping Government Will Share in the Profits Tax Treatment Depends on Being a Dealer, Investor or Homeowner Distinguishing a Dealer from an Investor With mortgage interest rates low, flipping real estate appears to be on the rise. This activity is even the theme of several popular reality TV shows. House flipping
- [Back-Door Roth IRAs](https://www.islernw.com/back-door-roth-iras/) - Article Highlights: Roth IRA Contribution Limitations Converting a Traditional IRA to a Roth IRA Circumventing the Limitations Back-Door Roth IRAs Pitfalls of a Back-Door Roth IRA The “All IRAs Are One” Rule Many individuals who are saving for retirement favor Roth IRAs over traditional IRAs because the former allows for both accumulation of account earnings
- [Tax Filing Deadlines Are Rapidly Approaching](https://www.islernw.com/tax-filing-deadlines-are-rapidly-approaching/) - Article Highlights: Filing Due Date Balance due payments Contributions to a Roth or traditional IRA Estimated tax payments for the first quarter of 2021 Individual refund claims for tax year 2017 Just a reminder to those who have not yet filed their 2020 federal tax return that thanks to the IRS extending the filing due
- [Writing Off Your Business Start-Up Expenses](https://www.islernw.com/writing-off-your-business-start-up-expenses/) - Article Highlights: $5,000 First-year Start-up and Organizational Expense Write-off Timely Filing Requirements Qualifying Start-up Expenses Trade or Business Purchase Qualifying Organizational Expenses Expense Write-off Limitations How to Make the Election Other Considerations Unfortunately, as a result of the COVID pandemic many small firms have gone out of business. Fortunately, with the help of vaccines, new
- [Consequences of Filing Married Separately](https://www.islernw.com/consequences-of-filing-married-separately/) - Article Highlights: Changing Filing Status Liability Community Property States Social Security Benefits Capital Loss Limitations Sec 179 Business Expensing Election Rental Loss Limitation Traditional IRA Contributions Roth IRA Contributions Education Credits Series EE or I Bonds Higher Education Interest Standard Deduction Medicare Premiums Allocating Home Mortgage Interest Alternative Minimum Tax (AMT) 2021 Tax Rate Tables
- [Unpaid Debt Taking Your Tax Refund?](https://www.islernw.com/unpaid-debt-taking-your-tax-refund/) - Article Highlights: Bureau of the Fiscal Service Allowable Refund Offsets Disputing an Offset Injured Spouse Claim We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never arrived? It may be because you have outstanding federal or state debts—and not just tax-related debts. The Treasury Department’s
- [7 Personal Finance Tips for Freelancers and Gig Workers](https://www.islernw.com/7-personal-finance-tips-for-freelancers-and-gig-workers/) - Freelance work and the gig economy have taken the nation by storm. A study commissioned by the Freelancers Union and freelance platform Upwork revealed that the gig economy’s work force reached an eye-popping 57 million Americans in 2019, with increasing numbers likely to join in the future. You can choose freelancing as your sole source of
- [Refund Statute Expiring: Don’t Miss Out!](https://www.islernw.com/refund-statute-expiring-dont-miss-out/) - Article Highlights: The refund statute expires on May 17, 2021 for unfiled 2017 returns. Unfiled returns will lose out on refundable credits. Refunds may be offset by unpaid child support, past due student loans, and back taxes. If you have not yet filed your 2017 tax return and have a refund coming, time to claim
- [The Tax-Filing Deadline Is Around the Corner](https://www.islernw.com/the-tax-filing-deadline-is-around-the-corner-2/) - Article Highlights: Extensions Balance-Due Payments Contributions to Roth or Traditional IRAs Individual Refund Claims for the 2017 Tax Year Missing Information As a reminder to those who have not yet filed their 2020 tax returns, May 17, is the due date to either file a return (and pay the taxes owed) or file for an
- [The Treasury Green Book of Biden Proposed Tax Changes](https://www.islernw.com/the-treasury-green-book-of-biden-proposed-tax-changes/) - Article Highlights Long-Term Capital Gains Rates Top Individual Tax Rate Pass-Through Income Subject to 3.8% NIIT or SECA Tax Limit Nonrecognition of Like-Kind Exchanges Transfer of Appreciated Property by Gift or Death Family-Owned and -Operated Businesses 15-Year Fixed-Rate Payment Plan Excess Business Loss Limitation Carried Interest Enhanced Financial Account Reporting The U.S. Treasury has released
- [Owe Taxes and Can’t Pay by the Due Date? ](https://www.islernw.com/owe-taxes-and-cant-pay-by-the-due-date/) - Article Highlights: If you can’t pay Loans Credit card payments IRS Installment agreement Retirement funds The vast majority of Americans get a tax refund from the IRS each spring, but what if you are one of those who end ends up owing? The IRS encourages you to pay the full amount of your tax liability
- [4 Ways to Stop Your Overspending](https://www.islernw.com/4-ways-to-stop-your-overspending/) - If opening your credit card bills, your checkbook, or your wallet are traumatic events, you may have a problem with overspending. It’s nothing to be ashamed of, and you’re certainly not alone, but there’s a good chance that it is keeping you from achieving some of your goals. If you have a dream of buying
- [Made a Mistake on Your Tax Return - What Happens Now?  ](https://www.islernw.com/made-a-mistake-on-your-tax-return-what-happens-now/) - Article Highlights: Tax Return Mistakes are Common Fixing Tax Return Mistakes Amended Return Superseding Return Don’t Procrastinate in Responding to IRS Generally speaking, tax return mistakes are a lot more common than you probably realize. Taxes have grown complicated and COVID tax relief has made many changes; the paperwork required to file proper tax returns
- [7 Different Types of Income Streams for Your Business](https://www.islernw.com/7-different-types-of-income-streams-for-your-business/) - 7 Different Types of Income Streams for Your Business No matter what type of business you operate, you rely on having a predictable flow of income to keep your bills paid. If you only have a single source of income and it suddenly falters, you’re going to be in trouble. Having more than one income
- [June 2021 Individual Due Dates](https://www.islernw.com/june-2021-individual-due-dates/) - June 1 - Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners with the fair market value (FMV) of their IRA accounts as of December 31, 2020. The FMV of an IRA on the last day of the prior year (Dec
- [Tax Planning to Help New Franchisees](https://www.islernw.com/tax-planning-to-help-new-franchisees/) - Tax Planning to Help New Franchisees investment can be a wonderful opportunity, but it also involves a completely unfamiliar set of rules when it comes to your taxes. Whether you are considering becoming a franchisee or are already involved, it’s important that you have the support of a knowledgeable tax planner to help ensure you
- [Recordkeeping Tips to Keep the IRS Away ](https://www.islernw.com/recordkeeping-tips-to-keep-the-irs-away/) - Article Highlights: Tax Recordkeeping Tips Receipts Auto Deductions Gifts Business Equipment Ordinary and Necessary Meals & Lodging Entertainment Home Office With the ever-increasing complexity of our tax system, it is commonplace for many small businesses to make mistakes with bookkeeping and filing. One way to avoid making errors is to be aware of the most
- [Taxes and Divorce](https://www.islernw.com/taxes-and-divorce/) - Article Highlights: Filing Status Claiming the Children as Dependents Child Exemption Head-of-Household Filing Status Tuition Tax Credit Child Care Tax Credit Child Tax Credit Earned Income Tax Credit Alimony If you are recently divorced or are contemplating divorce, you will have to deal with or plan for significant tax issues such as asset division, alimony,
- [Tax Issues Related to Renting Your Vacation Home  ](https://www.islernw.com/tax-issues-related-to-renting-your-vacation-home/) - Article Highlights: If You Don’t Rent Your Property If You Rent Your Property Rented Fewer Than 15 Days Personal Use Is Less Than the Greater of 15 Days or 10% of the Rental Days Personal Use Exceeds the Greater of 14 Days or 10% of the Rental Days If You Sell Your Vacation Home If
- [Haven’t Received Your Tax Refund Yet?](https://www.islernw.com/havent-received-your-tax-refund-yet/) - Article Highlights Slow Refunds COVID-19 Economic Impact Payments Recovery Rebates Unemployment Debacle Using 2019 Income to Compute 2020 EITC and Additional Child Tax Credit Other Issues Where’s My Refund Tool IRS May Pay Interest on Late Refunds You are not alone. We have been hearing from clients who are still waiting on refunds from returns
- [Exit Strategy: How to Create One for Your Small Business](https://www.islernw.com/exit-strategy-how-to-create-one-for-your-small-business/) - Owning your own small business is a dream that few are fortunate enough to realize, but even those new to the joys of entrepreneurial self-determination need to spend time thinking about how you’re going to eventually leave the business. No matter how far off it may seem, the best way to ensure that your time
- [3 Reasons Paying Your Bills Early Will Benefit You](https://www.islernw.com/3-reasons-paying-your-bills-early-will-benefit-you/) - If there’s anything we all learned from 2020, it’s that things can change in a heartbeat and that the unexpected can create real havoc. Though there’s nothing you can do to stop fate’s freight trains from barreling down the tracks, there are steps you can take to minimize the stress you feel in its aftermath.
- [The IRS is Resuming Collection & Enforcement Activities That Were Paused During COVID-19](https://www.islernw.com/the-irs-is-resuming-collection-enforcement-activities-that-were-paused-during-covid-19/) - The IRS is reporting that it is resuming “certain collection and enforcement processes that had been suspended because of the coronavirus pandemic.” On June 15, 2021, this process kicked off as the IRS started contacting taxpayers who have not responded to prior balance due notices. Since April 2020, the IRS halted its systemic and automated
- [Did You Get a Letter from the IRS? Don’t Panic.](https://www.islernw.com/did-you-get-a-letter-from-the-irs-dont-panic/) - Article Highlights: IRS Notices CP Series Notice Automated Notices Frequent Errors ID Theft Penalties and Interest What You Should Do What We Will Do Now that most tax refunds are deposited directly into taxpayers’ bank accounts, the dream of opening your mailbox and finding an IRS refund check is all but a thing of the
- [Relocating? How to Do It with Taxes in Mind](https://www.islernw.com/relocating-how-to-do-it-with-taxes-in-mind/) - If you’re thinking about moving from your current locale, you’re not alone. Americans are on the move for many different reasons: Remote work is increasingly popular and allows employees to live wherever they have access to WiFi, while tax changes introduced by the 2017 Tax Cuts and Jobs Act (TCJA) limited the important SALT (State
- [Supporting the Vital Life Foundation](https://www.islernw.com/supporting-the-vital-life-foundation/) - Hello Vital Life Board and Ambassador Board Members, Yesterday I had the opportunity to be a part of a KOIN TV interview congratulating two of our charitable partners, Friends of the Children and Meals on Wheels People for going above and beyond during the pandemic. We would love it if more of our VLF
- [How to Evaluate Your Business Idea Before Diving In](https://www.islernw.com/how-to-evaluate-your-business-idea-before-diving-in/) - They say that everybody has at least one good novel in them, and many people feel the same way about ideas for a successful business. If you are considering diving into the world of entrepreneurship, it’s a good idea to pause for a moment, take a deep breath, and let your head take over before
- [Easily Check the Status of Your Refund  ](https://www.islernw.com/easily-check-the-status-of-your-refund/) - Article Highlights: Your Federal Tax Refund Status Can Be Checked Online Delay When Claiming Earned Income Tax Credit or Additional Child Tax Credit “Where’s My Refund?” Refunds Are Generally Issued Within 21 Days of E-Filing Paper Filed Return Will Take Longer Information Needed to Check Refund Status Direct Deposit Provides the Quickest Refunds When to
- [Are Your Unemployment Benefits Taxable?](https://www.islernw.com/are-your-unemployment-benefits-taxable/) - Article Highlights: CARES and COVID Tax Relief Acts Unemployment Benefits American Rescue Plan Tax-Exempt Portion of Unemployment Bogus Forms 1099-G Kiddie Tax and Unemployment States’ Taxation of Unemployment With the passage of the CARES Act stimulus package early in 2020, the federal government began supplementing the normal state weekly unemployment benefits by adding $600
- [Understanding Tax-Filing Status](https://www.islernw.com/understanding-tax-filing-status/) - Article Highlights: Single Married Filing Jointly Surviving Spouse Married to a Nonresident Alien Head of Household Married Filing Separate Filing status is determined on the last day of the year and most often is based on marital status. The two most prevalent are as follows: Single – Unmarried individuals without dependents. Married Taxpayers Filing
- [Required Minimum IRA Distributions Will Resume in 2021](https://www.islernw.com/required-minimum-ira-distributions-will-resume-in-2021/) - Article Highlights: CARES Act Moratorium RMD Resumptions Age Considerations Figuring out the RMD Amount Penalty for Not Taking an RMD No Maximum Limit IRA-to-Charity Transfers As part of the CARES Act, the requirement for older taxpayers to take required minimum distributions (RMDs) from their retirement plans was waived for 2020. This primarily was due to
- [Unemployment Fraudsters May Create a Tax Nightmare for Unsuspecting Taxpayers](https://www.islernw.com/unemployment-fraudsters-may-create-a-tax-nightmare-for-unsuspecting-taxpayers/) - As if this past year with all of its pandemic perils has not been stressful enough, the Office of the Inspector General for the Department of Labor has just added to our anxieties by announcing that at least at least $36 billion and possibly as much as $63 billion has been lost to improper unemployment
- [Tax Deductions Without Itemizing](https://www.islernw.com/tax-deductions-without-itemizing/) - Article Highlights: Charitable Contributions Educator Expenses Performing Artist Expenses State and Local Government Officials’ Expenses Health Savings Account Contributions Moving Expenses for Members of the Armed Forces Student Loan Interest Deduction Tuition and Fees Deduction Deduction for Early Withdrawal of Savings Deductible Part of Self-employment Tax Self-employed Health Insurance Deduction Alimony Deduction (pre-2019 divorce agreements)
- [Mom & Pop Businesses Move to Front of the Line for PPP Loans](https://www.islernw.com/mom-pop-businesses-move-to-front-of-the-line-for-ppp-loans/) - Article Highlights: 14-Day Exclusive Application Period for Small Businesses and Nonprofits Limited to 19 Employees Loans Based on Gross Income Rather than Wages Certain Restrictions Removed At the direction of the White House and effective on Wednesday, February 24, 2021, the SBA will establish a 14-day, exclusive PPP loan application period for businesses and nonprofits
- [IRS Extends Individual Return Filing Date](https://www.islernw.com/irs-extends-individual-return-filing-date/) - Article Highlights: IRS Announcement Limited to Individual Tax Returns Tax Due Payments Further Extensions 2021 Estimated Tax Payments Not Extended The IRS has announced they are extending the filing due date for 2020 individual tax returns from April 15, 2021 to May 17, 2021. This was meant to be a one-month extension, but since
- [Great News, Child Care Tax Credit Expanded for 2021](https://www.islernw.com/great-news-child-care-tax-credit-expanded-for-2021/) - Article Highlights: American Rescue Plan Expanded One-Year-Only Change Refundability Child Care Expenses Credit Percentage Maximum Credit Credit Phaseout Employer-Provided Dependent Care Assistance Great news if you are paying childcare expenses that enable you to work. As part of President Biden’s American Rescue Plan Act (ARPA) signed into law on March 11, 2021, the child and
- [It’s Official! Another Round of Stimulus Payments Approved by Congress](https://www.islernw.com/its-official-another-round-of-stimulus-payments-approved-by-congress/) - Article Highlights: Economic Impact Payments High-Income Taxpayer Phaseout Reconciliation Dependents Decedents Social Security Number Requirements Non-Filers IRS Information Sites The American Rescue Plan Act has passed and includes a third much-anticipated economic impact payment (EIP). This is one of several government measures intended to help financially stressed citizens. This will be the third round of
- [Don’t Miss Out on Tax Credits](https://www.islernw.com/dont-miss-out-on-tax-credits/) - Article Highlights: Non-refundable vs. Refundable Credit Childcare Credit Earned Income Tax Credit Child & Dependent Tax Credit Saver’s Credit Vehicle Tax Credits Adoption Credit Residential Energy-Efficient Property Credit Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. Congress provides tax credits to
- [You Can Expense Business IT Purchases](https://www.islernw.com/you-can-expense-business-it-purchases/) - Article Highlights: Depreciation Material & Supply Expensing De Minimis Safe Harbor Expensing Routine Maintenance Bonus Depreciation Section 179 Expensing Thanks to some very liberal tax laws written to encourage investment in personal tangible equipment, including information technology (IT) equipment, many businesses will be able to expense (write off as a tax deduction) all such assets
- [Don’t Be A Victim to IRS-Impersonating Scammers](https://www.islernw.com/dont-be-a-victim-to-irs-impersonating-scammers/) - Article Highlights: Phone Scams E-Mail Phishing What’s in Your Purse or Wallet? What You Should Never Do Fake Charities Protecting Against Identity Theft Thieves use taxpayers’ natural fear of the IRS and other government entities to ply their scams, including e-mail and phone scams, to steal your money. They also use phishing schemes to trick
- [Tax Court Decision Holds Potential Impact for Travel Deductions](https://www.islernw.com/tax-court-decision-holds-potential-impact-for-travel-deductions/) - There are many professions that require taxpayers to travel extensively and spend significant amounts of time in paid lodging. These expenses are traditionally claimed as travel deductions. However, a case recently heard by the Tax Court – Soboyede, TC Summary Opinion 2021-3, 1/26/21 – has apparently established a new standard for what the IRS
- [IRS to Automatically Adjust Prior Filed 2020 Returns with Unemployment Income](https://www.islernw.com/irs-to-automatically-adjust-prior-filed-2020-returns-with-unemployment-income/) - Article Highlights Prior Filed Returns with Unemployment Income American Rescue Plan’s $10,200 Exclusion IRS Automatic Adjustment Refund Application When an Amended Return Might Be Required The IRS announced on March 31, that it will take steps to automatically refund money this spring and summer to people who filed their tax return reporting unemployment compensation before
- [Special Rules Apply to 2020 EITC and Child Credit](https://www.islernw.com/special-rules-apply-to-2020-eitc-and-child-credit/) - Article Highlights: Employment (Earned) Income Earned Income Tax Credit (EITC) Child Tax Credit (CTC) 2019 or 2020 Earned Income Credit Qualifications Because of the pandemic, many individuals have seen their employment (earned) income plummet. In that situation, two very important tax credits, the Earned Income Tax Credit (EITC) and the Child Tax Credit
- [April 2021 Tax Due Dates](https://www.islernw.com/april-2021-tax-due-dates/) - April 2021 Individual Due Dates April 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during March, you are required to report them to your employer on IRS Form 4070 no later than April 12. April 15 - Taxpayers with Foreign Financial Interests
- [How Biden’s Rescue Plan Might Impact Your Taxes](https://www.islernw.com/how-bidens-rescue-plan-might-impact-your-taxes/) - How Biden’s Rescue Plan Might Impact Your Taxes Article Highlights: Economic Impact Payments Unemployment Compensation Minimum Wage Education Assistance Families First Coronavirus Response Act Child Care Tax Credit Child Tax Credit Earned Income Tax Credit Healthcare Coverage Evictions & Foreclosures Homelessness President Biden released his “American Rescue Plan” on January 14. It is
- [February 2021 Individual Due Dates](https://www.islernw.com/february-2021-individual-due-dates/) - February 2021 Individual Due Dates February 1 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 1 - File 2020 Individual Return to Avoid Penalty for Not Making 4th Quarter Estimated Payment If you file your prior year’s
- [House Votes Monday on Second $2,000 Stimulus Check After Trump Signs Bill](https://www.islernw.com/house-votes-monday-on-second-2000-stimulus-check-after-trump-signs-bill/) - From CNET | written by Jessica Dolcourt President Trump signed the stimulus bill on Sunday night, avoiding the government shutdown. Today, the House will vote on $2,000 stimulus checks. Sunday night, after days of criticizing the $600 second stimulus check, President Donald Trump signed the $2.3 trillion combination federal-budget and COVID-relief billthat joins $900 billion
- [5 Reasons Why You May Not Receive a Stimulus Check](https://www.islernw.com/5-reasons-why-you-may-not-receive-a-stimulus-check/) - From Forbes.com | Kelly Anne Smith Forbes Advisor Staff The harsh economic consequences of the COVID-19 pandemic and the widespread shutdowns needed to contain it are starting to set in. More than 30 million Americans have filed for unemployment and more will. In an effort to keep financially distressed Americans afloat, Congress has responded with a
- [Help Is on the Way – Emergency Coronavirus Relief Agreement Reached](https://www.islernw.com/help-is-on-the-way-emergency-coronavirus-relief-agreement-reached/) - Emergency Coronavirus Relief Act of 2020 Stimulus Payments Unemployment Assistance CDC Eviction Moratorium Paycheck Protection Program Loans Earned Income Tax Credit & Child Tax Credit School Funding Child Care Transportation After months of political bickering, Congress has reached an agreement on an emergency coronavirus relief bill and the President has said he would sign it.
- [Oregon Individual Income Tax Guide Revised for 2020](https://www.islernw.com/oregon-individual-income-tax-guide-revised-for-2020/) - From Thomson Reuters | by Margaret Eisler, Esq. The Oregon Department of Revenue has revised Publication OR-17, Individual Income Tax Guide, for 2020. The publication supplements the Oregon income tax instruction booklet and the IRS Tax Guide: Publication 17, Your Federal Income Tax For Individuals. ( 2020 Oregon Publication OR-17, Individual Income Tax Guide, 11/12/2020
- [IP PINs to Be Available to All Individuals in 2021](https://www.islernw.com/ip-pins-to-be-available-to-all-individuals-in-2021/) - From the Tax Adviser | By Sally P. Schreiber, J.D. Starting in January, the IRS will allow all individuals to receive an identity protection personal identification number (IP PIN). The IRS announced (IR-2020-267 (https://www.irs.gov/newsroom/national-tax-security-awareness-week- part-3-irs-expands-identity-protection-pin-opt-in-program-to-taxpayers-nationwide)) on Wednesday that it will unveil a portal in mid-January 2021, expanding to all individual taxpayers the opt-in program to
- [Qualified Opportunity Zone Rules Are Relaxed– Need to identify QOF property by December 31](https://www.islernw.com/qualified-opportunity-zone-rules-are-relaxed-need-to-identify-qof-property-by-december-31/) - From The Journal of Accountancy, by Sally P. Schreiber, J.D. In Notice 2020-39, the IRS extended some deadlines for investing in qualified opportunity funds (QOF) and relaxed some investment requirements to make it easier for QOF investors to deal with the coronavirus pandemic. The QOF program created a process for designating certain low-income communities and
- [Tax Law Changes Allow Year-End Charitable Planning Opportunities](https://www.islernw.com/tax-law-changes-allow-year-end-charitable-planning-opportunities/) - As the end of the tax year approaches, it is worth spending a few minutes reviewing some of the changes that have been made in the tax laws surrounding donations to charities. In some cases, this guide will serve as a refresher regarding revisions made over the last few years, while in other cases
- [IRS Releases Inflation Adjustments for 2021](https://www.islernw.com/irs-releases-inflation-adjustments-for-2021/) - Article Highlights: Standard Deduction Transportation Fringe Benefits Retirement Plans Contribution Limits SIMPLE Retirement Accounts IRA Contribution Limits Health Flexible Spending Accounts Education Credits Estate Tax Exclusion Annual Gift Exclusion Sec 179 Expensing Deduction Foreign Earned Income Exclusion Alternative Minimum Tax Adoption Credit Tax Rate Schedules To cope with inflation, the tax code requires the IRS
- [Don’t Miss Out on Year-End Tax-Planning Opportunities](https://www.islernw.com/dont-miss-out-on-year-end-tax-planning-opportunities/) - Article Highlights: Unemployment Benefits Taxability To Skip or Not Skip the 2020 Required Minimum Distribution Special Charitable Giving Opportunities Divorced or Separated Planning Issues Potential State Health Insurance Penalties Dealing with Disaster Losses in 2020 Retroactive Kiddie Tax Rules – Amended Opportunity Retroactive Tax Benefits May Provide Refunds Preparing for Home Sale Reporting Avoiding Underpayment
- [Big Tax Breaks for Hiring Your Children in the Family Business](https://www.islernw.com/big-tax-breaks-for-hiring-your-children-in-the-family-business/) - Article Highlights: Child Under the Age of 19 or a Student Under the Age of 24 Kiddie Tax Tax on a Child’s Earned Income Deduction for the Business Employment Taxes IRAs and Retirement Plans With jobs at a premium during the COVID-19 pandemic, you might consider hiring your children to help out in your business.
- [Employee Holiday Gifts May Be Taxable](https://www.islernw.com/employee-holiday-gifts-may-be-taxable/) - Article Highlights: De Minimis Fringe Benefits Cash Gifts Gift Certificates Group Meals FICA and Wage Withholding It is common practice this time of year for employers to give their employees gifts. Where a gift is infrequently offered and has a fair market value so low that it is impractical and unreasonable to account for it,
- [Beware of New Text Scam Related to Stimulus Payments](https://www.islernw.com/beware-of-new-text-scam-related-to-stimulus-payments/) - Article Highlights: New Clever Scammer Scheme Uses Economic Impact Payments as Bait The Text Message How to Report a Scam How to Correctly Provide Information to Claim a Payment The IRS has warned taxpayers of a clever scheme by internet scammers to dupe taxpayers into revealing their bank account information under the guise of receiving
- [IRS Clarifies Stance On No Deductibility Of Expenses Paid With PPP Funds](https://www.islernw.com/irs-clarifies-stance-on-no-deductibility-of-expenses-paid-with-ppp-funds/) - Dear friends and clients, On Wednesday, November 18, the IRS issued further guidance regarding the tax deductibility of business expenses paid with Paycheck Protection Program loan proceeds. The article below published in Forbes.com and written by their frequent contributor Brian Thompson does an excellent of summarizing the IRS stance and how it may impact business taxes for 2020.
