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Seattle Tax Law Blog

What to do if you receive a tax audit notice

The reason that the IRS conducts tax audits is to uncover inaccurate tax returns. If your tax return contains inaccurate information, you may be subject to an audit. During the audit, the IRS will determine if there is any reason to penalize you for inconsistencies on your filing or return.

The process

Quarterly payments can help you move your business forward

Owning a business can be an excellent means to support your family, develop a niche for yourself and bring your dreams to fruition. And although business ownership may provide you with the right to determine your schedule and free you from answering to a boss, it comes with some added responsibilities.

Whether you work alone or have employees reporting to you, you need to maintain financial records for your company. And as opposed to people working for a W2, you must pay quarterly taxes. But when finances are tight, you might wonder whether making quarterly taxes is beneficial.

Sales tax exemption reform could affect Washington businesses

Washington businesses may soon experience decreased sales due to new state tax legislation. Under Senate Bill 5997, which narrowly passed over the last weekend of April, Oregonians shopping in Washington may no longer be able to claim sales tax exemptions at the register by simply presenting their IDs. Washington business owners are concerned that this change in policy will drastically affect their business as fewer Oregonians will be willing to make purchases in Washington.


What you need to know about taxes if you have a side hustle

For many Americans, a side hustle is a great way to earn some extra income. It can also help you transition into a new career, perhaps as a small business owner. There are many reasons you may choose to work as a freelancer, and while there are perks to the gig economy, things can get complicated at tax time. Here is what you need to know about filing taxes for your side gig this year.

Tax law changes leave many small business owners uncertain

The new tax law signed by the President in December 2017 has left some business owners unclear of whether they qualify for a new deduction. According to The Star Tribune, though the IRS laid out guidelines for the business deduction, even some tax advisers have questions about what qualifies.

Avoid these common tax mistakes on this year’s return

With the new tax laws, people seem to be more confused than ever about what they should and shouldn’t do. Certain fundamentals still hold true, however. You must still tell the truth on your tax returns. Some tax payers fudge the numbers on purpose, and others are simply confused about the law. Here are a few mistakes that could land you in hot water:

5 tips for preparing your small business for an IRS audit

If you recently received a notice from the IRS that they plan to audit your small business, you may be panicking. Take a deep breath. With good planning and a little help, you can get through this.

The IRS conducts three types of audits: correspondence audits, office audits and field audits. They conduct many audits by correspondence, which is only through the mail and used for correcting errors or verifying information. The IRS does regularly conduct field audits for businesses, however, where they come to your place of business to review your records. Here are five tips for preparing your small business for an audit:

Reviewing changes for the tax reform law

2018 will be the first fiscal year the Tax Cuts and Jobs Act of 2017 will come into effect. As we approach the halfway point to Tax Day, the IRS released a statement reminding small business owners to learn about how the changes from the new tax laws will impact their company.

Given the numerous changes that occur to different types of business owners, it can be difficult for small businesses in Seattle to keep track of what to watch out for when preparing taxes for their companies. It is important to familiarize yourself as soon as possible so you can begin making changes in your tax plans and to avoid suffering any consequences from procrastination.

Online retailers may now have to pay tax on online sales

A recent U.S. Supreme Court ruling has many small online retailers panicking. The high court ruled that states are now allowed to collect tax from online sellers who sell to consumers in their state. In other words, if a Seattle resident orders from an online store based in Tennessee, the Tennessee-based stored will need to start charging buyers sales tax, as well as paying this tax to Washington state.

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