As a business owner in Seattle, one tax you need to be aware of is the city's Unincorporated Business Tax (UBT). This tax applies to any unincorporated business operating within Seattle city limits, including sole proprietorships, partnerships, limited liability companies (LLCs), and certain other
Year End Tax Planning for Small Businesses
Forget time machines – the end of the year looms, and with it, tax season's complexities. You're an entrepreneur, not a tax expert, but maximizing deductions and minimizing your tax burden is crucial. Here are three key strategies you can implement before December 31st, each requiring minimal time
Beyond Profits: Cultivating Care for Your Business and Bottom Line
The world of business can often feel transactional, focused solely on numbers and the elusive bottom line. While financial success is crucial, caring for your business is about more than just profits. It's about fostering a sense of purpose, connection, and responsibility that ultimately leads to
Why more entrepreneurs do not switch from a sole proprietorship to an S corp
S corporations offer a number of advantages over sole proprietorships (visit our tax calculator to test it yourself), including the ability to avoid self-employment taxes and limited liability protection. However, many small business owners do not bother restructuring, but why?There are a
Business Tax Credits in Seattle, Washington
Business tax credits can help businesses reduce their tax liability. These credits are available for a variety of purposes, such as hiring new employees, investing in research and development, or expanding into new markets.Types of Business Tax Credits in SeattleThe following are some of the
Can Therapy Be A Write-Off For Your Business?
Running your own business is hard enough. The problems compound when you try to balance it with life (friends and family) and if you're trying to balance side-projects. Add to this our post-calling-it-post-COVID times, and it's easy to succumb to overwhelming stress. It's why many people resort to
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
The Cost of Invisible Labor: What It Means for Small Business Owners
The COVID-19 pandemic has forced many businesses to adapt to remote work. While this has had many benefits, it has also created new challenges. One of the biggest challenges is the cost of invisible labor.What is Invisible Labor?Invisible labor is the work that goes unnoticed or