Tax Planning
Idaho “SALT” Cap Workaround
IDAHO – State And Local Tax (“SALT”) Cap Workaround Idaho passed legislation allowing for a SALT Cap workaround beginning in the 2021 tax year. In the past, many taxpayer’s were able to include all of their State and Local Taxes (“SALT”) as an itemized deduction. The Tax Cuts and Jobs Act (TCJA) limited the SALT…
Read MoreOregon “SALT” Cap Workaround
OREGON – State And Local Tax (“SALT”) Cap Workaround Oregon passed legislation allowing for a SALT Cap workaround beginning in the 2022 tax year. In the past, many taxpayer’s were able to include all of their State and Local Taxes (“SALT”) as an itemized deduction. The Tax Cuts and Jobs Act (TCJA) limited the SALT…
Read MoreState And Local Tax (“SALT”) Cap Workaround
State And Local Tax (“SALT”) Cap Workaround Many states are passing legislation which allows for a SALT Cap workaround. Background: Taxpayers can deduct the larger of the Standard Deduction or their Itemized Deductions on their individual tax return. Itemized deductions include charitable contributions, mortgage interest expense, medical expenses over 7.5% of their Adjusted Gross Income (“AGI”)…
Read MoreNew PPP Loan Forgiveness Rules
New PPP Loan Forgiveness Rules ! The House passed a bill earlier this week, and the Senate just passed it last night (Wednesday), modifying and relaxing the PPP forgiveness rules. The President is expected to sign the bill into law soon. The key changes in summary are: Spending period is now 24 weeks (extended from 8 weeks) Payroll…
Read MoreNew 2019 Tax Filing Deadlines… Federal, Idaho, Oregon
New 2019 Tax Filing Deadlines! The Federal & Oregon tax filing deadline is now July 15, 2020 and Idaho’s is now June 15, 2020. But when are IRA and other retirement contributions due? How about the due dates for 2020 quarterly estimated tax payments? July 15, 2020 FEDERAL Deadline – As previously communicated, Treasury Secretary Steven Mnuchin announced on…
Read More2016 Income Taxes: Obamacare & Trump’s Executive Order
2016 INCOME TAXES: OBAMACARE & TRUMP’S EXECUTIVE ORDER by Rick Howard, CMA, CPA 2/17/2017 The Affordable Care Act, referred to as “Obamacare”, imposes a penalty for taxpayers who do not have the required health care coverage. President Trump signed an Executive Order directing the authority and discretion to “waive, defer, grant exemptions from, or delay…
Read MoreReduce 2016 Income Taxes Now (Take Action Before December 31st!)
If you wait until April 15th to try and reduce your 2016 income tax, there will be very few things you can do. “If” you qualify, you can make contributions to Retirement or Health Savings account up to the April 15th filing deadline that can be deductions for the prior year’s income, however, most tax…
Read MorePart 1 – How will the Increased Minimum Wage Rate Impact Your Business?
Part 1 – How will the increased minimum wage rate impact your business? Many states have, or are considering, increasing the minimum wage rate. As a business owner and/or manager, it is important that you have a clear understanding of the impact that a wage rate increase has on your operations. This is the…
Read More2015 Tax Legislation Passed in Time for Christmas (and for Year-End Tax Planning)
UPDATE: 2015 Tax Legislation Passed on December 18, 2015… just in time for Christmas, and for your 2015 year-end tax planning. I expected Congress to pass legislation extending the 50+ key tax provisions (nick-named “extender tax provisions”), but my expectation was that it would be a one or two year extension. That is what has…
Read MoreTaking the Political Easy Path – Extender Tax Provisions Update
In an earlier post, I discussed the on-going issue with Congress where they continue to extend 50+ key tax provisions (nick-named “extender tax provisions”) for only one or two years, and then the process must be repeated. Why won’t Congress make the changes permanent? Because of politics. Specifically, these changes reduce tax revenue and increase…
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