Business tax 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 […]

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 […]

In the spring of 2021, Washington State enacted a 7 percent capital gains tax on some taxpayers’ long-term capital gains starting in 2022. A short time after the capital gains tax became law, a lower court ruled the statute unconstitutional. That decision muddied the waters. But on March 24, 2023, the Washington State Supreme Court […]

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 […]