Taxes - Isler Northwest, LLC

States’ SALT Deduction Workarounds Shot Down

2018 Tax Laws, Tax Planning, Tax Reform, Taxes

The Treasury Department and the IRS have essentially shot down efforts by several states to help their residents circumvent the $10,000 cap on the itemized deduction for state and local taxes (SALT). When the Tax Cuts and Jobs Act (TCJA),…

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…

Why Tax Basis Is So Important

2018 Tax Laws, Tax Planning, Tax Tips, Taxes

For tax purposes, the term “basis” refers to the original monetary value that is used to measure a gain or loss. For instance, if you purchase shares of a stock for $1,000, your basis in that stock is $1,000; if you then sell those shares…

The Tax Benefits of Going Green

Environment, Green Incentives, Tax Tips, Taxes

Congress uses tax deductions and tax credits to influence taxpayers’ actions. For instance, it seeks to stimulate taxpayers to reduce their energy consumption and moving away from the use of fossil fuels. In this article, we explore the benefits…

Gift and Estate Tax Primer

Accounting, Estate Planning, Gift Tax, Savings, Tax Planning, Taxes

The tax code places limits on the amounts that individuals can gift to others (as money or property) without paying taxes. This is meant to keep individuals from using gifts to avoid the estate tax that is imposed upon inherited assets. This…

May 2019 Individual Due Dates

Accounting, Business, Employees, Finance Tips, Personal Finance, Small Business, Taxes

May 10 - Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during April, you are required to report them to your employer on IRS Form 4070 no later than May 10. Your employer is required…

Are You Missing a W-2?

Business, Corporate, Tax Tips, Taxes

Have you received all of your W-2s? These documents are essential for completing individual income tax returns, as they include the taxable amount of your wages and the amount withheld for federal and (if applicable) state income tax, along…

Tax Tips for IRA Owners

Tax Tips, Taxes

There are both opportunities and pitfalls for IRA owners, and while you definitely don’t want to get caught up in a pitfall, you may want to take advantage of the opportunities. IRAs come in two varieties: the traditional and the Roth. The…

The Tax Filing Deadline Is Around the Corner

Taxes

As a reminder to those who have not yet filed their 2018 tax returns, April 15, is the due date to either file a return (and pay the taxes owed) or file for an automatic six-month extension (and pay the an estimate of the taxes owed). Caution…

Defer Gains with Qualified Opportunity Funds

Accounting, Taxes

If you have a large capital gain from the sale of a stock, asset, or business and would like to defer that gain with the possibility of excluding some of it from taxation, you may want to check out the new investment vehicle created by tax reform,…