The office in home deduction allows qualified taxpayers in Oregon and the U.S. to deduct an in-home office when they file their taxes. To claim the home office deduction, taxpayers must “exclusively” and “regularly” use part of their home or a separate structure on their property as their place to conduct business. Details about the …
When you sell your primary home, you may be able to exclude $250,000 of gain from the sale and avoid paying taxes on it. The capital gain exclusion is increased to $500,000 for a married couple filing jointly. To qualify for the maximum exclusion of gain, you must meet the Eligibility Test. Eligibility Test Step …
Selling your Primary Home and Calculating the Capital Gain Exclusion Read More »
As a result of the Inflation Reduction Act, the IRS is now offering a Free File Service for Taxpayers who made $73,000 or less in 2022. The service is effective beginning on January 13th 2023; however, those returns won’t be processed until January 23rd, 2023 when the IRS first accepts any electronically filed tax returns. …
The Multnomah County Business Income Tax is an income tax on net business income. Revenue generated from the Multnomah County Business Income Tax goes to the County General Fund and is used to finance libraries, law enforcement, community corrections, jails, juvenile justice, bridges, social services, and health services. You are generally considered to be “doing business” in the …
Portland’s Business License Tax is a net income tax on any business activity (including renting residential and commercial real property) conducted in Portland. The tax income is used as revenue for the general fund (police, fire, some parks programs, and general government functions). You are generally considered to be “doing business” in the City of …
1/10/2024 – IRS announces delay for implementation of $600 reporting threshold for third-party payment platforms’ Forms 1099-K until 2024 tax year. The American Rescue Plan Act of 2021 significantly modified the reporting threshold associated with form 1099-K, Payment Card and Third-Party Network Transactions, from $20,000 AND more than 200 transactions per year down to annual …
Understanding Form 1099-K (Payment Card and Third-Party Network Transactions) Read More »
If you make annual cash charitable contributions to any of the 1400 qualifying Oregon nonprofit cultural organizations, consider making a matching donation to the Oregon Cultural Trust’s Development Account to get a dollar for dollar Oregon Tax Credit. On your state tax form you’ll take the tax credit code 807, report the donation to the …
Oregon Cultural Trust Contributions Tax Credit (ORS 315.675) Read More »
The IRS can be extremely difficult to communicate with by telephone. You may navigate through a phone tree for 10-minutes before being informed by an automated recording that “We are unable to process your request at this time, please call back the next business day.” After this recording you’ll hear a dial tone. For taxpayers …
Section 125 of the IRS code allows employers to offer employees a choice between receiving a portion of their compensation in cash or as part of an employee benefit that can provide sizeable tax savings for both the employer and employee. A section 125 plan is also referred to as a cafeteria plan because employers …
In 2013, a Portland, Oregon man electronically filed at least 66 false tax returns requesting more than $300,000 in tax refunds from the Oregon Department of Revenue. Since then, every tax season we see a growing number of Oregon taxpayers being selected for “Oregon manual processing”. Typically, the most common reason the Oregon Department of …