Broker Check

151 SE 223rd Ave. Gresham, OR 97030

 
Stay Safe with a B.O.P. At Your Back The Long Run: Women and Retirement When Markets React No Cash, No Checks, No Problem

An Important Update

August 4, 2020

To our valued clients:

Multnomah County entered Phase 1 of reopening on June 19. Following this announcement, we have started scheduling in-person meetings again.

In these meetings, we are following state guidelines for wearing masks, sanitizing often, and social distancing. If you make an in-person appointment, you will need to wear a mask until you are sitting in your tax preparer’s office on opposite sides of the plexiglass barrier on the desk. Disposable masks are available at the front desk if you do not have one.

You can make an appointment any time we’re open. Our hours are 9-5 Monday through Thursday and 9-12 Friday. If you are uncomfortable or unable to meet in person, we have other options available to still allow us to help you.

You can drop off your tax documents or mail them to us. We can also set you up with a secure client portal that allows you to scan and upload your documents to us. Please contact us if you would like to be registered for a portal. Once we receive your documents, we will put time on our schedule to prepare your tax returns. After reviewing your documents we will call you to verify information and review the results.

Once your tax return is complete, we will call you to schedule a time for you to pick up and sign for your taxes. If that isn’t convenient for you we can mail your documents to you or upload them through the client portal.

If you have filed an extension, the filing deadline for S-Corps and Partnerships is September 15, September 30 for Trusts, and October 15 for Individuals and C-Corps.

All of us at Tax and Financial Solutions feel deeply for those who have been impacted by the COVID-19 outbreak. We are working hard to make sure there is no interruption in service for you. We value your business and your health and safety as well as the health and safety of our employees. Please contact us with any questions or concerns you might have.

Sincerely,

The Team at Tax & Financial Solutions

Why should you like us on Facebook?

  1. To know how recent news about taxes and finances apply to you.
    We use Facebook to post important information about tax-law changes, the stock market, and more. By liking our page, you can learn about information that applies to you.

  2. To easily connect with us.
    We want you to be able to communicate with us as easily and as conveniently as possible. Facebook gives you a direct link to connect with us on a personal level, whether you want to ask a question, leave a review, or just say hello. We want to hear from you!

  3. To avoid missing anything.
    Liking our page on Facebook will make sure you don’t miss upcoming events like our third annual shred event this July 11th, the first annual food drive we had this year, and more.

    We appreciate your support and want to make sure you feel rewarded. Like our page on Facebook by July 31st and be entered to win a prize.
Our Facebook Page

What you need to know about the Stimulus Checks

April 2, 2020

Dear Client,

The Coronavirus has infected our life in many ways. Family and friends are sick, quarantined or under a stay-in-place order. The stock market has crashed. The kids are out of school. Restaurants and shopping malls are closed. More than three million unemployment claims were filed in one week. Enough of the cable news . . . If you are laid off or you have closed your business, you know the details.

After a lot of talk, Congress did something. President Trump signed into law the Coronavirus Aid, Relief, and Economic Security Act, (CARES Act), a $2 trillion stimulus package to mitigate the impact of the Coronavirus pandemic. The CARES Act includes stimulus payments of $1,200 for each individual and $500 for each dependent child, defined by the child tax credit rules as under age 17.

Who and How Much?

Individuals with adjusted gross income (AGI) up to $75,000 a year are eligible for the full $1,200 payment. The payment is reduced by $5 for every $100 in income above $75,000. The payment amount is entirely phased out at an AGI of $99,000.

Married filing joint (MFJ) couples with AGIs up to $150,000 a year are eligible for a $2,400 payment. The payment is reduced by $5 for every $100 in income above $150,000. The payment amount is entirely phased out at an AGI of $198,000 (if the taxpayers have no dependent children). Married couples also will receive an additional $500 for every dependent child under 17.

Example - MFJ with no children. Keith and Norma are married filing joint. They have no dependent children. If they have AGI of $150,000 or less, they are eligible for a $2,400 payment. If they have AGI above $150,000, their rebate will be reduced and finally phased out at an AGI of $198,000.

Example - MFJ with two children. Chris and Pat are married filing joint. They have two dependent children under age 17. If they have AGI of $150,000 or less, they are eligible for a $3,400 payment. If they have AGI above $150,000, their rebate will be reduced and finally phased out if their income hits the top of the threshold amount.

Head of household filers with AGIs up $112,500 a year are eligible for the full $1,200 payment and an additional payment of $500 for each dependent child under age 17. The payment is reduced by $5 for every $100 in income above $112,500. Head of household taxpayers will also receive an additional $500 per dependent child under age 17. With no eligible children, a head of household filer is phased out at AGI of $137,000. With one eligible dependent child, a head of household filer is entirely phased out of the rebate payment at AGI of $146,400.

Example - Head of Household - no children under 17. Heather has an 18-year-old high school senior living with her and qualifies as a head of household filer. If her AGI is $100,000, Heather’s payment is $1,200. Her dependent child does not qualify her for the additional $500 payment because the child is not under age 17. If Heather’s dependent child is under age 17, her payment is $1,700.

Phase-out of the rebate. If your income is above the threshold amounts, a reduced payment will result. The reduced amount using your own income (AGI) can easily be calculated using the Washington Post calculator.

What needs to be done to get the Stimulus Rebate?

Nothing. The IRS will deposit the calculated amount directly into your bank account, using the AGI and the bank information on your 2019 tax return. If your 2019 return hasn’t been filed, the IRS will use the AGI and the bank information from your 2018 tax return. If there’s no bank information on the return, the IRS will mail a check.

When Will the Payments Arrive?

The IRS says that a direct deposit should be in your bank account in about three weeks. Checks should start arriving in six to eight weeks.

