Quant Bookkeeping

Take these last few months of the year to get organized so tax season is smooth and your deductions are maximized. Look through your personal accounts for any business expenses, and look through your mileage logs to make sure they are complete. Send that information to your accountant so you can get a complete financial picture of your business along with a tax projection for quarterly estimated payment planning.

WA state has some of the most comprehensive inclusions for services that are required to pay sales tax. Know that physically performing services in the state establishes nexus immediately. WA state is more aggressive than other states because they don't have an income tax.

As an employee, you are used to paying the employee portion of this tax. Now that you are self employed, you must pay both the employer and employee portion. The part the trips up most first time business owners is that this tax adds to their total tax liability, which determines whether you need to make quarterly estimated payments. Even with smaller amounts of income, you may find yourself above the $1000 threshold and thus responsible for quarterly payments.

Oregon has one of the lowest estate tax exemptions, and the recent Senate bill (1511) to increase the estate tax exemption to 2.5 million was struck down. Because the exemption is only 1 million, you need to plan accordingly for maximum tax savings. Having a bypass trust can provide the benefits of both revocable and irrevocable trusts. Having a QTIP can allow for multiple step ups in basis, but may result in estate taxes being owed. Your CPA should consider all factors when advising on estate structures.

Some key deadlines are approaching for 2025 tax returns on extension, don't miss these! Failure to file penalties are 10 times higher than failure to pay penalties, so make sure you get everything submitted on time.

Q3 Estimated tax payments are due 09/15. Now is a great time to start paying in if you haven't paid anything this year.

We help small business owners reduce their chances of penalties and interest through tax strategy and year round planning, give us a call or visit our website for more information.

Maximize your OR PTE tax credit by utilizing Section 179 over bonus depreciation as this will increase your federal tax deductions.

Make sure you are updating your rental agreement annually and that the rent is in accordance with FMV for your area, otherwise the IRS may disallow your deductions.

Your 1099-G may not be taxable if it is for a state refund, if you received one this tax year know that the taxability is based on whether you itemized your deductions federally.