Important tax aspects of operating your business as a sole proprietor
If you’re in business for yourself as a sole proprietor, or you’re planning to start a business, you need to know about the tax aspects of your venture.
Washington Capital Gains Tax
The Washington State Capital Gains Tax – which took effect at the beginning of this year – has now been struck down as unconstitutional.
Did you give to charity in 2021? Make sure you have substantiation
If you donated to charity last year, letters from the charities may have appeared in your mailbox recently acknowledging the donations.
Are you eligible for a medical expense tax deduction?
Can you deduct medical expenses on your tax return?
How will revised tax limits affect your 2022 taxes?
If you’re like most people, you’re probably more concerned about your 2021 tax bill right now than you are about your 2022 tax situation. However, it’s a good idea to acquaint yourself with tax amounts that may have changed for 2022.
Defer tax with a like-kind exchange
Do you want to sell commercial or investment real estate that has appreciated significantly?
Will the standard business mileage go up in 2022?
After two years of no increases, the optional standard mileage rate used to calculate the deductible cost of operating an automobile for business will be going up in 2022.
Postponed – WA Long-Term Care Tax
The WA Cares payroll tax (which was scheduled to begin January 1, 2022) has now been delayed.
Paid Family & Medical Leave Tax
We would like to remind you that the WA Paid Family & Medical Leave tax rate will increase in the new year.
Retail Establishments – Plastic Bag Ban
Please be aware that as of October 1, retail establishments in Washington State are no longer permitted to provide thin, plastic, carryout bags to customers.