What is NII and Will it Cause NIIT?

For tax years after December 31, 2012, individuals, trusts, and estates are subject to a 3.8 percent Net Investment Income Tax (NIIT), if their modified adjusted gross income (MAGI) exceeds a threshold amount determined by their filing status: married filing joint, married filing separately, or single.  Some of you may have experienced this new tax…

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Quarterly Tax Payments: Beware 90% May Be Greater Than 100% or 110%

In certain situations it is necessary for individuals to make estimated quarterly tax payments using the Form 1040-ES payment voucher.  Estimated tax payments are necessary when income is derived from sources that are not subject to withholding such as interest, dividends, gains from sales of assets, rental income, royalties, schedule E pass-through income, and self-employment…

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Discovering the How, Why, and How Much of Your Income Taxes

After completing my 37th tax season and taking some time to rest, relax, and refresh I am pleased to get back into the routine of writing a monthly article for ChartNotes. The topic for this article was developed during tax season as I met with clients over their income taxes and as I analyzed completed…

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WHAT DOES YOUR W-2 SAY ABOUT YOU?

The Form W-2, Wage and Tax Statement, is a form millions of Americans receive annually.  The form is required to be prepared by every employer engaged in a trade or business who pays remuneration for services performed by an employee. The form is prepared with five copies to be distributed as follows: Social Security Administration…

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2nd Qtr: Stay in Touch With Your Tax Calendar

Last month’s article covered the important tax calendar dates for the first quarter of 2014. Since we are midway through that first quarter you may want to refer back to that article and the due dates that were covered. This month I will write about the second quarter of 2014 and what important dates are…

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QB 2014 Makes Accounting for Returned Checks Easy

QuickBooks 2014 is making the accounting for returned checks (bounced, bad, or NSF) a snap. This new feature has been desired for a long time, and works very well in the accounting end of QuickBooks. Not only will it record the charge in your bank account, record the bill to the customer for the bank fee, and record…

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The End of 2013 is Just Round the Corner

Hopefully there will not be a repeat of the 16-day government shutdown following the 12 days of Christmas.  The IRS has already announced to tax preparers that they likely will not be accepting tax returns prior to January 28, but maybe not until February 4 – more specific dates will be announced in December. Each…

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BC+S Merged with Johnson McGowan & Associates in Albany

We are pleased to announce that Boldt Carlisle + Smith (BC+S), with offices in Salem, Stayton, and Albany, Oregon has merged with Johnson McGowan & Associates, LLP (JMA), based in Albany, Oregon. The merged firm will continue operating as Boldt Carlisle + Smith. From our inception, we have served many clients in the Albany/Lebanon/Corvallis area from…

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What’s New at the IRS?

The Internal Revenue Service has been in the news lately, and not for the normal reasons.  The IRS has been called out for using its power in the wrong ways to monitor non-profit organizations, making poor choices on spending money to train employees, and for other questionable practices. Beyond this internal strife, there is news…

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Bingenheimer Thanked for Board of Accountancy Service

Brad Bingenheimer was recently thanked for his six years of service on the Oregon Board of Accountancy’s Peer Review Oversight Committee. The Board appreciated the knowledge and expertise that Brad contributed to the Committee’s work. The work of the committee and the input they provide enables the Board to have a high level of information…

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