- [US created 223,000 jobs in June vs. 230,000 expected; unemployment rate at 5.3%](https://www.islernw.com/us-created-223000-jobs-in-june-vs-230000-expected-unemployment-rate-at-5-3/) - Original Article by Jeff Cox on CNBC American companies kicked off the summer with modest growth in hiring, sending nonfarm payrolls up 223,000 in June, according to Labor Department numbers released Thursday. In addition to the payroll growth, the unemployment rate ticked lower to 5.3 percent from 5.5 percent, due largely to a sharp decline
- [Transferring a Primary Residence to Children](https://www.islernw.com/transferring-a-primary-residence-to-children/) - From the FI Tax Guy How do you pass your family’s house to your children? It’s a pressing question and involves significant tax, legal, and emotional considerations. Unfortunately, it is a topic about which there is much confusion. This blog post discusses some of the important considerations. But as a blog post, it can only
- [What Happens if I Missed the October 15th Tax Extension Deadline?](https://www.islernw.com/what-happens-if-i-missed-the-october-15th-tax-extension-deadline/) - We’ve all been there. Life is super busy. We have to take care of our families and friends, work obligations, and all our other everyday responsibilities. With all of the hustle and bustle, you realize that the October 15th tax extension deadline has passed and unfortunately, you still haven’t filed. What should you do now? Here
- [Top 10 year-end tax planning tips](https://www.islernw.com/top-10-year-end-tax-planning-tips/) - From Accounting Today Between the upcoming presidential election and the COVID-19 pandemic and its attendant stimulus packages, this year has seen more than its share of uncertainty around tax — which makes helping clients with year-end planning all the more crucial. “Year-end tax planning is more important than ever this year,” said Renato Zanichelli, national
- [October’s Extended Due Date Is Fast Approaching](https://www.islernw.com/octobers-extended-due-date-is-fast-approaching/) - Article Highlights: October 15 extended due date for filing federal individual tax returns for 2019. Late-filing penalty. Interest on tax due. Other October 15 deadlines. Because of the COVID-19 pandemic emergency, the IRS postponed the original due date for filing 2019 returns to July 15, 2020. If you could not complete your 2019 tax return
- [Individuals Have a New Opportunity to Receive $500 Economic Impact Payments for Their Children](https://www.islernw.com/individuals-have-a-new-opportunity-to-receive-500-economic-impact-payments-for-their-children/) - Article Highlights: $500 Per Child Stimulus Payment Non-Filer Tool Those Who Have Already Used the Non-Filer Tool Those Who Haven’t Used Non-Filer Tool How Payment Will be Made Get My Payment Tool Non-Filers The Internal Revenue Service has announced it will reopen the registration period for federal beneficiaries with children who didn't receive a
- [IRS Provides Tax Relief for Victims of Oregon Wildfires](https://www.islernw.com/irs-provides-tax-relief-for-victims-of-oregon-wildfires/) - From the Oregon Society of Certified Public Accountants WASHINGTON — Victims of the Oregon wildfires and straight-line winds that began on Sept. 7 now have until Jan. 15, 2021 to file various individual and business tax returns and make tax payments, the Internal Revenue Service announced today. The IRS is offering this relief to any
- [IRS Extends the Opportunity to Defer Capital Gains](https://www.islernw.com/irs-extends-the-opportunity-to-defer-capital-gains/) - IRS Extends the Opportunity to Defer Capital Gains Article Highlights: Tax Benefits Investment Period Qualified Opportunity Zone Funds Qualified Opportunity Zones Deferral Period 10 Year Election As part of tax reform put into place a couple of years ago, individuals are able to defer both short- and long-term capital gains into what are referred to
- [How States are Reshaping Nexus Laws for Remote Employees Due to COVID-19](https://www.islernw.com/how-states-are-reshaping-nexus-laws-for-remote-employees-due-to-covid-19/) - Ever since the coronavirus pandemic began impacting the United States, businesses around the country have responded by instituting work-from-home policies. While it is unclear how much longer the nation will be in the grips of the crisis, social distancing is likely to remain in place for many organizations. Some of the country’s most recognizable brands,
- [Wealth Transition and Succession Planning: Best Practices for Businesses During COVID-19](https://www.islernw.com/wealth-transition-and-succession-planning-best-practices-for-businesses-during-covid-19/) - Regardless of the type of business you're running, it's safe to say that you've likely already been impacted by the ongoing COVID-19 pandemic that is making its way across the globe. With no complete end to the situation in sight, many have begun to try to settle into whatever this "new normal" actually is. They're
- [PPP Interim Final Ruling Summary](https://www.islernw.com/ppp-interim-final-ruling-summary/) - To our valued clients: The US Small Business Administration and Treasury recently issued an interim final rule clarifying Paycheck Protection Program forgiveness issues surrounding owner-employee compensation and the eligibility of rent related non-payroll costs. The guidance states that owner-employees with less than a 5% interest in a C or S corporation are exempted from the
- [Compare the Potential Tax Plans of Trump v. Biden](https://www.islernw.com/compare-the-tax-plans-of-trump-and-biden/) - As the November elections approach, you might want to know what the two front-running presidential candidates’ tax plans for the future are. The following is an overview of their positions, at least what is known now. However, the political and economic landscapes can change, and there is no assurance these plans won’t be revised or
- [Watch Out for Tax Penalties](https://www.islernw.com/watch-out-for-tax-penalties/) - Most taxpayers don’t intentionally incur tax penalties, but many who are penalized are simply not aware of the penalties or the possible impact on their wallets. As tax season approaches, let’s look at some of the more commonly encountered penalties and how they may be avoided. Article Highlights: Underpayment of Estimated Tax and Withholding Penalty
- [We're Officially in a Recession, So Make These 5 Money Moves Now](https://www.islernw.com/were-officially-in-a-recession-so-make-these-5-money-moves-now/) - It has been more than ten years since the United States’ economy has gone through a recession, and when the National Bureau of Economic Research announced in June that we have officially entered another, it hit many Americans like a body blow. The dark financial times we experienced between December of 2007 and June
- [IRS makes Form 1040-X amended tax returns available for e-filing](https://www.islernw.com/irs-makes-form-1040-x-amended-tax-returns-available-for-e-filing/) - From Michael Cohn, Editor-in-chief @ Accounting Today The Internal Revenue Service is now letting taxpayers submit Form 1040-X electronically when they want to file an amended tax return through commercial tax software, in what the agency called a “major milestone in tax administration.” The move comes after years of effort by the IRS to streamline
- [How to Protect Yourself Against Coronavirus-Related Fraud](https://www.islernw.com/how-to-protect-yourself-against-coronavirus-related-fraud/) - The global coronavirus pandemic has changed every single facet of our world – from the way we work to how we live our day-to-day lives – and we have been forced to quickly adjust to a new normal. Unfortunately, there are those out there who seek to take advantage of this turbulent time. The Internal
- [20 Tips for Working From Home](https://www.islernw.com/20-tips-for-working-from-home/) - We found this great article on PCMag. by Jill Duffy and wanted to share… Great tips for working from home! The outbreak of the coronavirus has more people working from home than ever. If you're new to working remotely, these tips from a home-office pro can help you stay productive and maintain balance. The global
- [Second stimulus check payment schedule: How fast could the IRS send your money?](https://www.islernw.com/second-stimulus-check-payment-schedule-how-fast-could-the-irs-send-out-your-money/) - From CNET Personal Finance If a final coronavirus relief bill passes, your second stimulus check could arrive more quickly than it did in the first round. We worked out some potential dates for when it could happen, based on what we know today. The Democratic-led House of Representatives will return to Washington on Saturday
- [IRS Cancels Stimulus Checks Issued to Decedents](https://www.islernw.com/irs-cancels-stimulus-checks-issued-to-decedents/) - Article Highlights: Stimulus Payments to Deceased Individuals Stop Payments Being Made on Checks Already Issued IRS Authority to Deny Stimulus Payments to Deceased Individuals History of Stimulus Payments IRS Q&A Dealing with Deceased Individuals and the Return of the Payments According to the recently updated IRS FAQ page, the Treasury Dept. has cancelled outstanding Economic
- [5 Tips for Marketing During Covid-19](https://www.islernw.com/5-tips-for-marketing-during-covid-19/) - From Mike Kappel on Forbes Small Business Blog If you’re like many business owners out there, the coronavirus pandemic has rocked your world. According to a SHRM study, 62% of small businesses say they have experienced a decrease in revenue since the start of Covid-19. To deal with this change in cash flow, you may
- [What President Trump’s Executive Order Means for You](https://www.islernw.com/what-president-trumps-executive-order-means-for-you/) - We are still waiting for the dust to settle on what President Trump’s executive orders mean for taxpayers and business owners. There is a lot of talk about legal challenges and how Congress may react. But here is a summary of what we know now. Temporary Payroll Tax Relief - The President has
- [Wealthy Taxpayers May Want to Strategize for Potential Tax Increases](https://www.islernw.com/wealthy-taxpayers-may-want-to-strategize-for-potential-tax-increases/) - Article Highlights: Skyrocketing Government Spending Federal and State Deficits Tax Increases in Our Future Tax Strategies The outcome of the November elections could have a significant impact on taxes for the wealthy. The COVID-19 pandemic has wreaked havoc on the economy, as the government’s tax revenues have declined while government spending has soared. Although the
- [What Led to Congress Extending the Paycheck Protection Program?](https://www.islernw.com/what-led-to-extension-of-ppp/) - The economic uncertainty created in the outset of the Coronavirus pandemic was unprecedented, to say the least. This is a big part of the reason why, soon after the spread began, Congress took steps that were equally drastic - they passed the Paycheck Protection Program, otherwise known as the PPP, in an attempt to help
- [Is The Government Keeping Your Refund?](https://www.islernw.com/is-the-government-keeping-your-refund/) - Article Highlights: Bureau of the Fiscal Service Allowable Refund Offsets Disputing an Offset Injured Spouse Claim We all look forward to receiving our tax refunds, but what if you were expecting a refund and it never arrived? It may be because you have outstanding federal or state debts—and not just tax-related debts. The Treasury
- [Loan Application Period for the Paycheck Protection Program Extended](https://www.islernw.com/loan-application-period-for-the-paycheck-protection-program-extended/) - Article Highlights: Loan Application Period Extended Paycheck Protection Program Qualifying Expenses Loan Forgiveness If you missed the opportunity to apply for a Paycheck Protection Program (PPP) loan before the program expired at the end of June, you have another chance. Congress has overwhelmingly voted to extend the application period for a PPP loan through
- [Employers, Don’t Miss Out on the Work Opportunity Credit ](https://www.islernw.com/employers-dont-miss-out-on-the-work-opportunity-credit/) - Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Taxpayer Certainty and Disaster Tax Relief Act of 2019 extended the Work Opportunity Tax Credit (WOTC) allowing employers who are willing to help disadvantaged individuals to benefit from a substantial federal tax credit. The WOTC is typically worth up to $2,400
- [10 Things to Know About Credit Scores](https://www.islernw.com/10-things-to-know-about-credit-scores/) - Once you get above a certain age, you start hearing about a magical thing called a credit score. You hear that everybody has one and that you need to do everything you can to bolster it. You hear that there are things you can do to hurt your credit score and that once you’ve messed
- [The July 15th Deadline Is Fast Approaching, and it Isn’t Just for the 2019 Individual Tax Return](https://www.islernw.com/the-july-15th-deadline-is-fast-approaching-and-it-isnt-just-for-the-2019-individual-tax-return/) - The July 15th Deadline Is Fast Approaching, and it Isn’t Just for the 2019 Individual Tax Return Article Highlights: Extensions Contributions to IRAs Estimated Tax Payments for the First Two Quarters of 2020 Individual Refund Claims for the 2016 Tax Year Foreign Account Reporting Requirements Due to the COVID-19 emergency, the IRS provided taxpayers
- [Don’t Throw Away That Notice 1444](https://www.islernw.com/dont-throw-away-that-notice-1444/) - Article Highlights: Notice 1444 You May Qualify for Additional Credit on the 2020 Return Tax Records The IRS is mailing all recipients of Economic Impact Payments a Notice 1444 that provides information about the amount of their payment, how the payment was made and how to report any payment that wasn’t received. If you’ve
- [3 Ways to Receive Payments in QuickBooks Online](https://www.islernw.com/3-ways-to-receive-payments-in-quickbooks-online/) - Recording customer payments is one of your more pleasant accounting tasks. Depending on the situation, you can choose from multiple ways to do this using QuickBooks Online. If you made New Year’s resolutions this last January, you’ve probably had to revise them. No one knew what was coming when 2019 turned over to 2020.
- [What You Need to Know About the People First Initiative](https://www.islernw.com/what-you-need-to-know-about-the-people-first-initiative/) - The global COVID-19 pandemic has presented significant challenges for American citizens from both the health and financial perspectives. Many individuals are looking for ways to reduce the financial impact of layoffs or furloughs they have experienced as a result of the shutdown in the economy. In an effort to relieve some of this burden, the Internal
- [Unique IRA Opportunities for 2020](https://www.islernw.com/unique-ira-opportunities-for-2020/) - As bad as it has been financially for many individuals, 2020 does provide some unique tax opportunities for those who have traditional IRA accounts. These range from converting traditional IRAs to Roth IRAs, retirees making larger-than-normal IRA withdrawals and the decision whether to take advantage of the required minimum distribution suspension for 2020. Let’s look
- [Notice: Don't Miss These Important IRS Due Dates in July](https://www.islernw.com/avoid-irs-penalties-and-dont-miss-these-important-irs-due-dates-in-july/) - July 1 - Time for a Mid-Year Tax Check Up Time to review your 2020 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties or to determine if the estimated payments and/or withholding can be reduced because your income has declined as a result of the COVID-19
- [The IRS Is Issuing Some Stimulus Payments by Debit Card; Some Are Being Mistaken as Junk Mail and Thrown Out](https://www.islernw.com/the-irs-is-issuing-some-stimulus-payments-by-debit-card-some-are-being-mistaken-as-junk-mail-and-thrown-out/) - If you are like most Americans, you receive tons of junk mail, which you tend to discard without ever reading. Well, if you haven’t already received your stimulus payment from the feds, maybe you shouldn’t be so quick to throw away those envelopes from unknown senders, at least until you have received your stimulus payment.
- [Does Your Business Qualify for the Research Tax Credit?](https://www.islernw.com/does-your-business-qualify-for-the-research-tax-credit/) - For businesses, the tax code provides a tax credit of up to 20% of qualified expenditures to encourage businesses to develop, design or improve products, processes, techniques, formulas or software and similar activities. In the past, this credit—called the Credit for Increasing Research Activities—had to be reauthorized by Congress yearly, but as part of the
- [IRS and Treasury Release the Latest State-By-State Economic Impact Payment Figures](https://www.islernw.com/irs-and-treasury-release-the-latest-state-by-state-economic-impact-payment-figures/) - IRS and Treasury Release the Latest State-By-State Economic Impact Payment Figures The Treasury Department and the IRS released updated state-by-state figures for Economic Impact Payments (EIPs) on May 22nd, reflecting the opening weeks of the program. Along with the announcement came the following quote from IRS Commissioner Chuck Rettig: “Economic Impact Payments have continued going
- [Important information for any business who has received a PPP loan - this will be of interest to you.](https://www.islernw.com/important-information-for-any-business-who-has-received-a-ppp-loan-this-will-be-of-interest-to-you/) - To apply for forgiveness of your Paycheck Protection Program (PPP) loan, you (the Borrower) must complete this application as directed in these instructions, and submit it to your Lender (or the Lender that is servicing your loan). Borrowers may also complete this application electronically through their Lender. This application has the following components: (1) the
- [Couples and COVID-19: Here are 5 Ways to Work Together During the Pandemic to Protect Your Finances](https://www.islernw.com/couples-and-covid-19-here-are-5-ways-to-work-together-during-the-pandemic-to-protect-your-finances/) - The coronavirus pandemic has changed our lives in many ways, and whether you’re thinking about the physical and social aspects or the financial aspects, there is no clear end in sight. The American economy has fallen to a dramatic degree, and an astounding number of people have lost their jobs or been furloughed for an
- [Big Tax Break for Adoptive Parents](https://www.islernw.com/big-tax-break-for-adoptive-parents/) - If you are an adoptive parent or are planning to adopt a child, you may qualify for a substantial income tax credit. The amount of the credit is based on the expenses incurred that are directly related to the adoption of a child under the age of 18 or a person who is physically or
- [Tips to Keep Your Business Afloat During COVID-19](https://www.islernw.com/tips-to-keep-your-business-afloat-during-covid-19/) - COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more than just time: you will need to take a pragmatic view of what has happened and what steps you are willing and able to take
- [New $3 Trillion Coronavirus Relief Bill Proposed by House Democrats](https://www.islernw.com/new-3-trillion-coronavirus-relief-bill-proposed-by-house-democrats/) - As the coronavirus continues to lay waste to the American economy, legislators are hoping to provide additional relief and to shore up the country’s healthcare system. To that end, Democrats in the House of Representatives have proposed a new relief bill encompassed in an 1,800-page document. The entire body will vote on this bill on
- [Delaying Payment of Old Tax Bills Is A Big Mistake](https://www.islernw.com/delaying-payment-of-old-tax-bills-is-a-big-mistake/) - You know that long list of ways that the coronavirus has affected our lives? Well, here’s another one. The Internal Revenue Service has completely flipped a switch on its priorities, and it is not even looking at paper tax returns that are being sent to it. The idea of all those envelopes piling up somewhere
- [Not All PPP “Forgivable” Loans Will be Forgiving](https://www.islernw.com/not-all-ppp-forgivable-loans-will-be-forgiving/) - In the face of the global pandemic and the subsequent economic crisis it has spurred, the federal government has taken several steps to protect small business owners. One of the most notable of these steps is the offering of Paycheck Protection Program (PPP) loans, which are being trumpeted as forgivable loans. Though the loans are indeed
- [Learn how to Check your Federal Tax Return Status](https://www.islernw.com/learn-how-to-check-your-federal-tax-return-status/) - If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online. Where’s My Refund? is an interactive tool on the IRS website. Regardless of whether you have split your refund among several accounts, opted for a direct deposit into one account, or
- [Are You Eligible For a 2018 Tax Refund?](https://www.islernw.com/are-you-eligible-for-a-2018-tax-refund/) - You may be one of the many taxpayers eligible for a refund from their 2018 tax return. Last December, tacked on to an Appropriations Act, Congress passed the long-awaited extenders bill. This bill had been lingering in Congress for about 2 years and extended several beneficial tax provisions that had expired after 2017. As a
- [Spotlight: How to Apply for Advance Payment (Refund)](https://www.islernw.com/spotlight-how-to-apply-for-advance-payment-refund/) - The IRS has issued a final version of Form 7200 (Advance Payment of Employer Credits Due to COVID-19) and its accompanying instructions on March 31, 2020. Sick and family leave credits. The Families First Coronavirus Response Act (FFCRA) requires eligible employers to provide paid sick leave and expanded family and medical leave for COVID-19 related
- [Spotlight: Deferral of employment tax deposits and payments through December 31, 2020](https://www.islernw.com/spotlight-deferral-of-employment-tax-deposits-and-payments-through-december-31-2020/) - The Coronavirus, Aid, Relief and Economic Security Act (CARES Act) allows employers to defer the deposit and payment of the employer's share of Social Security taxes and self-employed individuals to defer payment of certain self-employment taxes. Section 2302 of the CARES Act provides that employers may defer the deposit and payment of the employer's portion
- [Spotlight: Employee Retention Credit under the CARES Act](https://www.islernw.com/spotlight-employee-retention-credit-under-the-cares-act/) - The Coronavirus Aid, Relief, and Economic Security Act (CARES Act), enacted on March 27, 2020, is designed to encourage Eligible Employers to keep employees on their payroll, despite experiencing economic hardship related to COVID-19, with an employee retention tax credit (Employee Retention Credit). The Families First Coronavirus Relief Act (FFCRA) requires certain employers to pay
- [What’s Best for You - Traditional or Roth IRA?](https://www.islernw.com/whats-best-for-you-traditional-or-roth-ira/) - The tax code offers two types of IRAs; one is referred to as the traditional individual retirement account (IRA), so named because it was the first type of IRA available, having been created by Congress back in the 1970s. The second type is the Roth IRA, established in 1997 and named after William Roth, who
- [Paycheck Protection Program and Health Care Enhancement Act: What’s In It?](https://www.islernw.com/paycheck-protection-program-and-health-care-enhancement-act-whats-in-it/) - PPP & The CARES Act Following the passage of the $2.2 trillion CARES Act stimulus package at the end of March, one of the most talked about provisions was the Paycheck Protection Program (PPP). The CARES Act had earmarked $349 billion for PPP, which was designed to help small businesses cover their payroll, benefits, utilities,
- [Creating an Emergency Fund to Help You Weather a Storm Like COVID-19](https://www.islernw.com/creating-an-emergency-fund-to-help-you-weather-a-storm-like-covid-19/) - For years, experts have been saying that everyone - including average citizens - needs to have some type of emergency fund in place to help them get through any "rainy days" that may lie ahead. The advice usually varies depending on the source, but most recommend having an emergency fund equivalent to at least three
- [Congress Makes Charitable Giving Easier During the COVID-19 Crisis](https://www.islernw.com/congress-makes-charitable-giving-easier-during-the-covid-19-crisis/) - To encourage charitable contributions to deserving qualified charities during these trying times, Congress has relaxed some of its restrictions related to how much a taxpayer can deduct as a charitable contribution in any given year. Under normal circumstances, cash contributions are limited to 60% of a taxpayer’s adjusted gross income (AGI). However, as has happened
- [Businesses Score Big Tax Benefits with the CARES Act](https://www.islernw.com/businesses-score-big-tax-benefits-with-the-cares-act/) - As part of the stimulus package to help offset the financial damage inflicted on businesses as a result of the COVID-19 crisis, Congress restored the ability of businesses that suffer a loss to carry those losses back and recover taxes paid in prior years. The limitation on business interest deductions has also been relaxed, as
- [Track Your Economic Impact Payment in the New IRS Portal](https://www.islernw.com/track-your-economic-impact-payment-in-the-new-irs-portal/) - The IRS is planning to create a new, online portal called “Where’s My Economic Impact Payment” where people can obtain details about their payment from the economic stimulus package and also provide their banking information. Background After the CARES Act passed through Congress, Treasury and the IRS had estimated there would be 171 million rebate
- [Isler NW COVID-19 Announcement](https://www.islernw.com/isler-nw-covid-19-announcement/) - Isler Northwest LLC is continuing to provide tax and accounting services during the COVID-19 pandemic, while also taking steps to protect the health and safety of our employees and our community. We are closely monitoring local, state and federal announcements and recommendations. Beginning March 19th, we will be on a modified remote-work schedule with many
- [Update on IRS Relief and SBA Disaster-relief Loans](https://www.islernw.com/update-on-irs-relief-and-sba-disaster-relief-loans/) - To our valued clients and friends, In IRS Notice 2020-18, the IRS granted additional relief to individuals impacted by the Covid-19 virus Pandemic. This Notice supersedes Notice 2020-17 by removing the tax payment limits and automatically moves the tax filing date from April 15 to July 15, 2020. Taxpayers who owe tax or have an
- [Update on Portland and Oregon Tax Deadlines](https://www.islernw.com/update-on-portland-and-oregon-tax-deadlines/) - To our valued clients and friends, Things are changing by the day as governments continue grappling with ways to provide relief during the Coronavirus Pandemic. Please see below for updates on various taxing jurisdictions: State of Oregon Except as specifically stated in this order, this order does not change any other payment, filing or other
- [Tax Day Change](https://www.islernw.com/tax-day-change/) - To our valued clients and friends: The Secretary of Treasury appears to be moving the tax due date to July 15th: "We are moving Tax Day from April 15 to July 15," Secretary Steven Mnuchin tweeted. "All taxpayers and businesses will have this additional time to file and make payments without interest or penalties." He
- [Payroll Protection Plan Infographic](https://www.islernw.com/payroll-protection-plan-infographic/) - The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses. Here are the questions you may be asking and what you need to know.
- [5 Methods of Learning That Set Successful People Apart](https://www.islernw.com/5-methods-learning-set-successful-people-apart/) - BY JUSTIN BARISO | Founder, Insight@JustinJBariso | Article Featured on Inc.com Want to work smarter? Incorporate these five rules into your daily habits. How do you define success? We all measure prosperity in different ways. But it doesn't really matter what your personal goals are. The key to getting better at anything is summed up in one word:
- [Tax Credit Pays for Keeping Employees on Payroll](https://www.islernw.com/tax-credit-pays-for-keeping-employees-on-payroll/) - To help businesses retain employees and keep them employed during the COVID-19 crisis, Congress has provided a refundable employer retention credit available to all qualifying employers regardless of size, including tax-exempt organizations. To qualify for the credit, employers must fall into one of two categories: Business Operations Curtailed: Eligible employers were carrying out a trade
- [Stimulus Legislation Includes SBA Loan Forgiveness](https://www.islernw.com/stimulus-legislation-includes-sba-loan-forgiveness/) - Among the hardest hit during the coronavirus epidemic are the small businesses that have lost their revenue sources and do not have the financial resources to weather the storm. In this case, the federal government’s SBA (Small Business Administration) Economic Injury Disaster Loan (EIDL) can help a business make it through these trying times. Normally,
- [COVID-19 Guidelines & Rules](https://www.islernw.com/covid-19-guidelines-rules/) - CDC Guidelines Practice social distancing – keep a minimum of 6 feet a part Wash hands often, with soap – for 20 seconds minimum Use hand sanitizer only if soap and water are not available Don’t touch your face Say home if you are sick or if a family member is sick Cover mouth and
- [Small Business Paycheck Protection Program](https://www.islernw.com/small-business-paycheck-protection-program/) - The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities. Fully Forgiven Funds are provided in the form of loans that will be fully forgiven when used for payroll costs, interest on
- [CARES Act Tax Provision Summary](https://www.islernw.com/cares-act-tax-provision-summary/) - Dear Clients and Friends: We hope that you are keeping yourself, your loved ones, and your community safe from COVID‐19 (commonly referred to as the Coronavirus). Along with those paramount health concerns, you may be wondering about some of the recent tax changes meant to help everyone coping with the Coronavirus fallout. Below is summary
- [What Does the $2 Trillion Stimulus Package Mean for You?](https://www.islernw.com/what-does-the-2-trillion-stimulus-package-mean-for-you/) - The “Coronavirus Aid, Relief, and Economic Security Act” (Cares Act) includes many tax and financial breaks for both individuals and businesses. We broke down many of the essential elements and how they can assist you and your business during this troubling time. Recovery Rebate - The most talked about provision is the “recovery rebates” for
- [Can’t Pay Your Taxes? Payment Due Date Extended Because of COVID-19](https://www.islernw.com/cant-pay-your-taxes-payment-due-date-extended-because-of-covid-19/) - Although most American taxpayers receive a refund each year when they file their income tax returns, there are those who for one reason or another end up owing. However, lots end up owing on April 15th and many don’t have the means to pay what they owe. In an unprecedented move to dampen the economic
- [Coronavirus and Taxes: Frequently Asked Questions (FAQ)](https://www.islernw.com/coronavirus-and-taxes-frequently-asked-questions-faq/) - The COVID-19 outbreak is affecting every facet of our lives – including our taxes. Check here for all your FAQ to see how you may be impacted. Q: Has the government extended the filing deadline? A: Yes, the federal government has extended the April 15 filing deadline for 2019 tax returns to July 15,
- [Where is Estate Tax Going in the Future?](https://www.islernw.com/where-is-estate-tax-going-in-the-future/) - The Tax Cuts and Jobs Act (TCJA, often referred to as tax reform) generally became effective in 2018 and increased the federal estate and gift tax lifetime exclusion amount (LEA) from $5 million per person to $10 million per person. On top of that, the exclusion is annually adjusted for inflation, meaning the LEA for
- [What Does a Tax Deduction Save You?](https://www.islernw.com/what-does-a-tax-deduction-save-you/) - Taxpayers frequently ask what benefit is derived from a tax deduction. Unfortunately, there is no straightforward answer. The reason the benefit cannot be determined simply is because some deductions are above-the-line, others must be itemized, some must exceed a threshold amount before being deductible, and certain ones are not deductible for alternative minimum tax purposes,
- [New Tax Rules for Retirees](https://www.islernw.com/new-tax-rules-for-retirees/) - If you are at or approaching the age of 70, you need to be aware of some changes that Congress made to the tax laws, effective starting in 2020. These changes will have direct impacts on you and the decisions you make related to your retirement accounts. Not only will they affect your federal taxes,
- [Congress Green-Lights Some Alternative Vehicle Credits](https://www.islernw.com/congress-green-lights-some-alternative-vehicle-credits/) - To encourage U.S. taxpayers to move away from gasoline-powered motor vehicles, over the years, Congress has provided various tax credits for purchasing electric or alternative fuel vehicles. These credits generally come with an expiration date or a sales limitation. For example, from 2006 through 2010, a credit was available to taxpayers who were purchasing a
- [March 2020 Individual Due Dates](https://www.islernw.com/march-2020-individual-due-dates/) - March 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during February, you are required to report them to your employer on IRS Form 4070 no later than March 10. Your employer is required to withhold FICA taxes and income tax withholding
- [Congress Does Away with the Stretch IRA](https://www.islernw.com/congress-does-away-with-the-stretch-ira/) - Some members of Congress have, for some time, expressed their displeasure with the so-called stretch IRAs that have permitted some beneficiaries, such as a young child or a grandchild, to extend the payout period from the IRAs they inherited for decades. When someone inherits an IRA or retirement plan, with the exception of a Roth
- [IRS Letters: Tax Scam or Something You Need to Address?](https://www.islernw.com/irs-letters-tax-scam-or-something-you-need-to-address/) - Your taxes contain an array of sensitive information, from financial data to your Social Security number or tax ID number. Because of this, there are many scams that unsavory characters attempt to perpetrate by impersonating the IRS or another tax authority. It can be difficult to tell when the IRS is really seeking information versus
- [The Best Approach to Paying off Your Debt Quickly? It’s Unique to You](https://www.islernw.com/the-best-approach-to-paying-off-your-debt-quickly-its-unique-to-you/) - If you asked 10 different people how they were able to get out from under their debts as quickly as possible, you’d probably get 10 different answers. This is because there truly is no one-size-fits-all approach to proper financial management. Every person’s situation is different, and the best method to pay down student loans might
- [Congress Removes IRA Contribution Age Restriction](https://www.islernw.com/congress-removes-ira-contribution-age-restriction/) - On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of
- [5 Things You Need to Know About Sales Taxes in QuickBooks Online](https://www.islernw.com/5-things-you-need-to-know-about-sales-taxes-in-quickbooks-online/) - The most important thing you need to know about sales tax is that administering it correctly can be challenging. If you sold only one type of product to customers in one city, collecting and paying sales tax would be easy. But most businesses have a wider reach than that. QuickBooks Online offers tools that allow
- [New Twist for Kiddie Tax with a Refund Opportunity](https://www.islernw.com/new-twist-for-kiddie-tax-with-a-refund-opportunity/) - On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will, as a whole, impact a
- [Childbirth and Adoption Penalty Exception Added](https://www.islernw.com/childbirth-and-adoption-penalty-exception-added/) - On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of
- [Did You Pay Tax on Home Mortgage Debt Relief in 2018? You May Be Entitled to a Refund](https://www.islernw.com/did-you-pay-tax-on-home-mortgage-debt-relief-in-2018-you-may-be-entitled-to-a-refund/) - On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of
- [February 2020 Individual Due Dates](https://www.islernw.com/february-2020-individual-due-dates/) - Don't miss these February due dates! February 1 - Tax Appointment If you don’t already have an appointment scheduled with this office, you should call to make an appointment that is convenient for you. February 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20
- [Mortgage Insurance Premium Deduction Retroactively Extended](https://www.islernw.com/mortgage-insurance-premium-deduction-retroactively-extended/) - On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of
- [Will Independent Contractors Become Extinct?](https://www.islernw.com/will-independent-contractors-become-extinct/) - The California legislature recently passed landmark labor legislation that essentially makes it very difficult, if not impossible, for a worker to be classified as an independent contractor (self-employed). Governor Newsom was quick to sign it into law, and it generally became effective on January 1, 2020. Many believe this legislation will suppress entrepreneurship and innovation.
