A small business owner recently shared a familiar frustration: they were advised to reserve 45% of their income for taxes and ended up owing far more than expected. What seemed like sound advice felt more like a trap. The root of the problem? A critical misunderstanding between revenue (income) and
If Your Real Estate Professional Status (REPS) Gets Denied in an Audit
Real estate investors often hear about the tax benefits of qualifying as a Real Estate Professional (REPS). When done correctly, REPS status can unlock significant deductions, allowing you to offset W2 income with passive real estate losses. But what happens if you claim REPS based on your CPA’s
How Tariffs are Impacting SMBs in Seattle
Small businesses and startups in Seattle are facing rising costs, unpredictable supply chains, and financial pressure due to tariffs on imported goods. From arcade owners to boutique retailers, entrepreneurs are feeling the effects firsthand. Take Gary’s Place, a local waterfront arcade:
Myth-Busting: Why Do We Pay Taxes If Healthcare Isn’t Free?
For many Americans, one of the biggest frustrations with taxes is this: “If I’m paying thousands in federal, state, and local taxes each year, why isn’t my healthcare fully covered?” It’s a fair question, especially for employees whose employers don’t provide health insurance benefits. The truth
Are Physical Therapy Expenses Tax Deductible?
Physical therapy can play a crucial role in recovery after an injury, managing chronic pain, or improving mobility for people with disabilities. But when tax season arrives, many taxpayers wonder: can physical therapy costs be deducted on my tax return? The short answer: yes, physical therapy
How To Value A Startup?
No matter your industry or business model, if you’re launching a startup, there’s a good chance you’ll need outside investment to grow. And when it comes to attracting investors, one of the most persuasive tools you have is your valuation. Investors want to see numbers. A well-supported startup
If Your CPA Claims False Deductions & What To Do About It
Hiring a CPA is supposed to bring peace of mind. After all, taxes are complicated, and many taxpayers (be they individuals or small business owners) turn to professionals for accuracy, compliance, and the chance to minimize liability legally. But what happens when your CPA claims deductions you
How to Report Merchandise Returns When the Return Falls in a Different Quarter
As a Washington State business owner — especially if you're operating as an LLC — you're likely familiar with filing quarterly Sales & Use Tax Returns. But what happens when a customer returns merchandise in a different quarter than when the sale was originally reported? This is a common