A good number of people are eligible to receive a tax refund from the IRS. Yet, as a result of the COVID-19 pandemic, taxpayers have experienced delays in getting their tax refund. Due to backlogs of 2020/2021 tax refunds processing, the IRS will delay the processing of 2022 refunds. The pandemic
How Tax-Friendly Is Washington Compared To The Other 49 States
Tax rates for individuals vary across the nation. The Tax Foundation has a whole section dedicated to state taxes which provides a detailed look into the different tax rates and deductions available in each state. Each state has its regulations regarding taxation and each taxpaying citizen should be
$10 Million Lost Cost Washington State-Funded Programs
As announced by U.S Attorney Nick Brown, Tae Young Kim, the final defendant in a scheme to avoid paying tobacco excise taxes to Washington State of $10 million-plus, has been sentenced to 22 months in prison in a United States District Court in Seattle. Kim is aged 45 years, and he hails from Las
How are Taxes Determined for Crypto?
Back in 2014, when the IRS first set out guidance on cryptocurrency taxation, less than 900 individuals reported crypto. Between 2013 and 2015, the market bitcoin was relatively small and wasn't reported on their taxes.Now however, the IRS is much more confident that people have not been
How To Get $8,000 From The Childcare Tax Credit
People get stressed when tax season approaches as everyone is required to file their taxes correctly or face significant financial consequences. This year however, parents get a reprieve as they can write off up to $8,000 through the childcare tax credit. The following points will provide insight
Gov Inslee Delays Taxes On Long-Term Care Program Until 2023
On January 27, 2022, Gov. Inslee signed into law, House Bill 1732. Initially slated to take effect in April 2022, the WA Cares Fund Tax has been delayed until July 2023. This long-term care program ensures elders and retired residents have access to proper care. The cost will be 0.58% from
Can You Claim a Home Office Deduction If You Worked at Home During Covid?
No; not unless you're self-employed.Thinking about getting a tax deduction for the period you worked from home during the pandemic? Some managed to make a few more savings than usual -- especially if they previously commuted to their office or ate out. On the other hand, some things became more
Fossil Fuels Getting More Tax Breaks Than Eco-Conscious Alternatives In Seattle
Seattle has proven its dedication to using renewable energy sources instead of the costly, climate changing, and less desirable fossil fuels. However, the recent announcements by the government administration is re-shifting the focus. Ironically, fossil fuels are getting more tax breaks than