Facing Your Tax Problems

Business owners and others with tax problems often get into trouble by trying to avoid their problems or by believing at some level that if they ignore their problems, they will go away.  A client of mine came to me a couple of years ago after being injured at his construction job.[1]  This severely limited his ability to find gainful employment in his field.  The settlement process was taking much longer than Read More

Yes, You Can Make a Deal With the IRS!

If you owe the IRS a tax debt and are struggling to pay it off, then you’ve probably come to dread hearing the mailman pull up to your house. But, contrary to popular belief, dealing with the IRS doesn’t have to be so difficult or scary. At the end of the day, the IRS just wants to see that you are making an effort to work with them to figure out how to pay off your debt. That’s why if you’ve received notices or Read More

How to Fight Against Wage Garnishment

Whenever you owe money to the IRS, there are several things they can do in order to make sure you begin repaying your debt. A common route the IRS will take is by imposing a levy on your personal property, money, or wages. Receiving a levy notice from the IRS is a stressful experience, and you’ll want to make sure you do everything you can make sure the IRS does not actually go through with collection proceedings. Read More

New Tax Act Changes What You May Deduct

The newly passed Tax Cuts and Jobs Act (TCJA) has made big changes to the items that may be deducted as itemized deductions. The TCJA has changed both what and how much is deductible for state and local income or sales taxes, property taxes on homes, home mortgage interest, charitable contributions, and more. The TCJA also raised the standard deduction in 2018 to $12,000 for single taxpayers and $24,000 for married Read More

Understanding Excise Taxes

For both business owners and consumers, taxes make buying and selling things expensive. It’s one of those facts of life. There are many different tax laws that have to be complied with at both the state and federal level, which sometimes makes it difficult to figure out how much things actually cost. As consumers, we’re most used to sales taxes calculated on the total cost of goods or services at checkout. But as a Read More

Reasonable Cause for Abatement of Penalties

One of the most common and costly problems taxpayers encounter is penalties and interest that the IRS can add onto original tax amounts. The IRS can impose penalties for filing your tax return late, paying your taxes after the due date, and failing to deposit estimated tax payments. If they are not paid, penalties and interest can double your IRS bill in about seven years. One way that you can get these penalties Read More

When the IRS Can Take Your Passport Away

Every year, thousands of people take trips to destinations outside of the United States, and the purpose of their journeys vary—business, an exotic vacation, a desire to explore the remnants of past cultures, an admiration for medieval architecture, a religious pilgrimage to a holy city, etc. Most international travel requires the use of a passport. While most people are aware that the IRS can levy bank accounts, Read More

Tax-related Identity Theft

Identity theft. For many of us, it is something really don’t know much about, but that we dread – knowing that it can wreak havoc on our lives.  Thankfully, our modern banking institutions are well-equipped to combat banking fraud, and we have many services that render help when our identities have been compromised. But what happens when you’re the victim of tax-related identity theft? In today’s blog, I will discuss Read More

The Basics of a Business Plan

I've written many blogs discussing tax issues relating to individuals and small businesses. Today, I’d like to focus on restaurants and discuss one of the most important and essential items for opening a restaurant, the business plan. A business plan is your road map to navigating the rises, falls, and unexpected curves in operating your restaurant. In this blog, I will briefly go over what you should include in Read More

Taxing Tips for Restaurant Employees

Seattle possesses a wealth of delicious dining establishments with wait staff that really ensure customer satisfaction. As patrons, we reward this job well done with tips. Tips require special treatment when reporting for tax purposes. Both the employee and the employer of a tipping establishment have their own responsibilities for the accurate reporting of tips. This post covers employee responsibilities. Tips Read More