- [Employer’s Pension Startup Credit Substantially Increased](https://www.islernw.com/employers-pension-startup-credit-substantially-increased/) - On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of
- [Do I Have to File a Tax Return?](https://www.islernw.com/do-i-have-to-file-a-tax-return/) - This is a question many taxpayers ask during this time of year, and the question is far more complicated than people believe. To fully understand, we need to consider that there are times when individuals are REQUIRED to file a tax return, and then there are times when it is to the individuals’ BENEFIT to
- [2020 Standard Mileage Rates Announced](https://www.islernw.com/2020-standard-mileage-rates-announced/) - 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 end of the year, the IRS has announced the 2020 optional standard mileage rates. Thus, beginning on
- [Congress Allowing Higher Medical Deductions for 2019 and 2020](https://www.islernw.com/congress-allowing-higher-medical-deductions-for-2019-and-2020/) - On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement and IRA plan modifications, and other changes that will impact a large portion of U.S.
- [January 2020 Individual Due Dates](https://www.islernw.com/january-2020-individual-due-dates/) - January 2 - Time to Call for Your Tax Appointment January is the beginning of tax season. If you have not made an appointment to have your taxes prepared, we encourage you to do so before the calendar becomes too crowded. January 10 - Report Tips to Employer If you are an employee who works
- [How Millennials Are Making Work From Home Work](https://www.islernw.com/millennials-making-work-home-work/) - Article By Sarah Landrum | Found on Forbes Millennials. They grow up so fast. America’s “Generation Y” is now moving into management roles in the workplace. They’re also starting families. And all this “grown-up stuff” inevitably means one thing for them — Goodbye, work-life balance. The generation who works harder for less money than Boomers now
- [There's a Real Difference Between a Personal and Business Credit Card](https://www.islernw.com/theres-real-difference-personal-business-credit-card/) - Article by Jared Hecht | Found on Entrepreneur If you’re a business owner, there are dozens of reasons to have a credit card. For one thing, they are a great way to keep track of all your business expenses in one place. They also offer opportunities to earn points or rewards on purchases you would make anyway. Not
- [Good and Bad News About The Home Office Tax Deduction](https://www.islernw.com/good-and-bad-news-about-the-home-office-tax-deduction/) - Article Highlights: Home Office Qualifications Actual-Expense Method Simplified Method Income Limitation Employee Deduction “Home office” is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. This category also includes using part of a home for storing inventory (e.g., for a
- [How High-Income Professionals Can Benefit from the Pass-through Deduction](https://www.islernw.com/how-high-income-professionals-can-benefit-from-the-pass-through-deduction/) - Article Highlights: High-Income Professionals Specified Service Trade or Business Sec. 199A Deduction Defined Contribution Retirement Plans Defined Benefit Retirement Plans Tax Savings If you are a high-income professional who is excluded from the new pass-through deduction because you are in a specified service trade or business (SSTB), you may be able to use retirement plan
- [10 Easy End of Year Tax Tips to Increase Your Tax Refund](https://www.islernw.com/10-easy-end-of-year-tax-tips-to-increase-your-tax-refund/) - Article Featured on TurboTax The article below is up to date based on the latest tax laws. It is accurate for your 2019 taxes (filed in 2020). It’s hard to believe that we are in the last quarter of the year! With 2019 coming to an end, now is a great time to make some
- [How to Protect Yourself from Scams, ID Theft and Cyber Criminals](https://www.islernw.com/how-to-protect-yourself-from-scams-id-theft-and-cyber-criminals/) - As much as the Internet has changed our lives for the good, it has also opened us up to threats from crooks from all over the world. They are smart and always coming up with a new trick to separate you from your hard-earned dollars or with an illegal way to use your stolen ID.
- [Friends of the Children Donation](https://www.islernw.com/friends-of-the-children-donation/) - Isler Northwest is proud to support Friends of the Children with a donation of toys and gifts this holiday season! About Friends of the Children In 1993, Friends of the Children opened its doors with three friends serving 24 children. Today, Friends of the Children – Portland has 50 Friends guiding, supporting and mentoring almost
- [The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready?](https://www.islernw.com/the-1099-misc-filing-date-is-just-around-the-corner-are-you-ready-2/) - If your business engages the services of an individual (independent contractor), 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 a Form 1099-MISC to avoid penalties and the prospect of losing the deduction
- [Here Are the Best Personal Finance Podcasts You May Not Know About](https://www.islernw.com/here-are-the-best-personal-finance-podcasts-you-may-not-know-about/) - Even as recently as a decade ago, most people listened to their radio shows in the exact same way — on the actual radio. Fast forward to today, and the world of podcasting has absolutely exploded, changing the way we think about broadcasting for generations to come. One great thing about podcasting is that absolutely
- [Tax Benefits for Holiday Family Employment](https://www.islernw.com/tax-benefits-for-holiday-family-employment/) - Along with the holidays comes a lot of extra work for many family-run businesses, which may require putting the kids to work and having a spouse help out over the busy time. There are special tax rules when hiring your children and also for your spouse, depending on whether he or she is a business
- [Helpful Tax Tips For 2019](https://www.islernw.com/helpful-tax-tips-for-2019/) - As the year draws to a close, we have pulled together a number of tax tips that may be beneficial, some of which need to be acted on before the end the of the year to be useful for 2019. Education Credit – Since the American Opportunity credit for higher education expenses is only allowed
- [Is Your Will or Trust Up-to-Date?](https://www.islernw.com/is-your-will-or-trust-up-to-date/) - When was the last time you or your attorney reviewed or updated your will or trust? If it was before the passage of the 2017 tax reform legislation, or the Tax Cuts and Jobs Act (TCJA), your documents may be out of date. Among the many changes in that law was a more than doubling
- [December 2019 Individual Due Dates](https://www.islernw.com/december-2019-individual-due-dates/) - Don't forget these important December due dates for individual and business filings, reporting, payments, and more. December 2019 Individual Due Dates December 2 - Time for Year-End Tax Planning December is the month to take final actions that can affect your tax result for 2019. Taxpayers with substantial increases or decreases in income, changes in
- [Tax Benefits for People with Disabilities](https://www.islernw.com/tax-benefits-for-people-with-disabilities/) - Individuals with disabilities as well as parents of disabled children are eligible for a number of income tax benefits. This article explains some of these tax breaks. ABLE Accounts – A federal law allows states to offer specially designed, tax-favored ABLE accounts to people with disabilities. Qualified ABLE programs provide the means for individuals and
- [Year-End Tips for Charitable Contributions](https://www.islernw.com/year-end-tips-for-charitable-contributions/) - As the end of the year and the holiday season approach, we will all see an uptick in the number of charitable solicitations arriving in our mailboxes and by email. Since some charities sell their contributor lists to other charities, frequent contributors may find themselves besieged by requests from all sorts of charities with which
- [Holiday Gifting with a Tax Twist](https://www.islernw.com/holiday-gifting-with-a-tax-twist/) - Some holiday gifts you provide to members of your family, employees, and others may also yield tax benefits. Here are some examples: Employee Gifts – It is common practice this time of year for employers to give employees gifts. Although gifts are generally excluded from the recipient's gross income, an employee cannot exclude gifts from
- [Take Advantage of the Education Tax Credits](https://www.islernw.com/take-advantage-of-the-education-tax-credits/) - As with everything taxes, the devil is in the details, and that includes the education tax credits, which come in two types with some different rules for each. Many people think the credits are for sending their children to college, which is true, but the credits are also available to you and your spouse (if
- [How to Create Projects in QuickBooks Online](https://www.islernw.com/how-to-create-projects-in-quickbooks-online/) - If you’re using QuickBooks Online Plus or Advanced, you can create projects and track their profitability. You already know how to determine whether your business is making or losing money overall: you run a Profit and Loss report. But what if you want to break this data down further? How can you tell whether the
- [The IRS Is Hot on the Trail of Unreported Virtual Currency Transactions](https://www.islernw.com/the-irs-is-hot-on-the-trail-of-unreported-virtual-currency-transactions/) - Back in 2018, Coinbase, a company handling virtual currency (also referred to as cryptocurrency) transactions, released the data of 14,000 of its users to the IRS after the information was subpoenaed, and virtual currency traders held their breath about what the IRS would do with the information related to those 14,000 users. Although it took
- [Tax Changes For 2019](https://www.islernw.com/tax-changes-for-2019/) - As the end of the year approaches, now is a good time to review the various changes that impact 2019 tax returns. Some of the changes are likely to apply to your tax situation. In addition, be aware that various tax-related bills currently in Congress may or may not pass this year. If any of
- [Should You Have an Identity Protection PIN?](https://www.islernw.com/should-you-have-an-identity-protection-pin/) - With the passage of the Taxpayer First Act in mid-2019, the Treasury Department (i.e., the IRS) is required to establish a program to issue an identity protection pin (IP PIN) to any U.S. resident who requests one. For each calendar year beginning after the date of enactment, the IRS must also expand the issuance of
- [Deducting the Costs of Modifications for Senior-Proofing a Home](https://www.islernw.com/deducting-the-costs-of-modifications-for-senior-proofing-a-home/) - While Americans may argue about any number of hot-button political topics, there’s no disagreement on one issue: the country’s population is aging…fast. According to the Social Security Administration, 10,000 baby boomers a day are reaching the age of 65. Many individuals, for either themselves or an older family member, are senior-proofing their homes – adding
- [6 Simple Personal Finance Tips That Lead to a Big Payoff](https://www.islernw.com/6-simple-personal-finance-tips-that-lead-to-a-big-payoff/) - Let's face it: A lot of personal finance advice seems to be incredibly repetitive and common sense — like paying off your debt ASAP and watching your discretionary spending when money is tight. Much money-saving advice also tends to be geared toward people who already have money and those more concerned about avoiding the taxman than bill
- [Earn Tax-Free Income from Working Abroad](https://www.islernw.com/earn-tax-free-income-from-working-abroad/) - U.S. citizens and resident aliens are taxed on their worldwide income, whether they live inside or outside of the U.S. However, qualifying U.S. citizens and resident aliens who live and work abroad may be able to exclude from their income all or part of their foreign salary or wages, or amounts received as compensation for
- [The Checklist Every Small Business Owner Needs for New Hires](https://www.islernw.com/the-checklist-every-small-business-owner-needs-for-new-hires/) - Growing your business to the point that you need to start hiring employees is exciting. It’s also rife with administrative burdens that you don’t want to be unprepared for. When taking on a new hire, you need more than 1) the assurance your cash flow is sufficient to support your payroll expenses and 2) that
- [Is It Time for a Payroll Tax Checkup?](https://www.islernw.com/is-it-time-for-a-payroll-tax-checkup/) - Was your 2018 federal tax refund less than normal, or – worse yet – did you actually owe tax despite usually getting a refund? If so, this was primarily due to the last-minute passage of the Tax Cuts and Jobs Act at the end of 2017. Because the law was only passed late in the
- [See the US Tax System Illustrated in One Complex Map](https://www.islernw.com/see-the-us-tax-system-illustrated-in-one-complex-map/) - Not sure whether it’s worth your while to hire a tax professional to do your taxes? Thinking that maybe this year you’ll take a run at it yourself? You may want to think again after taking a look at a new graphic released by the Taxpayer Advocate Service (TAS). The organization, which is dedicated to
- [Employee Stock Options Can be Taxing](https://www.islernw.com/employee-stock-options-can-be-taxing/) - If you are an employee of a corporation, as an incentive to continue employment, the company may offer you the option to purchase shares of the corporation at a fixed price at some future date so that you can benefit from your commitment to the success of the company by sharing in the company’s growth
- [How Business Owners Should Conceptualize Their Financial Results](https://www.islernw.com/how-business-owners-should-conceptualize-their-financial-results/) - Entrepreneurs don't necessarily need to be numbers people in order to succeed: You need drive, passion, the ability and will to follow things through, and the hustler's spirit that enables you to constantly try that new thing or relentlessly chase that next big opportunity. But whether you're a serial entrepreneur or simply looking to
- [Tax Issues Related to Hobbies](https://www.islernw.com/tax-issues-related-to-hobbies/) - Generally, when individuals have a hobby, they have it because they enjoy it and are not involved in their hobby with the goal of making money. In fact, most hobbies never make money or don’t even create any income, for that matter. Tax law generally does not allow deductions for personal expenses except those allowed
- [Life Changing Events Can Impact Your Taxes](https://www.islernw.com/life-changing-events-can-impact-your-taxes/) - Throughout your life there will be certain significant occasions that will impact not only your day-to-day living but also your taxes. Here are a few of those events: Getting Married – If you just got married or are considering getting married, you need to be aware that once you are married you no longer file
- [Who Claims the Children You or Your Ex-Spouse?](https://www.islernw.com/who-claims-the-children-you-or-your-ex-spouse/) - If you are a divorced or separated parent with children, a commonly encountered but often misunderstood issue is who claims the child or children for tax purposes. This is sometimes a hotly disputed issue between parents; however, tax law includes some very specific but complicated rules about who profits from the child-related tax benefits. At
- [Tax Issues That Arise When Converting a Home into a Rental](https://www.islernw.com/tax-issues-that-arise-when-converting-a-home-into-a-rental/) - There are many reasons to convert a home into a rental, such as to ensure that a prior home produces income and appreciation after the owner buys a new home; to maximize the tax benefits for an elderly person who can no longer live alone by delaying the sale of that person’s home; and to
- [Disaster-Related Tax Losses May Be Less Than Expected](https://www.islernw.com/disaster-related-tax-losses-may-be-less-than-expected/) - The late-2017 tax-reform package changed the rules for personal casualty losses, which now are only deductible if they occur in a federally declared disaster area. As a result, if a home is destroyed in a forest fire or other disaster within a declared disaster zone, the homeowner can claim a casualty loss on that year’s
- [September 2019 Individual Due Dates](https://www.islernw.com/september-2019-individual-due-dates/) - September 1 - 2019 Fall and 2020 September 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold
- [What Are the Tax Advantages of Homeownership?](https://www.islernw.com/what-are-the-tax-advantages-of-homeownership/) - Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. This article explores the tax benefits and drawbacks that individuals should consider when deciding whether to buy a home. Purchase Costs – Purchasing a home includes costs related to escrow, title
- [Personal Finance Tips for Recent College Graduates](https://www.islernw.com/personal-finance-tips-for-recent-college-graduates/) - Congratulations! You've worked hard on your degree and are ready to move forward with your first job and other major life decisions. While your degree and this first job don't necessarily set your life in stone, now is a crucial time to start making smart financial decisions to set you on the right course for
- [Watch Out for Those Fake IRS Letters](https://www.islernw.com/watch-out-for-those-fake-irs-letters/) - Every year, the vast majority of taxpayers file their returns with the IRS between the end of January and the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason, tax season is followed by “matching season,” when the IRS attempts to match the
- [How to Write Off Worthless Stock](https://www.islernw.com/how-to-write-off-worthless-stock/) - If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become worthless when the issuing company goes out of business. Gains and losses for securities, including stock, stock rights, bonds, debentures, and similar debt instruments, are not recognized for tax purposes until the securities
- [Foreign Account Reporting Requirements (FBAR)](https://www.islernw.com/foreign-account-reporting-requirements-fbar/) - U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 if the aggregate value of the accounts exceeds $10,000 at any time during the year. The due for 2018’s report was April 15, 2019, with an
- [The IRS Is Cracking Down on Cryptocurrency Tax Transactions](https://www.islernw.com/the-irs-is-cracking-down-on-cryptocurrency-tax-transactions/) - The IRS announced in late July 2019 that it is ramping up its campaign to ensure that taxpayers with cryptocurrency transactions report these transactions on their income tax returns – and report them correctly – by sending “educational” letters to approximately 10,000 taxpayers who either didn’t report their crypto-transactions or may have reported them incorrectly.
- [Receiving Tips Can Be Taxing](https://www.islernw.com/receiving-tips-can-be-taxing/) - Anyone who collects tips must include those tips in their taxable income. This requirement is not limited to waiters and waitresses; it applies to anyone who collects tips, including taxicab, Uber, Lyft, and similar drivers; beauticians; porters; concierges; and delivery people. Tips are amounts freely given by a customer to a person providing a service.
- [August 2019 Individual Due Dates](https://www.islernw.com/august-2019-individual-due-dates/) - August 12 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during July, you are required to report them to your employer on IRS Form 4070 no later than August 12. Your employer is required to withhold FICA taxes and income tax withholding
- [What You Need to Know about Student Loan Interest](https://www.islernw.com/what-you-need-to-know-about-student-loan-interest/) - If you are considering borrowing funds to finance your college education or that of your spouse or children, it is important that you understand that the student loan interest deduction is not limited to the interest paid on government student loans. In fact, virtually any loan interest will qualify as long as the loan proceeds
- [Small Business Owners May Qualify for a Home-Office Deduction](https://www.islernw.com/small-business-owners-may-qualify-for-a-home-office-deduction/) - “Home office” is a type of tax deduction that applies to the business use of a home; the space itself may not actually be an office. One of the following must apply to be able to deduct home office expenses. The home office: Must be the taxpayer’s main place of business. OR Must be a
- [Does Your Tax ID Number Need to be Renewed?](https://www.islernw.com/does-your-tax-id-number-need-to-be-renewed/) - According to the Internal Revenue Service (IRS), just about 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2019. ITINs are used by people who have tax filing or payment obligations under U.S. law but who are not eligible for a Social Security number. ITIN holders who have questions
- [How to Organize Spending Priorities for Your Newer Growth Startup](https://www.islernw.com/how-to-organize-spending-priorities-for-your-newer-growth-startup/) - According to a recent study conducted by U.S. Bank, over 80% of all newly formed businesses that ultimately fail do so due to cash flow problems. If you needed a reason to believe that getting your spending in order and dedicating the time to drafting a proper budget for your new startup is important, look no
- [Facing a Huge Gain from a Realty Sale?](https://www.islernw.com/facing-a-huge-gain-from-a-realty-sale/) - If you are contemplating selling real estate property, there are a number of issues that could impact the taxes that you might owe, and there are steps you can take to minimize the gain, defer the gain, or spread it over a number of years. The first and possibly most important issue is adjusted basis.
- [How to File Taxes After Saying “I Do”](https://www.islernw.com/how-to-file-taxes-after-saying-i-do/) - A taxpayer’s filing status for the year is based upon his or her marital status at the close of the tax year. Thus, if you get married on the last day of the tax year, you are treated as married for the entire year. The options for married couples are to file jointly or separately. Both statuses
- [July 2019 Individual Due Dates](https://www.islernw.com/july-2019-individual-due-dates/) - July 1 - Time for a Mid-Year Tax Check Up Time to review your 2019 year-to-date income and expenses to ensure estimated tax payments and withholding are adequate to avoid underpayment penalties. July 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips
- [Issuing Credit Memos and Refunds in QuickBooks](https://www.islernw.com/issuing-credit-memos-and-refunds-in-quickbooks/) - You’re accustomed to money going in a certain direction, but sometimes you have to pay your customers. Here’s how it’s done. QuickBooks is very good at helping you get paid by your customers. It comes equipped with customizable invoice templates for billing customers and sales receipts for recording instant sales. It supports online payments, so
- [States’ SALT Deduction Workarounds Shot Down](https://www.islernw.com/states-salt-deduction-workarounds-shot-down/) - 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), aka tax reform, was passed, it imposed a $10,000 limit on the SALT deduction; this
- [Hobby or Business? It Makes a Difference for Taxes – Now More than Ever](https://www.islernw.com/hobby-or-business-it-makes-a-difference-for-taxes-now-more-than-ever/) - 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 are: Businesses Entered Into for Profit – For businesses entered into for profit, the profits are
- [Household Help: Employee or Contractor?](https://www.islernw.com/household-help-employee-or-contractor/) - 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 individual is a household employee. Determining whether a household worker is considered
- [How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?](https://www.islernw.com/how-does-combining-a-vacation-with-a-foreign-business-trip-affect-the-tax-deduction-for-travel-expenses-of-a-self-employed-individual/) - 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 travel expenses, fall into this category. Therefore, this discussion only applies to self-employed individuals for years 2018-2025.
- [June Estimated Tax Payments Are Just Around the Corner](https://www.islernw.com/june-estimated-tax-payments-are-just-around-the-corner/) - 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 if you overestimated your income for 2019 or increased
- [School’s Out - Who Is Going to Take Care of the Kids?](https://www.islernw.com/schools-out-who-is-going-to-take-care-of-the-kids/) - 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 solution — with a tax benefit — is a day camp program.
- [Donor Advised Funds Provide Tax Benefits](https://www.islernw.com/donor-advised-funds-provide-tax-benefits/) - 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. There are any number of reasons individuals choose DAFs, including making a substantial charitable donation
- [Gift Tax Treatment of Tuition Plans](https://www.islernw.com/gift-tax-treatment-of-tuition-plans/) - 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 tuition and certain other expenses. Each individual’s contribution to a QTP (also sometimes referred to
- [Top 10 Startup Business Questions Every Entrepreneur Should Answer](https://www.islernw.com/top-10-startup-business-questions-every-entrepreneur-should-answer/) - 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 in your mind right now than you can count. Don’t despair. This is completely normal. After all, it shows you’re
- [Eldercare Can Be a Medical Deduction](https://www.islernw.com/eldercare-can-be-a-medical-deduction/) - 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 associated with the cost of such care. For these individuals, the cost of such care may be deductible as a medical
- [Planning for the Transition to a Single Income Household](https://www.islernw.com/planning-for-the-transition-to-a-single-income-household/) - Going from two stable income streams to one can prove challenging, but it is a necessary step if you, or your spouse, want to stay home with your kids, go back to school or even start your own business. To avoid ending up in a pinch when the big day comes, planning for the transition
- [Why Tax Basis Is So Important](https://www.islernw.com/why-tax-basis-is-so-important/) - For tax purposes, the term “basis” refers to the original monetary value that is used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then sell those shares for $3,000, the gain is calculated based on the difference
- [How QuickBooks Protects Your Data, and How You Can Help](https://www.islernw.com/how-quickbooks-protects-your-data-and-how-you-can-help/) - The data in your QuickBooks company file contains some of the most sensitive information on your computer. Make sure it’s secure. Your customer list is gold. And those Social Security and bank card numbers in your payroll, client, and vendor records need to be protected from intruders and only viewed by authorized employees. It’s not
- [Protecting Yourself from Scams, ID Theft and Cyber Criminals](https://www.islernw.com/protecting-yourself-from-scams-id-theft-and-cyber-criminals/) - As much as the Internet has changed our lives for the good, it has also opened us up to threats from crooks from all over the world. They are smart and always coming up with a new trick to separate you from your hard-earned dollars or with an illegal way to use your stolen ID.
