New 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…

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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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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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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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Reduce Taxes Now! Take Steps Before Dec. 31st!

If you wait until April 15th to try and reduce your 2015 income tax, there will be very few things you can do. Review your tax situation now, before December 31st, and take action to minimize your 2015 income tax. There is some uncertainty in which tax provisions Congress may decide to extend, but the…

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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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Section 179 Deduction

  When you purchase property or equipment, you utilize these assets over a period of several years (their “useful life”). Depreciation is the process of expensing or deducting the cost over the useful life of the asset rather than the entire amount in the year of purchase.   Illustration of business financials information without depreciation:…

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