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Business tax returns

Using Pass-through-entity Tax Election

January 19, 2023 by nelson.cpa

pass-through-entity tax election can boost SALT deduction on 1040 returns

You maybe know this. But under current federal tax law, your itemized deduction for state and local taxes gets limited. That limit? $10,000. For example, say you own a home and pay $10,000 of property taxes. And then also say you earn income in a state that taxes income and pay $20,000 of state income […]

Filed Under: Business tax returns, Individual tax returns

Avoiding Biden Tax Increases on Small Corporations

June 16, 2021 by nelson.cpa

Bid tax proposals impact small business corporations blog post

Right now, no one knows whether President Biden’s business tax proposals will become law. Which means planning for any changes is tricky. Yet the proposed tax laws change vast parts of the Internal Revenue Code. Especially for entrepreneurs and active investors. And then the real issue here: By the time we do know all the […]

Filed Under: Business tax returns, Individual tax returns

Washington State Capital Gains Tax Planning

April 26, 2021 by nelson.cpa

Washington state capital gains tax requires adjustment in thinking by investors and entrepreneurs.

In the spring of 2021, Washington State enacted a 7 percent capital gains tax on some taxpayers’ long-term capital gains starting in 2022. Accordingly, individuals living or investing in Washington state need to learn how the law works. And also how to minimize its impact. A caution? The new law burdens both the state and […]

Filed Under: Business tax returns, Individual tax returns

Covid-19 Relocations and Your Tax Return

March 1, 2021 by nelson.cpa

If due to the Covid-19 pandemic, you moved out of your usual neighborhood or community, that move may impact your taxes. You may get some travel-related deductions in some special cases, for example. But you may also find yourself paying new state and local income taxes. Accordingly, you want to  understand—at least in a general […]

Filed Under: Business tax returns, Individual tax returns

How Taxes Work for PPP Loans

December 22, 2020 by nelson.cpa

PPP loans and PPP tax accounting blog image

Sometime in the next few days, the Paycheck Protection Program, or PPP, will restart. We’re just waiting now for the President to sign the bill the House and Senate already passed. For the millions of small businesses who have borrowed PPP money, the new law includes a windfall. The PPP loan money now counts as […]

Filed Under: Business tax returns, PPP

Avoiding Taxes on PPP Loan Forgiveness

November 30, 2020 by nelson.cpa

needle and thread image for PPP loan forgiveness post

How a PPP borrower fills out the 3508 forgiveness application matters for taxes.

Filed Under: Business tax returns, PPP

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