How to Financially Prepare for 2023 – In Case of a Recession

The growing consensus among economists is that the U.S. economy will enter a recession in 2023. Recessions tend to go hand in hand with major stock market declines and widespread unemployment. Without proper preparation, recessions can irrevocably damage your financial stability. That’s why now is a good time to start if you haven’t begun already. Start…

Read More

The IRS Non-filer Tool Is Now Closed

The tool is closed and it will not be available for other payments including the second Economic Impact Payment or the Recovery Rebate Credit. Economic Impact Payments were an advance payment of the Recovery Rebate Credit. You may be eligible to claim the credit by filing a 2020 1040 or 1040-SR for free using the IRS Free File…

Read More

Forms W-2 and 1099-NEC: Deadlines, Extensions, and Penalties

Businesses that hire employees and non-employee contract workers must give them end-of-year tax information, with W-2 forms going to employees and 1099-NEC forms to non-employees. This information also must be filed with the appropriate federal agencies. This article gives you information on the deadlines for these forms, what to do if you need an extension,…

Read More

Tax Benefits for Child Daycare Providers and Users

Article Highlights: Daycare Providers Simplified Food Deduction Special Rules for Business Use of the Provider’s Home Home Sale Consequences Other Expenses Other Daycare Provider Issues Daycare User Credit Employer Dependent Care Benefits Other Credit Criteria Special tax benefits are available for those providing daycare services for children and the parents who pay for those services.…

Read More

New Payroll Tax in Washington State (earn over $300,000 a year?)

Do you work at Amazon, Microsoft, Facebook, F5 Networks, or any of the other large tech employers in Washington State? Do you earn over $300,000 a year? If so, read this! Washington State passed a new tax on employees to fund the first public-operated, long-term care (LTC) insurance program. Effective January 1, 2022, Washingtonians who…

Read More

What Types of Deductions Qualify for Itemized Bunching?

Bunching can work with any expense that you can itemize, but you need to be able to control when you incur these expenses. That typically leads people to bunch expenses in three key areas: Property taxes. If your municipality allows it, wait until January to pay the previous year’s property tax bill. Then, pay the current year in December. Because you…

Read More

What Happens If You Can’t Pay Your Taxes?

What happens if you complete your tax return and find that you can’t pay the amount you owe? This isn’t supposed to happen. You’re supposed to pay income taxes gradually throughout the year so that in April you won’t owe much or will even be entitled to a refund of overpaid taxes. Employees have income…

Read More

Russian-speaking accountant in Seattle, WA

Akopyan CPA is offering its services in two languages, English and Russian. Some members of our team have a Russian background, and the Russian language is their native language. Yuriy, the founder of Akopyan CPA, is Russian speaking accountant. He spent around ten years living in Moscow, where he worked as a senior accountant. He knows very well…

Read More