Taxes
IRS Provides Tax Relief in Washington State
On December 23, 2025, the IRS announced tax relief for individuals and businesses affected by December storms. This follows the disaster declaration by FEMA and permits the IRS to postpone certain deadlines and waive penalties. Affected taxpayers now have until May 1, 2026, to file various federal individual and business tax returns and make tax payments. Affected Taxpayers To qualify for tax relief, taxpayers do not need to have experienced loss or damage. Taxpayers who…
Read MoreThe New 0.5% AGI Floor for Charitable Donations: What Donors Need to Know for 2026
Key Highlights Changes to the Charitable Deduction for Itemizers Starting in 2026, taxpayers who itemize deductions on their tax return can only deduct charitable donations that exceed 0.5% of their Adjusted Gross Income (AGI) for the year. Example: With this change, routine or smaller gifts may no longer provide a tax benefit for taxpayers who itemize. If the total 2026 charitable giving in this scenario is $1,000 or less, no deduction is allowed for taxes.…
Read MoreQuarterly Estimated Taxes
What are Quarterly Estimated Taxes? In a perfect world, the taxes taken out of your wages would cover your tax liability, and you would never owe more. This is not the case for most taxpayers. We’re left to wonder what changed when we received a refund in past years. To meet your tax obligations, you have to calculate and pay quarterly estimated taxes. Taxpayer’s Responsibility We make payments four times a year at the end…
Read MoreFree Filing Option: Direct File
As of January 27th, the IRS is accepting individual tax returns for processing. With many filing options (including your local CPA!), it can be hard to know where to start. A new and overlooked option is filing with the IRS through Direct File. Did we mention it’s free? Let’s take a look. The Program Direct File is in its 2nd year and available in 25 participating states (including Washington). Like popular paid DIY options, the…
Read MoreCharitable Giving + Taxes
It’s Giving Tuesday today and what better topic to explore than charitable giving! Charitable giving is a great way to alleviate some of your taxable burden while supporting organizations you’re interested in. There are several methods so let’s jump in. Let’s Make the Most of Charitable Giving The most common method of charitable giving is cash/check/card, plain and simple and straight to the point. As with all charitable gifts, make sure you retain proper documentation,…
Read MoreIs an S-Corp election right for me?
We get this question a lot. For some businesses, the S-Corp election makes sense; for others, it doesn’t, and for still others, it’s a maybe. So how do we make sense of it? Let’s skip ahead and dive right into why or why not an S-Corporation is for you. Pros of an S-Corp Cons of an S-Corp How much will an S-Corp save? This is a tricky question. The Tax Jobs and Cuts Act of…
Read More