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
Bailey V Drexel Furniture Co. & the Child Labor Tax Law of 1919
To most contemporary Americans, exploitative child labor practices seem like an ancient, prehistoric phenomenon far removed from the context of advanced civilization. But, crazy though it sounds to modern ears, such practices have occurred in the not too distant past of our society. In fact, our
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
What is Mark-to-Market Accounting?
Mark-to-market (MTM) accounting is a method that values assets and liabilities at their current fair market value. This approach, while aiming to provide a more accurate financial picture, can be a double-edged sword. How Does Mark-to-Market Work? In simple terms, MTM accounting requires
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
Are Landscaping and Pest Control Tax Deductible?
Understanding the Basics The tax deductibility of landscaping and pest control expenses largely depends on the nature of your business and property usage. Home-Based Businesses If you operate a home-based business, you can potentially deduct these expenses, but with some
A Guide to Airbnb and Short-Term Rental Deductions
When you generate income from short-term rentals, it's classified as business income. This means you can deduct expenses related to your rental business to reduce your taxable income. Key Deductible Expenses To maximize your deductions, keep track of the following: Home Office Deduction
How to fill out form 1120-S
Form 1120-S is an income tax return for S corporations. S corporations are corporations that have elected to pass their income, losses, deductions, and credits through to their shareholders for federal tax purposes. This means that the shareholders of an S corporation report their share of the