Beyond the Numbers

Do you owe the IRS an estimated tax payment?

Most Americans have income taxes withheld from their paychecks and their employer sends the tax payment to the IRS on their behalf. But if the payments don’t cover your taxes at the end of the year, and you want to avoid penalties, you must make estimated payments to the IRS on a quarterly basis. This…

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Tax Deadline Changes and What it Means to You

In light of the March 20 announcement from the U.S. Treasury extending the federal tax filing date to July 15, the below message shares how it affects our clients and the Integrated Tax Services team. Deadline ChangesThe U.S. Treasury announced the federal tax filing deadline has been extended to July 15. The Oregon Department of Revenue has adopted the same,…

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Time for a Yearly Credit Report

One way to head off fraud during tax season is to get your free annual credit report now. Credit reports often have errors in them; this quick checkup can be the first indication that some form of identity theft has taken place on your account. The good news is that each of the major consumer…

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Minimum Wage Rates

Effective Jan. 1, 2020, the Washington minimum wage rate increases to $13.50 per hour. The Oregon minimum wage rate increases to $12 per hour, unless within the Portland Metro Urban Growth Boundary where the rate will be $13.25.

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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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Save Money With These Year-End Ideas

There’s still time to reduce your potential tax obligation and save money this year (and next). Here are some ideas to consider: Estimate your 2019 and 2020 taxable income. With these estimates you can determine which year receives the greatest benefit from a reduction in income. By understanding what the tax rate will be for your…

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No Excuses. Time to Lower Your Tax Bill

It’s easy to push tax planning to the sidelines when tax laws are ever-changing and hard to understand. Here are some common (but often unfounded) reasons for avoiding tax situations, plus tips to help get past them and start paying less tax this year: It doesn’t make a difference. This point of view is especially…

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IRS Capitalization and Repair Rules

The IRS issued over 250 pages of final regulations affecting materials and supplies, expenditures to acquire, produce or improve personal tangible property, real property, and certain intangibles. These rules were effective beginning Jan. 1, 2014. Tangible personal property used or consumed in the business (other than inventory) must be capitalized if: The property has an…

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Do you Contribute to Your Employees’ Health Insurance?

The Small Business Health Care Credit is a tax credit to small businesses that provide health insurance coverage to their employees. In order to qualify, the following criteria must be met: You must pay the premiums on behalf of employees enrolled in a qualified health plan offered through a Small Business Health Options Program (SHOP)…

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Meals and Entertainment Deductions

Beginning Jan. 1, 2018, the rules regarding the deductibility of expenses paid by the business for meals and entertainment changed. Now businesses should have three categories of meals and entertainment to account for the following: Non Deductible: Entertaining clients, prospects, etc. even if a business was conducted immediately prior to or after the entertainment Events…

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