No one wants to go through a tax audit, but if you're a business owner in Washington, it's something you should prepare for anyway, just in case. The good news is that certain steps can help make the process as smooth as possible. Understand what the IRS usually looks...
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U.S. Tax Court overview
Owing money to the IRS can often make individuals and business owners worry about their potential federal tax cases. If you live in Washington, understanding how the tax court operates and what to expect from the process can help mitigate these concerns. What is the...
The annual anxiety of tax filing
The Internal Revenue Service (IRS) is a powerful entity that can strike fear in any taxpayer. With recent legislation passed to add even more agents, the bureaucracy’s influence will only continue to grow. Tax season is a stressful time with working Americans focusing...
Innocent spouse tax relief in Washington State
Under the current federal tax law, married people in Washington can choose to either file their taxes separately or jointly. This decision is critical because if your spouse makes an error, you can both suffer if you file together, but if you file separately, you...
Audit rates are dropping across the nation
The total number of audits performed on an annual basis by the IRS continues to drop. This is as true in the state of Washington as it is in the rest of the nation. While this may be good news for taxpayers, it may also come with a caveat. The number of audits...
Careful preparation is a must after notification of an audit
Many people automatically envision an IRS audit as a highly stressful event taking place in a darkened room like something from a detective movie. Fortunately, such a stressful encounter is a rarity. In any event, it is wise for taxpayers to remain organized and take...
Use these four steps if you have years with unfiled taxes
Whether you're a busy parent working a full-time job, a small business owner focused on operations or a real estate investor with multiple properties, paying taxes in Washington is required. Unfortunately, you can get sidelined with life's priorities and not have the...
Are certain people more likely to get audited?
Most find the possibility of facing an IRS tax audit an overwhelming and intimidating experience. With numerous layers of complexity and the looming prospect of a mysterious meeting with government officials, individuals worry about presenting the information...
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...