Growing your business presents many new possibilities, but also new challenges. When a business in Washington State grows to employ more than 50 people, several tax-related responsibilities come into play. Understanding these tax obligations is necessary for ensuring...
Identifying Effective Tax Help Solutions
Tax Debt
Paying IRS income taxes for Washington estates after death
When a person dies, their estate might need to handle various tax responsibilities. Understanding whether an estate must pay income taxes to the IRS can help executors manage financial matters. Understanding estate taxes and income taxes First, it's important to...
Understanding how taxes affect an HSA
Contributing to a health savings account (HSA) offers several tax benefits and implications. An HSA is a savings account designed for people with high-deductible health plans (HDHPs). It allows you to save money for medical expenses while enjoying significant tax...
Common mistakes that lead to trust fund recovery penalties
Running a business comes with its fair share of responsibilities, including managing payroll taxes diligently. However, several common mistakes can lead to hefty trust fund recovery penalties, causing significant financial strain for business owners. Misunderstanding...
What can I do if my ex made a mistake filing taxes?
Filing taxes can be stressful, especially if an ex-partner makes a mistake that affects both parties. This scenario requires prompt action. Understanding state laws and federal programs will help resolve issues efficiently when handling an ex’s tax errors....
What to do if the IRS audits your Washington business
An IRS audit can be a stressful experience for any business owner in Washington. The thought of federal agents scrutinizing your financial records might feel overwhelming, but it is important to approach the situation calmly and methodically. An audit does not always...
Should my spouse and I file separately or jointly?
Married couples have the option to file their income taxes jointly or separately. Each option comes with its own set of advantages and disadvantages. Filing jointly According to CNBC, in 2021, roughly 54 million couples chose to file jointly, while only 3.9 million...
Can I write off my home office as an expense on my taxes?
When you work from home, you may be able to deduct certain expenses connected to your home office from your taxes. This deduction can help reduce your taxable income and potentially lower the amount of taxes you owe. To qualify for this deduction, you must meet...
What are the most overlooked tax deductions for individuals?
Tax season often brings a mixture of stress and confusion for many individuals. However, understanding and taking advantage of available deductions can alleviate some of that burden. Medical expenses In the U.S., individuals paid $1.7 trillion in taxes in 2020, and...
4 tips for managing tax debt
Tax debt can be a significant burden, causing stress and financial strain. With careful planning and proactive measures, it is possible to manage and alleviate this burden effectively. 1. Assess your tax situation Begin by thoroughly assessing your tax situation....