Beyond the Numbers

Uncle Sam’s New Year’s Resolutions

As new year’s celebrations are in the rearview mirror, it’s nice to continue celebrating the resolutions that we are definitely going to achieve! So we asked Uncle Sam – yes that Uncle Sam – what his new year’s resolutions were. This is what he told us… Help the federal government spend less money than it…

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2021 Retirement Plan Limits

As part of your 2021 tax planning, now is the time to review funding your retirement accounts. By establishing your contribution goals at the beginning of each year, the financial impact of saving for your future should be more manageable. Here are annual contribution limits for 2021: Take action If you have not already done…

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PPP Loan Expenses Are Now Tax Deductible

If you or your business received funds from the Paycheck Protection Program (PPP), the recently passed Emergency Coronavirus Relief Act of 2020 will help to dramatically cut your tax bill. Here’s what you need to know. Background The PPP program was created by the CARES Act in March 2020 to help businesses which were adversely…

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More Stimulus Payments on the Way

You could soon see another stimulus payment in your bank account with the recent passage of the Emergency Coronavirus Relief Act of 2020, which means more direct relief to you and your family. Here are some of the major points you need to know that are buried inside this $900 billion piece of legislation. Direct…

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Ripple Event: A-Zs of Paying for College

4 pm, Thursday, Dec. 17 The cost of higher education can be alarming, but not when you know how to navigate the financial aid world. Join our next Ripple Event at 4 pm on Thursday, Dec. 17 when we host Financial Aid Expert Kim McDougall from Washington State University Vancouver. Kim will teach us about:…

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Ripple Event: Small Business Bookkeeping

11:30 am, Wednesday, Dec. 16 Bookkeeping is probably not one of the reasons you got into business. But having a handle on your bookkeeping helps monitor the growth of your business, aids in making decisions, helps avoid stress in case of an audit and much more. Please join our Small Business Bookkeeping webinar where we’ll…

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Tax Effect of PPP Loan Forgiveness

The time has come for businesses to start the application process for Payroll Protection Program (PPP) loan forgiveness. Last week, the IRS released Revenue Ruling 2020-27 which provides clarification on PPP loan forgiveness and deductibility of expenses incurred with PPP proceeds. Below is a summary for business owners. Please feel free to contact us if…

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COVID Financial Support for Businesses

On Nov. 20 Gov Inslee announced support for WA businesses in the form of support grants and a recovery loan program. Working WA Small Business Grants up to $20,000: Application portal became available the week of Nov. 30 http://startup.choosewashingtonstate.com/links/crisis/covid-19-resources/?utm_medium=email&utm_source=govdelivery Priority will be given to: Applications filed prior to Dec. 10 Small business with annual revenues…

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1099 Reporting Requirements

New for 2020 is form 1099-NEC (non-employee compensation) and a redesigned form 1099-MISC. Taxpayers who have an active trade or business are required to prepare Form(s) 1099 to report various types of payments made during the year. The filing requirement does not include payments made to corporations unless it is a payment for legal services…

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Oregon Corporate Activity Tax

Oregon has established a new Corporate Activity Tax for all business entity types that conduct business in Oregon. Businesses with Oregon commercial activity in excess of $750,000 are required to register for the Corporate Activity Tax. A return is required to be filed when the Oregon commercial activity exceeds $1 million in gross receipts. Businesses…

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