Here is a quick summary of the Trump Tax plan. Individual Tax Reform Reduce seven tax brackets into three tax brackets. The current marginal rates of 10%, 15%, 25%, 28%, 33%, 35%, and 39.6% would turn into three rates of 10%, 25%, and 35%. The administration has not yet identified how these rates would apply… Read More

Most people hate to have to owe taxes on April 15th and then have to write that big check to the IRS. If you are one of those people here are the steps you can take: Correct your withholding from your paycheck(s). The IRS has a good calculator at this website that is fairly easy to… Read More

The tax filing deadline is this Tuesday the 18th of April. If you can’t get your tax information together to file your taxes then the next best thing to do is to get an automatic extension from the IRS. It’s automatic in that the IRS will automatically accept the extension, but you have to do… Read More

So you got your 1099-B form for your stock trades and you sit down to do your tax return. Looks pretty straight forward, just fill in the blanks and out pops your capital gain or loss. Well there is a complication if you received stock from your company. The 1099-B will not be 100% complete, thereby… Read More

For most of us the only time we pull together all our financial information is at tax time. Try looking at it as an opportunity to go over both your current and future financial situation with your tax professional. This is were using a tax professional that has advanced degrees, licenses and certifications can do much… Read More

Income taxes have to be the most aggravating tax advised by government. Not only do you have to present your income and deductions in the best light like a defense attorney, but you have to play the role of judge to make sure you have faithfully and honestly applied the tax law. Then to top it… Read More

Busy people often fall behind on filing their taxes and believe that they will get caught up next year. While there are other problems with filing taxes late, the one that most people are not aware of is that if you file over 3 years late the IRS will not pay you any tax refund.… Read More

I had the pleasure of presenting a 2016 Tax update to the Renton Rotary. I covered the different tax professionals that can help taxpayers, some of the reasons why income taxes are so complex, what changes we could expect to the tax code in 2017 and finally the the major problems we see in tax practice.… Read More