Happy Holidays!

     As we wrap up 2025 and begin a new year, I want to thank you for the opportunity to
     work with you and to assist you with your tax return.

     Here are some ideas on how you can prepare before the year end:

     1. Gather your documents as they arrive and place them in one location that is
         convenient for you.

      2. Need an organizer? Please contact our office and we'll make it happen.

      3. End of year tax strategies
       Maximize your retirement contributions (IRA, SEP, etc...)
       Consider reviewing your capital gains and losses
       If you file an Oregon return and if you're charitable, consider the Oregon
         Cultural Trust
       If you have an HSA, please maximize your contribution to get a full tax deferral
       Own a small business or have rental property? Consider doing repairs and
         maintenance in toward the end of the calendar year

     4. Scheduling

        Adrian Liko and Jim Schaller will be taking in-person appointments. Please use
        our on-line calendar app to make your 30 minute appointment via our web site:
        www.woodstocktax.com Or you call us at 503-286-1561

     5. Send sensitive information electronically
         For your safety, please do not email sensitive information via regular email.
         Please use the portal link that is located on the home page of our website. 

     6. Did you hear we have a few tax changes impacting both our Federal and Oregon
         returns? Congress recently passed the One Big Beautiful Bill Act (OBBBA).
         Some of the new changes are but not limited to:
       increased standard deduction
       expanded the State Area Local Tax (SALT) deduction to $40,000 from $10,000
        tax free treatment of certain forms of income (Tips and Overtime)
        new tax breaks for Seniors

     7. Oregon has a kicker this year. Much smaller than 2023 tax year but a kicker none
          the less. 

     Thanks again for your continued business.
     Woodstock Tax Service

IRS:
Make a payment to the IRS online
Request a payment plan with the IRS online
Check the status of your FEDERAL refund
Get a Wage & Income or Account Transcript from the IRS

Oregon Department of Revenue:
Make a payment to the Oregon Department of Revenue online
Check the status of your OREGON refund

Get information about registering a business in Oregon

January 15th – 4th quarter (prior year) estimated income tax payment is due.

January 31st – 1099-NEC and 1099-MISC information returns are generally due to be sent and filed W2s are due to employees (including household employees) by this date.

March 15th – Deadline to file S Corporation and Partnership tax returns, OR to request an extension for these returns.

April 18th (2022) – Deadline to file Individual 1040 tax returns and calendar year 1041 trust and estate returns. Deadline to file City of Portland business tax returns, and Lane and TriMet Self Employment tax returns. Last day to file an individual tax extension. Balances due on personal return must be paid to avoid late-payment penalties.  First quarter estimated tax payments due.

June 15th – Second quarter estimated tax payments due.

September 15th – S Corporation and partnership returns which have been extended earlier in the year are due. Third quarter estimated tax payments due.

October 17th – All extensions for individual tax returns due.