You might be wondering whether or not you're about to face federal penalties for failing to file your tax returns by the due date. If that's the case, A) you should contact our CPAs right away, but B) don't panic. Here's some of the facts you should to know. First, penalties apply if you owe any
Don’t Forget to Report Your Miscellaneous Income!
Taxpayers must report all income they earn and receive in a year on their tax return. Often times, however, people neglect to report several types of miscellaneous income. For instance, self-employment income where no 1099-misc is received, bartering income, gambling winnings, and prizes. Do I
Services to Outsource to Scale Your Business
Most small business owners start their business with the intent to scale -- in many ways, it's show you know the business is proving successful. Even if you start your business from a hobby, if it's going to be sustainable, it needs to scale. To do this, you need to use part of the profits to
Why Assets, like a Company Car, are Considered Nondeductible Expenses
A nondeductible expense is something you cannot claim when you file your taxes. Now, some people get confused as to what can and cannot be deducted, especially if they hope to get some money back. Some clients have incorrectly claimed something which resulted in issues including penalties and
The Benefits of Law Firm Accountants
A law firm needs a specialized CPA to ensure the legal practice can run smoothly. Law firm accountants are accustomed to the law firm's business structure, method of business, services, and highest risks. Having someone already well-versed in the field allows partners and attorneys to focus on their
Growing Small Businesses In Seattle
Seattle, Washington is a bustling Pacific Northwestern metropolis that's known for many things. The city is associated with friendly folks, (arguably) beautiful, rainy weather and coffeehouses galore. If you're thinking about making your mark in the Emerald City, then you should look into your
Major Companies That Don’t Owe Federal Taxes
Everyone dreads having to pay their fair share of federal taxes, but there are some multi-million dollar companies that do not pay a dime in taxes. Some of the wealthiest companies have not had to pay federal taxes in years, and 2018 was no exception. Some of the top companies, like Amazon, Alaska
How Would Universal Income Impact Taxes?
In the upcoming 2020 election, a debate topic is going to be the concept of universal income. If you're new to the idea, there's a myriad of different variations, but the core concept is the government would provide basic income for everyone to cover your finances (or most of your monthly finances).