Riverview Tax & Accounting PC

Riverview Tax & Accounting PC Provide tax services and consulting to individuals and small businesses

The Tax Cuts and Jobs Act includes many changes affecting tax breaks for employee benefits that will impact not only emp...
04/17/2018

The Tax Cuts and Jobs Act includes many changes affecting tax breaks for employee benefits that will impact not only employees but also the businesses providing the benefits. Beginning with the 2018 tax year, the new law reduces or eliminates tax breaks in these 4 areas: transportation benefits, on-premises meals, moving reimbursements and employee achievement awards. (Some changes are only temporary.) On the plus side, for 2018 and 2019, the new law creates a tax credit for wages paid to qualifying employees on family or medical leave. Contact us for the details.

If a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. The upside is tax ben...
04/13/2018

If a company’s deductible expenses exceed its income, generally a net operating loss (NOL) occurs. The upside is tax benefits: If the tax year generating the NOL ended on or before 12/31/17, the NOL can be carried back up to 2 years to generate an immediate tax refund and boost cash flow. Any remaining NOL can be carried forward up to 20 years. Or the entire NOL can be carried forward. But the TCJA makes significant, generally unfavorable, changes to the tax treatment of NOLs. The rules are complicated, especially for pass-through entities. Contact us for details.

The April 17 federal income tax filing deadline is nearly upon us. If you haven’t filed your individual return yet, you ...
04/11/2018

The April 17 federal income tax filing deadline is nearly upon us. If you haven’t filed your individual return yet, you may be thinking about an extension. This allows you to delay filing your return until Oct. 15, 2018. But consider these pitfalls: If you expect to owe tax, to avoid potential interest and penalties you still generally must pay any tax due by April 17. If you expect a refund, you’ll be extending the amount of time your money is in the government’s pockets rather than your own. Contact us if you have questions about avoiding interest and penalties.

Have you made your 2017 IRA contributions? You still have time: The deadline is April 17, 2018. Deductible contributions...
04/09/2018

Have you made your 2017 IRA contributions? You still have time: The deadline is April 17, 2018. Deductible contributions will lower your 2017 tax bill, but even nondeductible ones can be beneficial because of tax-deferred growth (tax-free in Roth accounts). The 2017 contribution limit is $5,500 (plus $1,000 for those age 50 or older on Dec. 31, 2017). But your traditional IRA deduction or Roth IRA contribution may be further limited based on your income. Remember, once the deadline has passed, the savings opportunity is lost forever. Contact us to learn more.

Classifying workers as independent contractors (rather than employees) can save businesses money. But the IRS is on the ...
04/09/2018

Classifying workers as independent contractors (rather than employees) can save businesses money. But the IRS is on the lookout for improper classifications, and it may assess significant back taxes, interest and penalties. To help avoid this, you can file optional IRS Form SS-8, “Determination of Worker Status for Purposes of Federal Employment Taxes and Income Tax Withholding.” But the IRS has a history of reflexively classifying workers as employees, and filing this form may even trigger an audit. Contact us for alternative ways to address this issue.

Here are some key tax-related deadlines for businesses and other employers during Quarter 2 of 2018. APRIL 17: If a cale...
04/04/2018

Here are some key tax-related deadlines for businesses and other employers during Quarter 2 of 2018. APRIL 17: If a calendar-year C corporation, file or extend your 2017 income tax return and pay any tax due, and pay the first installment of 2018 estimated taxes. APRIL 30: Report income tax withholding and F**A taxes for Q1 of 2018 (unless eligible for May 10 deadline). JUNE 15: If a calendar-year C corp., pay the second installment of 2018 estimated income taxes. Contact us for more about the filing requirements to ensure you’re meeting all applicable deadlines.

If you supported an elderly parent last year, you might qualify for an adult-dependent exemption of up to $4,050 on your...
04/03/2018

If you supported an elderly parent last year, you might qualify for an adult-dependent exemption of up to $4,050 on your 2017 tax return. For you to qualify, in most cases your parent must have less gross income for the tax year than the exemption amount and you must have contributed more than 50% of your parent’s financial support. For 2018, the exemption is suspended, but you might be eligible for a $500 “family” tax credit for your adult dependent. We’d be happy to provide additional information. Contact us to learn more.

If you own a home, you may be eligible for several valuable breaks when filing your 2017 return. But under the Tax Cuts ...
03/24/2018

If you own a home, you may be eligible for several valuable breaks when filing your 2017 return. But under the Tax Cuts and Jobs Act, your home-related breaks may not be as valuable next year. Affected breaks include deductions for property tax, mortgage interest, home-equity-debt interest and home office expenses. Also, a mortgage-insurance premium deduction and a debt forgiveness exclusion expired Dec. 31, 2017, but they might be extended. We can help you determine which breaks you can claim on your 2017 return and how your 2018 tax situation may be affected.

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a w...
03/21/2018

Normally when appreciated business assets such as real estate are sold, tax is owed on the appreciation. But there’s a way to defer this tax: a Section 1031 “like kind” exchange where, instead of selling appreciated property, you exchange it solely for property of a “like kind.” Virtually any type of real estate will qualify as long as it’s business or investment property. But the Tax Cuts and Jobs Act generally eliminates this favorable tax treatment for personal property. Considering a like-kind exchange? Contact us to ensure you comply with the complex rules.

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on...
03/17/2018

If you suffered damage to your home or personal property last year, you may be able to deduct these “casualty” losses on your 2017 federal income tax return. A casualty is a sudden, unexpected or unusual event, such as a natural disaster, fire, accident, theft or vandalism. Many rules and limits apply; some are loosened for victims of Hurricanes Harvey, Irma and Maria and certain California wildfires. For 2018 through 2025, this deduction is suspended except for losses due to an event officially declared a disaster by the President. Contact us for details.

Repairs businesses made to tangible property (such as buildings, machinery, equipment or vehicles) last year generally c...
03/16/2018

Repairs businesses made to tangible property (such as buildings, machinery, equipment or vehicles) last year generally can be immediately expensed and fully deducted on 2017 income tax returns. But costs incurred last year to improve such property must be depreciated over a period of years, providing a much smaller 2017 deduction. Distinguishing between repairs and improvements can be difficult. Fortunately, some IRS safe harbors can help. To learn about the safe harbors and other ways to maximize your tangible property deductions, contact us.

Address

19800 Village Office Court #100
Bend, OR
97702

Telephone

+15416476424

Website

Alerts

Be the first to know and let us send you an email when Riverview Tax & Accounting PC posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Contact The Business

Send a message to Riverview Tax & Accounting PC:

Shortcuts

Share