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Craig Ekstrand
68 followers -
High Value Tax Specialist CPA in Portland, OR
High Value Tax Specialist CPA in Portland, OR

68 followers
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IRS has a new online calculator so you can determine whether your 2018 federal withholding is correct for the new tax laws. Here is the link: https://apps.irs.gov/app/withholdingcalculator/
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2nd quarter estimated tax payment is due June 15th. If you have self-employment income you may need to pay in taxes since you do not have withholding from a W-2. Goal is to owe less than $1,000 at filing date to prevent an underpayment penalty.
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The main warehouse for this company is in Mulino but there is a small outlet at 8315 SE 13th Ave, Portland, OR 97202 where you can view an assortment of products available. No trees cut down. Unique handcrafted funiture.
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4th quarter estimated tax payments are due Jan 17th. You can pay by credit card, debit card, or PayPal.
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Be sure you are tracking your business mileage in the new year 2016. Rate for 2016 is 54 cents per mile (down from 57.5 in 2015). If you are incorporated you can arrange an employee reimbursement under an accountable plan - deductible to the business and nontaxable income to you.
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2015 Form 1099s (subcontractor payments) need to be furnished to payees by Feb 1 2016. Be sure you have all social security numbers and mailing addresses on file (W9 was required to be completed) to avoid penalties.
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The penalty for late filing Form 1099 (any unincorporated subcontractor you paid $600 or more to in 2015 and other parties) increases from $50 to $100 to $250 after August 1, 2016.  IRS is tightening up due to increasing Identity Theft issues.
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