- [Tax Issues Related to Divorce](https://www.islernw.com/tax-issues-related-to-divorce/) - Divorce is a traumatic event in anyone’s life, and the tax aspects are frequently overlooked, which can add to the distress. The following is an overview of many of the commonly encountered tax issues associated with divorce. Family Court – All too often, family law courts make rulings that contradict federal tax law, causing confusion
- [The Tax Benefits of Going Green](https://www.islernw.com/the-tax-benefits-of-going-green/) - Congress uses tax deductions and tax credits to influence taxpayers’ actions. For instance, it seeks to stimulate taxpayers to reduce their energy consumption and moving away from the use of fossil fuels. In this article, we explore the benefits and drawbacks of two major incentives: the home-solar credit and the electric-vehicle credit. Tax credits come
- [Gift and Estate Tax Primer](https://www.islernw.com/gift-and-estate-tax-primer/) - The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep individuals from using gifts to avoid the estate tax that is imposed upon inherited assets. This can be a significant issue for family-operated businesses when the business owner dies;
- [May 2019 Individual Due Dates](https://www.islernw.com/may-2019-individual-due-dates/) - May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required to withhold FICA taxes and income tax withholding
- [Employees’ Fringe Benefits after Tax Reform](https://www.islernw.com/employees-fringe-benefits-after-tax-reform/) - Tax reform made a lot of changes, some of which impacted employees’ fringe benefits. This article reviews the most frequently encountered fringe benefits, including those that were and were not impacted by tax changes. These changes can affect both a business’s bottom line and its employees’ deductions. Benefits Impacted by Tax Reform Qualified Transportation Fringe
- [Tax Treatment of a Room Rental](https://www.islernw.com/tax-treatment-of-a-room-rental/) - With the shortage of affordable housing these days, many homeowners are renting out rooms in their homes, providing themselves with some additional cash. Questions that are often raised in regard to room rentals include: Is the income taxable? If so, how is it reported? What deductions are allowed? Can a loss be claimed? Answers to
- [Are You Missing a W-2?](https://www.islernw.com/are-you-missing-a-w-2/) - Have you received all of your W-2s? These documents are essential for completing individual income tax returns, as they include the taxable amount of your wages and the amount withheld for federal and (if applicable) state income tax, along with pension plan and other information that is needed to prepare your return. Employers have until
- [Tax Tips for IRA Owners](https://www.islernw.com/tax-tips-for-ira-owners/) - There are both opportunities and pitfalls for IRA owners, and while you definitely don’t want to get caught up in a pitfall, you may want to take advantage of the opportunities. IRAs come in two varieties: the traditional and the Roth. The traditional generally provides a tax deduction for a contribution and tax-deferred accumulation, with
- [The Tax Filing Deadline Is Around the Corner](https://www.islernw.com/the-tax-filing-deadline-is-around-the-corner/) - As a reminder to those who have not yet filed their 2018 tax returns, April 15, is the due date to either file a return (and pay the taxes owed) or file for an automatic six-month extension (and pay the an estimate of the taxes owed). Caution should be exercised when preparing the extension application, which
- [Could Your Sales Invoices Be Better? How QuickBooks Online Can Help.](https://www.islernw.com/could-your-sales-invoices-be-better-how-quickbooks-online-can-help/) - Every interaction with your customers can enhance your image. Here’s how QuickBooks Online contributes to that. Getting paid by your customers—on time, and in full—can take some effort on your part. You set smart due dates and enforce them. Price your products and services so they’re both reasonable and profitable. Accept online payments. But are
- [Combating Retirement Anxiety and the Fear of Running Out of Money](https://www.islernw.com/combating-retirement-anxiety-and-the-fear-of-running-out-of-money/) - Retirement is the endgame for most people — it's literally why we work so hard our entire lives. But it's also no longer a situation that is as straightforward as it once was, particularly as far as financial planning is concerned. According to one recent study, nearly one out of every three people have nothing
- [Defer Gains with Qualified Opportunity Funds](https://www.islernw.com/defer-gains-with-qualified-opportunity-funds/) - If you have a large capital gain from the sale of a stock, asset, or business and would like to defer that gain with the possibility of excluding some of it from taxation, you may want to check out the new investment vehicle created by tax reform, called a qualified opportunity fund (QOF). Congress, as
- [Checking the Status of Your Federal Tax Refund Is Easy](https://www.islernw.com/checking-the-status-of-your-federal-tax-refund-is-easy/) - If your 2018 federal return has already been filed and you are due a refund, you can check the status of your refund online. “Where’s My Refund?” is an interactive tool on the IRS website at IRS.gov. Whether you have opted for direct deposit into one account, split your refund among several accounts, or asked
- [A Government Shutdown Isn't Going to Save You From an IRS Audit](https://www.islernw.com/a-government-shutdown-isnt-going-to-save-you-from-an-irs-audit/) - Yes, it’s true that we’re just coming out of the longest government shutdown in the history of the United States. It will take many government agencies — including the Internal Revenue Service — a significant period of time to get back up to speed. But if you think that all this means that the chances
- [Your Small Business Survival Guide for If (and When) the Economy Slows Down](https://www.islernw.com/your-small-business-survival-guide-for-if-and-when-the-economy-slows-down/) - Your Small Business Survival Guide for If (and When) the Economy Slows Down According to one recent study conducted by the Small Business Administration, there are approximately 28.8 million small businesses in the United States that are collectively responsible for about 99.7 percent of all economic activity in this country. In many ways, they represent
- [It’s Not Too Late to Make a 2018 Retirement-Plan Contribution](https://www.islernw.com/its-not-too-late-to-make-a-2018-retirement-plan-contribution/) - Have you been ignoring your future retirement needs? This tends to happen when people are young; because retirement is far in the future, they believe that they have plenty of time to save for it. Some people even ignore the issue until late in life, which causes them to scramble to fund their retirement. Others
- [Disappointed in Your Tax Refund?](https://www.islernw.com/disappointed-in-your-tax-refund/) - If your tax refund is less than you anticipated, you are not alone. In a report issued by the Treasury Department on February 14, the average refund it is paying in 2019 has dropped to $1,949 from $2,135 in the prior year. In addition, the number of returns filed so far has dropped from 13.5
- [Relief from the Affordable Care Act Penalty for Not Being Insured](https://www.islernw.com/relief-from-the-affordable-care-act-penalty-for-not-being-insured/) - Beginning in 2019, the penalty for not having adequate health insurance, which the government refers to as the “individual shared responsibility payment,” will no longer apply. The elimination of this penalty as of 2019 does not impact the health care subsidy for low-income families, which is known as the premium tax credit and which is
- [Tax Reform Has Substantially Altered the Tax Benefits of Home Ownership](https://www.islernw.com/tax-reform-has-substantially-altered-the-tax-benefits-of-home-ownership/) - As part of the recent tax reform, the Tax Cuts and Jobs Act of 2017, the deduction for home mortgage interest and property taxes has undergone substantial alterations. These changes will impact most homeowners who itemize their deductions each year. Mortgage Interest – Prior to the tax reform, a taxpayer could deduct the interest he
- [Some Electric Vehicle Credits Are Phasing Out!](https://www.islernw.com/some-electric-vehicle-credits-are-phasing-out/) - The IRS recently announced that the tax credit for purchasing the popular Tesla is being phased out and that the credit will drop to $3,750 after December 31, 2018, and will drop again to $1,875 after June 30, 2019. Then, the credit will no longer be available for a Tesla after December 31, 2019. But
- [Filing a 1099-MISC May Now Apply to Landlords. Are You Collecting the Needed W-9s?](https://www.islernw.com/filing-a-1099-misc-may-now-apply-to-landlords-are-you-collecting-the-needed-w-9s/) - If you use independent contractors to perform services for your business or your rental that is a trade or business, for each individual whom you pay $600 or more for the year, you are required to issue the service provider and the IRS a Form 1099-MISC after the end of the year, to avoid losing
- [Increased Business-Vehicle Deductions Due to Tax Reform](https://www.islernw.com/increased-business-vehicle-deductions-due-to-tax-reform/) - The Tax Cuts and Jobs Act of 2018 and other tax reforms have brought about significant changes in the way that vehicle use is deducted for business purposes. Before getting into these changes, it is appropriate to first provide a review of the two methods for deducting the use of a business vehicle. It is
- [Vacation Home Rentals: How the Income Is Taxed](https://www.islernw.com/vacation-home-rentals-how-the-income-is-taxed/) - If you have a second home in a resort area, or if you have been considering acquiring a second home or vacation home, you may have questions about how rental income is taxed for a part-time vacation-home rental. The applicable rental rules include some interesting twists that you should know about before you begin renting.
- [IRS Giving a Break to Some Taxpayers Who Under-prepaid Their 2018 Taxes](https://www.islernw.com/irs-giving-a-break-to-some-taxpayers-who-under-prepaid-their-2018-taxes/) - Taxpayers are required to pre-pay their taxes for any tax year through payroll withholding, estimated tax payments or a combination of the two. Employees and retirees generally accomplish this through withholding, and self-employed individuals and those with investment income by paying quarterly estimated payments. The late-2017 passage of tax reform that became effective for 2018
- [Here's How to Use 2019 as a Chance to Save More Money Than Ever in the Long Run](https://www.islernw.com/heres-how-to-use-2019-as-a-chance-to-save-more-money-than-ever-in-the-long-run/) - A new year is nothing if not a new opportunity – and one that it would be an absolute shame not to take full advantage of. Every January, people make countless New Year’s resolutions. Some want to lose weight; others want to become more productive. One of the most common, however, involves boosting your savings
- [Reasons Why Your Small Business Needs an Employee Identification Number](https://www.islernw.com/reasons-why-your-small-business-needs-an-employee-identification-number/) - Entrepreneurs often shrug off the idea of obtaining an employer identification number, or EIN, believing that their small business really doesn’t need one. Though there are some cases where a solo business can get away with merely utilizing the business owner’s Social Security Number, doing so is not necessarily the best idea, even if you
- [Getting the W-4 Right Is Important](https://www.islernw.com/getting-the-w-4-right-is-important/) - As they do at the beginning of every year, employers will be requesting employees to complete the IRS Form W-4. Its purpose is to provide employers with the information they need to determine the amount of federal income taxes to withhold from an employee’s paycheck. So, it is very important that the form be completed
- [Short-Term Rental, Special Treatment](https://www.islernw.com/short-term-rental-special-treatment/) - With the advent of online sites such as Airbnb, VRBO, and HomeAway, many individuals have taken to renting out their first or second home through these online rental sites, which match property owners with prospective renters. If you are doing that or are planning to do so, there some special tax rules you need to
- [Tax Time Is Around the Corner! Are You Ready?](https://www.islernw.com/tax-time-is-around-the-corner-are-you-ready/) - Tax time is just around the corner, and if you are like most taxpayers, you are finding yourself with the ominous chore of pulling together the records for your tax appointment. The difficultly of this task depends upon how well you maintained your tax records throughout the year. No matter how good your record keeping
- [Resolve to Do These 3 Things in QuickBooks Online This Month](https://www.islernw.com/resolve-to-do-these-3-things-in-quickbooks-online-this-month/) - ‘Tis the season for making resolutions and setting goals. Try exploring these three areas to dig deeper into QuickBooks Online. By now, many New Year’s resolutions have already been made – and broken. Though they’re usually created with the best of intentions, they’re often just too ambitious to be realistic. For example, you might decide
- [Big Tax Changes for Divorce Decrees after 2018](https://www.islernw.com/big-tax-changes-for-divorce-decrees-after-2018/) - Welcome to 2019 and a delayed provision of the tax reform, also known as the Tax Cuts and Jobs Act (TCJA). For divorce agreements entered into after December 31, 2018, or pre-existing agreements that are modified after that date to expressly provide that alimony received is not included in the recipient’s income, alimony will no
- [6 Common Small Business Accounting Problems That Are Killing Your Growth](https://www.islernw.com/6-common-small-business-accounting-problems-that-are-killing-your-growth/) - If you’re a small business owner, you want your organization to do far more than survive: you want it to thrive! Unfortunately, to make sure that customers are happy and the lights stay on there are a lot of details that need attention, and some end up being overlooked. The intricacies of accounting are neither
- [Do I Qualify for an IRS Offer in Compromise?](https://www.islernw.com/do-i-qualify-for-an-irs-offer-in-compromise/) - If you're facing outstanding tax debt that you cannot pay, you may want to consider looking into an Offer in Compromise from the IRS. Specifically, an Offer in Compromise is an option offered from the IRS to qualifying individuals that allows them to settle tax debt for less than what they actually owe. Unfortunately, there
- [Will Gifts Now Using the Temporarily Increased Gift-Estate Exclusion Harm Estates after 2025?](https://www.islernw.com/will-gifts-now-using-the-temporarily-increased-gift-estate-exclusion-harm-estates-after-2025/) - 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 annual limit for each gift recipient each year – $15,000 for 2019) and/or by
- [2019 Standard Mileage Rates Announced](https://www.islernw.com/2019-standard-mileage-rates-announced/) - 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 end of the year, the IRS has announced the 2019 optional standard mileage rates. Thus, beginning on
- [The 1099-MISC Filing Date Is Just Around the Corner – Are You Ready?](https://www.islernw.com/the-1099-misc-filing-date-is-just-around-the-corner-are-you-ready/) - 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 a Form 1099-MISC to avoid penalties and the prospect of losing
- [Last-Minute Tax Strategies](https://www.islernw.com/last-minute-tax-strategies/) - 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, and the suggestions offered here may not apply to you. The best way to ensure that you are
- [Holiday Gifts with Tax Benefits](https://www.islernw.com/holiday-gifts-with-tax-benefits/) - 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 yourself, you will find that most come with a tax credit of up to
- [S Corporation Stockholders: Are You Taking Reasonable Compensation in the Form of Wages?](https://www.islernw.com/s-corporation-stockholders-are-you-taking-reasonable-compensation-in-the-form-of-wages/) - 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 through) the income, gains, losses, and deductions to the shareholders for inclusion on their income tax returns. If
- [When To Claim a Disaster Loss](https://www.islernw.com/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 declared disaster areas this year. If you were an unlucky victim and suffered
- [December 2018 Individual Due Dates](https://www.islernw.com/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, and those who sold property during 2018 should call for a tax planning consultation appointment. December
- [Mitigating the Effects of Employee Burnout: What You Need to Know](https://www.islernw.com/mitigating-the-effects-of-employee-burnout-what-you-need-to-know/) - 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, either. According to one recent study, a massive 70 percent of the
- [Expecting Your Taxable Income to Be Low This Year? You Can Take Advantage of It](https://www.islernw.com/expecting-your-taxable-income-to-be-low-this-year-you-can-take-advantage-of-it/) - 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 require action on your part before year’s end. However, before we
- [Thinking of Tapping Your Retirement Funds Early? What You Need to Know](https://www.islernw.com/thinking-of-tapping-your-retirement-funds-early-what-you-need-to-know/) - If you are suddenly in need of a substantial amount of cash, probably the last thing you should do is tap your retirement funds. They are the key to a financially comfortable retirement. The younger you are, the less likely you are to think about saving for retirement, but you certainly don’t want to end
- [Don’t Overlook Tax Credits](https://www.islernw.com/dont-overlook-tax-credits/) - Don’t Overlook Tax Credits Tax credits are a tax benefit that offsets your actual tax liability, as opposed to a tax deduction, which reduces your income. Congress provides tax credits to individual taxpayers for a number of reasons, including as a form of assistance for lower-income taxpayers, to stimulate employment, and to stimulate certain investments,
- [Legitimate Tax-Deductible Charity or Scam?](https://www.islernw.com/legitimate-tax-deductible-charity-or-scam/) - With the holiday season approaching, and with the great need for aid in the wake of the recent hurricanes and wildfires, you no doubt are being solicited for donations. However, do not be fooled by the scammers who come out from hiding whenever there is a disaster and during the holiday season. The last thing
- [Medical Insurance and Taxes](https://www.islernw.com/medical-insurance-and-taxes/) - The Affordable Care Act (ACA) imposed significant penalties on taxpayers and their families who do not have ACA-compliant health insurance. Even though the tax reform removed these penalties after 2018, they still apply for this year and can be as high as the greater of $2,085 or 2.5% of the family’s household income. So, just
- [Tax Reform Enables Deferral of Taxable Gains Into Investments in Opportunity Zones](https://www.islernw.com/tax-reform-enables-deferral-of-taxable-gains-into-investments-in-opportunity-zones/) - Those who have a large taxable gain from the sale of a stock, asset, or business and who would like to defer that gain with the possibility of excluding some of it from taxation should investigate a new investment called a qualified opportunity fund (QOF), which was created as part of the recent tax reform.
- [November Tax Due Dates](https://www.islernw.com/november-tax-due-dates/) - November 2018 Individual Due Dates November 13 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during October, you are required to report them to your employer on IRS Form 4070 no later than November 13. Your employer is required to withhold FICA
- [Most Common Types of IRS Tax Problems](https://www.islernw.com/most-common-types-of-irs-tax-problems/) - Receiving notification from the Internal Revenue Service that there’s some kind of problem is one of the most bone-chilling situations an American taxpayer can experience. Just receiving an envelope with a return address from the IRS can strike fear. There are many different reasons that the IRS might reach out, but some are more common
- [Big Changes to College Savings Plans](https://www.islernw.com/big-changes-to-college-savings-plans/) - Tax reform added some new taxpayer-advantageous changes to college savings plans. These plans are also known as qualified tuition programs (QTPs) or Sec. 529 plans, named after the part of the Internal Revenue Code that established them. Background: Sec. 529 plans allow taxpayers to put away larger amounts of money than other tax-advantaged education savings
- [Three Common Family Tax Mistakes](https://www.islernw.com/three-common-family-tax-mistakes/) - When it comes to transactions between family members, the tax laws are frequently overlooked, if not outright trampled upon. The following are three commonly encountered situations and the tax ramifications associated with each. Renting to a Relative – When a taxpayer rents a home to a relative for long-term use as a principal residence, the
- [Making Two IRA Rollovers in One Year Can Be Costly](https://www.islernw.com/making-two-ira-rollovers-in-one-year-can-be-costly/) - Article Highlights: One Rollover per Year Rule Exceptions Tax Consequences Disqualified Rollover Early Withdrawal Penalty Tax law permits you to take a distribution from your IRA account, and as long as you return the distribution to your IRA within 60 days, there are no tax ramifications. However, many taxpayers overlook that you are only allowed
- [How to Enter Bills in QuickBooks](https://www.islernw.com/how-to-enter-bills-in-quickbooks/) - How to Enter Bills in QuickBooks It’s not as much fun as creating invoices, but the bills must be paid. Here’s how QuickBooks helps. We’re in a bit of a transitional period with business bill-paying. Some paper bills still come via the U.S. Mail, however you may also be getting some through email. Others don’t
- [5 Reasons to Amend a Previously Filed Tax Return](https://www.islernw.com/5-reasons-to-amend-a-previously-filed-tax-return/) - The most recent data from the IRS on individual tax returns indicates that of 131 million returns filed, about 5 million were expected to be amended. This comes to less than 4 percent, but that projection still affects a significant number of taxpayers. Filing an amended tax return can be a hassle that you definitely want
- [The Key Steps to Take BEFORE You Start a New Business  ](https://www.islernw.com/the-key-steps-to-take-before-you-start-a-new-business/) - Very few people think that starting a new business is easy. But at the same time, there are few first-time entrepreneurs who realize just how involved things are from the moment you start trying to bring that idea that previously only existed in your head into the real world. There's a massive amount of commitment
- [Day Care Providers Enjoy Special Tax Benefits](https://www.islernw.com/day-care-providers-enjoy-special-tax-benefits/) - Article Highlights: Business Use of Home Prorated Use Owned Home Rented Home Exclusive Use Meal Allowance Other Deductions A taxpayer who is in the business of providing family day care in their home may deduct the ordinary and necessary expenses of their business. The two primary deductions include the business use of their home and
- [Hardship Exemption Rules for Not Having Health Insurance Eased](https://www.islernw.com/hardship-exemption-rules-for-not-having-health-insurance-eased/) - Article Highlights: Shared Responsibility Payment Executive Order Hardship Exemption Exemption Certification Number The Affordable Care Act (Obamacare) included a “shared responsibility payment,” which in reality is a penalty for not having health insurance. Along with this penalty came a whole slew of exemptions from the penalty, including some that were designated as “hardship” exemptions. However,
- [Disabled Taxpayer Tax Benefits ](https://www.islernw.com/disabled-taxpayer-tax-benefits/) - Article Highlights: Increased Standard Deduction Tax-Exempt Income Impairment-Related Work Expenses Financially Disabled Earned Income Tax Credit Child or Dependent Care Credit Special Medical Deductions Qualified Medicaid Waiver Payments ABLE Accounts Taxpayers with disabilities may qualify for a number of tax credits and other tax benefits. Parents of children with disabilities may also qualify. Listed below
- [Are You Prepared for a Disaster?](https://www.islernw.com/are-you-prepared-for-a-disaster/) - Article Highlights: Business Owners Family and Home Records Disaster Scams Self-help Publications Government Assistance This year’s wildfires, record rains, flooding, tornadoes, hurricanes and potential for earthquakes should all act as reminders that you should be prepared for a disaster. Sure, it will take some effort on your part and you may never be affected by
- [Do You Own a Specified Service Trade or Business?](https://www.islernw.com/do-you-own-a-specified-service-trade-or-business/) - If So, Your 20% Flow-Through Tax Deduction May Be Limited Article Highlights: 20% Flow-Through Deduction Qualified Trade or Business Specified Service Trade or Business Deduction Table Listing of Service Businesses As part of its recent tax reform, Congress included a new 20% deduction of pass-through income for trades or businesses other than C-corporations. This pass-through
- [Kiddie Tax No Longer Based on Parents’ Tax Rate](https://www.islernw.com/kiddie-tax-no-longer-based-on-parents-tax-rate/) - Article Highlights: Parents Attempting to Shift Income to Children Kiddie Tax Tax Reform Changes Tax on Child’s Unearned Income Tax on Child’s Earned Income Some years back, it was not uncommon for parents to put their investments in their dependent children’s names to take advantage of their children’s lower tax rates. Although the Uniform Gift
- [IRA Missteps to Avoid](https://www.islernw.com/3149-2/) - Article Highlights: Selecting a Type of IRA Missing out on the Saver’s Credit Taking Distributions before Retirement Age Failure to Keep Designated Beneficiaries Current Overlooking the Spousal IRA Failing to Recognize Low Tax Distribution Opportunities Social Security Income and Traditional IRA Distributions Rollover Errors Failing to Take a Required Minimum Distribution Knowing the Beneficiary Options
- [Oregon Supreme Court approves tax to fund state EV rebates](https://www.islernw.com/oregon-supreme-court-approves-tax-to-fund-state-ev-rebates/) - Original Article by Catherine Morehouse Oregon Supreme Court approves tax to fund state EV rebates The Oregon Supreme Court approved the use of a privilege tax to fund the state's Clean Vehicle Rebate Program on Sunday, after AAA Oregon/Idaho and Trucking Associations Inc. challenged the tax in November 2017, saying it violated Oregon's Constitution. The program is integral to Democratic Gov. Kate Brown's 2017 initiativeto
- [SALT Deduction – Battle Lines Have Been Set and Swords Have Been Drawn](https://www.islernw.com/salt-deduction-battle-lines-have-been-set-and-swords-have-been-drawn/) - Article Highlights: • SALT Tax Limits • State Work-arounds • Converting Tax Deductions to Charitable Contributions • IRS Regulations • Taxpayer Beware  Tax reform has limited the federal itemized deduction for state income and local government taxes (including property taxes), collectively referred to as the SALT deduction, to $10,000 a year. This set off
- [Not Using QuickBooks Online? What You're Missing Out On](https://www.islernw.com/not-using-quickbooks-online-what-youre-missing-out-on/) - If you dread every minute of the time you spend on accounting, you should know how QuickBooks Online can change your outlook. How long would it take you to determine: What your total expenses for this quarter are? Whether or not your business is profitable as of today? How much you’ve sold every month this
- [Reasonable Compensation and S Corporations](https://www.islernw.com/reasonable-compensation-and-s-corporations/) - Article Highlights: Payroll Taxes Corporate Officers Employees of a Corporation Reasonable Salaries Factors Flow-Through Deductions Wage Limitations Unlike a C corporation, which itself pays the tax on its taxable income, an S corporation does not directly pay taxes on its income; instead, its income, losses, deductions, and credits are distributed across its shareholders’ individual tax
- [Understanding Tax-Deferred Investing](https://www.islernw.com/understanding-tax-deferred-investing/) - Article Highlights: Income Deferral Earnings Deferral Individual Retirement Accounts Retirement Accounts Bank Savings Short- and Long-Term Capital Gains Education Savings Accounts Health Savings Accounts When you are attempting to save money for your children’s future education or your retirement, you may do so in a number of ways, including investing in the stock market, buying
- [States Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction](https://www.islernw.com/states-sue-u-s-to-void-10000-cap-on-state-and-local-tax-deduction/) - 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. The taxes at issue include state and local income taxes, real property (real estate) taxes and personal
- [Tax Reform 2.0 Is in the Works](https://www.islernw.com/tax-reform-2-0-is-in-the-works/) - The dust has not yet settled from the Tax Cuts and Jobs Act (TCJA), passed into law in December 2017, and the House Ways and Means Committee is already considering another round of tax changes. The committee chair, Kevin Brady, Republican from Texas, wants to include input from stakeholders such as business groups, think tanks
- [Do You Need to Renew Your ITIN?](https://www.islernw.com/do-you-need-to-renew-your-itin/) - The IRS has announced that more than 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2018. An ITIN is a nine-digit number issued by the IRS to individuals who are required for U.S. federal tax purposes to have a U.S. taxpayer identification number but who do not have
- [Tax Reform Eases the Alternative Minimum Tax – But It’s Still There](https://www.islernw.com/tax-reform-eases-the-alternative-minimum-tax-but-its-still-there/) - 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 from AMT taxation) and raising the income thresholds for when the exemptions are phased
- [133,000 Injured Veterans Entitled to Tax Refunds](https://www.islernw.com/133000-injured-veterans-entitled-to-tax-refunds/) - 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 of $228 million. These tax refunds are owed to any veterans who received one-time (lump-sum)
- [Offer in Compromise](https://www.islernw.com/offer-in-compromise/) - 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 circumstances have shifted to the point where your cumulative debt
- [10 Mistakes Most Small Business Owners Miss When Starting Out](https://www.islernw.com/10-mistakes-most-small-business-owners-miss-when-starting-out/) - 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, it’s also easy to overlook some important details and steps along the
- [Health Savings Accounts Fill Multiple Tax Needs](https://www.islernw.com/health-savings-accounts-fill-multiple-tax-needs/) - 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 are not covered by insurance due to the high-deductible provisions of their insurance coverage. However, an HSA
- [Clergy Tax Benefits Under Fire](https://www.islernw.com/clergy-tax-benefits-under-fire/) - 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 for ministerial services is excludable. The benefit is generally referred to as a parsonage allowance.
- [Big Changes to the Kiddie Tax](https://www.islernw.com/big-changes-to-the-kiddie-tax/) - 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’ higher tax bracket and shifting it to their children’s lower tax bracket. The kiddie tax plugged that tax
- [Taxpayers Find Gift Tax Reporting Confusing](https://www.islernw.com/taxpayers-find-gift-tax-reporting-confusing/) - 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 gift tax provisions as, under many circumstances, even lower-income taxpayers may find they are liable
- [A Mid-Year Tax Checkup May Be Appropriate](https://www.islernw.com/a-mid-year-tax-checkup-may-be-appropriate/) - 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 amount of taxes individuals are withholding from their wages. Tax reform was
- [Moving Deductions are Kaput](https://www.islernw.com/moving-deductions-are-kaput/) - Prior to the passage of tax reform, individuals who moved as the result of a job change or job relocation could deduct their unreimbursed moving expenses if the driving distance from their home to the new job location was at least 50 miles more than the driving distance from home to the old job location.
