Entries by IslerNW

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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 […]

July 11, 2023 by
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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 […]

July 5, 2023 by
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What’s 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 […]

June 30, 2023 by
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Important 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 […]

June 26, 2023 by

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 […]

June 22, 2023 by

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 […]

June 20, 2023 by
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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 […]

June 14, 2023 by
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Did You Get a Letter from the IRS? Don’t 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 […]

June 12, 2023 by
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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 […]

June 5, 2023 by