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 »
As a small business owner, maintaining meticulous records is essential to ensuring the financial health of your business, and one of the most critical elements of this practice is keeping your receipts. Why is it important to keep receipts? Best Practices for Managing Receipts: By implementing these simple yet effective habits, you can keep your
The Power of Receipts: Why Keeping Track of Every Expense Matters for Your Business Read More »
Join us for this comprehensive workshop designed to equip entrepreneurs and early-stage business owners with the tools they need to grow strategically—and stay tax-ready every step of the way. The workshop will be hosted in Spanish at the Beacon Hill Branch of the Seattle Public Library on Wednesday, September 10th from 5:30pm to 7:30pm. This
The One Big Beautiful Bill Act (OBBBA) is a proposed budget reconciliation bill in the 119th United States Congress. It was recently passed by the House of Representatives on May 22nd, 2025 and passed by the Senate on July 1st, 2025. The bill includes, but it is not limited to, the following: What It Means
The One Big Beautiful Bill Act: What Does It Mean for Taxpayers? Read More »
On June 12th, 2025, the IRS officially acknowledged processing delays that have caused some taxpayers to receive notices claiming a balance due—even when payments were made timely and electronically. Why It’s Happening: Who’s Affected IRS Guidance for Taxpayers Challenges Facing the IRS This issue highlights broader operational challenges: While the IRS works through its backlog,
IRS Acknowledges Processing Delays Leading to Balance-Due Notices Read More »
Cryptocurrency has become an increasingly popular investment, but with it comes the responsibility of understanding its tax implications. Whether you have bought, sold, or simply traded cryptocurrency, it is essential to understand how the IRS views these transactions and what your reporting requirements are. The IRS treats cryptocurrency as property, not currency. This means that any
Cryptocurrency and Its Tax Implications Read More »
As we move through the year, it is important to stay on top of your tax obligations to avoid any surprises down the road. If you’re self-employed, a small business owner, or someone with significant income that is not subject to automatic withholding, this reminder is for you. If you have not already made your
2nd Payment Period for Estimated Tax Payments Read More »
Filing on time is essential to avoid penalties and interest on any owed taxes. Check here for the obligations and/or filings that must be made during the month of May.
Your Tax Timeline: Upcoming Due Dates and Deadlines for May Read More »
The Health Insurance Marketplace is managed by the federal government or individual states. It’s especially valuable for those who don’t have access to employer-sponsored insurance or other coverage options. However, this type of insurance can have tax implications that you need to be aware of: Premium Tax Credits (Subsidies): If your income is between 100% and 400%
Health Insurance Through the Government Marketplace: What It Means and Tax Implications Read More »