- [Is an Inheritance Taxable?](https://www.islernw.com/is-an-inheritance-taxable/) - A frequent question is whether inheritances are taxable. This is a frequently misunderstood question related to taxation and can be complicated. When someone passes away, all of their assets will be subject to inheritance taxation, and whatever is left over after paying the inheritance tax passes to the decedent’s beneficiaries. Sound bleak? Don’t worry, very
- [5 QuickBooks Online Reports You Should Run Regularly](https://www.islernw.com/5-quickbooks-online-reports-you-should-run-regularly/) - 5 QuickBooks Online Reports You Should Run Regularly There are numerous QuickBooks Online reports that you should be consulting at regular intervals. But you need these five at least every week. QuickBooks Online’s Dashboard, the first screen you see when you log in, provides an effective overview of your company’s finances. It contains at-a-glance information
- [The Most Common Accounting Mistakes Small Business Owners Make and How to Avoid Them](https://www.islernw.com/the-most-common-accounting-mistakes-small-business-owners-make-and-how-to-avoid-them/) - Most small business owners are an expert in their field, but not necessarily in the accounting aspects of building a business. And, with this comes a few common mistakes. Yet, even simple small business accounting mistakes can prove to be financially limiting and costly down the road. With the help of an accounting professional, it
- [How Long Should You Hold On To Old Tax Records?](https://www.islernw.com/how-long-should-you-hold-on-to-old-tax-records/) - Article Highlights: The general statute: 3 years Longer durations in some states Fraud, failure to file and other issues that extend the statute’s duration Keeping the actual return Ordering copies of previously filed returns This is a common question: How long must taxpayers keep copies of their tax returns and supporting documents? Generally, taxpayers should
- [Credit for Family and Medical Leave Benefits](https://www.islernw.com/credit-for-family-and-medical-leave-benefits/) - Article Highlights: Written Leave Policy Variable Credit Qualifying Employee Qualifying Leave Time Limits General Business Credit The Tax Cuts and Jobs Act that was passed last year included a new tax credit for employers that allows them to claim a credit based on wages paid to qualifying employees while they are on family and medical
- [Should I Use a Credit Card to Pay My Taxes?](https://www.islernw.com/should-i-use-a-credit-card-to-pay-my-taxes/) - With tax filing season out of the way, paying off those tax bills that weren't paid by April 18th is the next major concern for people. While there are a few options for payment agreements if you can't afford to write a check for the full amount immediately, there's also the option of paying your
- [Procrastinating on Filing Your Taxes?](https://www.islernw.com/procrastinating-on-filing-your-taxes/) - If you have been procrastinating about filing your 2017 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund coming for a prior you may end up forfeiting it. If you haven’t filed your return and
- [Find Lost Money](https://www.islernw.com/find-lost-money/) - Article Highlights: What is unclaimed property? How can you find unclaimed property? What are your chances of finding unclaimed property in your name? Unclaimed property refers to accounts in financial institutions and companies that have had no activity generated or contact with the owner for a period of one year or longer (depending upon state
- [Got a Letter from the IRS?](https://www.islernw.com/got-a-letter-from-the-irs/) - Article Highlights: Confirm the Letter Was Not Sent in Error Examine the Contents Avoid Procrastination, Which Leads to Bigger Problems Send Any Payments Consider Change-of-Address Complications Be Aware of ID Theft If you have received an IRS envelope from the Internal Revenue Service (IRS) in your mailbox that does not contain a refund check, it
- [Summer Employment For Your Child](https://www.islernw.com/summer-employment-for-your-child/) - Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Summer is just around the corner, and your children may be looking for summer employment. With the passage of the most recent tax reform, the standard deduction for single individuals jumped from $6,350 in 2017 to $12,000 in 2018, meaning your
- [Choosing Your Accounting Method Under New Tax Laws](https://www.islernw.com/choosing-your-accounting-method-under-new-tax-laws/) - Businesses today must take a closer look at their accounting methods. Since the passage of new tax laws, with changes to thresholds for choosing accounting methods, all companies need to take an inward look at their current accounting methods to determine if they are the most beneficial permissible method applicable. It is important to work
- [I Didn't File My Tax Return; Now What?](https://www.islernw.com/i-didnt-file-my-tax-return-now-what/) - There are a lot of perfectly reasonable reasons for not having filed your income taxes. Many people who fail to file are new to the job market, and never having filed before may simply have been unaware of the requirement to do so. Some people know but are too overwhelmed with other life events, including
- [Is a Roth Conversion Right for You? But Be Careful, They Can No Longer Be Undone!](https://www.islernw.com/is-a-roth-conversion-right-for-you-but-be-careful-they-can-no-longer-be-undone/) - Article Highlights: Conversion Timing Why Convert? When to Convert? Issues to Consider Before Making the Decision Roth IRA accounts provide the benefits of tax-free accumulation and, once you reach retirement age, tax-free distributions. This is the reason why so many taxpayers are converting their traditional IRA account to a Roth IRA. However, to do so,
- [So Long To The Tax Deduction For Investment Expenses](https://www.islernw.com/so-long-to-the-tax-deduction-for-investment-expenses/) - Under the new tax reform law, investment expenses are no longer deductible as a miscellaneous itemized deduction. This means, for example, that if you have an investment account and are paying fees to have it managed, those fees are no longer deductible. This also means IRA and other types of retirement account fees that are
- [Why It Might be Time for Your Small Business to Migrate to Cloud Accounting](https://www.islernw.com/why-it-might-be-time-for-your-small-business-to-migrate-to-cloud-accounting/) - Cloud accounting is a big idea that brings with it a lot of lofty implications, but if you had to distill all of that down to its bare essentials it would probably look at lot like this: Right now, if you want to manage the financial side of your small business, you probably have to
- [Preparing for Taxes for 2018 and Beyond](https://www.islernw.com/preparing-for-taxes-for-2018-and-beyond/) - Article Highlights: Increase In Standard Deduction Loss of Personal Exemptions Changes to Itemized Deductions Bunching Strategy Employee Business Expenses Business Expensing 20% Flow-through Income Deduction Change in Treatment of Alimony Casualty Losses, Home Equity Interest and Moving No Longer Deductible Tax reform has changed the way most taxpayers need to think about and plan for
- [Community Involvement - KGW School Supply Drive](https://www.islernw.com/community-involvement-kgw-school-supply-drive/) - Isler Northwest LLC proudly supported the KGW School Supply Drive this summer. The goal of the KGW School Supply Drive was to collect enough school supplies and cash to send 8,000 students in need back to school fully equipped to learn. All donations went to Schoolhouse Supplies, a local nonprofit organization that supports public education
- [You May Not Get a Tax Refund Next Year](https://www.islernw.com/you-may-not-get-a-tax-refund-next-year/) - Article Highlights: Payroll Withholding W-4 2018 Tax Projection Adjusting Withholding With all of the tax reform changes and the corresponding reductions in most taxpayers’ income tax withholding, there are serious concerns that the reduction in withholding, although providing more take-home pay now, could end up resulting in unexpected taxes due at tax time next year.
- [Don’t Toss Those Tax Records Yet!](https://www.islernw.com/dont-toss-those-tax-records-yet/) - Article Highlights: Reasons to Keep Records Statute of Limitations Maintaining Record of Asset Basis Even though the 2017 tax due date has come and gone, and even though you have filed your 2017 tax return, you may still need to keep your 2017 tax records. Generally, tax records are retained for two reasons: (1) in
- [How to Understand Common IRS Tax Terms](https://www.islernw.com/how-to-understand-common-irs-tax-terms/) - Article Highlights Filing status Adjusted gross income (AGI) Taxable income Marginal tax rate. Alternative minimum tax (AMT) Tax Credits Underpayment of estimated tax penalty When discussing taxes, reading tax related articles or instructions one needs to understand the lingo and acronyms used by tax professionals and authors to be able to grasp what they are
- [Not-Being-Insured Penalty Eliminated](https://www.islernw.com/not-being-insured-penalty-eliminated/) - Article Highlights: Shared-Responsibility Payment Originated in 2014 Fully Effective in 2016 How It Is Calculated Eliminated in 2019 Note: This one of a series of articles that explain 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 of
- [Tax Filing Deadline Rapidly Approaching](https://www.islernw.com/tax-filing-deadline-rapidly-approaching/) - Highlights: 2017 balance due payments IRA contributions for 2017 Estimated tax payments for first quarter 2018 Statute of limitation 2018 refunds Just a reminder that the due date for 2017 tax returns is April 17, 2018! There is no penalty for filing late if you are receiving a refund. However, it is quite a different
- [Got student loans? Don't make this major tax mistake](https://www.islernw.com/got-student-loans-dont-make-this-major-tax-mistake/) - Article by Anna Bahney | Found on CNN If you've been paying off student loans, don't make the mistake of filing your taxes without getting a deduction on the interest you've paid on your loans. "If you're paying 4% [interest] on your loans and not getting the deduction," says Michael Chen a CPA and founder of
- [Estate Tax Exemption Doubled under Tax Reform](https://www.islernw.com/estate-tax-exemption-doubled-under-tax-reform/) - Article Highlights Estate Tax Exemption Unused Exemption Portability Annual Gift Tax Exemption Check Your Beneficiaries Note: This 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 affect you
- [Living Abroad? Here Is How Tax Reform May Affect You](https://www.islernw.com/living-abroad-here-is-how-tax-reform-may-affect-you/) - If you are an expatriate living abroad, you may be wondering how the provisions of the Tax Cuts and Jobs Act (TCJA) will impact you. This is the most extensive tax change in over 30 years, and although it was touted as tax simplification when it was in the planning stages, nothing was simplified related
- [Can’t Pay Your Taxes by the April Due Date?](https://www.islernw.com/cant-pay-your-taxes-by-the-april-due-date/) - Article Highlights: What to Do If You Can’t Pay Loans Credit Card Payments IRS Installment Agreements Retirement Funds If you aren’t one of those lucky Americans who gets a tax refund from the IRS you might be wondering about your options for paying off your tax liability by the April due date. The IRS encourages
- [Where Do You Fall In The Tax Pecking Order?](https://www.islernw.com/where-do-you-fall-in-the-tax-pecking-order/) - Article Highlights: 2015 Overall Filing Statistics Statistics by Adjusted Gross Income Percentile Table Ever wonder where your income puts you in comparison with the rest of the U.S. taxpayers? Each year the Internal Revenue Service publishes a Statistics of Income Bulletin. The latest set of figures is for 2015 tax returns and provides some interesting
- [Checking Your Federal Refund Status Is Easy](https://www.islernw.com/checking-your-federal-refund-status-is-easy/) - Article Highlights 24/7 Access Quick Posting Direct Deposit Necessary Information If you have already filed your federal tax return and are due to receive a refund, you can check the status of your refund online. Where’s My Refund? is an interactive tool on the IRS website. Regardless of whether you have split your refund among several
- [Cryptocurrencies and Taxes](https://www.islernw.com/cryptocurrencies-and-taxes/) - Article Highlights: Virtual Currency Valuation Transactions Character of the Gain or Loss Foreign Currency Transactions Foreign Bank and Financial Account (FBAR) Reporting Payment for Goods & Services Acquiring Virtual Currency Virtual Currency Mining Employee Payments Independent Contractor Payments As our world has become more and more “digital,” it was only a matter of time before
- [Tax Reform Limits Exchanges to Defer Taxes](https://www.islernw.com/tax-reform-limits-exchanges-to-defer-taxes/) - Article Highlights: Deferring Tax with Like-Kind Exchanges Changes Made by Tax Reform Impact on Trade-ins Note: This 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 affect you
- [Tax deductions vs. Tax credits: A guide for simplifying your tax filing experience](https://www.islernw.com/tax-deductions-vs-tax-credits-a-guide-for-simplifying-your-tax-filing-experience/) - Article Featured on CNN Money If the thought of filing your taxes gives you heart palpitations and sweaty palms, fear not. Yes, taxes can be complicated. But the more you understand, the smoother the process will go. Familiarizing yourself with these common tax terms should make hitting the April 17 deadline a little easier: The forms: 1040,
- [A New Study Says Business Loans Help Startups Grow. Personal Loans Don't](https://www.islernw.com/new-study-says-business-loans-help-startups-grow-personal-loans-dont/) - Article by Rob Mandelbaum | Found on Forbes Business 101 teaches that entrepreneurs must begin almost immediately to build company credit. That advice has always rankled a certain breed of DIY business owners, the ones who find debt of any kind anathema. Now, though, a new study demonstrates that borrowing money confers a huge advantage on
- [How to Save Money on the Biggest Expenses in Your Budget](https://www.islernw.com/save-money-biggest-expenses-budget/) - Article by Anna Bahney | Found on CNN Want to find some real savings in your budget? Cutting out lattes and avocado toast probably isn't the way to go. Housing, transportation and food: that's what Americans spend almost 70% of their money on, according to the Bureau of Labor Statistics. Sure, you can always cut back on
- [Business Owners Beware: New Tax Law Severely Limits Entertainment Deductions](https://www.islernw.com/business-owners-beware-new-tax-law-severely-limits-entertainment-deductions/) - Note: This 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, your business or your family, in both 2018 and future years. This series offers
- [How Small Businesses Write Off Equipment Purchases](https://www.islernw.com/how-small-businesses-write-off-equipment-purchases/) - Article Highlights: Depreciation Materials & Supplies De Minimis Safe Harbor Expensing Routine Maintenance Unlimited Expensing Bonus Depreciation Sec 179 Expensing Mixing Methods From time to time, an owner of a small business will purchase equipment, office furnishings, vehicles, computer systems and other items for use in the business. How to deduct the cost for tax
- [Medical Deductions & The New Tax Law](https://www.islernw.com/medical-deductions-the-new-tax-law/) - Article Highlights: Medical Deductions Retained by the Tax Reform Law Adjusted Gross Income Floor Dropped to 7.5% The Standard Deduction Bunching Medical Deductions Unusual Medical Deductions Medical Dependents Divorced Parents 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
- [9 Best Ways to Start a Business Budget to Spur and Guide Growth](https://www.islernw.com/9-best-ways-start-business-budget-spur-guide-growth/) - Building a business is a process that requires careful attention to many individual points, all with the goal of increasing customers, improving products, and building profit. There are many elements that contribute to the ability of a company to grow. One key area to focus on is the budget. From the foundation of the business,
- [If You Owe the IRS a Lot of Money,  You May Not Want to Plan Any Out-of-the-Country Trips](https://www.islernw.com/owe-irs-lot-money-may-not-want-plan-country-trips/) - Article Highlights: Seriously Delinquent Tax Debt Exceptions Passport Denial or Revocation As promised several months back, the IRS has begun to crack down on seriously delinquent taxpayers. A law passed on Dec. 4, 2015, requires the IRS to notify the U.S. State Department when someone has “seriously delinquent tax debt,” after which the State
- [Personal Casualty Losses Axed by the New Tax Law](https://www.islernw.com/personal-casualty-losses-axed-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,
- [Will Your 2018 Withholding Be Right?](https://www.islernw.com/will-2018-withholding-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
- [New Tax Law Cracks Down on Home Mortgage Interest](https://www.islernw.com/new-tax-law-cracks-home-mortgage-interest/) - Article Highlights: Acquisition Debt Interest Equity Debt Interest Consumer Interest New Tax Law Changes 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 affect you and
- [Tax Reform Cracks Down on IRA Recharacterizations](https://www.islernw.com/tax-reform-cracks-down-on-ira-recharacterizations/) - Article Highlights: Tax Trap Traditional IRA Roth IRA Traditional to Roth Conversions Undoing a Conversion 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 affect you
- [4 Money Lessons Every Teenager Needs to Know](https://www.islernw.com/4-money-lessons-every-teenager-needs-know/) - Article by Katherine Vasel | Found on CNN It's time to talk to your teenager about money. The teen years may be the first time kids start to earn their own money. And establishing good habits now can pay dividends well into their future. Plus, teaching kids to be smart about money will have benefits for
- [Is 2018 the year to buy a house?](https://www.islernw.com/2018-year-buy-house/) - Article by Katherine Vassel | Found on CNN Home buyers aren't going to catch much of a break this year. Sellers will remain in the driver's seat as buyers continue to face affordability issues thanks to low housing supply. "The challenges for buyers in the market haven't changed that much from last year" said Keith Gumbinger,
- [Is Your Credit Score Affecting Your Quality of Life?](https://www.islernw.com/credit-score-affecting-quality-life/) - Article by Anna Johansson | Found on NBC The American dream is usually characterized as working hard from the bottom up, making a good salary, buying a house and having time to create and enjoy your family life. But the vision doesn’t always come together so neatly; despite strong buyer demand, the inventory of affordable, available starter homes is
- [3 Tips to Getting Retirement Right in Your 20s](https://www.islernw.com/3-tips-getting-retirement-right-20s/) - Article by Walter Updegrave | Found on CNN I'm in my 20s and would like to start taking steps to ensure a secure retirement and financial future. But like many people in my generation I'm confused about where to start, who to contact and what to do. Can you point me in the right direction? --S.V.
- [Improving Your Relationship With Money In 2018](https://www.islernw.com/improving-relationship-money-2018/) - Article by Michael F. Kay | Found on Forbes The turning of the calendar year is traditionally a time when you feel inspired by the possibilities of a new start, a new beginning, and the onset of positive change. It can be a time that is empowering, energetic and life supporting; it can forever alter the
- [Three Ways To Create Lasting Change In Your Financial Situation](https://www.islernw.com/three-ways-create-lasting-change-financial-situation/) - Article by Brian Thompson | Found on Forbes Recently, a friend reached out to me because she was overwhelmed. She had just gotten a new job she loved and the fresh start at the new place caused her to reflect on where she was financially. She thought she should have made “better” decisions with her money, should have more saved and overall should just be further along financially.
- [U.S. Employers Only Added 148,000 Jobs in December but That's a Good Sign](https://www.islernw.com/u-s-employers-added-148000-jobs-december-thats-good-sign/) - Article by Christopher S. Rugaber | Found on INC.COM U.S. employers added 148,000 jobs in December, a modest gain but still enough to suggest that the economy entered the new year with solid momentum. The unemployment rate remained 4.1 percent for a third straight month, the lowest levelsince 2000, the Labor Department said Friday. For all of 2017, employers added nearly
- [5 Money Mistakes to Avoid in the New Year](https://www.islernw.com/5-money-mistakes-avoid-new-year/) - Article by Anna Bahney | Found on CNN We've got a much easier approach. Just stop doing these five financial things and you'll have more savings, smarter spending habits and a secure identity in the next year. 1. Stop saving your leftovers Saving shouldn't be an afterthought. Instead, adopt a "pay yourself first" model, which is
- [Yes or No? Simple answers to your tax questions](https://www.islernw.com/yes-no-simple-answers-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. 1. Does the new bill affect tax rebates available to buyers of electric vehicles? No. Electric car buyers will
- [How do I create a long-term financial plan?](https://www.islernw.com/create-long-term-financial-plan/) - Article by Julia Carpenter | Found on CNN Q: How do I create a lifelong finance plan and how much money will I need for all of those things? Emergency fund, wedding, buying a house, retirement, college savings for my future kids (how much do kids cost?), elder care for my parents (god forbid, but just
- [Latest Updates On the Technology Sector in 2017](https://www.islernw.com/latest-updates-technology-sector-2017/) - The year 2017 was very eventful for the Technology sector as there was something new better and more advanced coming up every month for the tech savvy people that made things better for them. There have been more than 2000 different additions in the technological world starting from lifestyle, medicines, luxury, cars, security, construction and
- [7 Financial Steps To Take Before The Year Is Over](https://www.islernw.com/7-financial-steps-take-year/) - Article by Scott Spann | Found on Forbes It’s safe to say that you will start to hear a lot of talk about New Year’s resolutions over the course of the next few weeks. Since money and wealth are integrated into many aspects of the life journey, it isn’t too surprising that financial resolutions are generally
- [How much life insurance do you need (if any)?](https://www.islernw.com/much-life-insurance-need/) - Article by Anna Bahney | Found on CNN Before we deal with the downer of your death, let's talk about your life. Does anyone depend on you? Like, financially, depend on you? No? Then you're probably fine without life insurance. Of course, there are certain circumstances in which a singleHappy New Year Images 2018 person with no
- [Shiny New Gadgets to Smart Homes and Beyond: A CES 2015 Preview](https://www.islernw.com/shiny-new-gadgets-smart-homes-beyond-ces-2015-preview/) - For technology enthusiasts, Las Vegas is about to get even more wild and crazy. Next week kicks off CES 2015, otherwise known as the Consumer Electronics Show. Paytm App Download Yes, that show. It's like the mega convention for all things technology. This year's iteration is being held in Sin City January 6 to 9.
- [Changes to the Child Tax Credit: What it Means for Families](https://www.islernw.com/changes-child-tax-credit-means-families/) - Article by Lydia DePillis | Found on CNN.com Parents will get twice as large of a tax credit for each child next year, under a compromise hammered out by the House and Senate Friday — although other changes to the bill mitigate the impact of that tax break. The GOP's tax overhaul bill doubles the current child tax
- [3 Things Colleges Don't Tell You About Financial Aid](https://www.islernw.com/3-things-colleges-dont-tell-financial-aid/) - Article by Bill Carmody | Found on INC.COM If you've been reading my Inc column for the past 3 years or follow me on Twitter, you know that I'm on a mission to help a million people become millionaires. Your wealth is very important to me, especially since half of Americans can't come up with $400 in an
- [Oops! Top Leaders Share Their Worst Career Mistakes](https://www.islernw.com/oops-top-leaders-share-worst-career-mistakes/) - Article by Betty Liu | Found on INC.COM We are told mistakes happen and that we should to get over them as soon as they occur which is pretty sound advice. But some career mistakes can haunt us for years and cause severe damage. So why not avoid them in the first place? I make a
- [3 Tips for Serial Entrepreneurs to Safeguard Their Own and Their Employees' Retirement Security](https://www.islernw.com/3-tips-serial-entrepreneurs-safeguard-employees-retirement-security/) - Article by Nathan Fisher | Found on Entrepreneur Working professionals can take a lot for granted about a job: the hours, the steady paycheck, the retirement plan. But serial entrepreneurs don't enjoy such guarantees: They're busy trading stability for the chance to build something new and valuable. In my work running an investments/401(K) company, I've met many entrepreneurs
- [5 Things Millennials Need to Know About Retirement](https://www.islernw.com/5-things-millennials-need-know-retirement/) - Article by Wendy Connick | Found on CNN If you're a Millennial, you're in a great position to give yourself a fabulous retirement. You have plenty of time to save, which will means compound interest can be a powerful wealth-building tool for you. And if you're like most members of your generation, you've already started putting
- [Three Surprising Ways That Gratitude Works at Work
](https://www.islernw.com/three-surprising-ways-gratitude-works-work
/) - Article by Robert Emmons | Found on Mindful.org A couple of summers ago, I traveled to the steamy cauldron of central Florida to speak at the WorkHuman conference. Nearly 1,500 human resource professionals were in attendance, eager to hear from luminaries like Arianna Huffington and Rob Lowe (probably more than they wanted to hear an academic
- [How Can I Invest With Just a Little Bit of Money?](https://www.islernw.com/can-invest-just-little-bit-money/) - Article by Nathaniel Meyersohn | Found on CNN The stock market is red hot: The Dow hit a record 23,000 points in October and it's up 18% so far this year. So you're not the only one who wants in on the action: More than half of Americans own stock. As long as you've already got enough emergency
- [Here's How Boomer Women Are Thriving In Retirement](https://www.islernw.com/heres-boomer-women-thriving-retirement/) - Article by Kerry Hannon | Found on Forbes Should I stay or should I go? It’s a conundrum for many boomer women. You’ve spent your adult life building a long and fulfilling career, but the time gradually arrives when your friends start retiring and your financial planner begins that probing discussion about how you visualize your
- [5 Financial Rules to Live By](https://www.islernw.com/5-financial-rules-live/) - Article by Christy Bieber | Found on CNN Are you among the 65% of Americans being kept up at night by money worries? Managing your money can definitely be overwhelming, especially with so much conflicting advice out there. The good news is, you don't actually have to do much to get your finances under control. You
- [How Should I Invest My Inheritance Money?](https://www.islernw.com/invest-inheritance-money/) - Article Written by Katie Lobosco | Found on CNN What are the best ways for 20-somethings to invest inheritance money? -- Jason Staring at a new big balance in your bank account can be exciting. It can also freak you out. On one hand, an inheritance could open up new financial opportunities: paying off your student
- [Big Businesses Are Struggling to Fill Open Positions This Holiday Season](https://www.islernw.com/big-businesses-struggling-fill-open-positions-holiday-season/) - Article by Emily Canal | Found on INC.COM The holidays are upon us, but not everyone is ready for the festivities to begin. Many companies are having a hard time finding seasonal workers this year. That's according to a new report from USA Today, which says that retail, food services, delivery and many other industries are struggling from the falling unemployment rate (a 17-year
- [5 money moves you need to make by 30](https://www.islernw.com/5-money-moves-need-make-30/) - Article by Maurie Backman | Found on CNN Turning 30 is a pretty significant milestone. If you're coming up on 30, now's a good time to take stock of your finances and get yourself on a responsible path. Here's how. 1. Complete your emergency fund No matter your age, you need an emergency fund with enough
- [7 Things Every Business Continuity Plan Should Contain](https://www.islernw.com/7-things-every-business-continuity-plan-contain/) - From EBRP Solutions: https://www.ebrp.net/7-things-every-business-continuity-plan-should-contain/# Regardless of the type or intent of a Business Continuity Plan (and there are many), the following seven components should be incorporated in every Plan: 1. Initial Response When something disrupts day-to-day operations, everyone should understand what – if anything – they should do immediately. By planning for that – and
- [Millennials: Are Your Hobbies And Interests The Secret To Career Success?](https://www.islernw.com/millennials-hobbies-interests-secret-career-success/) - Article by Marissa Peretz | Found on Forbes We already know that reducing stress with interests outside of work can help your career. Numerous studies show this, such as the study on the correlation between hobbies and job performance by San Francisco State University organizational psychologist Kevin Eschleman and colleagues. However, what if we take this line of thinking
- [8 money mistakes new parents should avoid](https://www.islernw.com/8-money-mistakes-new-parents-avoid/) - Article by Kathryn Vassel | Found on CNN It's a thought many new and soon-to-be parents have: How can something so tiny require so much stuff? While you might not need all the gear you've stocked up on, there's no getting around the fact that having a baby will bring changes to your budget. "A baby
- [Unproductive Day? Here's How to Make Tomorrow Better](https://www.islernw.com/unproductive-day-heres-make-tomorrow-better/) - Article by Kat Boogard | Featured on INC.COM We've all had those days -- when no matter how much you try to focus on the task at hand, you just can't seem to make any progress. You type just one sentence of that important email, only to spend the next five minutes perusing one of your social media accounts.
- [IRS Plans Further Steps to Curb Identity Theft](https://www.islernw.com/irs-plans-steps-curb-identity-theft/) - Articel by Michael Kohn | Found on AccountingToday The Internal Revenue Service, working in partnership with state tax authorities and the tax preparation industry as part of their Security Summit initiative, reported significant progress Tuesday in the battle against tax-related identity theft, with new steps planned for next tax season. "The underlying numbers show we are
- [9 Simple Reminders That Will Make You a Better Leader](https://www.islernw.com/9-simple-reminders-will-make-better-leader/) - Article by Gordon Tredgold | Found on INC.COM Whenever I start to work with a new company to help it improve its leadership, the first thing I like to do is study the leaders in action and get feedback on how they are perceivedby their teams. Leadership can be difficult, but I am always amazed by the
- [7 Smart Budgeting Tips for Small Business Owners](https://www.islernw.com/7-smart-budgeting-tips-small-business-owners/) - Article by Sammi Caramela | Found on Business News Daily Running a small business often means having small budget, too. With startup costs, loans and other expenses, it can be difficult to get your feet planted. According to Annie Scranton, owner of Pace Public Relations, businesses of all sizes experience financial fluctuation, so it's important to create
- [The Hot New 'Retirement' Plan for Baby Boomers: Starting a Business](https://www.islernw.com/hot-new-retirement-plan-baby-boomers-starting-business/) - Article by Leigh Buchanan | Found on INC.COM Characterizing a Boomer business as a retirement hobby is as misleading as saying all 20-somethings launch app companies. Still, startups by people over age 50 tend to skew small. Gallup reports that 80 percent are lifestyle businesses meant to supplement retirement income and keep the mind engaged. Jeff
- [Half of Americans are Saving Next to Nothing](https://www.islernw.com/half-americans-saving-next-nothing/) - Article by Kathryn Vasel | Found on CNN When it comes to saving, we aren't doing enough of it. Roughly half of Americans are saving 5% or less of their incomes, including 18% that are not saving anything, according to a survey from Bankrate. Only about a quarter of people are saving more than 10% of
- [What Will the Workplace of the Future Look Like?](https://www.islernw.com/will-workplace-future-look-like/) - Article Found on Business News Daily | Written by Nicole Fallon The modern American workplace is undergoing drastic changes. Everything from company culture to how buildings are managed is on the table. Business operations, workspaces, and social norms are all adapting to the earth shattering changes brought about by the digital revolution and ongoing social progress.
