The Washington legislature recently passed a new “millionaires tax.” Governor Ferguson signed the bill yesterday. Thus, starting in 2028, high-income … [Read more...] about The New Washington Millionaires Tax
The Tax-Inclusive Gift Strategy Calculator
If you’re a Washingtonian who worries about estate taxes? You should know paying gift tax can reduce estate tax. And maybe more than you might … [Read more...] about The Tax-Inclusive Gift Strategy Calculator
Washington State Millionaires Tax Residency Rules
The proposed Washington state millionaires’ 9.9% income tax comes with residency rules. And some taxpayers will really want to understand those … [Read more...] about Washington State Millionaires Tax Residency Rules
Exporting Assets Avoids Washington State’s 35% Estate Tax
The clean, nuclear way to avoid Washington state's new 35% estate tax is change domicile. (Something we've discussed here: Changing Your Washington … [Read more...] about Exporting Assets Avoids Washington State’s 35% Estate Tax
Powerball Lottery Tax Planning
A while back I talked about Lottery Tax Planning for a Billion Dollar Drawing. And what I said in the earlier article still stands... But the recent … [Read more...] about Powerball Lottery Tax Planning
When Material Participation Really Starts (It’s Earlier Than Most People Think)
Material participation sits at the heart of many powerful tax strategies. Whether you’re running a small business, flipping houses, managing a … [Read more...] about When Material Participation Really Starts (It’s Earlier Than Most People Think)
Bonus Depreciation and 1031 Exchanges: A Hidden Opportunity
Real estate investors know about bonus depreciation. They also know about 1031 like-kind exchanges. But not everyone realizes that the two rules can … [Read more...] about Bonus Depreciation and 1031 Exchanges: A Hidden Opportunity
The Section 168(k) Bonus Depreciation Purchased Requirement
You can get 100% bonus depreciation on tangible personal property assets you purchase and place into service after January 19, 2025. That seems … [Read more...] about The Section 168(k) Bonus Depreciation Purchased Requirement
Changing Your Washington State Residency
Okay, first point, if you want to change your residency or domicile from Washington state to some other state? That’s a question you answer with the … [Read more...] about Changing Your Washington State Residency
The Washington Estate Tax Income in Respect of Decedent Problem
Washington state’s estate tax hits only a small percentage of the state’s decedents. (The threshold for paying tax is $3,000,000, and though the data … [Read more...] about The Washington Estate Tax Income in Respect of Decedent Problem