DEALING WITH A MINIMUM WAGE RATE INCREASE – Many states have increased, or are considering increasing, the minimum wage rates. Oregon is looking at a three-year progressive increase from the existing $9.25 rate to $15.00 in 2019. Businesses need to understand the financial impact and how to implement the right strategies (perhaps to just survive). This series of articles will help you determine the financial impact of a minimum wage rate increase on your business. Some of the more effective business strategies are also discussed. Included is a free Excel spreadsheet made available as a tool to help you with your own analysis. (Link to 1st article.)
2015 TAX ORGANIZERS & QUESTIONNAIRES – We mailed customized Organizers and Tax Questionnaires to you, our clients, to help guide you in gathering the information we need to prepare the tax returns. These tools will help give us a better understanding to more accurately prepare the tax return and to discover tax saving opportunities. Because situation may have changed, additional Organizer pages are available to down load should they be needed (see applicable “Tax Organizer” page ).
2015 YEAR-END TAX STRATEGIES & PLANNING – We have provided some discussion on the more common strategies that may assist you with your year-end tax planning. Remember that you are unique and that not all your planning opportunities may be listed. Please let us know if we can develop a strategy that will best meet your specific situation.
See the “Tax Planning & Strategies” section to review the tax strategy discussion.
TAX EXTENDERS LEGISLATION UPDATE – There were over 50 tax related items (deductions, credits, etc.) that expired on December 31, 2014. On December 18, 2015, Congress passed the Protecting Americans from Tax Hikes Act of 2015 (the PATH Act). This legislation makes many of the “extender” tax provisions permanent. Others provisions were extended several years with defined phase-outs and some were extended just through 2016. Read more…
OBAMACARE & TAX RETURNS – Beginning in 2014, the Affordable Care Act (“ACA”), also referred to as Obamacare, mandates health insurance coverage. Businesses with 50 or more employees are mandated to provide health insurance coverage to their employees, or pay penalties. Individuals that are not provided health insurance coverage by their employer are mandated to obtain insurance coverage on their own, or pay penalties. The focus of “this article” is related to the individual’s mandate, related penalties, possible exceptions, and how they are reported on your tax return.