Article Archives - Page 2 of 19 - Anthem Strategy & Advisory

College Athletes and NIL Income: Understanding Your Tax Obligations

The Supreme Court’s decision allowing college athletes to earn income from their Name, Image, and Likeness (NIL) has opened up valuable opportunities for student-athletes. However, alongside these opportunities comes the responsibility of understanding tax obligations tied to NIL income. Here’s what you need to know: 1. NIL Income is Taxable Whether you’re paid in cash, free products, or […]

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How Do I Write Off My Home Office? 4 Easy Steps

Article / Sarah Smith

Claiming a home office deduction can significantly reduce your tax bill. However, it’s crucial to follow IRS guidelines to avoid complications. Here’s a step-by-step guide: 1. Designate a Dedicated Home Office Space To qualify for a home office deduction, you must use a specific area of your home exclusively for business purposes. This space cannot double as

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The Biggest Challenges Oregon Businesses Face This Year: Insights from a Fractional CFO

Article / Sarah Smith

This year, Oregon businesses are bracing for a series of economic challenges that could significantly impact operations, profitability, and growth. Here’s an overview of key hurdles and actionable insights to navigate them effectively from the point of view of a Fractional CFO. 1. Inflation and Rising Costs Inflation remains a pressing concern for Oregon businesses,

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Differences Between a W-2 and 1099 for NIL Athletes

Article / Sarah Smith

As a Name, Image, and Likeness (NIL) athlete, understanding how you’re paid—and taxed—is crucial. Whether you receive a W-2 or 1099 significantly impacts your taxes and financial responsibilities. Here’s a breakdown of the differences: What is a W-2? A W-2 is issued if you’re classified as an employee of the organization paying you. What is a 1099? A 1099-NEC is issued if you’re classified as

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Tax-Smart Giving: Helping California Wildfire Victims While Earning Tax Breaks

Article / Sarah Smith

California wildfires leave devastation in their wake, but with generosity and smart planning, you can aid victims while earning federal income tax savings. Here’s a breakdown of how to maximize your charitable impact while staying IRS-compliant. 1. Donate to IRS-Recognized Charities To qualify for a federal income tax deduction, your donations must go to an IRS-recognized Section

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When Do I Get My Tax Refund? A Guide for Individuals and Businesses

Article, Featured / Sarah Smith

Tax season often brings a common question: When will I receive my tax refund? Whether you’re filing as an individual or a business, the timeline depends on a variety of factors, from how you file to the complexity of your return. Here’s what you need to know: Tax Refund Timeline for Individuals E-Filing with Direct Deposit Paper

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Succession Planning for Farmers in Oregon: A Guide to Secure Your Legacy

Article / Sarah Smith

Succession planning is crucial for farmers in Oregon, ensuring the continuity of your agricultural business for future generations. Without a proper plan, family disputes, tax burdens, and operational uncertainties can jeopardize your farm’s future. Here’s a concise guide to help farmers in Oregon prepare for a seamless transition. Why Succession Planning Matters Steps in Succession

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Year-End Financial Checklist for Business Owners

Article, Featured / Sarah Smith

As 2024 comes to a close, it’s the perfect time for small business owners to take proactive steps to set up a successful financial year-end. Ensuring your financial records are in order not only helps with smooth operations but also prepares your business for growth in the new year. Here are some simple and effective

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How Do I Avoid Capital Gains Tax When Selling a Rental Property?

Article / Sarah Smith

Selling a rental property can be profitable, but it often comes with the burden of capital gains tax. Fortunately, there are strategies to minimize or even eliminate this tax. Below are some effective methods to consider: **1. 1031 Exchange Utilize a 1031 Exchange, a provision under the Internal Revenue Code, to defer capital gains taxes by reinvesting

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What Are the Tax Implications of Selling a Home or Rental Property?

Article / Sarah Smith

Selling your home or rental property can be a significant financial decision. Understanding the tax implications is essential to ensure compliance and optimize your tax outcomes. Here’s a concise overview to guide you through this process. 1. Primary Residence vs. Rental Property 2. Calculating Capital Gains 3. Exemptions and Deductions 4. Reporting Requirements 5. State

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