State 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”)…

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New 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…

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Tax Season Update – New tax deadline & COVID-19 steps

TAX SEASON UPDATE… I wanted to provide a quick update concerning this current tax season, communicating some of the steps we are taking to address the Coronavirus (COVID-19) outbreak and how we plan to manage tax preparation engagements in light of the recent change in tax filing deadline to July 15, 2020. Limiting LobbyTraffic –…

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2016 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…

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2015 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…

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Taking 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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Congress is Doing Nothing About Taxes… Again!

Updated 11/19/2015:  My article below addresses the bigger issue behind the annual tax-extender dance that takes place in Washington DC. Once again, we sit waiting for Congress to punch our card so that we can move off our seats. This is not just a current issue. It is an on-going large problem, and it is…

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5 Tips When Calling the IRS – How to Talk to a Real Person

If you need to call the IRS and talk to a person to get help, you most likely are already frustrated and stressed. Placing the call doesn’t help your anxiety level because it is easy to get lost in the myriad of automated responses… “Choose 1 for this”, “Choose 2 for that”, etc. Sometimes you…

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Looking Great is Not Deductible!

Does your job require you to look great? We have been able to meet some great small business people, including those in sales or leadership positions. To do the job right, the individual needs to look their best. This may mean more expensive clothing, on-going grooming, staying fit, etc. To look your best… to look…

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Obamacare, the Affordable Care Act, and Your Tax Return

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…

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