Insights

Fraudsters are mailing counterfeit IRS CP53E notices with a QR code that asks the recipient to “verify” banking or identity information. The QR code leads to a phishing site built to steal personal and financial data. Note: The IRS does include QR codes on some legitimate notices, so a QR code alone is not proof of a scam. Always verify

Washington State is on the verge of a major tax shift. Beginning in 2028, a new “millionaires tax” will apply to the state’s highest earners—marking a significant change for a state long known for having no income tax.  But one of the clearest ways to understand how this tax works isn’t through traditional taxpayers—it’s through professional athletes.  Because athletes deal with taxes across multiple states every season,

The Previous May 1st Extended Deadline has been changed to August 5th 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

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