- [9 Things All Millennials Need to Know About Money](https://www.islernw.com/9-things-millennials-need-know-money/) - Article Found on INC.COM What should all young people know about managing personal finance? This is a very important question, because as it stands, there is expected to be a $30 trillion wealth transfer from Boomers to Millennials over the coming decades - and only 22% of Millennials demonstrate "basic" financial knowledge. However, this particular question
- [Why Networking Is The Key To Your Business Success (Even In 2017)](https://www.islernw.com/networking-key-business-success-even-2017/) - Article by Yitzi Weiner | Found on Forbes I find that people still struggle to understand how crucial networking is in 2017. I believe that in the contemporary business world, networking is more important than ever. I was shocked, and this is not a joke, when last year, an established business owner asked me whether “networking”
- [Rush Hour Got You Down? How to Make the Most of Your Commute](https://www.islernw.com/rush-hour-got-make-commute/) - Article by Sammi Carmela | Found on Business News Daily Commuting to work is often a hassle. With rush-hour traffic, delayed trains or long walks to the office, it's no surprise that many workers are already exhausted before starting their shift. Although traveling to your workplace is an inevitable part of a typical workday routine, you
- [3 Things Every Entrepreneur Can Learn From Amazon's Second Headquarters Search](https://www.islernw.com/3-things-every-entrepreneur-can-learn-amazons-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
- [5 Productivity Practices to Help You Stress Less and Do More](https://www.islernw.com/5-productivity-practices-help-stress-less/) - By Shimon Brathwaite | Featured on Business News Daily Organization is something many people strive for but find hard to achieve. However, it's a good goal to have: Being organized and efficient at work not only makes you a more valuable employee, but it can significantly reduce stress.According to a study by leadership training company VitalSmarts, 83 percent
- [7 Passwords You Should Never Use at Your Small Business](https://www.islernw.com/7-passwords-never-use-small-business/) - Article Found on INC.COM Owning a small business means owning data. You're constantly acquiring new information related to your customers and financial details, as well as all the vendors and contractors with whom you work. However, one cybercriminal or one lucky hack can expose your business to a major blow. From lost trust among your clients
- [20-Somethings Are Spending Less Money Than You Think](https://www.islernw.com/20-somethings-spending-less-money-think/) - Article Found on BusinessInsider | Written by Tanza Loudenback American millennials aren't spending as much money on clothes, avocado toast, and pumpkin spice lattes as you may think. Instead, they're shifting their spending to focus on necessities, as housing costs increase and wages sit still. According to a recent Gallup poll, 18-t0-29 year olds in 2016 reported spending an average of $19 less on a
- [8 Financial Tips For Young Adults](https://www.islernw.com/8-financial-tips-young-adults/) - By Amy Fontinelle | Featured on Investopedia Unfortunately, personal finance has not yet become a required subject in high school or college, so you might be fairly clueless about how to manage your money when you're out in the real world for the first time. To help you get started, we'll take a look at eight of the most
- [3 Myths That Could Tank Your Credit Score](https://www.islernw.com/3-myths-tank-credit-score/) - Article by Selena Maranjian | Featured on CNN Whatever your credit score is, it could probably be higher. Many people are taking steps to improve their credit worthiness -- but if they go about it the wrong way, misled by myths, they could actually hurt their scores. Here are three myths that could tank your credit
- [10 Pieces of Financial Advice I Wish I Knew in My 20s](https://www.islernw.com/10-pieces-financial-advice-wish-knew-20s/) - By Andrew Medal | Found on Entrepreneur Your 20s can one of the most memorable times of your life. After all, you’ve just started to enter the workforce, have little responsibility and finally have a disposable income to call your own. However, even with all the freedom that youth provides, it can come with some significant financial consequences that
- [New Malware Steals Your Credit Card Info via Text](https://www.islernw.com/new-malware-steals-credit-card-info-via-text/) - Article by Rob Price | Found on INC.COM It's wise not to enter your credit card details into shady-looking apps and websites if you don't want your details stolen. But sometimes, not even the apps you know and trust are safe. A piece of malware detailed in a blog post from security firm Kaspersky is able to quietly steal victims'
- [8 Things You Should Never Do at Work](https://www.islernw.com/8-things-never-work/) - Article by Maurie Backman | Found on CNN We all know we're supposed to show up to work on time, respect our managers, and meet deadlines as assigned. But here are a few things not to do if you want to succeed on the job. 1. Complain too much It's one thing to occasionally express your displeasure
- [When Millennials are the Boss](https://www.islernw.com/when-millennials-are-the-boss/) - Article by Shen Lu | Found on CNN The kids have grown up and they're ready to take on the world. While much of the buzz around Millennials in the workplace has been about managing them, many of them have risen to leadership roles, supervising Gen-Xers and even Baby Boomers. Experts say the elder workers should
- [Yes, Student Debt is Delaying Homeownership](https://www.islernw.com/yes-student-debt-delaying-homeownership/) - Article by Katie Lobosko | Found on CNN.com College grads have claimed for years that they were putting off buying a home because of student debt. Now, there's strong proof that their loans really have pulled down homeownership rates. About 32% of those in their 20s owned a home in 2007, but that's fallen drastically to
- [Tax Tips for June Weddings](https://www.islernw.com/tax-tips-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
- [How to Kill a Corporate Zombie](https://www.islernw.com/kill-corporate-zombie/) - Article Found on The Economist WHAT is the best way to kill a zombie? Fans of Daryl Dixon, a character in “The Walking Dead”, a television series, will know the answer: a crossbow bolt to the brain. Getting rid of corporate zombies, however, is a much more complicated process. Ageing populations mean that the workforces in
- [Americans paid $15 billion in overdraft fees last year, CFPB says](https://www.islernw.com/americans-paid-15-billion-overdraft-fees-last-year-cfpb-says/) - Article by Jackie Wattles | Featured on CNN Money Americans have racked up billions -- yes, billions -- of dollars worth of overdraft charges. In 2016, U.S. consumers paid a total of $15 billion in fees for bouncing checks or overdrafting --which is when a customer tries to make a purchase without enough money in their account
- [5 Employee Training Tactics That Actually Work](https://www.islernw.com/5-employee-training-tactics-actually-work/) - Article by Nicole Fallon | Found on Business News Daily Every new job has a learning curve – and every existing job evolves over time. Consistent learning and training helps employees build and sharpen their skills, and ensures that your team is growing with their roles, rather than remaining stagnant. Passing around a lengthy PDF or
- [How to Keep Yourself Safe From Fake Financial News](https://www.islernw.com/keep-safe-fake-financial-news/) - Article by Chris Taylor | Found Reuters Hey, we have a great stock tip for you - a stone-cold lock, guaranteed profits! Do you believe us? We hope not. The bad news is that financial "fake news" does not present itself as such very easily, and it is everywhere these days. fix windows 10 start menu
- [How Becoming A Good Listener Can Make You A Better Leader](https://www.islernw.com/becoming-good-listener-can-make-better-leader/) - By Chris Myers , CONTRIBUTOR | Article Featured on Forbes.com Running a business is an inherently emotional experience. Even the most stoic leaders are bound to find themselves becoming invested not only in outcomes, but in people and processes as well. While emotional leadership is often regarded as a liability, lack of personal investment can also bring about negative
- [How Millennials Are Changing the Housing Market](https://www.islernw.com/millennials-changing-housing-market/) - Article by John White | Found on INC.COM I remember buying my first home with my wife. I will never forget the feeling of walking in together for the first time as homeowners. It was a defining moment in both our lives. Today, younger Millennials are purchasing their first homes and older ones are already moving on to buying
- [Fed Expected to Leave Rates Unchanged; Balance Sheet in Focus](https://www.islernw.com/fed-expected-leave-rates-unchanged-balance-sheet-focus/) - Article Found on Reuters | Written by Jason Lange The Federal Reserve is expected to hold interest rates unchanged on Wednesday and possibly hint that it will start winding down its massive holdings of bonds as soon as September in what would be a vote of confidence in the U.S. economy. The U.S. central bank will issue its
- [Grow Up, Portland](https://www.islernw.com/grow-up-portland/) - BURNSIDE 26 - IMAGE: Cameron Browne Why the Apartment Buildings You Hate Are Good For the City. They pop up seemingly overnight, multiplying faster than food carts on every street corner in the city. Just a whisper of them transforms normally mild-mannered Portlanders into fire-breathing Trotskyites. Politicians and economists can’t stomp them out. They make
- [The End of Work as We Know It](https://www.islernw.com/the-end-of-work-as-we-know-it/) - PARIS – In 1983, the American economist and Nobel laureate Wassily Leontief made what was then a startling prediction. Machines, he said, are likely to replace human labor much in the same way that the tractor replaced the horse. Today, with some 200 million people worldwide out of work – 30 million more than in
- [As health insurance costs rise, workers in Oregon and U.S. spend more on premiums and deductibles](https://www.islernw.com/health-insurance-costs-rise-workers-oregon-u-s-spend-premiums-deductibles/) - Health insurance costs are growing faster than income in all 50 states, a new study says, and workers are feeling the pinch in rising out-of-pocket costs. Workers who receive health insurance through their employer are spending more of their income on premiums and deductibles but their wages are not keeping up with the increases, according
- [The Technology That Will Change Accounting](https://www.islernw.com/technology-will-change-accounting/) - Article by Levi Morehouse | Found on Forbes Lots of people speculate about the next big innovation that will take their industries by storm. In the realm of accounting and finance, there is a major technology often misunderstood by professionals that could dramatically change the game for the financial services industry. That technology is blockchain. What
- [Public Assistance to Low-Wage Workers Costs $1.7 Billion in Oregon](https://www.islernw.com/public-assistance-low-wage-workers-costs-1-7-billion-oregon/) - Public assistance to working Oregonians costs an estimated $1.7 billion annually, according to a new report on the impact of low-paying jobs. Nearly 197,000 workers don't earn enough to cover their basic needs and rely in some part on public support, shows the study released Thursday by the University of Oregon Labor Education and Research Center. lucky patcher ios 9
- [What Entrepreneurs Need to Know About Ransomware](https://www.islernw.com/entrepreneurs-need-know-ransomware/) - Article by Sean Stein Smith | Found on Inc.com The issues of cybersecurity and ransomware tend to have a lifecycle that resembles income taxes and college basketball. Periodically, there is a tremendous amount of interest in these issues, endless articles, podcasts, and live news updates cover breaking developments, and then just as quickly the entire conversation
- [Your Complete Guide to a Successful Job Interview](https://www.islernw.com/complete-guide-successful-job-interview/) - Article by Shannon Gausepohl | Found on Business News Daily Congratulations, you've landed a job interview. Now what? Whether it's your first, 15th or 100th time interviewing, it's important to be prepared if you want to succeed. From your initial contact with the hiring manager to following up after your meeting, here's everything you need to know
- [Three Ways To Stay On Track When Feeling Overwhelmed](https://www.islernw.com/three-ways-stay-track-feeling-overwhelmed/) - Article by Chris Meyers | Found on Forbes Entrepreneurs are no strangers to the odd bout of existential terror. Usually, these period of stress and fear flair up only to die down rather quickly. Sometimes, however, these stresses persist and can make you feel totally overwhelmed.login instagram Fortunately, I have plenty of experience coping with the
- [Dear Younger Me: 4 Smart Things That Would Have Changed My Small Business Life](https://www.islernw.com/dear-younger-me-4-smart-things-that-would-have-changed-my-small-business-life/) - Running a business was exciting at first. I felt the freedom of controlling my own destiny while working with my closest friends, daydreaming about the next big breakthrough and planning for the day that financial freedom would finally arrive. Unfortunately, I wasn’t prepared for the constant state of struggle and hardship that lay ahead. And as
- [How Your Job Can Wreck Your Health](https://www.islernw.com/job-can-wreck-health/) - Article by Ronesh Sinha | Found on Politico During my medical training, I learned that a typical heart attack patient is a white male older than 50 who smokes cigarettes and eats red meat. So I was surprised when patients in my Silicon Valley office succumbing to uncontrolled diabetes and heart disease turned out to be
- [This Entrepreneur Just Announced $70,000 Minimum Salaries for His Entire 120-Person Team](https://www.islernw.com/this-entrepreneur-just-announced-70000-minimum-salaries-for-his-entire-120-person-team/) - After receiving our Established Entrepreneur of 2014 award, Gravity Payments founder Dan Price has just announced yet another game-changing proposition. Over the next three years, the 30-year-old plans to raise the minimum salary for every employee at his credit card processing company to $70,000, he told The New York Times. The concept dawned on Price, he said,
- [Apple Planning Major Expansion of Oregon Data Center](https://www.islernw.com/apple-planning-major-expansion-of-oregon-data-center/) - Apple's data center in Prineville, Oregon (Randy L. Rasmussen/The Oregonian) Apple is planning a large-scale expansion of its Prineville, Oregon data center, according to The Oregonian. The report claims Apple is likely to expand upon its current 338,000-square-foot data center with a matching facility and massive solar array this year, after Oregon governor Kate Brown signed
- [Meet Portland's New International Homeowners](https://www.islernw.com/meet-portlands-new-international-homeowners/) - Image: Leah Nash Landy and Sophia in front of their North Portland home. Portland: family-friendly bedroom community to the world? Consider the maximally mobile 21st-century human, the person who could pretty much live anywhere. Landry Molimbi, for example. Born in France, the 31-year-old handles Western Hemisphere business development for a Cologne-based energy technology company. He
- [The Problem With Secular Stagnation](https://www.islernw.com/the-problem-with-secular-stagnation/) - DELHI – In a recent exchange between former US Federal Reserve Chairman Ben Bernanke and former US Treasury Secretary Larry Summers on the plausibility of secular stagnation, one point of agreement was the need for a global perspective. But from that perspective, the hypothesis of secular stagnation in the period leading up to the 2008
- [Trail of the Month: Mosier Plateau](https://www.islernw.com/trail-of-the-month-mosier-plateau/) - Wildflowers, waterfalls, and panoramic views—what more could you ask for? Plus 3 springtime travel ideas not to miss! Image: Brian Barker Balsamroot blooms at the top of Mosier Plateau. Occupying the sunbathed hillsides above the eponymous eastern Gorge burg, the Mosier Plateau Trail is a virtual garden bed of spring wildflowers. In fact, with more
- [5 Steps to Retire Debt-Free](https://www.islernw.com/5-steps-retire-debt-free/) - Article by by Maurie Backman | Found on CNN.com America is a nation of borrowers, and while racking up debt can be dangerous at any age, it's especially hazardous for those heading into retirement. Because most seniors are behind on savings to begin with, carrying debt into retirement will only strain their already limited budget. Yet a
- [Why in the World Are Most Business Owners Happy With Their Accountants?](https://www.islernw.com/why-in-the-world-are-most-business-owners-happy-with-their-accountants/) - A survey this past week from Wasp Barcode--a client of mine who makes asset management systems (I am not being compensated to write this.)--caught my attention. Among other things, its biggest reveal was that 88 percent of the small business owners they surveyed reported being happy with their outside accountants. 88 percent! What is this
- [How Far Will the Euro Fall?](https://www.islernw.com/how-far-will-the-euro-fall/) - LONDON – The US dollar is hitting new 12-year highs almost daily, while the euro seems to be plunging inexorably to below dollar parity. Currency movements are often described as the most unpredictable of all financial variables; but recent events in foreign-exchange markets seem, for once, to have a fairly obvious explanation – one that
- [When It Rains, It Pours… HSBC Drowning in Troubles](https://www.islernw.com/when-it-rains-it-pours-hsbc-drowning-in-troubles/) - For over a year, Bank of America seemed to make headline news every day. Unfortunately, none of those headlines were good. Now top honors goes to HSBC. This time it is Argentina claiming that the British banking giant helped clients evade taxes. According to published reports, the Argentine tax authority, Afip, has raided HSBC. Argentinian
- [Younger Business Travelers Are More Likely to Extend Trips For Fun](https://www.islernw.com/younger-business-travelers-likely-extend-trips-fun/) - Article Found on The Economist ACCENTURE, advertorial, jeggings. The competition for ugliest portmanteau is fierce. Few constructions, though, can match “bleisure” for barbarousness. For the uninitiated, the word is a blend of business and leisure. But ugly as it is, it exists for a reason: the practice of adding a few days of pleasure to a
- [Employers: Don’t Overlook the Small Business Health Care Tax Credit](https://www.islernw.com/employers-dont-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
- [Republicans Usually Opposed to Obama See Promise in Tax Plan](https://www.islernw.com/republicans-usually-opposed-to-obama-see-promise-in-tax-plan/) - (Bloomberg) -- Republican lawmakers are doing something surprising with President Barack Obama’s proposal to tax U.S. companies’ overseas profits. They’re calling it constructive. Top members of the committees focused on taxes in Congress say they see Obama’s latest plan as a place to start negotiations toward a revamped business tax system that would lower rates,
- [Apple's Healthcare Technology Takes Early Lead Among Top Hospitals](https://www.islernw.com/apples-healthcare-technology-takes-early-lead-among-top-hospitals/) - Apple Inc's healthcare technology is spreading quickly among major U.S. hospitals, showing early promise as a way for doctors to monitor patients remotely and lower costs. Fourteen of 23 top hospitals contacted by Reuters said they have rolled out a pilot program of Apple's HealthKit service - which acts as a repository for patient-generated health
- [TIGTA Warns of Phone Scams Related to IRS](https://www.islernw.com/tigta-warns-of-phone-scams-related-to-irs/) - In press release TIGTA 2015-01 J. Russell George, Treasury Inspector General for Taxpayer Administration (TIGTA) warned of the threat of phone scams where the individual claims to represent the Internal Revenue Service in order to defraud individuals. Phone scams have become the new favorite tool for those running scams since some individuals may mistakenly believe
- [Estate Planning Strategies Before Congress Acts On Tax Reform](https://www.islernw.com/estate-planning-strategies-congress-acts-tax-reform/) - Article by Cara O'Brien | Found on AccountingToday.com Estate planning has once again entered the realm of uncertainty. We do not know if there will be new legislation regarding the estate and gift tax, nor do we know when such possible legislation will take place (if ever). For example, if the estate tax is repealed, will
- [6 Reasons Every Company Needs a Customer Service Roadmap](https://www.islernw.com/6-reasons-every-company-needs-a-customer-service-roadmap/) - In today’s hyperconnected world, your product is only as good as the service you back it with. It’s easy for small companies to think of customer service as just a checkbox item, but to be competitive and offer a seamless experience as you grow, you need to look ahead. Planning how to evolve your customer
- [The 45 Most Glorious Desserts in Portland](https://www.islernw.com/the-45-most-glorious-desserts-in-portland/) - Your decadent guide to the city's sweetest, gooiest, giddiest, mind-bendingly hands-down bestest desserts. It's about time you indulge. Portland is in the throes of a dessert breakthrough, with cozy cafés reimagining classic cakes, innovative pastry chefs whipping up sweet fever dreams, and local kitchens buzzing with chocolates and ice cream. Grab a spoon and get
- [Republicans, Democrats Agree On Tax Issue; Winter Storm Warning Issued For Hell](https://www.islernw.com/republicans-democrats-agree-on-tax-issue-winter-storm-warning-issued-for-hell/) - Congress is determined to fix the broken tax Code, even if it has to do it one provision at a time. Which apparently, it just might have to do. On Thursday night, the House voted 240-39 to approve a bill (H.R. 644) that would make permanent three of the nearly four dozen tax breaks that
- [Precision Wealth Transfer With A CLAT](https://www.islernw.com/precision-wealth-transfer-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,
- [11 Steps To Avoid a Tax Hit in 2015](https://www.islernw.com/11-steps-to-avoid-a-tax-hit-in-2015/) - By Robert Powell Take these steps now to avoid a tax hit in 2015: 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
- [Congress Approves Tax Extenders for 2014](https://www.islernw.com/congress-approves-tax-extenders-2014/) - The U.S. Senate has approved a one-year extension of the tax extenders bill, a grab bag of around 50 tax provisions for businesses and individuals. The bill will cost $42 billion over ten years and applies retroactively to the 2014 tax year. The House of Representatives passed their version of the bill last week. The one-year
- [Personal Income Taxes: Governor’s Budget Proposal Includes Extending Certain Credits and Creating New Working Family Addition Tax Credit](https://www.islernw.com/personal-income-taxes-governors-budget-proposal-includes-extending-certain-credits-and-creating-new-working-family-addition-tax-credit/) - Oregon Gov. John Kitzhaber has released his 2015-2017 budget recommendations, which include proposals to extend various corporate and personal income tax credits and to create a new working family addition tax credit. The Governor recommends continuing 18 corporate and personal income tax credits that are set to end in 2015-17. The tax programs recommended for
- [Portland expects $19 million surplus next year](https://www.islernw.com/portland-expects-19-million-surplus-next-year/) - Portland city government expects to have $19 million in additional revenue for the next fiscal year — $4.6 million of ongoing revenue and $14.4 million in one-time revenue. The revenue forecast was released by the City Budget Office on Friday. It said the surplus is the second in two years, and is because the economy
- [Data Shows Now Is The Best Time To Change Careers (And, That It Won't Last Much Longer)](https://www.islernw.com/data-shows-now-best-time-change-careers-wont-last-much-longer/) - Article by J.T. O'Donell | Found on Inc.com An estimated 76 percent of workers today aren't very satisfied with their jobs, with more than 40 percent of them planning to switch jobs in 2017. As a career expert, one of the most common requests I hear is people don't just want to change jobs or employers,
- [Private Companies Grew Sales and Profits This Year](https://www.islernw.com/private-companies-grew-sales-profits-year/) - Over the past year, private companies grew sales 8.6 percent and are seeing their highest net profit margin in three years, at 6.6 percent, according to a new report from the financial information company Sageworks. The report found that private companies are entering the New Year with strong profitability and healthy sales growth. “We will
- [Charitable Giving Rebounded This Year](https://www.islernw.com/charitable-giving-rebounded-year/) - The end of the year is traditionally the time when taxpayers rush to get their last-minute charitable contributions made so they can write off the deductions on their taxes before April 15. The trends this year appear to be positive for many charities as they saw their donations increase, perhaps to a level not seen
- [Oregon unemployment tax rates to decline](https://www.islernw.com/oregon-unemployment-tax-rates-to-decline/) - Average savings: $63 per employer a year "Employers that pay into the system will move from Schedule 6 to Schedule 5, saving the average Oregon employer about $63 per employee annually, the agency said on Friday, November 14, 2014." Unemployment tax rates for most Oregon employers will decline Jan. 1, the Oregon Employment Department said
- [IRS adds more features to taxpayer online accounts](https://www.islernw.com/irs-adds-features-taxpayer-online-accounts/) - Article Found on AccountingToday.com | Written by Michael Kohn The Internal Revenue Service has supplemented its online tax account tool with some new self-service features for taxpayers and their preparers. The IRS debuted the tool last December, offering taxpayers the ability to look up basic information such as the balance due on their taxes and different IRS
- [Lower gas prices may boost holiday sales and other discretionary spending, state economist says](https://www.islernw.com/lower-gas-prices-may-boost-holiday-sales-and-other-discretionary-spending-state-economist-says/) - September, the Oregon average for a gallon of regular gas fell to $3.80, down from its summer high near $4. In October, that price was down to $3.44. As of Nov. 24, the average Oregonian was paying $3.04 for a gallon of regular, resulting in the lowest prices in four years." In September, the Oregon average
- [Cristiano Ronaldo Accused of $16.5M Tax Evasion](https://www.islernw.com/cristiano-ronaldo-accused-16-5m-tax-evasion/) - Article by Tariq Panja | Found on AccountingToday.com Soccer superstar Cristiano Ronaldo has been accused of failing to pay 14.7 million euros ($16.5 million) in taxes. The prosecutor’s office in Madrid filed a lawsuit that alleges that the 31-year-old knowingly used offshore accounts to hide income from his image-rights payments. The charges come months after Spanish
- [Office of Economic Analysis Economic Forecast - Oregon](https://www.islernw.com/office-of-economic-analysis-economic-forecast-oregon/) - "The U.S. economic recovery remains intact and may finally be exhibiting signs that growth is picking up as job gains across the country are now on pace to be the strongest since 2000. Oregon's employment growth has accelerated sharply over the past year and a half. The state is now adding jobs about one percentage
- [Politicians slam tax-avoiding Pfizer-Allergan deal](https://www.islernw.com/politicians-slam-tax-avoiding-pfizer-allergan-deal/) - BY KEVIN DRAWBAUGH AND EMILY STEPHENSON | Featured on Reuters U.S. politicians condemned Pfizer Inc's deal with Allergan Plc as a tax dodge on Monday, bringing another round of hand-wringing in Washington over the corporate tax code, though legislative action before 2017 is unlikely. Democrats heaped the most criticism on the New York-based drug maker, with
- [Here's An Easier Way To Start Moving From Broke To Comfortable As You Age](https://www.islernw.com/heres-an-easier-way-to-start-moving-from-broke-to-comfortable-as-you-age/) - Article by Marilyn Geewax | Featured on NPR The Federal Reserve estimates that nearly a third of workers have no pensions and no retirement savings. Going from young and broke to retired and comfortable is a long, tough road. So the Obama administration on Wednesday rolled out a simple, no-risk retirement account to help people
- [Columbia River Crossing: Feds give Oregon, Washington five additional years to repay $135 million](https://www.islernw.com/columbia-river-crossing-feds-give-oregon-washington-five-additional-years-to-repay-135-million/) - The federal government has given Oregon and Washington an additional five years to repay more than $135 million in federal highway funds used to pay for pre-construction planning and engineering on the now-scrapped Columbia River Crossing. Oregon said it used $93.3 million from the Federal Highway Administration for work on the proposed I-5 bridge over
- [IRS May Have to Refund $300 Million After Federal Judge Rules PTIN Fee is Illegal](https://www.islernw.com/irs-may-refund-300-million-federal-judge-rules-ptin-fee-illegal/) - Article by Joseph Henchman | Found on TaxFoundation.org A federal judge ruled on June 1 that the Internal Revenue Service (IRS) exceeded its authority in collecting fees for issuing Preparer Tax Identification Numbers (PTIN). The IRS requires PTINs by paid tax preparers, and while D.C. District Judge Royce Lamberth ruled that the IRS could do so,
- [Pressure eases on PERS costs but impact uncertain](https://www.islernw.com/pressure-eases-on-pers-costs-but-impact-uncertain/) - "Local governments are starting to relax when they look at their bills from the Public Employees Retirement System. After five years of steadily climbing costs, PERS is becoming cheaper or at least not much more expensive. Those costs have made the people who run local governments and school districts squirm and pull out their calculators
- [The Golden Rule of Startup Capital: Don't Waste Money](https://www.islernw.com/the-golden-rule-of-startup-capital-dont-waste-money/) - "I estimated exactly how much money I needed to succeed. The problem with this is that the "perfect" amount of money is a fallacy. Indeed, if you have a unique, revolutionary and proprietary idea, combined with the right amount of money it stands a significantly better chance of becoming a success. But most of us
- [New Tax Rules for 2017](https://www.islernw.com/new-tax-rules-2017/) - By Robert Trinz | Article Featured on AccountingToday The new year promises to be an challenging one for tax practitioners, as President-elect Trump and Congressional Republicans have promised to enact a significant tax reform package in 2017. However, even if there is no new law, practitioners still will have to cope with a number of tax
- [How To Be a Billion-Dollar Small Business](https://www.islernw.com/billion-dollar-small-business/) - Article by Derek Shoettle | Found on INC.COM It's natural to assume major players, from Salesforce to Facebook, will always have the advantage over the little guys. But even those two giants started small and had to battle larger companies on their own path--think Oracle for the former, and every single social media website (e.g. MySpace)
- [What's Driving the Global Entrepreneurship Wave?](https://www.islernw.com/whats-driving-global-entrepreneurship-wave/) - Article Featured on INC.COM People who have an entrepreneurial spirit simply think and act differently. They aspire to rethink traditional business means and models to create unique, enhanced, and futuristic forms of commerce. In this mindset, such individuals tend to employ critical questioning, take calculated risks, and are relentless in executing their creative imaginings. Which country
- [Why Skipping Community College Could Be A $20,000 Mistake](https://www.islernw.com/skipping-community-college-20000-mistake/) - Article by Andrew Josuweit | Found on Forbes When Adam Reres was in high school, he decided to take a different route than many of his peers. Rather than go straight to the four-year school of his dreams, he decided to start his education at a community college. “My decision to go to community college was
- [To Be or Not to Be … An Entrepreneur](https://www.islernw.com/to-be-or-not-to-be-an-entrepreneur/) - Article Found on Knowridge Science Report Today, more and more self-employed business owners may call themselves entrepreneurs, a label that connotes creativity, innovation, and success. But not all business owners are alike. Prof. Ross Levine found evidence that a company’s legal status–incorporated or unincorporated — can be used as a reliable measure to distinguish entrepreneurs from
- [Failing May Be Fundamental to Success, According to Columbia Business School](https://www.islernw.com/failing-may-fundamental-success-according-columbia-business-school/) - Article Found on Knowridge Science Report Few companies or organizations are looking to fail when they plot a new strategy. However, turning a blind eye to the possibility that a strategy may fail can have disastrous consequences. According to Rita McGrath, a professor at Columbia Business School and leading expert on strategy and disruption, there is
- [Tax Filers Could Overlook Security Risks as They Rush to Submit Their Returns](https://www.islernw.com/tax-filers-overlook-security-risks-rush-submit-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
- [Your Money: Strategies to Cope With Permanent Debt](https://www.islernw.com/your-money-strategies-to-cope-with-permanent-debt/) - Article by Chris Taylor | Found on Reuters Most people think of debt as a temporary condition: Something you accumulate early in life, chip away at during prime earnings years, and say good riddance to well before retirement. But what if your debt is permanent? Then you might feel like Annette Loos, a 57-year-old mom from
- [Here's How You Should Really be Spending Your Paycheck](https://www.islernw.com/heres-really-spending-paycheck/) - Article by Larry Alton | Found on INC.COM In the opinion of many, one of the greatest failures of today's public school system is that it allows students to graduate without requiring that they take a course in personal finance. In fact, a highly educated individual can get a high school and college diploma without ever
- [How To Effectively Grow An Early Stage Business](https://www.islernw.com/effectively-grow-early-stage-business/) - Article by Ajay Agarwal | Found on Forbes Every entrepreneur knows starting a business is very hard. However, what many entrepreneurs find is that growing a business is even harder. What I’ve learned from my 20 years working inside startups and in venture capital is that founders typically face a common set of challenges as their
- [Advice on Boomerang Kids from Money Pros Who Know](https://www.islernw.com/advice-boomerang-kids-money-pros-know/) - Article by Beth Pinkser | Article Found on Reuters George Gagliardi knows the old adage about the shoemaker with barefoot kids: The financial adviser has two adult sons bunking at home. Gagliardi's biggest challenge? Imparting financial advice to his own offspring. "I get 'Grumble. Grumble. Stop telling me what to do," said Gagliardi, who founded Coromandel
- [How To Get The Great Jobs That Are Never Advertised](https://www.islernw.com/get-great-jobs-never-advertised/) - Article by Jeff Kauflin | Found on Forbes For many people, the first move in starting a job search is to scour job postings. But competition for those positions is often fierce. Sarah Stamboulie, a New York-based career consultant who worked in H.R. at Morgan Stanley and Cantor Fitzgerald, and as a career coach in Columbia
- [3 Career Trends Unfolding in the Modern Workforce](https://www.islernw.com/3-career-trends-unfolding-modern-workforce/) - Article by Nicole Fallon | Found on Business News Daily It's no secret that the job market has changed a lot in recent years. Employers now value cultural fit almost as much as skills. Job seekers know that they have the upper hand as employers compete for the top talent. And employees have no problem walking
- [Lots of Rich, Successful People Don't Work on Weekends. Here's How to Take a Break](https://www.islernw.com/lots-rich-successful-people-dont-work-weekends-heres-take-break/) - Article by Martha C. White | Found on TIME Do you wind up being so exhausted by Monday that going back to work almost seems like a relief? Canadian writer Katrina Onstad thinks she's discovered the secret to making weekends great again. Her new book, The Weekend Effect, takes a look at how and why we
- [The 5 Biggest Career Mistakes Made by Millennials](https://www.islernw.com/5-biggest-career-mistakes-made-millennials/) - Article by Jessica Stillman | Found on Inc.com Ask what Millennials are doing wrong at work and a host of older people will instantly offer endless, crotchety, "get off my lawn"-style complaints. Most of these are nonsense, according to a host of reputable studies. Young people aren't distractible job hoppers whose every career setback can be
- [Your Resume Is a Waste of Time: 8 Better Ways to Get Hired for the Job You Want](https://www.islernw.com/resume-waste-time-8-better-ways-get-hired-job-want/) - Article by Jeff Haden | Found on Inc.com A friend of mine can't find a job. "I've worked hard on my resume," he says. "I've written a killer cover letter. I've applied for dozens of jobs and I haven't even gotten an interview, so clearly no one must be hiring." Maybe you've done the same. Maybe
- [Your Money: Three Big Ideas to Make it Easier to Save for College](https://www.islernw.com/money-three-big-ideas-make-easier-save-college/) - Article by Beth Pinkser | Article Found on Reuters Surveys regularly find that Americans have no idea what a 529 college savings plan is, so a little tinkering under the hood is definitely needed. For more than 20 years, families have been able to save in these dedicated investment accounts, with the funds accumulating tax free,
- [Exercise Is One Thing Most Successful People Do Everyday](https://www.islernw.com/exercise-one-thing-successful-people-everyday/) - Article by Jennifer Cohen | Found on Entrepeneur.com What do Cher, Warren Buffet, and OKCupid founder, Christian Rudder, all have in common? While you might have guessed that they’re professionals at the top of their game, it’s not the only similarity. The truth is that they all have an even bigger commonality among them: they all work out,
- [Social Security Can't Finance Your Retirement, Boomers -- Take Action Now](https://www.islernw.com/social-security-cant-finance-retirement-boomers-take-action-now/) - Article by John Mauldin | Article Featured on Forbes By 2035, the number of Americans 65 and older will climb from about 48 million today to over 79 million. That’s the Baby Boomer impact. There are now 2.8 active workers for each Social Security beneficiary. This number will likely drop to fewer than 2 workers per
- [How Much is Your Monthly Brain Food Budget?](https://www.islernw.com/much-monthly-brain-food-budget/) - Article By Andrew Griffiths | Found on Inc.com In business most of us are pretty good at allocating money for the bills, things that have to be paid, perhaps buying new equipment, new resources to use around the office, staff training and all kinds of fairly tangible expenses (as much as we might not enjoy paying
- [What Role Should Your House Have in Retirement Planning?](https://www.islernw.com/role-house-retirement-planning/) - Article by Ilana Polyak | Featured on Journal of Accountancy Home is where the heart is. And it can also be where the assets are. As of 2011, home equity made up about three-quarters of the average American’s net worth, according to the U.S. Census Bureau. Despite this high figure, the home doesn’t always factor into
- [Good News For Savers With Cash To Invest](https://www.islernw.com/good-news-savers-cash-invest/) - Article by John Taft | Featured on Inc.com Individual and corporate savers: It's time to pay more attention to where you invest your cash. The Federal Reserve Bank's decision yesterday to raise interest rates this week, for the third time in the last 15 months, is good news for savers tired of earning next to nothing
- [Should Your High Schooler Get an After-School Job?](https://www.islernw.com/high-schooler-get-school-job/) - Article by Beth Kobliner | Article Found on INC.COM When my friend Cassie was a senior in high school, she cashiered at a local supermarket. She earned enough money to go out with friends without asking her cash-strapped mom for a handout. A couple shifts a week ringing up groceries was a small price to pay
- [8 Things Keeping You From Early Retirement](https://www.islernw.com/8-things-keeping-early-retirement/) - Article by Maya Kachroo-Levine | Found on Forbes Early retirement is a goal most people talk themselves out of before ever starting. It involves making lifestyle changes in order to accommodate hard-to-reach savings goals, and often going to extreme lengths to pay off debt quickly. The upside, of course, is shaving 10-30 years off your workload.
