2021 Midyear Check-In

It is the middle of August and like most people you are probably enjoying the summer season. I particularly enjoy the long days, warm nights, and time with my family. Also, most likely, taxes are the furthest from your mind at this point in the summer. “Who needs to think about taxes in the middle…

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Disaster Relief Payments

Qualified disaster relief payments received by an employee can be excluded from gross income under the Internal Revenue Code Section 139 Once President Trump declared COVID-19 and the Oregon Wildfires a national disaster under the Robert Stafford Disaster Relief and Emergency Assistance Act, and the IRS’s interpretation of the declaration for other tax purposes, it…

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A 529 plan is tax benefit that is designed to promote saving for college.  Typically, a taxpayer will contribute to a 529 plan because it allows an individual to make significant contributions with money that grows tax- free. Money from a 529 plan can be used to pay for any college related expenses, including, but…

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New Tax Legislation

Last week, congress passed new tax legislation. Among the important provisions, some of the taxpayers effected by this legislation include: those who itemize for medical and dental expenses, or mortgage insurance premiums; have tuition & fees deductions; investors in empowerment zones; solar, business and non-business energy efficient property purchasers; employers providing Family and Medical Leave;…

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The 2018 tax year will mark the first year subject to the changes in effect from the Tax Cuts and Jobs Act (TCJA). We have compiled a list of potential planning strategies that may benefit you or your family. We have placed a special emphasis on strategies connected to changes from the TCJA. We encourage…

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