Deductions - Isler Northwest, LLC

Mortgage Insurance Premium Deduction Retroactively Extended

On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including retroactively extending certain tax provisions that expired after 2017 or were about to expire, a number…

Congress Allowing Higher Medical Deductions for 2019 and 2020

2020 Tax Laws, Deductions, Medical Expenses

On December 20, 2019, President Trump signed into law the Appropriations Act of 2020, which included a number of tax law changes, including extending certain tax provisions that expired after 2017 or were about to expire, a number of retirement…

Year-End Tips for Charitable Contributions

Charity, Deductions, Tax Planning

As the end of the year and the holiday season approach, we will all see an uptick in the number of charitable solicitations arriving in our mailboxes and by email. Since some charities sell their contributor lists to other charities, frequent…

Deducting the Costs of Modifications for Senior-Proofing a Home

Deductions, Home Ownership

While Americans may argue about any number of hot-button political topics, there’s no disagreement on one issue: the country’s population is aging…fast. According to the Social Security Administration, 10,000 baby boomers a day are reaching…

Disaster-Related Tax Losses May Be Less Than Expected

2018 Tax Laws, Deductions

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…

How to Write Off Worthless Stock

Deductions, Taxes

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. Gains and losses for securities, including stock,…

How Does Combining a Vacation with a Foreign Business Trip Affect the Tax Deduction for Travel Expenses of a Self-Employed Individual?

2018 Tax Laws, Business, Deductions, Entrepeneurship, Self-Employment, Tax Planning, Tax Reform, Tax Tips, Taxes

Note: effective for years 2018 through 2025, the Tax Cuts and Jobs Act of 2017 suspended the deduction of miscellaneous itemized expenses that must be reduced by 2% of the taxpayer’s adjusted gross income. Employee business expenses, including…