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:
Entries by IslerNW
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 […]
September 2019 Individual Due Dates
September 1 – 2019 Fall and 2020 September 10 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your employer on IRS Form 4070 no later than September 10. Your employer is required to withhold […]
What Are the Tax Advantages of Homeownership?
Housing is a big expense for everyone. The choice generally involves either renting or purchasing – and financing that purchase with a home loan. This article explores the tax benefits and drawbacks that individuals should consider when deciding whether to buy a home.
Personal Finance Tips for Recent College Graduates
Congratulations! You’ve worked hard on your degree and are ready to move forward with your first job and other major life decisions. While your degree and this first job don’t necessarily set your life in stone, now is a crucial time to start making smart financial decisions to set you on the right course for […]
Watch Out for Those Fake IRS Letters
Every year, the vast majority of taxpayers file their returns with the IRS between the end of January and the April due date. However, the IRS does not just take taxpayers’ word regarding the information on their returns. For this reason, tax season is followed by “matching season,” when the IRS attempts to match the […]
How to Write Off Worthless Stock
If you are like most investors, you occasionally will pick a loser that declines in value. Sometimes, a security can even become worthless when the issuing company goes out of business.
Foreign Account Reporting Requirements (FBAR)
U.S. citizens and residents with a financial interest in or signature or other authority over any foreign financial account need to report that relationship by filing FinCEN Form 114 if the aggregate value of the accounts exceeds $10,000 at any time during the year. The due for 2018’s report was April 15, 2019, with an […]