2020 Tax Return

Technically the stimulus rebate is a 2020 refundable tax credit. The payment received in the next few weeks is an IRS advance. If you have less income in 2020 than in 2019 because of layoffs, reduced hours and closed businesses, and your rebate payment was reduced by the income threshold, you’ll receive a credit for the difference on your 2020 return. If for some reason, you receive too much of an advanced payment, you do not have to pay back the excess.

Contact us if you have questions and stay safe.

Sincerely,  

The Team at Tax & financial Solutions



 

Watch out for Stimulus Check Scams

March 30, 2020

Dear Client,

We are writing to alert you about warnings from the IRS about a dramatic increase in scams, fraud and identify theft all related to the ongoing coronavirus COVID-19 crisis.

You can find detailed information on the IRS website about these ongoing scams, and we urge you to review the IRS recommendations to help avoid falling victim to any of this fraudulent activity.

According to IRS Commissioner Chuck Rettig: “The IRS isn't going to call you asking to verify or provide your financial information so you can get an economic impact payment or your refund faster. That also applies to surprise emails that appear to be coming from the IRS. Remember, don't open them or click on attachments or links.”

The IRS reminds taxpayers that scammers might:

  • Emphasize the words “Stimulus Check” or “Stimulus Payment.” The official term is economic impact payment.
  • Ask the taxpayer to sign over their economic impact payment check to them.
  • Ask by phone, email, text or social media for verification of personal and/or banking information saying that the information is needed to receive or speed up their economic impact payment.
  • Suggest that they can get a tax refund or economic impact payment faster by working on the taxpayer’s behalf. This scam could be conducted by social media or even in person.
  • Mail the taxpayer a bogus check, perhaps in an odd amount, then tell the taxpayer to call a number or verify information online in order to cash it.

Go to www.IRS.gov for the most up-to-date information.

Sincerely,

The Team at Tax and Financial Solutions

 

Tax Planning

Our expert tax professionals provide a detailed understanding of the latest tax codes to help you plan throughout the year, and not just react at tax time. From establishing a tax strategy to tax returns you can trust, the TSFI team will take the mystery out of any tax situation and help you reduce your tax liability.

Learn More

Business Support

Tax & Financial Solutions provides bookkeeping and payroll services for small business owners looking for well organized and accurate record keeping without incurring the costs involved in employing a bookkeeper. We offer a wide variety of services, including investment opportunities for employers and employees, and can tailor our services to meet the needs of each individual client. We will work closely with you to design a custom package to fit your unique business needs.

Learn More

Financial Planning & Investment Strategies

We offer guidance that can help you understand and better define your financial goals regarding retirement, college planning, estate planning, and personal investments, and take care of you and your loved ones in case of disability, the need for long-term care, or death.

Learn More

 

 

 

 

Helpful Content

Do You Owe The AMT?

Do You Owe The AMT?

If you want to avoid potential surprises at tax time, it may make sense to know where you stand when it comes to the AMT.

Social Security Taxes

Social Security Taxes

Estimate how much of your Social Security benefit may be considered taxable.

Home Mortgage Deduction

Home Mortgage Deduction

Use this calculator to assess the potential benefits of a home mortgage deduction.

 

What Is a Roth 401(k)?

Roth 401(k) plans combine features of traditional 401(k) plans with those of a Roth IRA.

Insuring Your Business With a Buy/Sell Agreement

It may help your business be better prepared in the event of the death of a principal or key employee.

Pullbacks, Corrections, and Bear Markets

Clearing up confusion from the economic downturn following COVID-19 and how it might affect your financial strategy.

Insuring Your Business Against Cyber Liability

90% of small businesses in the U.S. don't protect their data from cyber attacks. Is your business at risk?

Don’t Be Your Own Worst Enemy

Emotional biases can adversely impact financial decision making. Here’s a few to be mindful of.

Changing Unhealthy Behaviors

Five phases to changing unhealthy behaviors.

View all articles arrow

Doubling Your Money

This calculator demonstrates the power of compound interest.

My Retirement Savings

Estimate how long your retirement savings may last using various monthly cash flow rates.

Assess Your Life Insurance Needs

This calculator estimates how much life insurance you would need to meet your family's needs if you were to die prematurely.

Interested in a Fuel Efficient Car?

Estimate how many months it may take to recover the out-of-pocket costs when buying a more efficient vehicle.

Capital Gains Tax Estimator

Use this calculator to estimate your capital gains tax.

Home Mortgage Deduction

Use this calculator to assess the potential benefits of a home mortgage deduction.

View all calculators arrow

Your Cash Flow Statement

A presentation about managing money: using it, saving it, and even getting credit.

Protecting Those Who Matter Most

The importance of life insurance, how it works, and how much coverage you need.

An Inside Look at Retirement Living

A number of questions and concerns need to be addressed to help you better prepare for retirement living.

Investment Strategies for Retirement

Investment tools and strategies that can enable you to pursue your retirement goals.

5 Smart Investing Principles

Principles that can help create a portfolio designed to pursue investment goals.

5 Smart Investing Strategies

There are some smart strategies that may help you pursue your investment objectives

View all presentations arrow

It Was the Best of Times, It Was the Worst of Times

All about how missing the best market days (or the worst!) might affect your portfolio.

The Junk Drawer Approach to Investing

It's easy to let investments accumulate like old receipts in a junk drawer.

Safeguard Your Digital Estate

If you died, what would happen to your email archives, social profiles and online accounts?

What Can a Million Dollars Buy You?

$1 million in a diversified portfolio could help finance part of your retirement.

The Cost of Procrastination

Procrastination can be costly. When you get a late start, it may be difficult to make up for lost time.

To Buy or Not to Buy

The decision whether to buy or rent a home may have long-term implications.

View all videos arrow