- [1 Bitcoin Is Now Worth More Than An Ounce Of Gold](https://www.islernw.com/1-bitcoin-now-worth-ounce-gold/) - Article by Laura Shin | Found on Forbes Fueled by speculation that a bitcoin ETF could be approved by the Securities and Exchange Commission in the next week or so, the price of bitcoin has risen steadily, finally surpassing the cost of an ounce of gold on Thursday. As of press time, one Bitcoin was worth
- [This 75-Year Harvard Study Found the 1 Secret to Leading a Fulfilling Life](https://www.islernw.com/75-year-harvard-study-found-1-secret-leading-fulfilling-life/) - Article by Melanie Curtin | Found on INC.COM Prioritizing what's important is challenging in today's world. The split focus required to maintain a career and a home, not to mention a Facebook feed, can feel overwhelming. Enter the science of what to prioritize, when. For over 75 years, Harvard's Grant and Glueck study has tracked the
- [Intuition Is The Highest Form Of Intelligence](https://www.islernw.com/intuition-highest-form-intelligence/) - Article by Bruce Kasanoff | Found on Forbes Intuition, argues Gerd Gigerenzer, a director at the Max Planck Institute for Human Development, is less about suddenly "knowing" the right answer and more about instinctively understanding what information is unimportant and can thus be discarded. Gigerenzer, author of the book Gut Feelings: The Intelligence of the Unconscious, says
- [5 Mental Tricks To Make A Good Money Habit Really Last](https://www.islernw.com/5-mental-tricks-make-good-money-habit-really-last/) - By Julia Chang | Article Featured on Forbes This story originally appeared on LearnVest as "5 Ways to Make a New Money Habit Stick." We’re nearly two weeks into 2017 and if you're like many of us, you started the year fired up about your New Year's money resolutions (no more Ubers!) but may have already begun
- [Stop Robocalls to Your Cellphone With Nomorobo](https://www.islernw.com/expanding-app-titude-stop-robocalls-cellphone-nomorobo/) - By Greg LaFollette, CPA/CITP, CGMA | Found on Journal of Accountancy Many people claim privacy is dead, and more and more of us tend to agree. As much as some aspects of technology seem to hasten the probable demise of privacy, other aspects arise and appear to be saviors. One specific privacy threat and a
- [Nexpanding: The Ever-Evolving Shape of Nexus Rules](https://www.islernw.com/nexpanding-ever-evolving-shape-nexus-rules/) - Article by Roger Russell | Found on Accounting Today Nexus — the minimum amount of contact between a taxpayer and a state that allows the state to tax the business on its activities — is under attack by the states as they seek to broaden its reach in order to increase their taxing revenue. States are
- [The Right Time to Sell Is Anytime](https://www.islernw.com/right-time-sell-anytime/) - Article by JOANNE KAUFMAN | Found on New York Times When Aaron Thornton and his wife, Michelle League, decided a few months ago to sell their brownstone on West 120th Street, they first tended to some maintenance issues, then consulted their calendar to figure out the best time to put the property on the market. They knew,
- [6 End-Of-Year Tax Tips That All Millennials Need To Hear](https://www.islernw.com/6-end-year-tax-tips-millennials-need-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
- [Hooked on Our Smartphones](https://www.islernw.com/hooked-on-our-smartphones/) - By Jane E. Brody | Found on New York Times The many men, women and children who spend their days glued to their smartphones and social media accounts might learn something from Lin-Manuel Miranda, creator of the groundbreaking megahit “Hamilton.” Asked in an interview with Delta Sky magazine when and where he finds time to be
- [Identity Theft Safeguards to Expand for 2017](https://www.islernw.com/identity-theft-safeguards-expand-2017/) - Article By Sally P. Schreiber, J.D. | Featured on Journal of Accountancy As the IRS, taxpayers, and tax practitioners get ready for the 2017 tax filing season, the IRS touted the successes that it and its Security Summit partners have had in reducing tax return identity theft during the 2016 filing season and described how it
- [Most Family Businesses Lack Succession Plans](https://www.islernw.com/family-businesses-lack-succession-plans/) - Written by Michael Cohn | Featured on AccountingToday Only 23 percent of family businesses have a robust succession plan in place, according to a new report from PricewaterhouseCoopers, with 46 percent of the family businesses polled saying they are reluctant to pass the business to the next generation. The difficulties of succession planning in family businesses
- [The Biggest Secret to Success: Spend at Least 10 Hours a Week Just Thinking](https://www.islernw.com/biggest-secret-success-spend-least-10-hours-week-just-thinking/) - By Quora | Found on INC.COM You've heard of people like Elon Musk and Jeff Immelt (General Electric CEO). Reading about them leads us to assume that business greatness requires little sleep and even less time with loved ones. Immelt, for example, has worked 100+ hours per week for his entire career. But is that
- [I quit these 3 bad habits and it doubled my productivity](https://www.islernw.com/quit-3-bad-habits-doubled-productivity/) - Article by Ramit Sethi | Found on CNBC Let's start off with an uncomfortable truth: You don't need yet another New Year's resolution. If we're honest, didn't we do the same thing last year? What happened with "writing a blog post every day" or "finally starting that business"? Exactly. This year, let's take a different
- [Millennials Are Worth Half as Much as Their Parents Were at the Same Age](https://www.islernw.com/millennials-worth-half-much-parents-age/) - Article by Lucinda Shen | Found on Fortune Are millennials better off than their parents were at the same age? A new analysis suggests they aren't. Advocacy group the Young Invincibles looked at the income, assets, net wealth, home ownership, and retirement savings of millennials and boomers when they were around the same age in a
- [25 Inspiring Entrepreneurs to Watch in 2017](https://www.islernw.com/25-inspiring-entrepreneurs-watch-2017/) - Article by Drew Hendricks | Found on INC.COM Every year I like to look for those amazing stories of entrepreneurs and companies that everyone should be watching. These are entrepreneurs that are changing the world for the better. Keep an eye out this upcoming year for the esteemed entrepreneurs on this list who are making their
- [8 Steps to Building a Powerful Personal Brand That Will Change Your Life](https://www.islernw.com/8-steps-building-powerful-personal-brand-will-change-life/) - Article by John White | Featured on INC.COM Before I invested in my personal brand, I was in a field I no longer liked and working for a company that didn't listen to a single one of my ideas, EVER. I was in a major career slump, and I needed to pivot in a big
- [Year-end tax tips for charitable giving this holiday season](https://www.islernw.com/year-end-tax-tips-charitable-giving-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
- [4 Ways to Improve Your Strategic Thinking Skills](https://www.islernw.com/4-ways-improve-strategic-thinking-skills/) - Article by Nina Bowman | Featured on Harvard Business Review If you’ve ever received feedback that you “need to be more strategic,” you know how frustrating it can feel. To add insult to injury, the feedback rarely comes with any concrete guidance on what to do about it. One of my coaching clients, Lisa, a vice president
- [Donations To Randall Children's Hospital](https://www.islernw.com/donations-randall-childrens-hospital/) - For our annual toy drive Isler NW has donated $1,000 worth of toys to Randall Children's Hospital. This wish list consists of toys and supplies which can be enjoyed by hospitalized patients throughout the year. These items are used to stock the playrooms, where multiple patients can benefit from playing with the toys, and also
- [Happy Holidays 2016](https://www.islernw.com/happy-holidays-2016/)
- [6 Reasons to Get Better at Leading Meetings](https://www.islernw.com/6-reasons-get-better-leading-meetings/) - By Paul Axtell | Article Featured on HBR.org Most people see meetings as a burden, a waste of time, or a general annoyance. But meetings aren’t going away. The good news is that leaders have the opportunity to significantly improve how meetings are run at your company, which could boost your influence and your career. A recent study,
- [A Simple Concept: Lead with a Vision](https://www.islernw.com/simple-concept-lead-vision/) - Article by George E.L. Barbee | Featured on S + B When it comes to making lasting change in the world through business innovation, the simplest concepts are often the best. I have come to that conclusion after 45 years of work: on the client side with Fortune 500 companies like Gillette; with several successful
- [The Evolving Independent Economy](https://www.islernw.com/evolving-independent-economy/) - Article By Laura Tyson & Jacques Bughin | Featured on Project Syndicate Working full-time for a single employer is no longer the norm in advanced economies. Instead, millions of “independent workers” – self-employed, freelance, or temporary employees – sell their labor, services, and products through digital platforms to numerous employers or clients. The growing share of
- [2016 Oregon Brewers Festival Generates $29.3 Million for Local Economy](https://www.islernw.com/2016-oregon-brewers-festival-generates-29-3-million-local-economy/) - Article by Samurai Artist | Featured on New School Beer The study utilized IMPLAN (IMpact Analysis for PLANning) data and software package to estimate the economic impact of the Oregon Brewers Festival on Multnomah County. The 2016 OBF generated an estimated $18.9 million in direct, $5.5 million in indirect (additional input purchases made by local businesses) and $4.9 million in induced (expenditures by employees from wages
- [5 Insights Into Venture Capital Entrepreneurs Need to Know Now](https://www.islernw.com/5-insights-venture-capital-entrepreneurs-need-know-now/) - Article by Lydia Belanger | Featured on Entrepreneur.com Venture capital-backed investment activity peaked in 2015, but analysts don’t expect that 2016 will live up to last year’s record in terms of deals or dollars. In fact, the past three months saw the lowest activity of any quarter over the past two years. In the U.S.,
- [US home price gains lift household wealth to $90.2 trillion](https://www.islernw.com/us-home-price-gains-lift-household-wealth-90-2-trillion/) - Article By Christopher S. Rugaber | Featured on CNBC A healthy increase in home values and higher stock prices drove up U.S. household wealth in the July-September quarter, though the gains are largely concentrated among wealthier Americans. The Federal Reserve said Thursday that real estate values increased $554 billion in the third quarter, while Americans'
- [The 10 Best Tips to Prepare for the 2017 Tax Season](https://www.islernw.com/10-best-tips-prepare-2017-tax-season/) - By Judy O'Connor | Article Feature on BankRate It's hard to believe the 2017 tax season is nearly here, and you'll be getting the information you need to settle up your 2016 tax return with Uncle Sam. Take advantage of the tax benefits available to you throughout the year. First, think about getting organized. It's important
- [The Sure Path to Failure: Ignore the Basics](https://www.islernw.com/sure-path-failure-ignore-basics/) - Article by Jason Hreha | Featured on Inc.com Stop. Whatever you're doing right now; please, just stop. I need you to take two deep breaths. I need you to take four steps back. Look at the scene in front of you. Look at the problem you're trying to tackle. Perhaps you've just joined a new
- [Portland's Aviation Gin Just Got Sold Off to New York—Here's Why](https://www.islernw.com/portlands-aviation-gin-just-got-sold-off-new-york-heres/) - By Matthew Korfhage | Featured on WWeek Portland distiller House Spirits has sold Aviation Gin to a New York marketing firm called Davos Brands. House Spirits will still make Aviation Gin, but now it will be as a contracted distiller, not as its owner. "The main event is they acquired all the intellectual property including trademarks,"
- [JPMorgan Settles With U.S. Over ‘Quid Pro Quo’ Hires in Asia](https://www.islernw.com/jpmorgan-settles-u-s-quid-pro-quo-hires-asia/) - Article by Patricia Hurtado, Keri Geiger, & Matt Robinson | Featured on Bloomberg A JPMorgan Chase & Co. intern had poor grades at the Wharton School. His supervisor in Asia told colleagues that “he’s not really built” for investment banking. He had “attitude issues,” had trouble “following basic rules” and was a prolific napper. Yet
- [Spending vs. profits: Amazon, short-term investors at odds again](https://www.islernw.com/spending-vs-profits-amazon-short-term-investors-odds/) - Article Featured on Reuters | Hadrian / Shutterstock.com Amazon.com Inc may be a "buy" for the vast majority of analysts, but it was a "sell" for a lot of investors on Friday. Few of those investors would have been disappointed, though. While Amazon's stock fell 4.5 percent to $781.67 in morning trading, it had risen
- [Ransomware Attacks Are Soaring, Says Beazley in Data Breach Report](https://www.islernw.com/ransomware-attacks-soaring-says-beazley-data-breach-report-2/) - Article Featured on Insurance Journal Ransomware attacks against businesses will be four times higher in 2016 than last year, with a growing number of ransom-seeking hackers demanding bitcoin rather than money, according to a report by specialty insurer Beazley. The Beazley Breach Insights report is based on the insurer’s client data breaches in the first
- [Ransomware Attacks Are Soaring, Says Beazley in Data Breach Report](https://www.islernw.com/ransomware-attacks-soaring-says-beazley-data-breach-report/) - Article Featured on Insurance Journal | Ransomware attacks against businesses will be four times higher in 2016 than last year, with a growing number of ransom-seeking hackers demanding bitcoin rather than money, according to a report by specialty insurer Beazley. The Beazley Breach Insights report is based on the insurer’s client data breaches in the
- [Banks Ponder the Meaning of Life as Deutsche Agonizes](https://www.islernw.com/banks-ponder-meaning-life-deutsche-agonizes/) - By Carmel Crimmins and Olivia Oran | Article Featured on Reuters | Faiz Zaki / Shutterstock.com It wasn't just Deutsche Bank that was grappling with big questions about the future at the International Monetary Fund meetings in Washington last week. The German bank is scrambling to overhaul its operations as it faces a multi-billion dollar fine
- [Rethinking the Oil Market](https://www.islernw.com/rethinking-oil-market/) - By RABAH AREZKI | Article Featured on Project Syndicate Oil prices have plummeted by about 65% from their peak in June 2014 (see chart below), and there is now intense debate about why. One thing we know for sure is that the oil market has undergone structural changes, thus making this latest episode different from previous dramatic price
- [7 Crucial Lessons People Learn Too Late in Life](https://www.islernw.com/7-crucial-lessons-people-learn-late-life/) - Article By Nicolas Cole | Featured on Inc.com Life lessons are full of wisdom because they often have to be learned the hard way. However, the hardest part about that process is realizing that sometimes not every opportunity lasts forever. You finally "get it" long after the fact. If possible, it's best to learn these
- [Probing the Productivity Paradox](https://www.islernw.com/probing-productivity-paradox/) - Article by Kemal Dervis & Zia Qureshi | Featured on Project Syndicate Over the last decade or so, productivity growth has slowed considerably in most major developed economies, even as impressive advances have been made in areas like computing, mobile telephony, and robotics. All of these advances ostensibly should have boosted productivity; and yet, in
- [China's Runaway Housing Market Poses Latest Challenge for Yuan](https://www.islernw.com/chinas-runaway-housing-market-poses-latest-challenge-yuan/) - Article Featured on Bloomberg News Here's the latest uncertainty facing China's currency: sky high house prices. A runaway boom in the largest cities will push investors to look for cheaper alternatives overseas, draining money out of China and putting downward pressure on the yuan in the process, according to analysis by Harrison Hu, Chief Greater
- [Most U.K. CEOs Say They Would Consider Moving After Brexit](https://www.islernw.com/u-k-ceos-say-consider-moving-brexit/) - By Alex Morales | Featured on Bloomberg News The U.K.’s vote to leave the European Union has left more than three-quarters of chief executive officers saying they would consider moving their headquarters or operations outside Britain, according to a survey of 100 business leaders by the accountancy firm KPMG. Some 72 percent of the CEOs surveyed said
- [The Vital Life Foundation](https://www.islernw.com/vital-life-foundation/) - The Vital Life Foundation’s mission is to support organizations and programs that provide meaning and vitality in the lives of seniors and staff members living and working in long term care. Isler Northwest is a proud corporate donor to the Vital Life Foundation and supporter of its efforts to provide support for youth, wellness, education,
- [What the Most Resilient People Have in Common](https://www.islernw.com/resilient-people-common/) - Article by LOLLY DASKAL | Featured on Inc.com The truth is that life can be tough, business can be hard-hitting and success comes with challenges. What separates those who can hold their own and keep going in times of adversity is a cluster of habits that center on resilience. Resilience means developing a strong solid
- [8 Signs an Employee Is Exceptional (Which Never Appear on Performance Evaluations)](https://www.islernw.com/8-signs-employee-exceptional-never-appear-performance-evaluations/) - Article by Jeff Haden Contributing editor, Inc. @jeff_haden | Featured on Inc.com We can all spot a great employee: she's dependable, proactive, hardworking, a great leader, and a great follower. She brings a wide variety of easily defined--but hard to find--skills to the table. Some employees, though, are exceptional. They have skills and qualities that aren't evaluated on
- [U.S. Added 151,000 New Jobs In August; Unemployment Rate Steady](https://www.islernw.com/u-s-added-151000-new-jobs-august-unemployment-rate-steady/) - Article Featured on NPR | By CAMILA DOMONOSKE Twitter The U.S. added 151,000 new jobs in August and the unemployment rate held steady at 4.9 percent, according to the monthly jobs report from the Bureau of Labor Statistics. Both those metrics fell short of expectations: Economists were expecting about 180,000 new jobs, and a slight
- [U.S. trade deficit narrows as exports hit 10-month high](https://www.islernw.com/u-s-trade-deficit-narrows-exports-hit-10-month-high/) - Article Featured on Reuters The U.S. trade deficit fell more than expected in July as exports rose to their highest level in 10 months, offering further evidence that economic growth picked up early in the third quarter. The Commerce Department said on Friday the trade gap narrowed 11.6 percent to $39.5 billion, declining after three straight
- [Hanjin Shipping bankruptcy causes turmoil in global sea freight](https://www.islernw.com/hanjin-shipping-bankruptcy-causes-turmoil-global-sea-freight/) - Some vessels seized by authorities and creditors, with others refused entry to ports unload after South Korean company loses the support of banks. The bankruptcy of the Hanjin shipping line has thrown ports and retailers around the world into confusion, with giant container ships marooned and merchants worrying whether hundreds of tonnes of goods being
- [The Apple tax ruling – what this means for Ireland, tax and multinationals](https://www.islernw.com/apple-tax-ruling-means-ireland-tax-multinationals/) - Image: Songquan Deng / Shutterstock.com | Article by Simon Bowers | Featured on Guardian Why must Apple repay Ireland €13bn in back taxes? And will this make multinationals more transparent in their tax affairs? The European commission has ordered Apple to pay back the Irish state up to €13bn in taxes in a landmark ruling.
- [Why new tax return due date changes are important](https://www.islernw.com/new-tax-return-due-date-changes-important/) - Article By Eileen Reichenberg Sherr, CPA, CGMA | Featured on Journal of Accountancy Late Schedules K-1 have made it difficult, if not impossible, to file a timely, accurate return under the prior-law deadlines. This past summer Congress passed, and President Barack Obama subsequently signed, legislation that modified the due dates for several common tax returns.
- [What Leaders Actually Do to Inspire and Motivate](https://www.islernw.com/leaders-actually-inspire-motivate/) - BY MARCEL SCHWANTES Principal and founder, Leadership From the Core | Featured on Inc.com Lets leave intellectual theory behind. These are the nuts and bolts of great leadership, and you can apply it starting today. Back when I was doing the corporate grind, Bruce was the first boss (and my favorite to this day) that exposed me
- [Big Spending Makes a Comeback While Austerity Starts to Fade](https://www.islernw.com/big-spending-makes-comeback-austerity-starts-fade/) - Article by Enda Curran | Jeff Black | Rich Miller | Featured on Bloomberg Was Larry Summers right after all? Around the world, governments are planning fresh spending to boost growth and support wages, heeding the advice of the Harvard University economist and others who have argued that economies need the jolt as society ages and productivity sags. That’s signaling the
- [Facebook Fails to Show Up for Seventh Tax Summons From IRS](https://www.islernw.com/facebook-fails-show-seventh-tax-summons-irs/) - By Aoife White | Featured on Bloomberg Facebook Inc. officials failed to show up after getting seven summonses from the Internal Revenue Service demanding internal corporate records on one of its offshore tax strategies, according to an IRS court filing. U.S. authorities are examining Facebook’s federal income tax liability for the period ending Dec. 31, 2010 and
- [3 Ways to Overcome a Sales Slump In Your Business](https://www.islernw.com/3-ways-overcome-sales-slump-business/) - Blaming your customer for a sales slump doesn't solve the problem. Instead, try looking at how your business can improve its sales process. BY AMANDA ABELLA | Author, 'Make Money Your Honey' @amandaabella | Featured on Inc.com As a business and branding coach for bloggers and small business owners, I've sometimes heard an interesting take on why their sales are
- [U.S. Expands Crackdown on Secret Real Estate Buyers](https://www.islernw.com/u-s-expands-crackdown-secret-real-estate-buyers/) - Article by Kathryn Vasel | Featured on CNN Money The government's crackdown on anonymous real estate buyers hiding behind shell companies seems to be working. In January, the Treasury Department announced a temporary initiative that requires title insurance companies to identify all-cash buyers of certain high-end real estate in Manhattan and Miami. Now, it's expanding the
- [China's sluggish economy continues to drag](https://www.islernw.com/chinas-sluggish-economy-continues-drag/) - Article by Sophia Yan | Featured on CNN Money China will add to the growing gloom hanging over the world economy when it posts its weakest growth in seven years on Friday. The world's second-largest economy is expected to have expanded by 6.6% in the three months to the end of June, compared with the
- [Oregon Minimum Wage, Hotel Tax Increasing](https://www.islernw.com/oregon-minimum-wage-hotel-tax-going-july-8th/) - Article Featured on KTVZ | TFoxFoto / Shutterstock.com New laws kicking in July 8th will give a slight boost to the paychecks of more than 100,000 low-income Oregonians while tourists and vacationers will have a little less spending money. The changes, enacted by the Legislature earlier this year, will almost double Oregon's 1 percent tax on
- [Think Tank Says Oregon Corporations' Share Of Tax Burden Is Declining](https://www.islernw.com/think-tank-says-oregon-corporations-share-tax-burden-declining/) - By Chris Lehman | Featured on OPB A newly released report from the left-leaning Oregon Center for Public Policy has found that Oregon corporations today are paying a smaller portion of the state’s income and property taxes than they did 40 years ago. “Corporations used to contribute about 18.5 percent of all income taxes paid in Oregon.
