Oster Professional Group, CPAs

02/12/2025

Did you know...Special bonus depreciation has been reduced from 80% in 2023 to 60% in 2024? Without tax legislation changes, bonus depreciation will be 40% in 2025, 20% in 2026 and totally phased out in 2027. It is important to note that business owners can still take advantage of the IRC Section 179 expensing election. Contact us today to see how this may affect your business!

02/05/2025

Looking forward, it's important to take a closer look at your tax and financial plans and discuss steps to reduce taxes and help you save for the future. With a new administration and many provisions of the Tax Cuts and Jobs Act (TCJA) set to expire this year, some form of change is likely. We continue to closely monitor any potential tax legislation and will update you accordingly. In the meantime, contact us with your tax preparation needs! Call 541-573-6151 or visit:

Oster Professional Group, CPAs is a full-service accounting firm licensed in both Oregon and Idaho, dedicated to providing clients with personalized, professional accounting services and guidance in a wide range of financial and business needs like tax pr

01/29/2025

It's that time of year again! If you would like a 2024 Tax Organizer to help you organize and gather all the information we will need to complete your income tax return, please call us at 541-573-6151 today!

Call now to connect with business.

03/04/2024

Curious about the status of your tax refund? Check out these helpful links!
Federal: https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp
Oregon: https://revenueonline.dor.oregon.gov/tap/_/
Idaho: https://idahotap.gentax.com/tap/_/?fbclid=IwAR3fqG-uRWqAKjyx-CbD3Dywuy2Vz7c03jqzG1QIRnHhKe6rfwhbsKi_aeg #1
California: https://www.ftb.ca.gov/refund/index.asp?WT.mc_id=akRefund

02/22/2024

This week, we want ed to share there is some discussion around extending or modifying the expiring tax provisions of the Tax Cuts and Jobs Act (TCJA). After 2025, most of the individual tax provisions of the 2017 tax law will revert to pre-TCJA levels. The top individual tax rate will increase to 39.6% (from 37%) while the income level to which it applies will decrease to roughly $553,600 (for married taxpayers filing joint returns). In addition, the $10,000 cap on state and local tax deduction will go away, as will the doubled standard deduction, the increased child tax credit and the 20% qualified business income deduction, among others. However, the cost of extending these provisions (without offsets) is estimated (by the Congressional Budget Office and the Joint Committee on Taxation) to cost $3.4 trillion through 2035. Addressing most aspects of expiring TCJA provisions will most likely wait until after the 2024 elections given the political nature of the provisions. At OPG, we will keep you informed of any tax law changes. Call us today at 541-573-6151 with any questions!

02/15/2024

In keeping with our post last week, we wanted to share another issue impacting Oregon taxpayers this year: the "Kicker" Credit. Every two years, the state of Oregon decides if there is a surplus of taxes paid, which creates a kicker credit for taxpayers. This kicker will be calculated by multiplying their 2022 tax liability by 44.28%. We calculate this credit for you as part of your 2023 tax return preparation, so give us a call today at 541-573-6151 to learn what your kicker may be.

02/08/2024

This tax season, we want to share a couple of timely issues impacting taxpayers. First, let's chat about Bonus Depreciation: Many business owners have been taking advantage of 100% bonus depreciation in order to deduct capital purchases as an expense in the year purchased. This has been reduced to 80% special bonus depreciation in 2023 and will be further reduced to 60% in 2024. Business owners can still take advantage of the Section 179 expense deduction. Call us at 541-573-6151 to learn more and to answer all of your 2023 tax return questions!

02/06/2024

Let us help you organize and complete your 2023 tax reporting! If you would like a 2023 Tax Organizer to help you organize and gather all the information we will need to complete your income tax return, please call us at 541-573-6151!

02/04/2024

'Tis the season! Contact us today at 541-573-6151 to help you prepare your 2023 income tax return. We continue to closely monitor any upcoming potential tax legislation and will keep you posted on steps to reduce your taxes and help you save for the future.

10/13/2023

Oregon residents: Want to know how big of a refund you could be getting with next year's unprecedented kicker!? Let us help you file and get that refund as soon as possible!

See how big your refund will be with The Oregonian/OregonLive's handy tool.