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...
Identifying Effective Tax Help Solutions
Tax Debt
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...
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...