When commercial real estate property owners in the Seattle and Puget Sound area prepare for a major exit, capital gains taxes are often the biggest hurdle to preserving net proceeds. Between federal capital gains, depreciation recapture, and Washington’s local real estate excise taxes (REET), an
Understanding the Standard Deduction for 2026
The Standard Deduction is a cornerstone of the US tax system, designed to simplify the process of filing taxes and ensure that every taxpayer has a baseline amount of income that is not subject to federal income tax. For 2026, the Standard Deduction has increased to account for inflation, offering
Taxpayers’ Dilemma: Selling Assets to Pay Taxes?
It is one of the most frustrating catch-22s in financial planning: you face an outstanding tax liability, decide to liquidate an appreciated asset to generate liquidity, and suddenly trigger a brand-new wave of capital gains taxes. Liquidating capital to settle tax debt requires a careful approach
Tax Deductions for Contributions to a Traditional IRA
Contributing to a Traditional Individual Retirement Account (IRA) allows you to build retirement savings with tax-deferred growth while potentially reducing your taxable income in the year you contribute. Because the IRA deduction is an above-the-line deduction (claimed on Form 1040, Schedule 1),
Do I Need to Pay Taxes Quarterly as a 1099 Contractor?
Transitioning from a standard W2 paycheck to 1099 status is one of the most common leaps for independent professionals in the Puget Sound area. While being your own boss brings flexibility, it also means taking full ownership of your tax obligations. Without an employer automatically withholding
When Can You Start Filing Taxes?
Key Tax Filing Dates & Major Life Changes: What You Need to Know The IRS typically opens the individual tax filing season in late January, with federal returns and extension requests due on April 15. Employers and payers are required to deliver your W-2s and relevant 1099 forms by January
The Hidden Tax Traps of “Free” Tickets, Flights, and Client Perks
There's one golden rule of tax law: the IRS defines gross income broadly as any economic benefit realized, from whatever source derived. Winning a prize or receiving high-value perks from clients might feel like hitting the jackpot, but without proper planning, it can trigger an unexpected tax
From Refund to Balance Due: A Classic “Oops” of Amending a Tax Return
It is a great feeling: you finish pulling together your books, e-file your tax return, and the software tells you that you are owed a healthy refund. You breathe a sigh of relief and get back to running your business. But then, a few weeks later, the mailbox delivers a surprise -- a late Form