Tax Tips

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.

If there is one thing you as a taxpayer want to avoid, it is being audited by the IRS. While the chances of it are usually very slim, there are certain red flags that do get the attention of IRS officials now and then.

When the time comes and you decide to hire someone to work for you as a housekeeper, nanny, caregiver, or similar job at your home, it’s vital that you understand the tax implications associated with such arrangements.  While some people who are employers in these situations don’t pay attention to the tax side of things, this is a mistake that m

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

* review all 2020 tax blogs (so far)

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

* take a look at your 2020 accounting (Quickbooks or other)

With the recent coronavirus outbreak, discussions of paid leave, and states of emergency, more attention has been paid to sick time and paid time off than ever before. If you’re a small business owner with just a few employees, you might not have an official sick time policy.

The CAT is applicable to tax years beginning January 1, 2020. This includes all business types, not just corporations. If you are a larger business, operating in Oregon (commercial activity of $750k or more), you are required to register for the new Oregon Corporate Activity Tax (CAT) tax - within 30 days of meeting the $750k threshold.

Getting a divorce can be one of the most stressful times in your life. In addition to the emotional toll, it costs, on average, $15,500.

Does it sometimes feel like your accountant is speaking an alien language? You hired a CPA in the first place so you could benefit from their many years of experience and expertise. Obviously your CPA knows more than you do when it comes to taxes and taking advantage of the most beneficial financial strategies.

Travel and entertainment are legitimate deductions, but few business owners take full advantage of them. One reason may be that they fear that the deduction will be challenged by the IRS and they’ll have to undergo the scrutiny of an audit.

As we get deeper into the 2019 tax season, some taxpayers are experiencing a delay in receiving their tax refunds.  The old adage that if you are expecting a refund you should file early seems to be coming under fire a bit in recent years, but none so much as the 2019 tax season.  But why?