Entries by IslerNW

A Retiree’s 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 […]

June 18, 2024 by
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Breaking News: The IRS Has Just Updated Their Position Related to Denying or Paying Employee Retention Credit (ERC) 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, […]

June 14, 2024 by
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From Sugary Sips to Slimmer Kids – The Real Impact of Seattle’s 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 […]

June 11, 2024 by

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 […]

June 6, 2024 by
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Keep More of Your Money: Top 12 Tax Strategies for the High-Net-Worth

High-net-worth individuals face unique challenges in managing their wealth, particularly when minimizing tax liabilities. Our firm offers expert guidance that will help you keep more of your money year after year. Whether you own rental properties around the country, stock options at multiple startups, or deal with inheritance taxes, we will help you preserve your […]

June 4, 2024 by

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 […]

May 30, 2024 by
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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 […]

May 22, 2024 by
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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 […]

May 16, 2024 by
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Gift and Estate 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. […]

May 14, 2024 by