Tax planning is especially important for small businesses due to several key reasons: Limited Resources: Small businesses often operate with limited financial resources. Effective tax planning can help minimize the tax burden, freeing up more funds for essential business operations, growth, and investment. Cash Flow Management: Taxes can have a significant impact on a small…

Having a balance sheet is important for both financial and tax planning because it provides a snapshot of a company’s financial position at a specific point in time. A balance sheet, also known as a statement of financial position, presents a summary of a company’s assets, liabilities, and shareholders’ equity. Here’s why it’s crucial for…

Unrestricted City and County Sales Taxes Cities and counties can impose “unrestricted” sales taxes totaling a maximum of 1.0% on top of the 6.5% state sales tax. These revenues may be used for any lawful governmental purpose. Below is a summary; for a more comprehensive discussion, including administration and revenue-sharing calculations, see MRSC’s City Revenue Guide and County…

Retail sales taxes (chapter 82.08 RCW) and use taxes (chapter 82.12 RCW) are an important revenue source for many local governments in Washington – specifically cities, towns, counties, transit districts, and public facilities districts. (There are many other types of special purpose districts that do not have sales tax authority and must rely on other…

September 2023 Individual Due Dates September 1 – 2023 Fall and 2024 Tax Planning Contact this office to schedule a consultation appointment. September 11 – Report Tips to Employer If you are an employee who works for tips and received more than $20 in tips during August, you are required to report them to your…

The United States government is providing tax relief for eligible Hawaii residents amid the rampant wildfires on both Maui and the Big Island. The President has declared a disaster for all parts of Hawaii affected by the wildfires.  Disaster area taxpayers will now have until February 15, 2024, to file various federal individual and business…

Double-Check the Number: Make sure you are entering the control number exactly as it appears on the W-2 form. Sometimes, control numbers can be a mix of letters and numbers, so ensure that you haven’t mistaken any characters. Contact Your Employer: If you’re having trouble with the control number, reach out to your employer’s payroll…

There are certain tax benefits available for grandparents who are raising their grandchildren in Washington state, USA. One of the key programs that could be relevant in this situation is the “Kinship Caregiver Support Program.” However, please note that laws and regulations can change over time, so it’s important to verify this information with the…

Washington State, like any other jurisdiction, may offer certain tax-related options or benefits that could indirectly affect your financial situation when it comes to supporting your grandkids or planning for their future. For example, you might want to explore options such as: 529 Plans: These are education savings plans that offer tax advantages when saving…

If you need to make a change or adjustment on a return already filed, you can file an amended return (Use Form 1040-X). You should file an Amendment, Form 1040-X, with the Internal Revenue Service (IRS) if you need to correct information on a previously filed tax return. Here are some common reasons why you might…