If you get paid online in Washington, there are some upcoming changes to expect in how you receive your tax paperwork. It shouldn't be a cause for alarm for anybody, but there are new rules you'll probably want to be aware of so they don't catch you off guard when...
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Examples of valid and invalid business write-offs
Running a business comes with a lot of challenges. When tax season comes around, it may seem like just another obligation you need to take care of. Instead of dreading doing your business’s taxes, it may be an opportunity to reduce the value of your business assets...
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....
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...
IRS cracks down on cryptocurrency profits and trades
Residents of the Seattle area and other parts of Washington who are interested in Bitcoin may want to know more about the new tax rules regarding cryptocurrency. In order to deter tax evasion and illegal activity, the Treasury Department announced that it will require...
Why does the IRS audit certain returns?
Going through an IRS audit may prove both stressful and costly. No one can predict whether the tax agency will order an audit on a personal or business return. Still, past activity shows certain things may raise the chances of an examination. Washington taxpayers...
How life events can change your tax status
If you earned money over the course of a given year, there is a good chance that you'll have to at least file an income tax return. Your marital status, sources of income and other variables will determine whether you owe money to the state of Washington or to the...
Tips for managing tax debt in Washington
Unfortunately, there are cases where people are unable to produce the amount of money they owe the United States government in taxes. Residents of Seattle who find themselves overwhelmed by tax debt should educate themselves on how to better manage that debt and...
You filed for a tax extension. Now what?
Taxpayers received a little extra time to file their taxes this year. The usual federal tax deadline is April 15th, however, due to the weekend and Emancipation Day, taxpayers received an extra two days to file this year. Additionally, the IRS website experienced...