2019 Standard Mileage Rates
On Friday, December 14th, 2018, the IRS released the 2019 standard mileage rates with notice 2018-251. These are very important numbers which are used for many calculations such as mileage reimbursements, expenses related to driving for businesses, medical mileage, and…
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…
Tax Cuts and Jobs Acts Brings Postcard 1040
The 2017 Federal Form 1040, U.S. Personal Income Tax Return is 79 lines long consisting of a slew of income items, deductions, non-refundable credits, additional taxes, and refundable credits. The latest draft 2018 Federal Form 1040 Simplified, U.S. Personal Income Tax Return only has 23 lines. What happened to the other line items? Majority of those items have now been moved to six different tax schedules that can be attached to the Form 1040 Simplified.
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.
Wineries, Vineyards, Tax Cuts & Jobs Act (Oh My!)
There are changes across the board related to the Tax Cuts and Jobs Act signed into law in December of 2017. There are specific items relevant to wineries and vineyards.
Important Dates for 2018
As we said goodbye to 2017, we quickly rolled into the 2018 filing season. It is important to be aware of filing deadlines to ensure no filings are missed and all of the proper forms are filed with the correct agencies.