News & Tips - Augustedge, PLLC

Employers Hiring New Employees May Be Able to Claim a Work Opportunity Tax Credit

Article Highlights: Potential Credit Eligible Employees Credit Determination Certification Process Other Issues The Covid-19 pandemic has had a significant impact on the labor market — mandated government lockdowns and workers' and customers' fears of contracting the illness resulted in businesses closing or temporarily cutting back and laying off or furloughing millions of employees. In April 2020, the unemployment rate reached 14.8%, the highest rate [...]

By Augustedge Staff|2021-11-04T20:51:02+00:00November 8, 2021|Taxes|Comments Off

Tips to Get Your Startup Off the Ground

One of the most important things to understand about being a startup entrepreneur is that there is no "one size fits all" approach to what you're doing. Everyone's path is different, and you need to find out your own if you want to have any reasonable chance for long-term success. Having said that, there are a number of qualities that successful startups share — [...]

By Augustedge Staff|2021-11-04T20:44:14+00:00November 5, 2021|Business|Comments Off

Understanding the Taxation of Cryptocurrency Transactions

Article Highlights: How Cryptocurrency is Treated for Tax Purposes Capital Asset Who Keeps Track of Cryptocurrency Ownership and Transactions How Many Cryptocurrencies Are There? What Is Cryptocurrency Mining? What Is a Cryptocurrency “Hard Fork”? Why Is Cryptocurrency Appealing to Some? How Is the Value of Cryptocurrency Determined? Are Cryptocurrencies Good Investments? Virtual Currency and 1031 Exchanges First In – First Out (FIFO) Foreign Currency [...]

By Augustedge Staff|2021-11-04T20:41:08+00:00November 4, 2021|Taxes|Comments Off

Mega-Rich Backdoor IRA Strategies May Backfire If New Tax Bill Passes

While it's usually true that the "rich get richer," a proposed tax code will prove a remarkable exception if the House has its way. The legislation would mandate an annual required minimum distribution for retirement accounts exceeding $10 million and is aimed at accounts used as tax shelters by the rich rather than at the low-and middle-income savers who the tax-advantaged nest eggs were [...]

By Augustedge Staff|2021-11-04T20:28:33+00:00November 3, 2021|Taxes|Comments Off

Proposed Federal Legislation Enhances Green Credits

Article Highlights: Build Back Better Act Legislation Home Solar Energy Credit Storage Batteries Home Energy-Efficient Modifications Plug-in 4-Wheel Electric Drive Vehicles Previously Owned Electric Vehicles Bicycle Commuting Electric Bicycles If you are considering buying an electric vehicle, adding solar to your home or making energy-saving improvements to your home, you may want to wait for the outcome of the $3.5 trillion Build Back Better [...]

By Augustedge Staff|2021-11-04T20:22:29+00:00November 2, 2021|Taxes|Comments Off

Fall Tax Planning May Be Wise

Article Highlights: Maximize Education Tax Credits Employer Health Flexible Spending Accounts Maximize Health Savings Account Contributions Convert Traditional IRAs to Roth IRAs Don't Forget Your 2021 Minimum Required Distributions Bunching Deductions Take Advantage of the Zero Capital Gains Rate Defer Deductions Increase IRA Distributions Defer Capital Gains by Investing in an Opportunity Zone Fund Sell Loser Stocks Take Steps to Avoid Underpayment Penalties Prepay [...]

By Augustedge Staff|2021-11-04T20:02:00+00:00November 1, 2021|Taxes|Comments Off

Complications to the IRA-to-Charity Distribution Provision

Article Highlights IRA Contribution Age Restrictions Removed Required Minimum Distributions Qualified Charitable Distribution Tax Trap Individuals are required to begin taking distributions from their IRA when they reach a certain age. That age was 70½ until Congress passed the SECURE Act in late 2019 which made significant changes to the retirement plan provisions of the tax code, one of which was to up the [...]

By Augustedge Staff|2021-10-04T17:34:54+00:00October 8, 2021|Taxes|Comments Off

The IRS Backlog Is Causing Taxpayer Heartburn

Article Highlights COVID-19 and Tax-Return Processing Delays Congress Helped to Create the Backlog Taxpayer Advocate's Assessment Backlog Before the COVID-19 pandemic, the IRS was getting refunds out swiftly and responded to calls and correspondence in a reasonable amount of time. However, COVID-19 brought about a perfect storm of delays, initially caused by employees having to stay home because lockdowns prevented processing centers from operating [...]

By Augustedge Staff|2021-10-04T17:34:46+00:00October 7, 2021|Taxes|Comments Off

Filing as Married Separate? Better Read This.

Article Highlights Filing Requirements Changing Filing Status Social Security Benefits Traditional IRA Deductibility Roth IRA Contribution Restrictions Higher Education Interest Deduction Itemized Deductions Medicare Premiums Child & Dependent Care Credit Earned Income Tax Credit (EITC) Premium Tax Credit (PTC) Tax Rates Other Limitations Married taxpayers have two options when filing their 1040 or 1040-SR tax returns. The first and most frequently used filing status [...]

By Augustedge Staff|2021-10-04T17:34:40+00:00October 6, 2021|Taxes|Comments Off

The Importance of a Well-Oiled Accounting Function

Though it's natural for management to focus on its profit-making areas, the importance of a sound accounting foundation to support the operation cannot be overemphasized. The more diligent and meticulous your accounting team is, the more easily the rest of the organization can function and grow. If the system you currently have in place is relying on charts of accounts that are sloppily maintained [...]

By Augustedge Staff|2021-10-04T17:34:27+00:00October 6, 2021|Accounting|Comments Off

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Augustedge, PLLC
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Augustedge, PLLC Wenatchee Satellite Office

Augustedge, PLLC Insurance Virtual Office

Augustedge, PLLC
Wenatchee Satellite Office

Augustedge, PLLC
Insurance Virtual Office