Entries by IslerNW

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 […]

August 17, 2021 by

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, […]

August 13, 2021 by
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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 […]

August 12, 2021 by
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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 […]

August 6, 2021 by

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 […]

August 3, 2021 by
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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, […]

July 30, 2021 by
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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 […]

July 22, 2021 by
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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 […]

July 20, 2021 by

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 […]

July 15, 2021 by