Here are the top 7 tax law changes — both state and federal — that Washington small business owners need to know about in 2025: 1. Increased B&O Tax Rates & Surcharges (HB 2081) 🚨 Effective Oct 1, 2025, Washington will raise B&O (Business & Occupation) rates across most
The Largest Tax Package in Washington History
Washington State has enacted significant tax reforms under Governor Bob Ferguson's administration, introducing approximately $9 billion in new taxes over the next four years. These changes, aimed at addressing a substantial budget shortfall, have profound implications for small business owners in
How Tariffs Could Impact Your Business and How to Plan Ahead
Tariffs — taxes imposed on imported goods — have been making headlines for years, but many business owners in Seattle still wonder: Do they actually affect me? The short answer is: if your business touches global trade in any form — directly or indirectly — tariffs could have a ripple effect on your
The ITEP Tax Inequality Index: Understanding Washington’s Rank and Its Implications
When discussing state and local tax systems, Washington State often appears as a paradox. It’s known for having no state income tax, an attribute that seems advantageous on the surface. However, according to the Institute on Taxation and Economic Policy (ITEP), Washington has the second most
Washington State’s 2025 Tax Proposals
Washington state faces a growing budget deficit, estimated at $10–$12 billion over the next four years. With an operating budget of around $72 billion for the current biennium, this deficit represents a significant gap of approximately 7%. To address this, lawmakers in Olympia are considering new
Small Business Booming in Seattle (especially in U-District)
UPDATE NOV 2024: The information provided about Seattle's business landscape in 2023 remains relevant in 2024, albeit with some nuances. While the pandemic's immediate impact has lessened, its long-term effects, such as the rise of remote work and the shift towards digitalization, continue to shape
Seattle’s New Capital Gains Tax and the Implications for Real Estate
Seattle's housing and homelessness crisis continues to escalate, prompting bold action from city officials. In a recent announcement, City Council member Cathy Moore proposed a new city-level capital gains tax to bolster housing and food assistance programs. This move is aimed at addressing a
Seattle Votes on Record-Breaking Transportation Levy
Seattle residents will vote on a $1.55 billion transportation levy on November 5th. If passed, this would be the largest levy in the city's history. The levy, supported by Mayor Bruce Harrell and approved by the City Council, aims to fund various transportation projects, including safety