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.
Entries by IslerNW
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
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
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
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
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
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:
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
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
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 […]