Trust and Estates and Itemized Deductions
On Friday July 13, 2018, the IRS announced they will be publishing regulations related the suspension of miscellaneous itemized deductions and how it impacts non-grantor trusts and estate filings starting with tax year 2018. Currently the Tax Cuts and Jobs…
July 1, 2018 Oregon Payroll Updates
As of July 1, 2018, there are two new changes that are in place for employers and employees in the state of Oregon. Minimum wage will be receiving an increase and there is a new tax that has begun as…
Oregon Minimum Wage Increase
As of July 1, 2018, minimum wage workers across Oregon will be receiving a wage increase due to 2016 Oregon Legislature, Senate Bill 1532. Beginning July 1, 2016, it calls for an annual minimum wage increase. These prescribed increases will…
New Oregon Transit Tax
Starting July 1, 2018 employers are to begin withholding one-tenth of a percentage or 0.1% for all wages earned in Oregon. This includes wages of all Oregon residents regardless of where the work is or was performed and wages of nonresidents who perform services in Oregon.
Passing Assets and Saving Money
The Tax Cuts and Jobs Act, which was passed in December of 2017, brought large scale changes across the board. It significantly changed the landscape for taxes in general and in the realm of estate planning. It moved the estate exemption from $5,490,000 in 2017 to $11,200,000 per individual, meaning for federal estate tax purposes up to $11,200,000 of assets can pass to a non-spouse upon passing, free of Federal Estate Tax.
2017 Changes… in 2018!
Just when we thought all was said and done and final for the 2017 tax law, 31 items that had expired as of December 31, 2016 have been brought back, most with a new December 31, 2017 expiration date.
Prepping for the Tax Cuts & Jobs Act
The United States is on the verge of passing the largest tax overhaul since the tax code revamping in 1986. It will drastically change the landscape for some moving forward starting in the 2018 tax year. In preparation of the…
Sharing the Load
As Sam, one of my favorite characters in The Lord of the Rings said to Frodo, the hobbit who was attempting to make the perilous journey from The Shire to Mount Doom to destroy the one ring, “share the load.”…
Free Oregon Money
It is official! The state of Oregon has approved a $463 million kicker related to the 2016 tax year. The surplus means that the State of Oregon will be kicking income tax dollars back to Oregon taxpayers. Although taxpayers will…