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...
Identifying Effective Tax Help Solutions
Year: 2021
Businesses may make use of Section 1031 like-kind exchanges
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....
How can I reduce my capital gains tax bill?
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...
What the wash sale rule means for people in Washington
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...
The 2021 child tax credit: how it might impact divorced parents
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...
A checklist to prep you for an IRS audit
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...
Situations where the IRS may grant innocent spouse relief
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,...
What to know about your Offer in Compromise in Washington
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...
How to take care of a past due tax debt
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...
Am I responsible for my spouse’s tax debt?
For most people, receiving a letter from the IRS is a harmless communication or a helpful reminder. For some, however, it means that something has gone terribly wrong. Even worse, however, is when you are held responsible for issues created by your spouse. Whether you...