SALT Deduction – Battle Lines Have Been Set and Swords Have Been Drawn
Article Highlights: • SALT Tax Limits • State Work-arounds • Converting Tax Deductions to Charitable Contributions • IRS Regulations • Taxpayer Beware
Entries by IslerNW
How High-Income Professionals Can Benefit from the Pass-through Deduction
Article Highlights: High-Income Professionals Specified Service Trade or Business Sec. 199A Deduction Defined Contribution Retirement Plans Defined Benefit Retirement Plans Tax Savings
Oregon Supreme Court approves tax to fund state EV rebates
Original Article by Catherine Morehouse Oregon Supreme Court approves tax to fund state EV rebates The Oregon Supreme Court approved the use of a privilege tax to fund the state’s Clean Vehicle Rebate Program on Sunday, after AAA Oregon/Idaho and Trucking Associations Inc. challenged the tax in November 2017, saying it violated Oregon’s Constitution. The program is integral to Democratic Gov. Kate Brown’s 2017 initiativeto […]
IRA Missteps to Avoid
Article Highlights: Selecting a Type of IRA Missing out on the Saver’s Credit Taking Distributions before Retirement Age Failure to Keep Designated Beneficiaries Current Overlooking the Spousal IRA Failing to Recognize Low Tax Distribution Opportunities Social Security Income and Traditional IRA Distributions Rollover Errors Failing to Take a Required Minimum Distribution Knowing the Beneficiary Options […]
Kiddie Tax No Longer Based on Parents’ Tax Rate
Article Highlights: Parents Attempting to Shift Income to Children Kiddie Tax Tax Reform Changes Tax on Child’s Unearned Income Tax on Child’s Earned Income
Tax Reform 2.0 Is in the Works
The dust has not yet settled from the Tax Cuts and Jobs Act (TCJA), passed into law in December 2017, and the House Ways and Means Committee is already considering another round of tax changes. The committee chair, Kevin Brady, Republican from Texas, wants to include input from stakeholders such as business groups, think tanks […]
Do You Need to Renew Your ITIN?
The IRS has announced that more than 2 million Individual Taxpayer Identification Numbers (ITINs) are set to expire at the end of 2018. An ITIN is a nine-digit number issued by the IRS to individuals who are required for U.S. federal tax purposes to have a U.S. taxpayer identification number but who do not have […]
Tax Reform Eases the Alternative Minimum Tax – But It’s Still There
Although Congress has been promising to repeal the alternative minimum tax (AMT), they failed to do that when they passed tax reform in 2017. Instead, they lessened the effects of the AMT by increasing AMT exemptions (an amount of income exempt from AMT taxation) and raising the income thresholds for when the exemptions are phased […]
States Sue U.S. to Void $10,000 Cap on State and Local Tax Deduction
Four states – New York, Connecticut, Maryland and New Jersey – have sued the federal government to void the tax-reform cap on the federal itemized deduction for state and local taxes, contending that limiting the deduction is unconstitutional. The taxes at issue include state and local income taxes, real property (real estate) taxes and personal […]
133,000 Injured Veterans Entitled to Tax Refunds
As a result of the 2016 Combat-Injured Veterans Tax Fairness Act, more than 133,000 injured veterans may qualify for a federal tax refund. The minimum refund is estimated at $1,750, meaning the government will be paying out an estimated minimum of $228 million.