Get Ready for Individual Tax Returns

Apr01
On March 17, 2021, IRS announced that the federal income tax filing due date for individuals for the 2020 tax year will be automatically extended from April 15, 2021 to May 17, 2021. That means you do not

New Exclusion of Unemployment Compensation

Apr01
On March 11, 2021, the American Rescue Plan announced that up to $10,200 of unemployment compensation paid in 2020 can be excluded from your 2020 tax return if your modified adjusted gross income (AGI) is less than $150,000.

Payroll and Payroll Taxes

Apr01
All businesses should know about their obligations for filing with local, state, and federal tax systems. Businesses with employees are required to withhold payroll taxes from employees’ paychecks. Calculating payroll taxes can be complicated. Here are some basic

Unemployment Compensation

Mar13
What is Unemployment Compensation? Unemployment compensation is a temporary income paid by the state to unemployed workers who have lost their jobs due to layoffs or retrenchment. In Washington state, the maximum weekly benefit amount is $844. The minimum is $201.

Why Bookkeeping is important?

Mar13
Bookkeeping is important for helping maintain accurate financial records and the overall health of your business. Yet, many businesses fail to implement this integral process.   Whether you’re doing your own bookkeeping or having outsiders handle it for

Get Ready for Tax Season & Use IRS Online Account

Feb28
Tax season is everyone’s least favorite time of the year. Many business owners and individuals feel anxiety of the filing tax return on time. Do not worry! You can easily file your tax return through IRS online account.

The Deduction for Qualified Business Income

Feb28
The primary goal for the 2017 Tax Cuts and Job Act (TCJA) reform bill was to lower the Federal Income tax rate for C corporations. It reduced the corporate income tax rate to 21 percent, and Congress included

What is the Standard Deduction vs. Itemized Deduction?

Feb28
Taxpayers have two deduction options: a Standard Deduction or Itemized Deduction. They can either claim the standard deduction or itemized deduction to lower their taxable income. *Taxpayers can do both. Many them might have a question which is

Second PPP Loan

Jan18
New COVID relief bill, Paycheck Protection Program passed congress on December 22. A second PPP Loan will be available. Here is a guidance you need to know. Who is eligible for a second PPP loan? Similar to the

Standard Mileage Rates for 2021

Dec30
The Internal Revenue Service (IRS) issued the standard mileage rate for 2021 to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purpose.     Standard Mileage Rates for the beginning on January