- [The Strawberry Defined Oregon. But Is It Going Away?](https://www.islernw.com/strawberry-defined-oregon-going-away/) - By Beth Slovic | Featured on WWeek The Oregon strawberry may get squished by sturdier competition from California. Maria Gonzalez grasped the stem of a ripe Puget Crimson strawberry under a steady drizzle of June rain. With her thumb and forefinger, she pinched the stalk above the strawberry's cap, breaking the stem. It was the third
- [Visa, MasterCard $7.25 billion settlement with retailers is thrown out](https://www.islernw.com/visa-mastercard-7-25-billion-settlement-retailers-thrown/) - BY JONATHAN STEMPEL | Featured on Reuters arslaan / Shutterstock.com A federal appeals court on Thursday threw out a $7.25 billion antitrust settlement reached by Visa Inc (V.N) and MasterCard Inc (MA.N) with millions of retailers that accused the card networks of improperly fixing credit and debit card fees. The 2nd U.S. Circuit Court of Appeals
- [Everything About Great Leadership Comes Down to This Essential Question](https://www.islernw.com/everything-great-leadership-comes-essential-question/) - Article by Marcel Schwantes | Featured on Inc.com If you think you're a good boss now, this may change your perception. I'm going to let the cat out of the bag. If you haven't noticed yet, this column is heavily slanted toward promoting a best-in-class leadership philosophy the business world has yet to fully discover.
- [U.S. consumer spending rises, Brexit casts shadow on outlook](https://www.islernw.com/u-s-consumer-spending-rises-brexit-casts-shadow-outlook/) - BY LUCIA MUTIKANI | Featured on Reuters U.S. consumer spending rose for a second straight month in May on increased demand for automobiles and other goods, but there are fears Britain's vote to leave the European Union could hurt confidence and prompt households to cut back on consumption. Wednesday's fairly strong report released by the Commerce
- [The Impact of Brexit on Your Clients’ Investments](https://www.islernw.com/impact-brexit-clients-investments/) - Article Featured on AICPA Uncertainty related to Brexit – the recent vote in the United Kingdom (UK) to move away from the European Union (EU) – sent shock waves throughout Europe and foreign markets. Here in the United States, investors have also expressed concern about the volatility of their portfolios. Chances are good that some
- [Volkswagen to Pay More Than $10 Billion to Settle Emissions Claims](https://www.islernw.com/volkswagen-pay-10-billion-settle-emissions-claims/) - Article By Mike Spector and Sara Randazzo simone mescolini / Shutterstock.com Company will pay diesel car owners at least $5,100 on top of buyback or fix. Volkswagen AG is nearing a $10 billion civil settlement, the largest in the auto industry’s history, to compensate U.S. owners of vehicles affected by the German car maker’s emissions-cheating scandal, said people familiar
- [How to Lose $4.5 Billion Overnight](https://www.islernw.com/lose-4-5-billion-overnight/) - By Noah Smith | Featured on Bloomberg Forbes made quite a stir last week, by reporting that it had cut the estimated net worth of Theranos founder Elizabeth Holmes from $4.5 billion to…zero. Since Forbes is widely regarded as the authority on the size of private fortunes, this was a dramatic move. How could so much wealth
- [John Oliver Gave Away $14 Million on Last Week Tonight](https://www.islernw.com/john-oliver-gave-away-14-million-last-week-tonight/) - Oliver managed to out-do Oprah with his giveaway. Article by Melissa Locker | Featured on Time.com On Last Week Tonight, John Oliver tackled debt, which is apparently “the reason that Nicholas Cage has made so many great choices over the years.” According to Oliver, American households collectively own over $12 trillion in debt, $436 billion
- [Oregon economy at 'full throttle,' state says](https://www.islernw.com/oregon-economy-full-throttle-state-says/) - Article by Matthew Kish | Featured on Portland Business Journal State economists on Friday delivered an upbeat quarterly economic forecast that predicts state revenue will increase 8.7 percent in the 2017-19 two-year budget and more than 10 percent each of the ensuing biennium as Oregon's economy outperforms other states. Economists cautioned the growth is not sustainable as
- [Investigators raid Google Paris HQ in tax evasion inquiry](https://www.islernw.com/investigators-raid-google-paris-hq-tax-evasion-inquiry/) - BY MICHEL ROSE AND CHINE LABBÉ | Article Featured on Reuters | The_Pixel / Shutterstock.com Dozens of French police raided Google's Paris headquarters on Tuesday, escalating an investigation into the digital giant on suspicion of tax evasion. Google, which said it was fully complying with French law, is under pressure across Europe from public opinion and
- [Catching Up After the 2016 Filing Season](https://www.islernw.com/catching-2016-filing-season/) - By Annette Nellen, Esq., CPA, CGMA | Tax Adviser During tax season, the government continues to churn out many rulings, regulations, and statutory changes. Here is a roundup of some of the federal tax developments from the first few months of 2016. The first four months of 2016 resulted in one public law with tax
- [Census Bureau says Hillsboro crosses 100k, Portland still booming](https://www.islernw.com/census-bureau-says-hillsboro-crosses-100k-portland-still-booming/) - Hillsboro is now a six-figure city. That’s according to the latest population estimates from the U.S. Census Bureau, which show Washington County's largest city crossing the 100,000 barrier and joining Portland, Eugene, Salem and Gresham as Oregon cities in the six-figure club. “By planning decades in advance for smart growth, the City of Hillsboro has
- [2016 World Beer Cup Awards Announced, Including 19 for Oregon](https://www.islernw.com/2016-world-beer-cup-awards-announced-including-19-oregon/) - By Samurai Artist | Article & Images Featured on New School Beer Oregon Breweries won 19 medals at the 2016 World Beer Cup in Philadelphia, Pennsylvania, yesterday at the conclusion of Craft Brewers Conference & BrewExpo America®. The Brewers Association (BA) announced the results to of one of the largest commercial beer competitions to date, the 2016 World Beer Cup. 16 Oregon breweries came
- [SEC Going After Corp. Subsidiaries](https://www.islernw.com/sec-going-corp-subsidiaries/) - The Securities and Exchange Commission is particularly focused on the subsidiaries of financial services firms. Article by David M. Katz | Featured on cfo.com Riding a spike in Securities and Exchange Commission civil enforcement actions against corporate subsidiaries, the overall number of SEC enforcements against public companies and their units rose more than 50% in fiscal year
- [4 ways the new overtime rules may affect your paycheck](https://www.islernw.com/4-ways-new-overtime-rules-may-affect-paycheck/) - Article by Jeanne Sahadi | Featured on CNN Money Thanks to a major change in federal rules, millions of employees around the country will now become eligible for overtime pay. Everyone's first assumption is that the rule change will mean bigger paychecks. But that may not necessarily be how it plays out for everyone. Today,
- [5 Myths That Stop People From Being Successful](https://www.islernw.com/5-myths-stop-people-successful/) - BY BENJAMIN P. HARDY | Featured on Inc.com If you don't appreciate what you already have, then more won't be a good thing in your life. One reason most people aren't successful is that they believe myths they've been taught about success. The following myths need to be uprooted from our subconscious, so we can have
- [Puerto Rico defaults on $422 million](https://www.islernw.com/puerto-rico-defaults-422-million/) - Article by Heather Long | Featured on CNN Money Puerto Rico is dialing 9-1-1 for any help it can get. The island was unable to make a $422 million debt payment due Monday. It's another alarm bell of how bad the situation is getting on the island. Governor Alejandro Garcia Padilla calls it a "humanitarian
- [Six Takeaways From Phil Knight’s Memoir](https://www.islernw.com/six-takeaways-phil-knights-memoir/) - A Sneakertown book review. Phil Knight, co-founder of Nike and the richest person in Oregon, has just released his memoir, Shoe Dog (Scribner, 400 pages, $29)—which is coincidentally already the title of a kids' book about a dog who likes shoes. The book is a first-person chronicle of Knight's founding of Nike predecessor Blue Ribbon
- [Major League Soccer Stadium Proves a Good Financial Bet for Portland](https://www.islernw.com/major-league-soccer-stadium-proves-good-financial-bet-portland/) - Major League Soccer Stadium Proves a Good Financial Bet for Portland New figures show the city is getting its money back from the Portland Timbers’ stadium. Article By Nigel Jaquiss | Featured on WWeek Sometimes, history doesn't repeat itself. In 2001, the city of Portland and private investors spent nearly $40 million to renovate what is now
- [Sports Authority bankruptcy sale could close remaining stores](https://www.islernw.com/sports-authority-bankruptcy-sale-close-remaining-stores/) - Article by Chris Isidore | Featured on CNN Money Sports Authority, the struggling chain which filed for bankruptcy in March, is weighing a sale of its assets that could be end up closing most if not all of its 450 stores. Under its original bankruptcy filing, the chain had planned to close 140 stores and
- [Global factory growth nearly stalled in April: PMI](https://www.islernw.com/global-factory-growth-nearly-stalled-april-pmi/) - Article Featured on Reuters Global manufacturing growth almost stalled last month as rising price halted a pick-up in new orders, a survey showed on Tuesday. JPMorgan's Global Manufacturing Purchasing Managers' Index (PMI), produced with Markit, came in at 50.1 last month, only just above the 50 level that separates growth from contraction. It was 50.6
- [Treasury chief Jack Lew calls for business tax reform](https://www.islernw.com/treasury-chief-jack-lew-calls-business-tax-reform/) - Secretary rails against corporate tax inversions Bloomberg News Jack Lew, U.S. Treasury secretary. By GREGORY ZUCKERMAN | Featured on Market Watch LOS ANGELES — Treasury Secretary Jack Lew urged Congress to embrace business tax reform, calling it the only surefire way to combat corporate tax inversions, or mergers by U.S. companies to move to lower-tax jurisdictions. Speaking
- [Annual Growth Figures for American Craft Brewers](https://www.islernw.com/annual-growth-figures-for-american-craft-brewers/) - By Samurai Artist | Featured on newschoolbeer The Brewers Association (BA), the trade association representing small and independent1 American craft brewers, has released 2015 data on U.S. craft brewing2 growth. Even with more breweries than ever and increased competition and buyouts from the macros, small and independent craft brewers have still continued to grow and capture 12% of the market share. From the press
- [Fed's Williams Sees 'Huge Impact' on U.S. From China, Brazil](https://www.islernw.com/feds-williams-sees-huge-impact-on-u-s-from-china-brazil/) - Article Featured on Bloomberg News Federal Reserve Bank of San Francisco President John Williams said the global economy, particularly China and Brazil, was having a significant impact on measures that U.S. policy makers watch to determine interest rates. The world’s largest economy is doing "quite well," Williams said Monday in an interview on CNBC, citing stable
- [ValueAct Pays a Price for Its Supporting Role at Valeant](https://www.islernw.com/valueact-pays-a-price-for-its-supporting-role-at-valeant/) - Article Featured on New York Times | By Andrew Ross Sorkin Bill Ackman gets a lot of ink and a lot of criticism as one of the largest investors behind the crisis-ridden Valeant Pharmaceuticals. But another activist investment firm with a much larger role in Valeant’s activities has largely gone unquestioned: ValueAct, a San Francisco based investor
- [Oregon's at the Forefront of a Global Cider Revolution](https://www.islernw.com/oregons-at-the-forefront-of-a-global-cider-revolution/) - Portland Hosts CiderCon—and Embraces a Growing Cider Culture Article by Brian Yaeger | Featured on Portland Mercury | Image Credits: Portland Mercury or Otherwise Indicated STEVE JONES, Portland's most celebrated cheesemonger, cuts off a sliver of Ferns' Edge Mt. Thielson, a Comté-style goat cheese. Swirling a Wandering Aengus' Bloom—the Salem cidery's sweet but not treacly cider—in his
- [Three Big Questions on the Job Market, and How January’s Numbers Answer Them](https://www.islernw.com/three-big-questions-on-the-job-market-and-how-januarys-numbers-answer-them/) - Article Featured on The New York Times | By Neil Irwin Get used to jobs numbers like those newly reported for the United States Friday morning — if we’re lucky. It’s not that the new data blew the lid off expectations or pointed to some radical acceleration in job growth in the opening weeks of 2016.
- [China’s Bumpy New Normal](https://www.islernw.com/chinas-bumpy-new-normal/) - Article by JOSEPH E. STIGLITZ | Featured on Project Syndicate SHANGHAI – China’s shift from export-driven growth to a model based on domestic services and household consumption has been much bumpier than some anticipated, with stock-market gyrations and exchange-rate volatility inciting fears about the country’s economic stability. Yet by historical standards, China’s economy is still performing well
- [What’s Eating Silicon Valley](https://www.islernw.com/whats-eating-silicon-valley/) - Article Featured on Quartz turtix / Shutterstock.com Like most people, I look up to and admire the heroes of Silicon Valley (the real ones, not the ones from the TV show). They’ve given rise to services (e.g., Google, Facebook, Uber, LinkedIn, Airbnb) that we use every day and make the world a better place. They’ve
- [Portland Economist Warns Against Trading Inclusionary Zoning for UGB Expansion](https://www.islernw.com/portland-economist-warns-against-trading-inclusionary-zoning-for-ugb-expansion/) - By Nigel Jaquiss | Featured on Willamette Week In the feverishly-paced 35-day legislative session that began Feb. 1, few issues are more important to lawmakers than doing something to address Portland's shortage of affordable housing. One of the solutions lawmakers are mulling is a blockbuster trade: an expansion of the Urban Growth Boundary in exchange for inclusionary
- [IRS Restores E-filing Services](https://www.islernw.com/irs-restores-e-filing-services/) - Article By Paul Bonner | Featured on Journal of Accountancy The IRS's tax return e-filing system was back in operation Thursday afternoon, a day after a computer hardware failure knocked out it and other IRS system services. According to the IRS, taxpayers do not need to take any additional steps or action due to the outage.
- [As Moda rebuilds, possible downsizing looms](https://www.islernw.com/as-moda-rebuilds-possible-downsizing-looms/) - Article by Elizabeth Hayes | Featured on BizJournals | Image Credit: photo.ua / Shutterstock.com After a difficult two years, Moda Health CEO Robert Gootee has a plan to guide the company through the turbulent waters ahead. It's a plan that could include layoffs among Moda's 1,750-person workforce. The Lund Report on Wednesday reported that the company
- [Oregon entrepreneurs to give the lowdown on their success](https://www.islernw.com/oregon-entrepreneurs-to-give-the-lowdown-on-their-success/) - Article by Andy Giegerich | Featured on BizJournals A slew of successful business operators will offer inside tips on building a bustling enterprise. The Portland Business Journal and Entrepreneurs Organization will present the EO Talks event on Feb. 4. The 90-minute event features presentations from four noted business operators renowned for their commercial savvy. They are: Jenelle
- [Winners Of $1.3 Billion Powerball May Face Suits By Friends, Co-Workers, Family](https://www.islernw.com/winners-of-1-3-billion-powerball-may-face-suits-by-friends-co-workers-family/) - Article by Robert W. Wood | Featured on Forbes.com | Image Credit: Julie Clopper / Shutterstock.com The Powerball jackpot rose to $1.3 billion. These astounding numbers seem even more likely to brew big potential liabilities. Of course, the taxes on winning tickets are an unavoidable downside. Yet even after taxes, most people assume they will end up with a
- [Multnomah County Wins Unusual Legal Victory Over Mortgage Giant](https://www.islernw.com/multnomah-county-wins-unusual-legal-victory-over-mortgage-giant/) - By Nigel Jaquiss | Featured on Willamette Week Local governments usually pay legal settlements rather than collect them. But on Jan. 5, Multnomah County disclosed that, unlike dozens of counties across the country, it had won a settlement against Mortgage Electronic Registration Systems Inc., a giant bookkeeping service banks use to facilitate mortgage transfers. In a
- [Intergalactic Finance: Why The Star Wars Franchise Is Worth Nearly $10 Billion To Disney](https://www.islernw.com/intergalactic-finance-why-the-star-wars-franchise-is-worth-nearly-10-billion-to-disney/) - Article by Aswath Damodaran | Featured on Forbes.com | Featured Image Credit: pio3 / Shutterstock.com I saw the newest Star Wars movie recently and it brought back memories that stretch back almost four decades. Watching Harrison Ford and Carrie Fisher on the screen reminded me of my age, though, once I learned how much Ford made for being in this
- [United States Issues New Corporate Anti-Inversion Rules](https://www.islernw.com/united-states-issues-new-corporate-anti-inversion-rules/) - Article By Sally P. Schreiber, J.D. | Featured on CGMA Magazine In a further move to reduce the tax benefits of, and therefore the incentives for, corporate inversions, the U.S. tax agency, the Internal Revenue Service (IRS), on Thursday announced additional rules designed to curtail the ability of an inverted company to access foreign subsidiaries’
- [Congress negotiators get tax, spending deal: lawmakers](https://www.islernw.com/congress-negotiators-get-tax-spending-deal-lawmakers/) - BY RICHARD COWAN AND SUSAN CORNWELL | Featured on Reuters Congressional negotiators on Tuesday wrapped up a sprawling deal to keep the U.S. government operating through next September, while setting new policies ranging from repealing a 40-year-old ban on oil exports to making many business tax breaks permanent, according to Republican lawmakers. House of Representatives Speaker
- [Protecting Americans from Tax Hikes Act of 2015](https://www.islernw.com/protecting-americans-from-tax-hikes-act-of-2015-the-path-act/) - By Isler Northwest LLC December 30, 2015 On December 18, the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act) was signed by President Obama and became law. As is often the case at the end of the year, Congress had to pass legislation to extend popular tax breaks for the 2015 tax
- [Intangibles make up the top 9 value drivers in the digital age](https://www.islernw.com/intangibles-make-up-the-top-9-value-drivers-in-the-digital-age/) - Article by Samantha White | Featured on CGMA In today’s digital economy, intangibles are more important than ever to the success of a business. New CGMA research found that the top nine drivers of value in the digital age are intangibles, such as customer satisfaction and brand reputation. The survey of 744 finance executives in
- [The 10 Best Food Cities in America, Ranked](https://www.islernw.com/the-10-best-food-cities-in-america-ranked/) - Story by Tom Sietsema | Photos by Melina Mara | Article Featured on The Washington Post To be a great food city, it helps to have a large body of water nearby, a classic dish or three, and a population with a fondness for drink. Those are among my impressions after spending more than 60 days on the
- [U.S. on verge of lifting 40-year oil export ban](https://www.islernw.com/u-s-on-verge-of-lifting-40-year-oil-export-ban/) - Article by Timothy Gardner | Featured on Reuters The United States appears on the brink of ending a four-decade ban on most exports of crude oil, which would end a years-long fight brought about by a boom in domestic shale output that contributed to a supply glut and depressed prices. The measure is part of
- [Poor Recordkeeping Hurts Taxpayers: Problems and Preventions](https://www.islernw.com/poor-recordkeeping-hurts-taxpayers-problems-and-preventions/) - Article by By Annette Nellen, Esq., CPA, CGMA | Featured on The Tax Adviser Every year a few taxpayers go to court hoping for a better outcome than the one offered by the IRS. Usually, they lose due to poor records, not meeting all requirements for particular deductions, or inadequately separating business from personal expenditures.
- [FASB Proposal Takes Aim at Immaterial Fair Value Disclosures](https://www.islernw.com/fasb-proposal-takes-aim-at-immaterial-fair-value-disclosures/) - Article by Ken Tysiac | Featured on Journal of Accountancy FASB is proposing new accounting standards designed to improve the effectiveness of disclosure requirements on fair value measurements by enabling preparers to omit immaterial information. The board is seeking comments by Feb. 29 on Proposed Accounting Standards Update, Fair Value Measurement (Topic 820): Disclosure Framework—Changes
- [Senate Sends Ex-Im Renewal to Obama's Desk](https://www.islernw.com/senate-sends-ex-im-renewal-to-obamas-desk/) - Article by Vicki Needham | Featured on The Hill | Mark Van Scyoc / Shutterstock.com The Export-Import Bank is alive. Renewal of the 81-year-old institution's charter was included in a five-year, $305 billion federal transportation measure that passed the Senate late Thursday on an 83-16 vote, only one day ahead of the expiration of the latest
- [For Small Businesses: IRS Raises Tangible Property Expensing Threshold to $2,500; Simplifies Filing and Recordkeeping](https://www.islernw.com/for-small-businesses-irs-raises-tangible-property-expensing-threshold-to-2500-simplifies-filing-and-recordkeeping/) - Article Featured on irs.gov WASHINGTON —The Internal Revenue Service today simplified the paperwork and recordkeeping requirements for small businesses by raising from $500 to $2,500 the safe harbor threshold for deducting certain capital items. The change affects businesses that do not maintain an applicable financial statement (audited financial statement). It applies to amounts spent to
- [A Step Forward for Sovereign Debt](https://www.islernw.com/a-step-forward-for-sovereign-debt/) - Article by Joseph E. Stiglitz & Martin Guzman | Featured on Project Syndicate Every advanced country has a bankruptcy law, but there is no equivalent framework for sovereign borrowers. That legal vacuum matters, because, as we now see in Greece and Puerto Rico, it can suck the life out of economies. In September, the United
- [Clay Christensen says everyone misunderstands his theory of disruption — here's what it really means](https://www.islernw.com/clay-christensen-says-everyone-misunderstands-his-theory-of-disruption-heres-what-it-really-means/) - Article Featured on Business Insider | By Richard Feloni The terms "disruptive innovation" and "disruptive technology" are at risk of becoming meaningless buzzwords, according to Harvard Business School professor Clayton Christensen, who introduced his theory of disruption 20 years ago. As the number of "unicorn" companies, those valued at $1 billion or more, have captured
- [U.S. home sales slump in October as higher prices weigh on buyers](https://www.islernw.com/u-s-home-sales-slump-in-october-as-higher-prices-weigh-on-buyers/) - Article Featured on LA Times Fewer Americans bought homes in October, a sign that rising home values may be pushing more would-be buyers to the real estate market's sidelines. The National Assn. of Realtors said Monday that sales of existing homes fell 3.4% last month to a seasonally adjusted annual rate of 5.36 million. The
- [Shrinking Financial Aid Curbs Impact of Slowing College Tuition Increases](https://www.islernw.com/shrinking-financial-aid-curbs-impact-of-slowing-college-tuition-increases/) - By Douglas Belkin | Featured on WSJ Relatively modest rise in 2015-2016 amplified by near-zero inflation and pullback in grants Tuition increases at U.S. colleges have plateaued after decades of steep growth, but stagnant wages, near-zero inflation and a slight pullback in grants have amplified this year’s relatively modest rise. Published tuition for the 2015-16 academic year
- [Navigating Today’s IRS Examination With Fast Track Settlement](https://www.islernw.com/navigating-todays-irs-examination-with-fast-track-settlement/) - By Thomas A. Warnshuis, CPA, MSA, Grand Rapids, Mich. (former IRS revenue agent) | Article featured on Tax Advisor Editor: Howard Wagner, CPA | Image Credit: g0d4ather / Shutterstock.com At the end of an IRS audit many taxpayers are left to decide how to proceed, especially when faced with a proposed adjustment that they disagree
- [Obamacare Prices Increase for Those Who Don't Get Subsidies](https://www.islernw.com/obamacare-prices-increase-for-those-who-dont-get-subsidies/) - Article by Dan Mangan | Featured on CNBC "For people who are on the outside of subsidies, what had been a very expensive market has become even more expensive," says a researcher at an insurance comparison site. "Cheap" could cost you more for Obamacare next year. People who buy the cheapest health plans on the
- [Demanding tax season likely ahead, IRS commissioner tells AICPA](https://www.islernw.com/demanding-tax-season-likely-ahead-irs-commissioner-tells-aicpa/) - Article Featured on Journal of Accountancy | By Paul Bonner The 2016 tax filing season promises to be challenging for the IRS, Commissioner John Koskinen told attendees at the AICPA National Tax Conference in Washington on Tuesday. Koskinen made a similar prediction a year ago in his first address to CPAs in the same forum.
- [The Missing Boom in Small-Business Sales](https://www.islernw.com/the-missing-boom-in-small-business-sales/) - Photo: Gary Morrison, 60 years old, wants his Skokie, Ill., printing company to hit certain growth and sales goals before selling it. PHOTO: Taylor Glascock for Wall Street Journal By RUTH SIMON | Featured on WSJ An expected rush in sales of small firms by the baby boomer generation has yet to materialize Some baby boomers are
- [The Trouble With Financial Bubbles](https://www.islernw.com/the-trouble-with-financial-bubbles/) - Article by HOWARD DAVIES | Featured on Project Syndicate Very soon after the magnitude of the 2008 financial crisis became clear, a lively debate began about whether central banks and regulators could – and should – have done more to head it off. The traditional view, notably shared by former US Federal Reserve Chairman Alan Greenspan, is
- [9 Public Utilities Sue the Oregon Department of Energy](https://www.islernw.com/9-public-utilities-sue-the-oregon-department-of-energy/) - Article Featured on Willamette Week A long-simmering dispute between a group of public utilities and the Oregon Department of Energy boiled over into a lawsuit in Marion County Circuit Court this week. The utilities, which provide electricity mostly to rural areas, pay an annual fee to the department called the "energy suppliers' assessment" or ESA. That
- [S.E.C. Releases Data on Fund Advisers](https://www.islernw.com/s-e-c-releases-data-on-fund-advisers/) - Original Article By LIZ MOYER | Featured on NYTimes | Mark Van Scyoc / Shutterstock.com The Securities and Exchange Commission on Friday released its first set of statistics on more than 2,600 private fund advisers as part of an effort to make it easier for investors to evaluate them. The data include information from regulatory
- [Does More Money Make You Happier When You Retire? Not Always](https://www.islernw.com/does-more-money-make-you-happier-when-you-retire-not-always/) - Article Featured on AICPA Many of us imagine a future in retirement when we leave the obligations and stresses of our work life behind; but few of us take the time to create a plan for what we will actually do when we retire and who will share that life with us. CPA financial planners
- [And Then There Were Fresh Hops](https://www.islernw.com/and-then-there-were-fresh-hops/) - Article by Jeff Alworth | Featured on Willamette Week | Photos by Willamette Week Why Oregon is central to the most important beer trend of the last decade. Editor's note: Last month, internationally known Portland beer writer Jeff Alworth released his magnum opus, The Beer Bible. It's only a slight stretch to say the 720-page tome
- [7 Ways to Network Like a Millionaire](https://www.islernw.com/7-ways-to-network-like-a-millionaire/) - Article by DANIEL ALLY | Featured on Entrepreneur.com As I was giving a speech in Washington, D.C., a well-dressed man approached me to ask a question. After our interesting discussion, he reached deeply into his pockets and pulled out a stack of cards, spilling them by the dozens as he searched to find his own. After fishing for
- [How This Company Is Revolutionizing the Way Farmers Do Their Job](https://www.islernw.com/how-this-company-is-revolutionizing-the-way-farmers-do-their-job/) - Article by Jodi Helmer | Featured on Entrepreneur Image credit: Tom Mckenzie Growing up in rural Michigan, Jesse Vollmar watched as technology transformed the world around him, while life on the farm remained labor-intensive and stuck in the past. “There was a widening gap between what was possible and what was actually being applied to agriculture,” he

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