Portland Tax Blog

You may have joined other Oregon residents during 2018 and created an estate plan that included a trust. Depending on your needs, you created either a revocable or an irrevocable trust. A revocable trust allows you to make modifications and changes to it during your lifetime. For this reason, the IRS considers you the legal owner of the assets transferred into the trust.

If you created an irrevocable trust, you surrendered all ownership of the assets transferred into it. As an aside, your revocable trust may become irrevocable after your death. In any case, the tax treatment of each type of trust is different. Knowing the rules could help you stay out of trouble with the IRS.

No one wants to fall on hard financial times, but this type of situation affects a considerable number of individuals and can happen suddenly. You may find yourself having to contend with any number of financial difficulties that result in an inability to meet certain monetary obligations. In particular, you may not have the ability to pay your taxes.

In a last-ditch effort to avoid having to pay money to the Internal Revenue Service, you may not have filed your tax return at all, or you may have simply not made payments on any taxes that you owe. Unfortunately, ignoring such a problem will not make it go away. In fact, it could make matter worse as the IRS could seize money from your retirement account.

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.