We understand that everyone is concerned about Coronavirus. And we are as well, which is why we are taking precautions to keep our clients and our staff safe. While the threat of Coronavirus exists, we are asking both clients and staff who feel unwell or have sick loved ones to refrain from visiting PorterKinney onsite. If you have tax documents to deliver or need to communicate with our team, please do so through your client portal. In addition, we highly recommend that you visit the Washington State Health Department website for current guidelines on good hygiene practices to prevent the spread of COVID-19 and other respiratory diseases. Please be sure to reach out to us with concerns or questions. We are here to help! Latest Federal Updates CARES Act for businesses update March 29, 2020 The following represents a summary of the recently signed into law CARES Act—also referred to as the Stimulus Package. Specifically, we are providing a summary of the Paycheck Protection Program. Title 1 of the CARES Act, entitled “Keeping American Workers
Check Your Withholdings. If your income dramatically changed from last year, consider having your CPA do a tax analysis using your year-to-date information from your paycheck to see if you have paid enough taxes to cover your annual tax liability. Year-end tax planning is included for our monthly, fixed-price clients. Transfer IRA Money to Charity. Taxpayers who are 701⁄2 or older can transfer up to $100,000 of their required minimum distribution (RMD) from a traditional IRA tax-free to a charity each year, if the money is transferred directly to the charity. The “qualified charitable distribution” (QCD) will count as your RMD without being added to your adjusted gross income. Stack Charitable Donations. The 2019 standard deduction is $24,400 (MFJ) and $12,200 (Single). Some taxpayers may benefit by clumping charitable donations into one year. For example, if a married couple has $10,000 of mortgage interest, $4,000 of property taxes, $2,000 of sales tax and $7,000 of charitable contributions, they have $23,000 of itemized deductions, which falls just short of the $24,200 standard deduction. In this case,
Consumers in the U.S. have been struggling with the idea of having renewable energy as their main source of power for homes and businesses. What we know is that solar power has soared in popularity in recent years. Business owners are also “going solar” in record numbers as they realize the cost savings of doing so. And thanks to the federal government’s passage of the Energy Policy Act of 2005, there is now a solar tax credit! The 2016 federal spending bill authorized a 5-year extension of the solar panel tax credit. This makes solar power more affordable for all Americans, and that includes business owners. What Is The Solar Tax Credit? Known as the Investment Tax Credit (ITC), the federal solar tax credit makes it possible for homeowners and business owners alike to deduct up to 30 percent of the costs of installing a solar energy system from your federal taxes. Think of this as a 30-percent discount on the cost of going solar! The ITC is in effect for residential and commercial systems.
Tax Tip Tuesday with PorterKinney CPA Firm in Richland, WA Do you know the tax implications of owning rental properties? What do you think of? In today’s Tax Tip Tuesday 2-minute interview, Walter Kinney talks about tax strategies for owners of rental properties. #TaxTipTuesday Consult with a local tax professional if you need additional help with your tax return. PorterKinney, PC 1100 Jadwin Ave, Suite #200 Richland, WA 99352 509-713-7300 firstname.lastname@example.org https://www.facebook.com/PorterKinneyPC
Disclaimer: While PorterKinney PC has made every attempt to ensure the accuracy of this document, it is not responsible for any errors or omissions, or for the results obtained from the use of the information in this presentation. This document been prepared for information purposes and general guidance only and does not constitute legal, accounting or other professional advice. Circular 230 Notice: The information included in this presentation is not intended or written to be used, and it cannot be used, by any taxpayer for the purpose of (1) avoiding tax-related penalties or (2) promoting, marketing, or recommending to another party any tax related matters.