Many Washington entrepreneurs take advantage of the tax code and its various deductions, but things don't always work smoothly, even for honest business proprietors. The Internal Revenue Service may send a letter notifying the taxpayer of an audit. Preparing for an...
Recent IRS warnings in Washington are cautioning taxpayers to avoid any scams that request money. Today’s tax season is full of major risks like identity theft. Ransomware is now disguised as friendly data requests that turn into criminal bribery. Though you may not...
Is your business thinking of exchanging a real property for another one that is similar? Many business owners in Seattle and other nearby areas of Washington have questions when it comes to reporting something a bit unusual with real estate transactions and business....
Anyone who makes a profit on the sale of an asset can expect Uncle Sam is watching and waiting for his slice of the pie. When this profit is the result of an investment, the Internal Revenue Service (IRS) will generally expect the individual who made the profit pay a...
It's an undeniable fact that stock values have a tendency to fluctuate in value dramatically - and unpredictably. For those who end up on the wrong end of stock investment, claiming a tax-saving capital loss deduction is often what saves them from dire financial...
If you are a parent, you have no doubt heard about the special child tax credit that Congress passed earlier this year. You may even have started receiving your check already. The tax credit is providing welcome financial help for many families in Seattle that are...
In every audit requested by the Internal Revenue Service, individuals have no more than 30 days to respond. Tax law is time-sensitive at times, so preparation is important for residents of Washington. Getting an auditing notice from the IRS has become more common, but...
When married couples in Washington and around the country file joint tax returns, both spouses are jointly and severally responsible for any money owed. This means either spouse can be pursued individually by the Internal Revenue Service if income is not reported,...
Benjamin Franklin famously was once quoted as having said there are only two certain aspects of life, “death and taxes.” And for millions of Americans, affording their tax bill has become an increasingly large burden to bear. To provide some assistance to these...
If you are a Washington business owner who owes back taxes to the IRS, it is in your best interest to settle your debt as quickly as possible. This is because interest will continue to accumulate on any outstanding balance until it is repaid, and you could incur...
