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

New Tax Law: Inflation Reduction Act

  The recently enacted Inflation Reduction Act of 2022 contains several new environmental related tax credits that are of interest to individuals and small businesses. The Act also extends and modifies some preexisting credits. Below is a brief summary of … Continued

Three tax breaks for small businesses

Sometimes, bigger isn’t better: Your small- or medium-sized business may be eligible for some tax breaks that aren’t available to larger businesses. Here are some examples. 1. QBI deduction For 2018 through 2025, the qualified business income (QBI) deduction is … Continued