Posts Tagged ‘taxes’
No More Breakroom Deductions!
A brief history The Tax Cuts and Jobs Act of 2017 (TCJA) eliminated deductions completely for business-related entertainment and recreation. Costs of golfing with an employee or football game tickets for potential clients used to be considered ordinary and deductible business expenses. The TCJA maintained that food and beverages provided by an employer at work locations were still 100% deductible…. but only through the end of 2025. After 2025, meals provided by employers at business…
Read MoreIRS Provides Tax Relief in Washington State
*5/1/2026 Update: The IRS has extended the deadline to August 5, 2026 and included more counties and tribal nations that qualify for relief. 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…
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 MoreHow-to: Opting into Active Non-Reporting Status
Hey business owners! Does filing your quarterly or annual Washington Department of Revenue (WA DOR) tax return get you down? We want to tell you about Active Non-Reporting status and how it may make running your business a little easier. What is Active Non-Reporting Status? Beginning January 1, 2023, the WA DOR now offers an option called Active Non-Reporting Status for businesses that meet specific criteria. This status allows you to actively conduct business in…
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