Are you withholding enough? Now is a good time to check
Due to the massive changes in the Tax Cuts and Jobs Act, the 2019 filing season resulted in a few surprises. Some filers who have gotten a refund in past years wound up owing money. The IRS reports that the number of refunds paid this year is down from last year — and the average […]
Hiring this summer? You may qualify for a valuable tax credit
Is your business hiring this summer? If the employees come from certain “targeted groups,” you may be eligible for the Work Opportunity Tax Credit (WOTC). This includes youth whom you bring in this summer for two or three months. The maximum credit employers can claim is $2,400 to $9,600 for each eligible employee. 10 targeted […]
New Oregon Corporate Activity Tax takes effect in 2020
High-earning business taxpayers in Oregon will soon have to pay higher taxes under the new statewide corporate activity tax. The Corporate Activity Tax is a new business tax in addition to the state’s corporate income tax. The new tax is effective for tax years beginning on or after Jan. 1, 2020, and it imposes a […]
Calculating QBI deduction can be complex and time-consuming
One of the more beneficial provisions of the 2017 Tax Cuts and Jobs Act for individuals and small business owners is the new qualified business income (QBI) deduction under Section 199A. Eligible taxpayers may be entitled to a deduction of up to 20 percent of QBI, a significant tax savings for owners of sole proprietorships, […]
Disaster relief payments help employees and can save taxes
In the aftermath of Hurricanes Florence and Michael this fall, employers are asking how they can help their employees during these difficult times. One option that employers have is to make disaster relief payments to their employees. A disaster relief payment is any amount paid to or for the benefit of an individual to reimburse […]
Hurricane Florence victims in N.C. given more time to file taxes
In the aftermath of Hurricane Florence, the IRS has extended tax filing deadlines for those individuals and businesses in certain parts of North Carolina. Much of coastal North Carolina is suffering from flooding in the aftermath of the storm that made landfall on Sept. 14. Many roads remain underwater or blocked by downed trees. The […]
Prepare your business now ahead of Hurricane Florence
Millions are preparing for Hurricane Florence, which is scheduled to strike the coasts of North Carolina and South Carolina in the coming days. But what happens after the storm? While no one can control the path and strength of the storm, as a business owner, you can take some steps now that will make it […]
Be aware of the tax consequences before selling your home
In many parts of the country, summer is peak season for selling a home. If you’re planning to put your home on the market soon, you’re probably thinking about things like how quickly it will sell and how much you’ll get for it. But don’t neglect to consider the tax consequences. Home sale gain exclusion […]
Size of charitable deductions depends on many factors
Whether you’re claiming charitable deductions on your 2017 return or planning your donations for 2018, be sure you know how much you’re allowed to deduct. Your deduction depends on more than just the actual amount you donate. Type of gift One of the biggest factors affecting your deduction is what you give: Cash. You may […]
2017 tax filing deadline for pass-through entities is March 15
When it comes to income tax returns, April 15 (actually April 17 this year, because of a weekend and a Washington, D.C., holiday) isn’t the only deadline taxpayers need to think about. The federal income tax filing deadline for calendar-year partnerships, S corporations and limited liability companies (LLCs) treated as partnerships or S corporations for […]