Federal Estimated Tax for Individuals

FEDERAL – Estimated Tax for Individuals General Rule In most cases, you must pay estimated tax for 2018 if both of the following apply. 1. You expect to owe at least $1,000 in tax for 2018, after subtracting your withholding and refundable credits. 2. You expect your withholding and refundable credits to be less than…

Personal Property Tax Returns

Personal  Property Tax Returns are due at the County by March 15th. (Fairly new extended deadline). There is no extension allowed from the March 15th due date. The Returns are based on inventory of Business Use personal property at January 1st.  A table used personally at your home is not business use personal property, thus…

Reminder of Child summer camp information and daycare provider information needed

These items are important. The IRS will compare your return with statements received from the businesses and summer camps your child attended. If the IRS finds any differences, you may receive a letter advising to review and send proper documentation for explanation and/or adjustment of the return. When you have a Child care deduction for…

NEW W-4 form

Here’s what taxpayers do when they have to file a new W-4 The IRS reminds taxpayers to look into whether they need to adjust their paycheck withholding. Taxpayers who do need to adjust their withholding should submit a new Form W-4, Employee’s Withholding Allowance Certificate to their employers. Taxpayers can use the updated Withholding Calculator…

2018 Fall Schedule

Happy Tax Season! Here are some important dates to keep in mind. These dates include deadlines for tax returns and office closings for the remainder of the year. September: 9/01/18  Client Deadline – turn in any missing information to complete tax return for Corporations and Partnerships. 9/03/18 Monday Labor day – closed 9/17/18 Deadline for…

Sale of a Primary Residence

Sale of a Primary Residence   07/18/2018 This is just a nutshell of a synopsis and is no way complete—your situation may differ from anybody else’s. If you have lived in and owned your home for 2 full years out of the last 5, you may be able to exclude from income $250,000 of gain. The…

Washington Residents purchasing Goods in Oregon…..Use Tax???

Use tax What is use tax? When is use tax due? How do I pay use tax? What is use tax? Use tax is a tax on the use of goods or certain services in Washington when sales tax has not been paid. Goods used in this state are subject to either sales or use…

Health Insurance still required for 2018!

Individual Shared Responsibility Provision The individual shared responsibility provision requires taxpayers to do at least one of the following: Have qualifying health coverage called minimum essential coverage Qualify for a health coverage exemption Make a shared responsibility payment with their federal income tax return for the months that without coverage or an exemption. Under the recently…

Oregon’s New Transit Tax

  About the tax The 2017 Oregon Legislature passed House Bill (HB) 2017, which included the new statewide transit tax. Parts of HB 2017 related to the statewide transit tax were amended in the 2018 session. On July 1, 2018, employers must start withholding the tax (one-tenth of 1 percent or .001) from:​ Wages of…

Reduce Certain Summertime Costs with the Child and Dependent Care Tax Credit

Reduce Certain Summertime Costs with the Child and Dependent Care Tax Credit Many parents send their children to summer day camps while they work or look for work. The IRS urges those who do to save their paperwork for the Child and Dependent Care Tax Credit. Eligible taxpayers may be able claim it on their…