Posts by Yuriy Akopyan
How Long Should You Hold On To Old Tax Records?
Article Highlights: The general statute: 3 years Longer durations in some states Fraud, failure to file and other issues that extend the statute’s duration Keeping the actual return Ordering copies of previously filed returns This is a common question: How long must taxpayers keep copies of their tax returns and supporting documents? Generally, taxpayers should…
Read MoreHobby or Business? It Makes a Difference for Taxes – Now More than Ever
Article Highlights: For-Profit Businesses Not-for-Profit Businesses Nine Determining Factors Profit Presumption Taxpayers are often confused by the differences in tax treatment between businesses that are entered into for profit and those that are not, commonly referred to as hobbies. Recent tax law changes have added to the confusion. The differences are: For businesses entered into…
Read MoreJune Estimated Tax Payments Are Just Around the Corner
Article Highlights: Employees Self-Employed Individuals Individuals with Sources of Income Without Withholding Quarterly Payments Underpayment Penalty Safe Harbor Payments June 15th falls on the weekend this year, so the due date for the second installment of estimated taxes is the next business day, June 17, which is just around the corner. So, it is time…
Read MoreSchool’s Out – Who Is Going to Take Care of the Kids?
Article Highlights: Child Age Limits Employment-Related Expense Married Taxpayer Earnings Limits Disabled or Full-Time-Student Spouse Expense Limits Summer has just arrived, and there is a tax break that working parents should know about. Many working parents must arrange for care of their children under 13 years of age (or any age if disabled) during the…
Read MoreGift Tax Treatment of Tuition Plans
Article Highlights: Purpose of Qualified Tuition Plans Gift Tax Implications Special Five-Year Election Change of Beneficiary Eligible Expenses Direct Payment of Tuition Qualified tuition plans (QTPs) provide a means for family members and others to save for the future educational needs of children. Investment earnings within a QTP account are tax deferred and not taxable…
Read MoreMore Small Business Tax Deductions
When it comes to filing taxes, there are many ways small businesses can save money. Small business owners can take advantage of different tax deductions and place their saved dollars back into their business. Whether you work from home, an office, or a vehicle, here are some ideas to consider. Added together, these costs can…
Read MoreStandard Mileage Rates for 2018 Up from Rates for 2017
Do you use a vehicle for your business? If you use your vehicle solely for business purposes, then you can deduct its entire cost of operation. If you drive for Amazon Flex, Uber, Lyft (or your job/business in general) you need to know about these upcoming changes. WASHINGTON ― The Internal Revenue Service today issued the…
Read MoreBusiness License Tax / Seattle Business and Occupation Tax (B&O tax)
The Seattle business license tax is applied to the gross revenue that businesses earn. It is sometimes called the Seattle business and occupation tax (B&O tax) or gross receipts tax. If you do business in Seattle, you must: – have a Seattle business license (see the due dates for that here) – file a business…
Read MoreSeattle Business License Tax Due Dates
The date your taxes are due depends on your reporting status. Your reporting status indicates how often you are required to file taxes and is listed on your business license. If you do not know your reporting status, contact us. This video summarizes Seattle business license tax due dates for each reporting status. You pay…
Read MoreBusiness Accounting: 21 Vital Tasks
Taking care of business finances can be complicated, but proper management can cut down on much of the drudgery. The key actions are to create a realistic budget plan, correctly record transactions, regularly check your results, and keep good records. You also need to be comfortable with basic financial reports like balance sheets, income statements,…
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