May 1st Extended Deadline Many individuals and businesses across Washington State have been affected by the severe storms, flooding and related disasters that began on December 9, 2025. If you or your family have been affected, we hope you are safe and have the support you need during this difficult time. To help reduce some of the resulting administrative and
BUSINESS SUMMARY 100% Bonus Depreciation Starting with assets purchased after January 19, 2025, businesses can once again fully deduct the cost of qualifying equipment, software, vehicles, furniture, and land improvements in the first year. This 100% bonus depreciation is now a permanent feature of the tax code. While this immediate expensing can significantly reduce your 2025 taxable income, it’s important
No Tax on Tips From 2025 to 2028, employees and self-employed individuals in certain occupations may deduct qualified tips on their personal 1040s, even without itemizing. Maximum annual deduction is $25,000, or for self-employed individuals, limited to net income from the business where the tips were earned. Married couples must file jointly to claim the deduction. No Tax on Overtime
Estate and gift planning doesn’t have to feel daunting. Think of it as shaping your financial legacy with purpose—and taking advantage of valuable tax opportunities along the way. Below are the key updates for 2025, along with what you should prepare for as we approach 2026. Annual Gift Tax Exclusion One of the easiest ways to transfer wealth tax-efficiently is
E-filing of W2s and 1099s Taxpayers must e-file W-2s and 1099s if they are filing more than 10 forms total. Penalties apply to any paper filed forms in excess of 10. Plan ahead and obtain W-9 information from your service providers well ahead of the January 31 deadline. Standard mileage rates Beginning on 1/1/2025, the standard mileage rates for the
Year-end is an ideal time to take stock of your financial picture and prepare for the tax law changes that have resulted from the One Big Beautiful Bill (OBBBA). Proactive planning now can help you preserve deductions, avoid surprises, and position yourself for 2026 and beyond. 1. Share Major Life or Financial Changes Keeping us informed ensures your tax and
Social media is full of quick tax tips, but many of them leave out important rules. Following incorrect advice can lead to penalties, back taxes, or audits. Here are 10 common social media tax claims and the truths behind the ideas. 1. “Write Off Everything If You Have an LLC” Truth: Having an LLC can open the door to valuable
Why This Matters As a U.S. taxpayer whether you’re a U.S. citizen, a permanent resident (green card holder), or someone who meets the substantial presence test, you may have international reporting obligations. These apply even if you’re living abroad, planning a move overseas, or holding foreign accounts or investments. Here’s the key point: these rules still apply even if you
As the calendar year comes to a close, many finance and leadership teams face the same annual challenge: closing the books accurately, on time, and with confidence. But when your internal accounting staff is already stretched thin or behind on monthly reconciliations, the year end accounting process can quickly become overwhelming. If you’re already behind now, year-end won’t fix itself
Smart Strategies for RMDs, Roth Conversions, and Inherited IRAs As the year winds down, it’s the perfect time to review your retirement accounts and make a few smart moves that can lower taxes and set you up for success in 2026. Whether you’re retired, planning ahead, or managing an inherited account, recent IRS updates and SECURE Act 2.0 changes could
Navigating the Transition: Key Tax Considerations for Large Corporations As a business grows, crossing the threshold from a “small business” taxpayer to a “large” corporation brings significant changes to its tax and accounting obligations. Understanding these new requirements is essential for maintaining compliance and making informed financial decisions. This article outlines the key tax rules and accounting method changes that
Save More. Pay Less Tax. If you’re self-employed, planning for retirement might feel overwhelming but it doesn’t have to be. The right plan can help you lower your tax bill, grow your savings, and build long-term financial security. Below is a simple guide to the most common retirement plan options for self-employed taxpayers. These are popular choices, but other plans
Big changes in 2025 bring new opportunities and some risks for Washington families. If your estate is over $3 million, now’s the time to plan. This guide breaks down what’s new, what it means for you, and how to protect your wealth and your loved ones. Quick Tax Snapshot Features Federal Washington Exemption Amount $13.99 million (2025), $15 million* (2026)
As the federal government shutdown drags on, many taxpayers are asking the big questions: “Does this mean I don’t have to file my tax return?” and “When will my refund show up?” If only it were that simple. 1. Tax Deadlines Remain Unchanged The lights may be off, but the deadlines are still on. If you filed for an extension
IRS Zero Paper Initiative: The End of Paper Checks The IRS has officially confirmed that paper tax refund checks for individual taxpayers will begin to be phased out as of September 30, 2025, in compliance with Executive Order 14247. Here’s a breakdown of what the IRS is saying and what you should do now to stay ahead of the changes.