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...
Tax Debt
Tax Debt
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,...
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...
Know some of the reasons that tax returns get audited
Tax audits from the IRS are on the top of many people's lists of worst-case scenarios, but there are some reasons that put people at greater risk of being audited. While there's no fool-proof way of ensuring that you're never audited, there are some ways that you can...
Avoiding the trust fund recovery penalty (TFRP)
Business owners in Washington State are required to withhold certain federal taxes from their employees' paychecks. These taxes include federal income taxes, excise taxes, FICA, Social Security taxes and railroad retirement taxes. When business owners fail to collect...
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...
Watch for these 2021 tax changes
There are few things more certain for Washington residents than the yearly need to report income and settle any tax bills with the IRS. It is also common for slight changes in tax codes to affect the process each tax season. Taxpayers will likely notice several...