Entries by IslerNW

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The Tax-Filing Deadline Is Around the Corner

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 […]

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Refund Statute Expiring: Don’t 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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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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) […]