Getting a letter from the IRS can turn any normal day into a stressful one -- especially if it hints at collection action. Two notices in particular, CP504 and LT11 (or Letter 1058), often show up right before the IRS begins wage garnishment or bank levies. If you’re in Washington State, the
When Your Employer Switches You from W2 to 1099: What Changes, What to Watch Out For
You might hear from coworkers or see job posts that say “1099 only” or “contractor status.” Sometimes that’s legitimate, but in many cases, people find out after the fact that being a 1099 contractor is very different -- for better or worse. Let’s explore what changes when you move from being a
Filing Taxes for Your Private Practice
Filing taxes as a private practice owner can be complex, especially with the unique financial aspects of running a healthcare business. Understanding the key tax considerations and following best practices can help you ensure accuracy and minimize your tax liability. Understanding Your Tax
The Tax Contributions of Undocumented Immigrants: A Complex Issue
The debate surrounding undocumented immigrants and their tax contributions is a multifaceted one, often clouded by misconceptions and political rhetoric. Understanding the complexities of this issue requires a careful examination of the various ways in which undocumented individuals interact with
$200M Deficit & Seattle’s Stabilization Efforts
Seattle's Revenue and Forecast Council (RFC) released a report in November 2022 that projected a $141 million shortfall in the city's 2023-2024 budget. The RFC also projected that the city would face an additional $82.3 million shortfall in the following two years, bringing the total budget hole to
When an Employee Asks for a Raise and You Can’t Afford It
As a small business owner, you know that every dollar counts. So when an employee asks for a raise, it can be a tough decision. You want to keep your employees happy and motivated, but you also don't want to put your business in financial jeopardy. If you're in this situation, here are a few
What Rising Interest Rates Means For Homebuyers And Sellers
Interest rates have been on the rise lately, and many are left wondering what it means for them. For homebuyers, it could mean that mortgages are more expensive. For sellers, it could mean that they get less for their homes. Here's a look at how interest rates are affecting the housing market. 1.
Creating A Retirement Plan When You’re Self-Employed
When you are self-employed, retirement planning can feel like an afterthought. It's easy to feel like there aren't enough hours in the day to tackle everything you need to do as an independent business owner. Even so, creating a solid retirement plan is essential. A strong retirement plan can help