Portland Tax Blog

Having rental property is a common way for many people to generate additional income. You may find yourself interested in this type of venture due to recently inheriting property or due to purchasing property specifically as a rental. While excited about your new income avenue, you likely also know that acting as a rental property owner and landlord will involve a considerable amount of work.

In addition to making sure your tenants stay happy with the property, you also have financial obligations relating to your rental income. While it may seem like more of a passive way to earn extra money as opposed to another full-time job you may have, you still need to take care of paying taxes on the rent payments you receive.

When you started your own company, you undoubtedly conducted a thorough review of the possible business entities you could have created. In the end, you chose a limited liability company for many reasons. Of course, you may still have concerns over doing your taxes in association with your company.

Just as with any other job you held, taxes play a major role in the running of your business and any profits you make. If you recently started your business, you may have not had to file your taxes in relation to the business as of yet. Still, you do not want to find yourself scrambling when tax time rolls around, and having the information ahead of time could prove immensely useful.

Gig worker is the new name for freelancer. No matter what you call yourself, you and many in California enjoy the freedom and flexibility of the job classification. The work you do is an important part of the economy. Whether you freelance as a writer, designer, artist, IT support or other industry, you allow business owners and others to operate with a low overhead.

However, the advantage you provide for your employers may be exactly the drawbacks to your job. You have no health insurance or other benefits, no steady income and no real security. Your employer likely does not deduct taxes from your check either. Among the many challenges you face as a freelancer is the preparation of your taxes.

Whether you have already filed or can feel the heat of the tax season deadline quickly approaching, you may have apprehensions regarding your tax return. Though some relief comes from completing the filing process, you may still worry that the Internal Revenue Service could contact you about an issue with your return or to conduct an audit.

Most California tax payers worry about the potential for an IRS audit. After all, dealing with taxes can be a complicated and stressful affair, and a simple mistake could easily throw your entire return off balance. Fortunately, the likelihood of facing an audit remains relatively low. Still, you could take steps to help yourself avoid an audit.