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Lifetime Earnings Top One Percent Surprise

I encountered some pretty interesting data recently. The lifetime earnings of the top one percent, top five percent and top ten percent. A surprise appears here. And then, more relevant to the purpose of this blog, the lifetime earnings data provides actionable insights to small business owners. But let’s look at the data. And then […]

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Vacation Rental Tax Shelters

Potentially, a vacation rental tax shelter generates extremely large tax deductions for an investor. Even better, almost anybody can use a vacation rental tax shelter. Accordingly, this long-ish blog post explains how this tactic works. To start, though, a quick review of how real estate tax shelters work. How Rental Properties Reduce Taxes Let’s say […]

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The Illusions of Entrepreneurship Professors

Late last year, I posted a couple of essays that defended Thomas Stanley’s Millionaire Next Door theory: Defending the Millionaire Next Door Theory and the Millionaire Next Door Business Plan. As part of the reading I did for those posts, I stumbled on and read business school professor Scott Shane’s book “The Illusions of Entrepreneurs.” […]

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The 50-something Entrepreneur’s Last-minute Retirement Plan

Recently, a friend (not a client) asked about getting started with a retirement plan. The awkward part of the question? Though successful in his small business, he’s late to begin preparing for retirement. Mid-fifties. The good part of his situation? Lots. He enjoys an impressive income. The business sits well-capitalized. Life’s big expenditures–college for the […]

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Final Section 199A Regulation Correction: Separate v. Separable

On February 1, 2019, the IRS published a corrected version of their final regulations for Section 199A (available here). The corrections include a handful of minor editorial tweaks. All helpfully flagged in the published document using revision marks. But one particular tweak makes sense to point out and discuss for many, many small businesses. Do […]

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The Lost Tax Deductions Under New Law

Over the last year, you’ve surely read or heard that many long-standing deductions go away. In this short blog post, I’m going to review these lost tax deductions. Knowing which deductions you no longer get to take should make preparing your tax return easier. Personal Exemptions In past, taxpayer potentially received a roughly $4,000 deduction […]

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B&O Tax Nexus in Washington

This blog post is the second in a two-part series. This post explains how Washington B&O tax, or “business and occupation tax,” works for multi-state businesses. Last week’s blog post explained how Washington sales tax works for multi-state businesses. B&O Basics Washington’s B&O tax recognizes three main categories of businesses, which it treats differently and […]

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Sales Tax Nexus in Washington

We’ve already covered on this blog how payroll taxes work in Washington State. But there are two other types of Washington State taxes that just about every small business should know about: sales/use tax, and B&O. What’s more, multistate businesses that conduct business both in and outside of Washington need to know how Washington’s nexus […]

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Section 199A Qualified Business Income Adjustments

The new Section 199A deduction gets complicated. And one nearly hidden complexity? The qualified business income adjustments, or QBI adjustments, taxpayers need to make in order calculate the deduction. This short blog post, therefore, describes how these qualified business income adjustments work. I’ll also summarize the explicit adjustments the final regulations require. And then I’ll […]

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How to Record Washington State Sales Tax in QuickBooks Online

Some bad news for Washington state QuickBooks Online users who need to report and pay Washington state sales tax. The bookkeeping requires some… well, extra attention and fiddling. But let me explain what’s what and then walk you through the steps for doing the bookkeeping. What’s the issue with Washington state sales tax? Sales tax […]

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