This week, a quick discussion of grouping activities as backdoor way to materially participate. But first a bit of background about what material … [Read more...] about Grouping Activities to Achieve Material Participation
The Qualified Family-Owned Small Business Deduction
If you own or invested in a Washington state small business, you want to know about the qualified family-owned small business deduction. And here’s … [Read more...] about The Qualified Family-Owned Small Business Deduction
Vacation Home Rental Tax Traps
You want to learn the vacation home rental tax rules if you rent, own or are considering renting or owning a second home. Here's why: Vacation home … [Read more...] about Vacation Home Rental Tax Traps
Washington State Houses of Worship All Qualify for Employee Retention Credits
Did your Washington state church, mosque, synagogue or temple suspend services due to Governor Inslee's "Stay Home Stay Healthy" proclamation? I … [Read more...] about Washington State Houses of Worship All Qualify for Employee Retention Credits
Six Hacks to Simplify Small Business Accounting and Taxes
Starting a new business? This suggestion: Keep your small business accounting and your taxes simple. Really simple. The reason? In the post-pandemic … [Read more...] about Six Hacks to Simplify Small Business Accounting and Taxes
Filing Washington State Capital Gains Tax Returns
You maybe need to file a Washington state capital gains tax return with your 2022 federal tax return. Specifically, if you realized long-term … [Read more...] about Filing Washington State Capital Gains Tax Returns
Working Longer Avoids Sequence of Returns Risk
The term “sequence of returns risk” refers to the risk that your retirement nest egg may not last if you get a bad patch of returns at the start of … [Read more...] about Working Longer Avoids Sequence of Returns Risk
Lottery Tax Planning for a Billion Dollar Drawing
Okay. This is silly. You’re probably not going to win. But just for fun, let’s talk about lottery tax planning for one of those giant Power Ball or … [Read more...] about Lottery Tax Planning for a Billion Dollar Drawing
Should Entrepreneurs and Small Business Owners Retire Late? Or Even Skip Retiring?
Recently I found myself talking with friends about a crazy idea. The idea that entrepreneurs should retire late. Or maybe even just not retire. So … [Read more...] about Should Entrepreneurs and Small Business Owners Retire Late? Or Even Skip Retiring?
A Dozen Ways to Deduct Real Estate Losses
Tax law (and especially Section 469 of the Internal Revenue Code) mostly eliminates your ability to save big on taxes using real estate. That said, … [Read more...] about A Dozen Ways to Deduct Real Estate Losses