Tax Planning

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.

Whether you run a brick and mortar business or an ecommerce business, you have to deal with charging sales tax. How and when to charge sales tax has always been a confusing issue for business owners. And since more people are now running both an ecommerce operation in tandem with a brick and mortar operation, the issues are even more confusing.

As a business owner, you’re entitled to a plethora of tax deductions. These tax deductions can help you to offset business income, which ultimately helps you be more profitable. Of course, you need to be careful with your tax deductions. Always consult with your CPA about which deductions are available to you, and how to take them.

Hi there & happy New Year, 2020!

Things to do, taxewise, for the new year...

I N D I V I D U A L S

Whether it’s carols blasting in the malls, or menorahs in the window, the holiday season is upon us. For small businesses, it can be a great time to say “thank you” to the clients who’ve helped you have a successful year. Some companies choose to send holiday cards, which only cost pennies, but others want to go above and beyond.

The deadline for implementing the FASB’s new leases accounting standard, ASC 842, is fast approaching. Many private companies are only just now realizing that they need to examine their leases in light of the new requirements to bring most leases on-balance sheet.

Be sure to review...

* my recent "Year-End Tax Planning 2019" blog (posted Oct 31, 2019), for a list of planning items - to do before December 31, 2019. Here's a link to all tax planning blogs.