Looking to the future: Biden’s proposed tax plan

Between a more urgent need for Covid relief, economic stimulus and a narrowly divided Congress, Joe Biden’s proposed tax plan may not get much traction in the early days of his administration. It is important, however, to take a look at the president-elect’s priorities that may inform more targeted legislative actions. Below is a snapshot […]

Why it’s important to plan for income taxes as part of your estate plan

As a result of the current estate tax exemption amount ($11.58 million in 2020), many estates no longer need to be concerned with federal estate tax. Before 2011, a much smaller amount resulted in estate plans attempting to avoid it. Now, because many estates won’t be subject to estate tax, more planning can be devoted […]

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 […]

Check deductibility before making year-end charitable gifts

As the holidays approach and the year draws to a close, many taxpayers make charitable gifts — both in the spirit of the season and as a year-end tax planning strategy. But with the tax law changes that go into effect in 2018 and the many rules that apply to the charitable deduction, it’s a […]

New withholding tables reflecting tax reform now available

Many Americans can look forward to seeing an increase in their paychecks next month due to the new tax law, but first employers must update withholding information for employees. The IRS released recently the 2018 withholding tables – formally the 2018 Percentage Method Tables for Income Tax Withholding – and employers must begin using them […]

Wage base increases and so does Social Security tax

The income level for those paying into Social Security will rise slightly this year. The Social Security Administration announced in the fall that the 2018 taxable wage amount will increase from $127,200 to $128,700. In other words, the maximum amount of wages in 2018 that are subject to the 6.2 percent Social Security tax rose […]