Coordinating Sec. 179 Tax deductions with bonus Depreciation

Your business should generally maximize current year depreciation write-offs for newly acquired assets. Two federal tax breaks can be a big help in achieving this goal: first-year Section 179 depreciation deductions and first-year bonus depreciation deductions. These two deductions can potentially … Continued

A cost segregation study may cut taxes and boost cash flow

Is your business depreciating over 30 years the entire cost of constructing the building that houses your enterprise? If so, you should consider a cost segregation study. It may allow you to accelerate depreciation deductions on certain items, thereby reducing … Continued

Washington LTC Tax Withholding Begins July 1st

The new Washington State long-term care payroll tax will become effective starting July 1, 2023. Employers will need to withhold premiums (0.58% of wages) for all Washington employees. Check out the official website for a detailed breakdown: https://wacaresfund.wa.gov/how-it-works    

Washington State Capital Gains Tax

The new 7% tax on capital gains is in force for Washington residents. The Washington State Supreme Court has ruled that this tax on capital gains is constitutional and valid. This tax will apply to long-term capital gains that exceed … Continued

How the new SECURE 2.0 law may affect your business

If your small business has a retirement plan, and even if it doesn’t, you may see changes and benefits from a new law. The Setting Every Community Up for Retirement Enhancement 2.0 Act (SECURE 2.0) was recently signed into law. … Continued

Separating your business from its real estate

Does your business need real estate to conduct operations? Or does it otherwise hold property and put the title in the name of the business? You may want to rethink this approach. Any short-term benefits may be outweighed by the … Continued