Welcome To Wise & Co LLP CPAs
WISE & Co., LLP CPAs, and Business Advisors are here to serve you better!
At WISE & Co., LLP, our clients, and employees always come first, we are dedicated to expertly serving your business and personal financial needs.
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If you're looking for a trusted business partner that gives business owners "Big Client Service", look to us. It's not only about numbers; it's about excellence, reliability, and professional service. We provide expert "tax-advantaged" business consulting, advice you can count on.
Our clients view our firm as reliable business partners and consultants. They call us frequently with their business questions and they know that the "meter" is not always running. It’s part of our commitment to provide experienced business guidance.
Our approach is simple - Provide the highest level of professional consulting, tax planning, and personalized accounting for all of your needs. Bookkeeping, payroll, and tax preparation services along with business management guidance which small businesses can afford.
We provide a full range of services to meet your needs from complete local or remote chief financial officer services to strategic planning to routine accounting and complex tax services. Our services are always designed specifically to meet your needs.
Now is the time to start planning for this and next year’s taxes. Did you have or will you have any unusual or large transactions? Tax planning has become much more important due to the new complexities in tax law. At WISE & Co. CPAs we provide personalized tax planning to fit your needs.
Here are some tax tips:
New rules on capital gains (profit from the sale of a property and/or investment) have become much more complex with new taxes and new rulings. Reduce the impact of these taxes through comprehensive tax planning. Can you offset gains with losses? Can you find other deductions to offset gains? Do you have losses that you may be able to take currently with proper planning?
Bunch or Defer Itemized Deductions
Depending on your situation you may want to accelerate or wait to pay your medical, state income taxes, property taxes, and charitable giving expenses, etc. If you are having a good year, but not a great year you may want to pay these deductions in the current year. If you are having a great year, you may want to pay these expenses in next year due to onerous alternative minimum taxes or Pease limitations. Both of these may limit the value of these deductions. If you are having an off year perhaps these deductions will serve you better in future years.
New rules include requiring a written receipt from the charity for all donations of $250.00 or more. The receipt must state if you received a benefit from the donation. For non-cash donations aggregating over $500.00 but less than $5,000.00, you must provide how you acquired the property, your cost, the fair market value at the time of donation, and how you arrived at that fair market value. For non-cash donations over $5,000.00 (except vehicles and publicly traded investments) you must have the property appraised. For non-cash donations over $500,000.00 (except vehicles) must have the property appraised and attach the appraisal to your tax return. For donations of vehicles, you need to have the charity provide you with a form 1098-C which determines the charitable deduction allowed. Make sure you are donating to a qualified charity if you want to take a tax deduction (https://www.irs.gov/charities-non-profits/organizations-eligible-to-receive-tax-deductible-charitable-contributions).
Retirement Contributions and Distributions
Since many retirement contributions and distributions are at your discretion, it’s possible to plan the timing of these to minimize or reduce taxes.
Making retirement plan contributions can have a significant impact on reducing your taxes. If you are self-employed using retirement contributions to reduce your taxes can be done in several ways. Traditional IRAs, SIMPLE IRAs, SEP IRAs, Solo 401Ks, 401K plans, and Defined Benefit Plans are some of the ways to save on taxes and save for retirement. Roth IRAs and Roth 401Ks allow you to save for retirement and save taxes when you receive distributions from the plan.
Don’t forget that if you are 70 ½ you need to take a minimum required distribution (MRDs) from most retirement accounts (Roth IRAs are excluded from MRDs). In years where your income is low, you may want to take out more than the minimum required distribution to reduce your total taxes. At 70 ½ you can no longer contribute to a traditional individual retirement (IRA) account but you can contribute to a company pension plan, a Roth IRA, or a Roth 401K.
Dividends and Interest
To the extent possible make investments that result in you receiving “qualified dividends” which are taxed at capital gains rates. Non-qualified dividends are normally taxed at your regular tax rates and you should plan accordingly. Many times it may be possible to make “tax-exempt investments” but be careful that those investments are tax exempt in your home state.
If you are self-employed or have good relations with your employer you may be able to time the receipt of your compensation. Some years you may want to accelerate your compensation and other years you may want to defer your compensation. If you are having a great year, deferring your compensation to the following years may save you taxes and conserve your money on hand. On the other hand, if you’re not having a great year or have lots of offsetting deductions you may want to accelerate income into the current year.
If you own a business and have employees you may be eligible for a reduced tax rate if your business is structured properly. If you are over 62 Oregon has a special medical tax deduction. In Oregon, there are credits for political contributions (up to $50.00 per person), contributions to the Oregon Cultural Trust, and other special circumstances. Oregon also has a deduction for certain federal pension income.
Estate Tax Planning
Many of our clients have used of our estate tax planning services. Estate planning is highly individualized. We work closely with your attorney to make sure that your estate plan is not only what you want but minimizes potential estate and gift taxes. Estate planning is a critical part of your overall financial plan and we can help get it done the way you want.
Tax Planning, Personal and Business Financial and Strategic Planning
Tax planning should not be done in a vacuum. Your personal situation is critical to effective tax planning. Planning in your business, personal and business life is critical to achieving the financial results you want. Our services at WISE & Co., CPAs are tailored to your needs.
A REMINDER ABOUT TAX SCAMS
The Internal Revenue Service rarely contacts anyone by phone to threaten collection or criminal actions. There are thieves out there posing as IRS agents who send threatening letters on IRS look-a-like stationery or call saying they are with the IRS “criminal” division. These calls are mostly from foreign countries and are routed through US phone numbers. Call us or email us if you have questions about these scams or any correspondence from the IRS or other taxing authorities.
Areas of Service: Klamath Falls, OR, CPA Medford OR, CPA Ashland OR, CPA Central Point OR, CPA Talent OR, CPA Phoenix OR, CPA Eagle Point OR, CPA White City OR, CPA Klamath Falls OR, CPA Grants Pass OR, Jackson County OR, Jefferson County OR, Southern Oregon, Lakeview, OR, Northern CA
Call us at 541-772-8666 if you have any questions.
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Wise & Co LLP CPAs
920 E. Jackson Street
Medford, OR 97504
422 S. 5th Street
Klamath Falls, OR 97601
17 S. G Street
Lakeview, OR 976301
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We are here to help with business consulting, business planning, tax matters and help with all your financial and business concerns.