Five Common QuickBooks Mistakes and How to Avoid Them

QuickBooks is a great tool, but if you don’t use it properly, you may not have a true picture of your business’s financial health. Here are the most common errors and how to avoid them. 1. Payments Double Counted Not logging the payments you receive from customers properly can end up doubling your income on paper and throwing off your …

Should My Side Hustle Consider S-Corp Status?

If you have a side hustle, you may be paying up to an extra 15.3 percent in Social Security and Medicare taxes. By setting up an S-Corporation to hold your small business, you may be able to cut those taxes. What Is an S-Corporation? An S-corporation is a special type of corporation that avoids paying a separate corporate income tax …

Everything You Need to Know About Deducting Your Ride

Whether you run a small business or own a large company, your ride could be your biggest opportunity when it comes to the taxes you pay. Every time you meet with clients, deliver an order or go to ship a package, you take on certain costs that could be tax-deductible. Here’s what you need to know. Understanding Vehicle Deductions When …

Paycheck Checkup – 2018 Tax Calculator

Late last year a tax overhaul was signed into law. This law gives a new direction to the IRS as to how individuals and businesses should be taxed and at what rates. This has left people wondering about their tax liabilities for 2018. One of the biggest changes brought about by the 2018 tax reform is the removal of personal …

Cryptocurrency and the IRS: What you need to know

Cryptocurrency. It has become a hot topic these days and continues to grow in popularity. But what does it mean for your tax return? Whether you?ve used cryptocurrency as an investment or as a currency, you owe taxes on it. Your Bitcoin holdings are not taxable (yet), but once you sell them or use them to buy something, you have …

When is it time to hand the books over to a professional?

When the idea of doing your accounting for yourself stresses you out! In our experience, there are two reasons that business owners don’t have reliable financial records. 1. They don’t have the time. 2. They don’t have the interest. If you fall into these two buckets, it is time to hire a bookkeeper. Reliable financial records are the heartbeat of …

How 2018 Tax Reform Could Affect the Housing Market

Many homeowners, buyers, and sellers are left wondering how the tax reform legislation will affect them.? While Seattle home values have gone up 16.2% over the past year, the White House Council of Economic Advisors released an analysis indicating that home prices would decline 2% immediately and 4% over the long run due to the changes in tax law related …

What does Marketplace Fairness legislation mean for your WA business?

While there is a new and exciting tax reform happening at a federal level, there are also some exciting things happening in the state of Washington. Beginning January 1, 2018, marketplace facilitators with a physical presence in Washington or $10,000 or more in retail sales sourced to Washington, including sales of their own products and sales of products made on …