Entries by IslerNW

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Where Do You Fall In The Tax Pecking Order?

Article Highlights: 2015 Overall Filing Statistics Statistics by Adjusted Gross Income Percentile Table Ever wonder where your income puts you in comparison with the rest of the U.S. taxpayers? Each year the Internal Revenue Service publishes a Statistics of Income Bulletin. The latest set of figures is for 2015 tax returns and provides some interesting […]

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Cryptocurrencies and Taxes

Article Highlights: Virtual Currency Valuation Transactions Character of the Gain or Loss Foreign Currency Transactions Foreign Bank and Financial Account (FBAR) Reporting Payment for Goods & Services Acquiring Virtual Currency Virtual Currency Mining Employee Payments Independent Contractor Payments As our world has become more and more “digital,” it was only a matter of time before […]

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Tax Reform Limits Exchanges to Defer Taxes

Article Highlights: Deferring Tax with Like-Kind Exchanges Changes Made by Tax Reform Impact on Trade-ins Note: This is one of a series of articles explaining how the various tax changes made by the GOP’s Tax Cuts & Jobs Act (referred to as the “Act” in the article), passed late in December 2017, might affect you […]

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How to Save Money on the Biggest Expenses in Your Budget

Article by Anna Bahney | Found on CNN Want to find some real savings in your budget? Cutting out lattes and avocado toast probably isn’t the way to go. Housing, transportation and food: that’s what Americans spend almost 70% of their money on, according to the Bureau of Labor Statistics. Sure, you can always cut back on […]

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How Small Businesses Write Off Equipment Purchases

Article Highlights: Depreciation Materials & Supplies De Minimis Safe Harbor Expensing Routine Maintenance Unlimited Expensing Bonus Depreciation Sec 179 Expensing Mixing Methods From time to time, an owner of a small business will purchase equipment, office furnishings, vehicles, computer systems and other items for use in the business. How to deduct the cost for tax […]

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Medical Deductions & The New Tax Law

Article Highlights: Medical Deductions Retained by the Tax Reform Law Adjusted Gross Income Floor Dropped to 7.5% The Standard Deduction Bunching Medical Deductions Unusual Medical Deductions Medical Dependents Divorced Parents Note: The is one of a series of articles explaining how the various tax changes in the GOP’s Tax Cuts & Jobs Act (referred to […]