Tax Planning

Hi there & happy New Year, 2021!

Things to do, "taxwise", for the new year...

I N D I V I D U A L S

* please take a look at the tax organizer which was mailed to you on 12-23-20 - and see the list on 2nd page - "a few items to start"... 

Tax planning you may wish to do by 12-31-20.

Hello again clients & friends!

This is 2020's main tax planning blog...

When you own real estate investment properties, there are a lot of tax benefits to be aware of. One of those is depreciation, and it can save you quite a bit of money on your tax bill. While you probably already take other deductions on your property, the depreciation benefit is an extra one that's separate from the other deductions.

If you experience a job loss, you will of course have numerous questions as to how it will impact your job situation. Whether you are an employee who lost your job or a business owner who had to lay off your workers, here are some important details to keep in mind.

How Will Your Job Loss Affect Your Tax Situation?

For most people, paying taxes is straightforward. You get a paycheck from your employer and the employer has already deducted the amount you owe to the IRS. When it comes time to file your tax return, the discrepancy between what you owe and what you already paid might be minimal.

In this gig economy, more taxpayers than ever before are receiving tip income. Whether the tips are from waiting tables, driving for Uber, or making home deliveries, those tips are considered taxable income. However, there is a lot of confusion over how to report tip income, what is the threshold for reporting and who should report it.

Hello!

I hope everyone is healthy and staying as safe as possible…

Here are some recent Covid-19 resources for both individuals and businesses. Most are tax oriented since that is my arena, but there are safety & health resources too!

Do you have an elderly parent or adult relative that you take care of? It doesn’t have to be a parent; it could be an adult child with special needs, an elderly aunt or another close relative. As long as it is a qualifying relationship, the IRS allows you to claim such a persons as a dependent on your tax return.

Selling cheesecakes on the side, or DJ’ing friend’s weddings? You’re not alone. Over 15% of Americans work a side hustle, for reasons ranging from building a savings account to paying off debt.

Hello everyone!

I hope you and your family are staying healthy & safe.

What follows is recent news from the IRS & Oregon Department of Revenue regarding tax changes in filing and payment deadlines for your 2019 personal income taxes.