In July of 2018 the Portland City Council adopted the Residential Rental Registration Program. The Portland City Code 7.02.890 requires all residential rental owners with property rented in Portland city limits to file a Schedule R and attach it to their business license tax filing. The fee is currently $60/unit and is due annually on …
Portland’s Residential Rental Program and Schedule R Read More »
Opening an on-line account at irs.gov gives you access to your tax information at any time. Your IRS account contains important tax information and documents such as: Adjusted gross income. This can be useful if the taxpayer is using different tax software or a different tax preparer this year. They may need their AGI so …
Creating a Taxpayer’s On-Line Account at IRS.gov Read More »
Prior to 2020, if you were a freelancer, gig-worker, or your small business hired independent contractors, you issued or were issued a 1099-Misc for that work. On the form 1099-Misc, box 7 would display your independent contractor earnings. With the advent, or re-advent of the gig-economy (Uber, Lyft, Etsy, Bird, Lime, DoorDash, AirBnb, etc.), the …
The New IRS form 1099-NEC for Self-Employed and Gig-Workers Read More »
A Social Security number (SSN) is a nine-digit number that the U.S. government issues to all U.S. citizens and eligible U.S. residents who apply for one. The government uses this number to keep track of your lifetime earnings and the number of years worked. When the time comes to retire, or if you ever need to receive …
How Much of my Social Security Benefits are Taxable? Read More »
Q&A WITH A PLAN OF ACTION Are my unemployment benefits taxable? By law, all unemployment benefits are taxable in Oregon and must be reported on both your federal and Oregon tax returns. Does this include benefits I received during the Coronavirus Aid, Relief, and Economic Security (CARES) Act? Yes – all unemployment benefits are taxable …
Oregon now offers a subtraction for amounts you deposited during the tax year into a designated FTHBSA, along with any earnings on your deposits. Who may claim the subtraction? Any Oregon resident who hasn’t purchased or owned a single-family home, either individually or jointly, in the three years prior to the date of their planned …
Oregon’s First-Time Home Buyer Savings Account (FTHBSA) Read More »
Who has to pay it, why they must pay it, and where the money goes ($76 million since 2012) The Arts Education and Access Income Tax was approved by Portland voters in the November 6, 2012 general election (Ballot Measure 26-146). Every Portland Resident age 18 or older, must file either an annual arts tax return, …
What is the difference between an Enrolled Agent and a CPA? Both an Enrolled Agent and a Certified Public Accountant are credentials that require arduous effort and examination. One credential is administered by the state and the other is administered by the federal government. A state credentialed CPA must complete 150 undergraduate hours and pass …