When filing taxes, understanding which expenses are eligible for deduction is crucial. While country club memberships are generally not deductible, certain elements within a membership might qualify. General Deductibility Rules: Specific Deductible Expenses & Considerations: If you
Tax Deductions for Relocation: Military Benefits
Moving for work can be an exciting opportunity for career advancement and personal growth. However, the financial burden of relocation can be significant. While the standard moving expense deduction isn't available to most taxpayers (as of 2024), there are exceptions for specific groups,
Property Taxes: the Burden of Home Ownership in Seattle
For homeowners in Seattle, the costs don't stop after the staggering price of actually purchasing a house. In addition to shelling out hundreds of thousands for a roof over their heads, Seattle residents also face some of the highest property tax burdens of any major U.S. city. Just how high are
Demystifying IRS Audits for Small Businesses
Ah, tax season. A time of both frantic paperwork and, for some, a gnawing anxiety about the dreaded IRS audit. By this point, you've had your taxes filed, crossed your t's and dotted your i's, but the fear of an audit lingers. You want to know: when can I finally breathe easy? Can I book that summer
Beyond the Refund: Smart Tax Strategies for a Lower Tax Bill Next Year
Tax season often feels like a necessary evil. We gather receipts, fill out forms, and hope for a decent refund or brace ourselves for a hefty payment. But what if there was more to it? What if you could take control and strategically reduce your tax burden throughout the entire year? The truth
Don’t Panic! Last-Minute Tax Tips for the Procrastinator
It's April again, and that familiar feeling of dread washes over you. The tax deadline looms, and your W-2s and 1099s are buried under a mountain of unopened mail. Fear not, fellow entrepreneur! While filing at the last minute isn't ideal, it's certainly salvageable. Here's what you, as a business
The IRS is testing a free tax filing software
The Internal Revenue Service (IRS) is testing a new free tax filing software program that could make it easier for millions of Americans to file their taxes. The program, called IRS Free File, is a public-private partnership between the IRS and a group of tax preparation companies. IRS Free File
How to Amend a Tax Return
This year's tax season has come to a close -- unless you live in California, in which case you've been granted an automatic 6 month extension due to fires and floods. Of course, there's nothing worse than finishing your taxes and second-guessing what you submitted. If you have made a mistake on