As the president of the WSSEA, we sponsored a 16-hour tax update last week with Tom Gorczynski EA USTCP. He did a great job covering the latest tax changes and tax planning strategies. Fortunately, the changes this year were modest compared to the previous years. There were several changes at the IRS level that had… Read More

I often get the question what I think about using Turbo Tax¬†versus using a tax professional. ¬† The upside of using Turbo Tax is you will save some money on the preparation, not a lot, but some money. However the downside is that you have to spend your time, miss deductions or worse you make… Read More

The IRS sends out millions of computer generated letters a year to taxpayers. These letters are rarely welcome, as a result they can pile up unopened and certified letters are not collected from the post office. While stamp collecting can be a rewarding and stress relieving hobby, I don’t know anyone that has the same… Read More

With the new tax law now in place, you can still deduct your interest on home equity loans that are at or below $100,000, if the loan was used to buy, build or substantially improve your home. So if you took out a $25,000 home ‘equity’ loan to remodel your kitchen, that interest could still… Read More

IRS Revenue Officers are continuing to focus on the payroll taxes that employers are required to both file and remit to the IRS on a regular basis. The IRS has determined that getting employers to pay these taxes is relatively easy money and the longer that a business goes not paying these taxes the more… Read More

HSA accounts (Health Saving Accounts) are one of the best tax avoidance strategies available. The accounts are funded through payroll withholding. They are provided by your employer if you have a high deductible Health Insurance plan. The tax advantages are that the withheld money is free from both income, social security and Medicare taxes. Then… Read More

  I’ll be at the Washington State Society of Enrolled Agents table at the Small Business Fair. The fair is at the Renton Technical College September 29 from 8:00 to 4:15. There will be great speakers and exhibitors that you can access for free. This is a great resource for both existing and potential small… Read More