Entries by IslerNW

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Employee or Freelancer Navigating the Complex Landscape of Worker Classification  

Article Highlights: The Fundamental Differences The Perils of Misclassification Section 530 Relief The Role of Form SS-8 States Impact on Classification Navigating Misclassification In the evolving landscape of the modern workforce, the distinction between independent contractors and employees has become increasingly significant. This differentiation not only affects the way workers are managed and compensated but […]

September 12, 2024 by
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Making Home Improvements? You May Qualify for a Substantial Tax Credit

Article Highlights Credit Percentage Specific Qualified Items and Per Item Annual Limits Components Subject To $1,200 Aggregate Credit Limit Components Subject To $2,000 Aggregate Credit Limit Annual Credit Limits, $1,200 vs. $2,000 Home Energy Audits Qualifying Homes 5-Year Requirement Basis Adjustment Manufacturer’s Certification Qualified Product ID Number Differences Between Sec 25C Credit and Rebates Installation […]

September 10, 2024 by
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Tax-Free Weekends Guide: September – December 2024

Looking to stretch your dollars further before the end of the year? Tax-free weekends offer a fantastic opportunity to save on essential purchases. From school supplies and clothing to technology and holiday gifts, these special state-sponsored events allow you to shop without the burden of sales tax. Whether you’re gearing up for the school year […]

September 8, 2024 by
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Unexpected Windfall or Financial Pitfall? Navigating the Tax and Financial Consequences of Losing Your Job

Article Highlights:  Severance Pay Unemployment Compensation Health Insurance COBRA Marketplace Employer Retirement Plans Repaying Retirement Plan Loans Moving and Home Sale Navigating the Financial Consequences Losing a job is a significant life event that not only affects your immediate emotional well-being but also has profound tax and financial implications. From severance pay to unemployment benefits, […]

September 4, 2024 by
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Stop Chasing Payments: QuickBooks’ Reminders Can Help You Get Paid Faster

In 2021, QuickBooks introduced a set of reminder options designed to tackle one of the most pressing challenges for many businesses: getting customers to pay on time. If you haven’t fully utilized these features yet, it’s time to revisit them and streamline your collections process. Here’s an updated guide on how to use QuickBooks’ payment […]

August 31, 2024 by
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Surprising Tax Impact of Converting Your Traditional IRA to a Roth IRA

Article Highlights: Understanding Traditional and Roth IRAs The Conversion Process Benefits of Converting Tax-Free Withdrawals No Required Minimum Distributions Estate Planning Advantages Pros and Cons of Converting Age Considerations Other Tax-Related Issues Non-Deductible Traditional IRAs Conversion Income Net Investment Income Surtax Paying the Tax on a Conversion Tax Strategy Taxpayers are limited in the annual […]

August 30, 2024 by
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Important September 2024 Due Dates

September 2024 Individual Due Dates September 1 – 2024 Fall and 2025 Tax Planning  Tax Planning Contact this office to schedule a consultation appointment. 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 […]

August 23, 2024 by
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Unlimited Deductions: How Landlords Can Navigate Beyond the $25,000 Loss Limitation

Article Highlights: $25,000 Rental Passive Loss Limitation Unlimited Losses When Qualifying as a Real Estate Professional What is Material Participation? Navigating the Rules Examples The intricacies of tax law, particularly around rental real estate, can be both a boon and a bane for investors. Among these complexities, the $25,000 rental passive loss limitation stands out […]

August 20, 2024 by
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Cash In on Global Wealth: How Working Abroad Can Slash Your Tax Bill and Expand Your Horizons

Article Highlights: Qualifications Tax Home in a Foreign Country Foreign Earned Income Bona Fide Residence Test Physical Presence Test Foreign Housing Exclusion and Deduction Married Couples Self-Employed Individuals Earned Income Tax Credit Foreign Tax Credit Combat Zone Workers Flight Attendants State Tax The Foreign Earned Income Exclusion (FEIE) under Section 911 of the U.S. Internal […]

August 15, 2024 by