The beginning of the year is the perfect time for small business owners to get organized, review finances, and plan ahead. Taking a few proactive steps now can save headaches later and help set your business up for success in 2026. 1. Organize Your Financial Records Start by gathering your 2025 financial documents, including: 2. […]
3 Things Every Small Business Owner Should Do at the Start of the Year Read More »
Starting January 1, 2026, a new 1% federal excise tax will apply to certain international money transfers sent from the U.S. This development may affect individuals and businesses who frequently send funds abroad, especially through cash or money order payments. Who Is Affected? How It Works Why It Matters Even at just 1%, this tax adds a small
1% U.S. Tax on International Money Transfers – Effective January 1st, 2026 Read More »
Whether you’re an employed individual, business owner, or self-employed professional, early organization is key. January and February are especially important months for gathering documents, issuing required forms, and reviewing your financial records for accuracy. Why Early Preparation Matters Steps You Can Take Now Preparation doesn’t just make tax season easier — it puts you in a stronger financial position
Get Ahead of the 2026 Tax Season: Preparation Starts Now Read More »
Starting January 1st, 2026, the City of Seattle will implement a new local sales tax from 10.35% to 10.55% to increase to fund public-safety services. The extra revenue is expected to generate roughly $39–40 million in 2026 and will go toward a variety of public-safety initiatives — from expanding emergency 911 dispatch and civilian crisis-response teams, to hiring more firefighters and supporting substance-use treatment and
Seattle Adds Public Safety Sales Tax — What That Means in 2026 Read More »
The IRS MATH Act, just signed into law in December 2025, requires the Internal Revenue Service to provide much clearer, more detailed notices when it finds a “math or clerical error” on a taxpayer’s return. Instead of vague, generic letters, taxpayers will now receive plain-language explanations that pinpoint exactly what the issue is — including the line on the
IRS Math and Taxpayer Help Act of 2025: What Does It Mean? Read More »
Each year the IRS adjusts many tax numbers — like deductions, credits, and income-bracket thresholds — to keep up with inflation. This year’s updates cover more than 60 tax provisions and incorporate changes from the One, Big, Beautiful Bill Act (OBBBA). These changes help prevent what’s called “bracket creep” (where inflation pushes you into a higher tax
2025 Tax Year: Adjustments to Consider from the OBBBA (H.R.1) Read More »
On September 23rd, 2025, the IRS announced that starting September 30th, 2025, they will begin phasing out paper checks for tax refunds to individual taxpayers. This is part of a broader federal push under Executive Order 14247, which mandates that federal disbursements and receipts move toward electronic payments wherever legally possible. What’s Changing and Why:
Refunds Go Digital: IRS Phases Out Paper Checks Read More »
As a business owner, you’re always looking for ways to optimize your tax situation. But have you considered hiring your children? Hiring your kids can not only help them learn valuable work skills but can also provide several potential tax benefits. Here’s how: Important Considerations: If you would like to learn more about hiring children
Family Business: How Hiring Your Children Can Boost Your Tax Savings Read More »
The One Big Beautiful Bill Act (OBBBA), which became public law on July 4th, 2025, will bring a lot of changes and/or updates to federal tax law for individuals and businesses. It is important to stay up-to-date with the latest provisions in order to better prepare yourself for the upcoming 2026 tax season. Some updates and
Starting October 1st, 2025, the Washington Department of Revenue (DOR) will begin requiring sales tax to be collected on the services mentioned below. It is important that if you offer any of these services, you must collect sales tax on your customers’ receipts or invoices, depending on the services covered by this new regulation. This
Reminder: Starting October 1st, Some Business Activities Must Begin to Collect Sales Tax Read More »
