Is Inheritance Taxable?

Is an Inheritance Taxable?

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A frequent question is whether inheritances are taxable. This is a frequently misunderstood question related to taxation and can be complicated. When someone passes away, all of their assets will be subject to inheritance taxation, and whatever…
tax tips, portland, oregon

How Long Should You Hold On To Old Tax Records?

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Article Highlights: The general statute: 3 years Longer durations in some states Fraud, failure to file and other issues that extend the statute’s duration Keeping the actual return Ordering copies of previously filed returns This…
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Credit for Family and Medical Leave Benefits

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Article Highlights: Written Leave Policy Variable Credit Qualifying Employee Qualifying Leave Time Limits General Business Credit The Tax Cuts and Jobs Act that was passed last year included a new tax credit for employers…
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Should I Use a Credit Card to Pay My Taxes?

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With tax filing season out of the way, paying off those tax bills that weren't paid by April 18th is the next major concern for people. While there are a few options for payment agreements if you can't afford to write a check for the full amount…

Procrastinating on Filing Your Taxes?

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If you have been procrastinating about filing your 2017 tax return or have not filed other prior year returns, you should consider the consequences, including the penalties, interest, and aggressive enforcement actions. Plus, if you have a refund…
tax tips

Got a Letter from the IRS?

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Article Highlights:  Confirm the Letter Was Not Sent in Error Examine the Contents Avoid Procrastination, Which Leads to Bigger Problems Send Any Payments Consider Change-of-Address Complications Be Aware of ID Theft If…
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Summer Employment For Your Child

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Article Highlights Higher Standard Deduction IRA Options Self-Employed Parent Employing Your Child Tax Benefits Summer is just around the corner, and your children may be looking for summer employment. With the passage of…
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Choosing Your Accounting Method Under New Tax Laws

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Businesses today must take a closer look at their accounting methods. Since the passage of new tax laws, with changes to thresholds for choosing accounting methods, all companies need to take an inward look at their current accounting methods…
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I Didn't File My Tax Return; Now What?

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There are a lot of perfectly reasonable reasons for not having filed your income taxes. Many people who fail to file are new to the job market, and never having filed before may simply have been unaware of the requirement to do so. Some people…
Investment Deductions

So Long To The Tax Deduction For Investment Expenses

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Under the new tax reform law, investment expenses are no longer deductible as a miscellaneous itemized deduction. This means, for example, that if you have an investment account and are paying fees to have it managed, those fees are no longer…