Tax Tips

Hello!

I thought it might be useful to remind you how to get me your 2022 income tax data this year... it could save you some time and effort!

Owning your own business has significant tax advantages. Ask anyone who has gone from being an employee to being their own boss and they’ll tell you the deductions alone make it all worthwhile. Still, many business owners are missing out on a fair number of deductions. This may be for a combination of reasons.

it's the end of July & a great time to...

* review all Aug21-July22 tax blogs 

* ask tax questions early (now, or at least before Dec31st)

* take a look at your 2022 accounting (Quickbooks or other)

If you've been busy rolling the dice at a crap table in Vegas, playing the lottery now and then, or betting on your favorite team to win a few games, you may have accumulated some gambling winnings.

Just a heads up on this...

If you live in the Portland Metro area, there may be 1 or 2 new local taxes to pay & returns to file, if you have Oregon taxable income of $200,000 (married filing jointly), $125,000 (single), or more. 

Hello!

I thought it might be useful to introduce 2 new ways to get me your 2021 income tax data this year... it could save you some time and effort!

You may have noticed a lot of talk lately about something called, “universal basic income.” The increase in online chatter about universal basic income, or UBI, is likely connected to the government handing out stimulus money during the pandemic. 

As you know, most income you earn or receive over the course of a year is subject to being taxed. While in many situations the taxes are paid through withholding, other situations may require you to make estimated tax payments.

While most people are accustomed to being in debt for homes, cars, and other things, being in debt to the IRS is a different matter altogether. Since the federal government does not appreciate it when folks don't pay the amount of taxes they owe, the penalties for tax debt are often severe.

Whether you are a business owner or an individual, meeting with your CPA is of course important when it comes to your taxes or other financial matters. However, even if you consider yourself to be well-versed in accounting, there are usually a few terms tossed your way that may leave you confused.