Tax Tips
What Is Tax Basis? Why It Matters So Much in King County
When most people in King County hear the term “tax basis,” they assume it only matters when they sell a home or investment. In reality, tax basis affects capital gains…
Read MoreRelief For Some 2023 IRA RMDs
Article Highlights: IRA Owners Turning 72 in 2023. Required Minimum Distribution Not Required Until April 1, 2025. 60-Day Rollover Period Rollover Period Extended Until September 30, 2023. On July 14,…
Read MoreGetting Married: What Newlyweds Need to Know Regarding Taxes
Taxes might be the last thing on your mind on your wedding day, but tying the knot can have a big impact on your tax situation. Here are some of the…
Read MoreTax Issues Related to Hobbies
Article Highlights: Hobby Losses Not-for-Profit Rules Determining Factors Trade or Business Presumption Hobby Tax Reporting Self-Employment Tax Generally, when individuals have a hobby, they have it because they enjoy it…
Read MoreEarned Income Tax Credit: Used, Abused and Altered
Article Highlights: Purpose of the Earned Income Tax Credit Qualifications Earned Income Qualified Child Credit Phaseout Computing the Credit Investment Income Limit Combat Pay Election Fraud Safeguards Any discussion of…
Read MoreChild Daycare and Taxes
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…
Read MoreExcess Retirement Plan Contributions Can Be Taxing
Article Highlights: Excess IRA Contributions Excess Contribution Penalty Correcting Excess IRA Contributions Applying the Excess to a Future Year Excess 401(k) Contributions Failing to Timely Correct 401(k) Excess Contributions Some…
Read MoreDid You Just Get an IRS Notice of Deficiency? Here’s What to Do Next
Nobody likes getting mail from the IRS — especially when it’s something you weren’t expecting. One minute, you’re minding your own business and aren’t even thinking about that return you…
Read MoreYear-End Tips for Charitable Contributions
Article Highlights: Watch Out for Charity Scams Tax Exempt Organization Search Tool Tax Benefits of Charitable Contributions Bunching Deductions Qualified Charitable Distributions Substantiation As the end of the year and…
Read More3 Common Personal Income Tax Problems & How to Respond
Tax problems aren’t just a worry that hang over people’s heads from January through April every year. Many of them go far beyond the numbers that you report, and they…
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