Hoots, Baker & Wiley, P.C.

Certified Public Accountants

 

P.O. Box 7356 Salem, OR 97303

 

Phone: 503-585-1782

Fax:     503-585-1818

 

 

February 2019

February 2019 Insights and Tips

Article Image

Business Taxes
Business owners should keep an eye out for some tax features that may not last long.


Bon Voyage
Tax year 2019 is the last year to get a paid leave credit of between 12.5% and 25% of taxes for offering paid family or medical leave. There are a number of qualifiers and employers in states where mandated paid leave isn't eligible, so talk to your advisor to learn more.


Bonjour
The Cadillac tax was delayed, for the second time, from 2020 to 2022 — unless Congress delays it further or repeals it altogether. You’ll pay what amounts to a penalty if you offer employees health insurance plans with premiums that exceed certain limits. Talk to your tax professional if you want to plan ahead.


In 2019, look for an increase in Section 179 expensing on qualified property to $1,020,000, phasing out at $2,550,000. ESOP limits also increase in 2019.


CONTACT US

Enter your Name, Email Address and a short message. We'll respond to you as soon as possible.

The information and opinions contained in this web site are obtained from sources believed to be reliable, but their accuracy cannot be guaranteed. The publishers assume no responsibility for errors and omissions or for any damages resulting from the use of the published information. This web site is published with the understanding that it does not render legal, accounting, financial, or other professional advice. Whole or partial reproduction of this web site is forbidden without the written permission of the publisher.