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 […]
Business tax returns
Washington State Capital Gains Tax Planning
On April 24, 2021, the Washington State Legislature passed Senate Bill 5096. That bill enacts a 7 percent capital gains tax on some taxpayers’ long-term capital gains starting in 2022. Governor Inslee says he will sign the bill. Accordingly, individuals living or investing in Washington state need to learn how the law works. And also […]
Covid-19 Relocations and Your Tax Return
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 […]
How Taxes Work for PPP Loans
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 […]
Avoiding Taxes on PPP Loan Forgiveness
How a PPP borrower fills out the 3508 forgiveness application matters for taxes.