Tax audits are rare. The average taxpayer has a 1-in-100 probability of being formally audited by the IRS in a given year. The odds of a tax audit rise if, among other things, you itemize deductions, report profits or losses on a home business or rental property, or have an income of $200,000 or more. […]
By BEN CASSELMAN Every January since the recession ended in 2009, economists have predicted that this was the year the economic recovery would take off. In 2014, they were finally right. The year didn’t get off to a good start. Gross domestic product, the broadest measure of economic output, shrank in the first three months […]
A new year brings with it all sorts of opportunities to think about how we can improve ourselves, not just in our personal lives, but also professionally. It’s a great time to take a few moments to ponder what we did well in the previous year and think about what we can do better in […]
Health insurance costs are growing faster than income in all 50 states, a new study says, and workers are feeling the pinch in rising out-of-pocket costs. Workers who receive health insurance through their employer are spending more of their income on premiums and deductibles but their wages are not keeping up with the increases, according […]
Public assistance to working Oregonians costs an estimated $1.7 billion annually, according to a new report on the impact of low-paying jobs. Nearly 197,000 workers don’t earn enough to cover their basic needs and rely in some part on public support, shows the study released Thursday by the University of Oregon Labor Education and Research Center.
Boston Consulting Group senior partner Ron L. Nicol approaches financial decisions with the thoroughness and precision demanded of the nuclear submarine officer he was for seven years after graduating from the Naval Academy. So believe him when he says this is an excellent time to execute a high-end maneuver known as a charitable lead annuity trust, […]
By Robert Powell Take these steps now to avoid a tax hit in 2015: Review your estimated taxes. If you’re paying quarterly estimated taxes, now would be a good time to review your payments, especially if you had a big change in income from the prior year, said Paula Nangle, a certified financial planner with Marshall […]
The U.S. Senate has approved a one-year extension of the tax extenders bill, a grab bag of around 50 tax provisions for businesses and individuals. The bill will cost $42 billion over ten years and applies retroactively to the 2014 tax year. The House of Representatives passed their version of the bill last week. The one-year […]
Oregon Gov. John Kitzhaber has released his 2015-2017 budget recommendations, which include proposals to extend various corporate and personal income tax credits and to create a new working family addition tax credit. The Governor recommends continuing 18 corporate and personal income tax credits that are set to end in 2015-17.
Portland city government expects to have $19 million in additional revenue for the next fiscal year — $4.6 million of ongoing revenue and $14.4 million in one-time revenue. The revenue forecast was released by the City Budget Office on Friday. It said the surplus is the second in two years, and is because the economy […]