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Consider Hiring Your Child This Summer Break (Tax Benefits for You and Your Kids!) – Bellevue CPA
Hiring your child during summer break can offer significant tax savings and real-world experience—but it’s essential to follow federal and Washington-specific labor laws and tax rules. 1. Federal Tax Benefits…
Read MoreUnderstanding Washington State Business Taxes Is Crucial for Which Industries
Understanding Washington State business taxes is crucial for all industries operating in the state, but some industries are particularly affected due to specific tax structures, exemptions, and compliance requirements. Here…
Read MoreDoes Your Business Need to File Forms 1099-NEC or 1099-MISC?
Article Highlights: 1099-NEC Filing Requirements Independent Contractor Filing Threshold Form W-9 Form 1099-MISC If you use independent contractors to perform services for your business, for each one that you pay…
Read MoreHobby or For-Profit Activity? The Answer Makes a Big Difference for Tax Purposes
Article Highlights: Hobby Versus For-Profit Endeavor Factors Used to Determine For-Profit Three out of Five Rule Hobby Deductions Sales from Collections If you are engaged in an activity that produces…
Read MoreJune 2020 Tax Due Dates
June 2020 Individual Due Dates June 1 – Final Due Date for IRA Trustees to Issue Form 5498 Final due date for IRA trustees to issue Form 5498, providing IRA owners…
Read MorePost-Pandemic Trends Shifting the Economy for Small Businesses Everywhere
While it’s absolutely true that the ongoing COVID-19 pandemic has created significant challenges for small and large businesses alike, there are also some changes happening that can be viewed as…
Read MoreIRS Guidance: PPP Loan Expenses Not Tax-Deductible
On April 30th, the IRS released guidance announcing that expenses related to Paycheck Protection Program (PPP) forgivable loans will not be tax-deductible. The PPP was originally created as part of…
Read MoreTips to Keep Your Business Afloat During COVID-19
COVID-19 has had an unprecedented impact on all aspects of American businesses, but perhaps none have been as severely affected as small business owners. Surviving this disaster will require more…
Read MoreWhy You Need a Financial Advisor Even More in Uncertain Times
We are living during a period of trying, uncertain times. The current outbreak of the Coronavirus disease (COVID-19), has had a significant impact on the way we go about our…
Read MoreHow to Clean Up QuickBooks for 2020
We know December is a busy month. However, take some time now to make sure QuickBooks is ready for 2020. Yes, it’s here again: the end of the year. You…
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