ebs Associates Blog

Small Business Accounting & Technology Resources

Tax Penalty Relief from the IRS? [How You Qualify]

Posted by Denise Loter-Koch on Feb 20, 2019

The estimated tax penalty can be waived for you, if your 2018 federal income tax withholding and estimated tax payments fall short of your total tax liability for the year; however, there is a catch: its is only waived, if you paid at least 85 percent of total tax liability during the year through federal income tax withholding, quarterly estimated tax payments or a combination of the two. Typically, you must pay 90 percent to avoid a penalty.

The waiver computation will be reflected in a revised Form 2210, Underpayment of Estimated Tax by Individuals, Estates and Trusts, and instructions.

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Topics: year-end, Taxes, Taxes in Oregon, Small Business Accounting

5 Facts About the Opportunity Zone Tax [PLUS] How to Qualify

Posted by Denise Loter-Koch on Feb 15, 2019

Providing tax benefits to investors who invest eligible capital into distressed communities throughout the U.S. and its possessions, Qualified Opportunity Zones (QOZs) were created under the Tax Cuts and Jobs Act of 2017 to spur economic development and job creation. If you're considering investing in a QOZ, read on to learn the facts you need to know about this tax incentive.

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Topics: Taxes, Taxes in Oregon, Small Business Accounting

Do I Need to File a Tax Return in 2019? [ANSWERED!]

Posted by Denise Loter-Koch on Feb 13, 2019

Most people file a tax return because they have to, but even if you don't, there are times when you should. You could be eligible for a tax refund, and not know it. The six tax tips below should help you determine whether you're one of them.

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Topics: Small Business Accounting, Taxes in Oregon, Taxes

Tax Season 2019 Filing Begins

Posted by Denise Loter-Koch on Feb 4, 2019

January 28, 2019, marked the start of this year's tax filing season, and it's the first time taxpayers will be filing under the new tax reform laws, most of which became effective in 2018. Complicating matters is a newly revised Form 1040, U.S. Individual Income Tax Return, as well as the partial shutdown of the federal government. With more than 150 million individual tax returns expected to be filed for the 2018 tax year, here's what individual taxpayers can expect:

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Topics: Taxes in Oregon, Taxes, Small Business Accounting

7 Common Small Business Tax Myths

Posted by Denise Loter-Koch on Feb 1, 2019

The complexity of the tax code generates a lot of folklore and misinformation that could lead to costly mistakes such as penalties for failing to file on time or, on the flip side, not taking advantage of deductions you are legally entitled to take and giving the IRS more money than you need to. With this in mind, let's take a look at seven common small business tax myths.

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Topics: Small Business Ideas, Small Business Accounting, Taxes in Oregon, Taxes

Employers Beware: Identity Theft and W-2 Scam Alert or Phishing

Posted by Denise Loter-Koch on Jan 4, 2019

The 2019 tax season is quickly approaching and with it an increase in identity theft and W-2 scams. Small business identity theft is big business for identity thieves. Just like individuals, businesses may have their identities stolen, and their sensitive information used to open credit card accounts or used to file fraudulent tax returns for bogus refunds.

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Topics: Small Business Ideas, Small Business Accounting, Taxes in Oregon, Taxes, Cyber Security Awareness

Important Tax Changes for Individuals and Businesses | Misc Tax Tips

Posted by Denise Loter-Koch on Jan 3, 2019

As the New Year rolls around, it's always a sure bet that there will be changes to current tax law and 2019 is no different, now that the tax provisions under the Tax Cuts and Jobs Act of 2017 (TCJA) are in full effect. From standard deductions to health savings accounts and tax rate schedules, here's a checklist of tax changes to help you plan the year ahead.

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Topics: Small Business Ideas, Small Business Accounting, Taxes in Oregon, Taxes

Year End - Depreciation and Retirement Planning for 2018

Posted by Denise Loter-Koch on Dec 5, 2018

Transition Rule for Rehabilitation Tax Credit

The Rehabilitation Tax Credit offers an incentive for owners to renovate and restore old or historic buildings. Tax reform legislation passed in December 2017 changed when the credit is claimed and provides a transition rule, which is summarized below:

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Topics: Taxes in Oregon, Taxes, Small Business Accounting, year-end

Year End Tax Strategies and Considerations for 2018

Posted by Denise Loter-Koch on Dec 5, 2018

Recapping Business Tax Provisions for 2018, here's what business owners need to know about tax changes for 2018: Read More

Topics: Taxes in Oregon, Taxes, Small Business Accounting, year-end

Year in Review: Tax Changes for Individuals

Posted by Denise Loter-Koch on Dec 4, 2018

The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated or modified numerous tax provisions starting in 2018. Here's what individuals and families need to know as they get ready for tax season.

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Topics: Taxes in Oregon, Taxes, Small Business Accounting, year-end

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