Did you know the IRS launched a new IRS Tax Withholding Estimator this year? It is part of an ongoing effort by the IRS to improve services for taxpayers.
The estimator is a step by step tool for tailoring the amount of income tax withheld from your paycheck so at the end of the year you won't be surprised during tax time.
The IRS recommends adjusting your W-4 allowances each year so that the tax withholding covers your estimated tax liability on your tax return. Click the link below to see if you need to make a change.
Tax Accounting & Preparation
Tax Accounting refers to accounting for tax purposes in the United States. Unlike most countries, the U.S. has a comprehensive set of accounting principles for tax purposes, prescribed by tax law, which are separate and distinct from Generally Accepted Accounting Principles.
The difference between the LTC license and the EA license is that EA is a national license and LTC is a State of Oregon designation.
LTC - Licensed Tax Consultant:
An LTC can prepare federal and state income tax returns, and may only represent tax returns they prepared and originally signed.
EA - Enrolled Agent with IRS:
An EA can prepare federal and state tax returns, and may represent a taxpayer in any interaction with the IRS, without the taxpayer being present, regardless of whether or not the EA prepared the original tax return.
CPA - Certified Public Accountant:
A CPA is licensed by individual states and can perform many of the same functions as an LTC and EA within the state they are licensed. In addition, a CPA is allowed to audit corporate books.
Tax Preparation for individuals and business.
- IRS 1040 & OR 40: Individual tax returns
- IRS 1065 & OR 65: Partnership tax returns
- IRS 1120S & OR 20S: S-Corporation tax returns
Tax Planning for Income Tax
Don't pay more in federal income tax or state income tax than is your responsibility. We can help identify personal deductions, as well as business deductions.
If you sold bitcoin or other cryptocurrency we can reconcile the trades and determine the capital gain tax, if any.
Get the credits your deserve! Child Tax credit, Electric Vehicle credit, Education credits, and many more.
Remember on your business tax return to compare actual vehicle expenses and business mileage and choose the biggest deduction.