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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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Salvaging Partnership Section 199A Deductions

You have probably already heard the bad news. Partnership Section 199A deductions get limited or even eliminated in many situations. If you’re a partner in a partnership or a tax accountant, however, you want to understand the way partnership tax accounting produces this result. You may have one possible workaround that salvages the deduction. But let’s […]

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How to Apply for a Washington Business License

If your company does business in Washington, then you likely need a Washington business license. Luckily, applying for a new business license in Washington is fairly easy. This blog post explains how to get one. Step 1: Make sure you have a SecureAccess Washington account One of your first steps as a new business owner […]

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Publication 535 Fleshes Out Additional Section 199A Details

A draft version of some of the pages in IRS Publication 535 appeared a few days ago. (See here.) And conveniently the pages provide additional details concerning the Section 199A deduction. Some of these details will surprise tax accountants, surely. Others may only exasperate. And one interesting idea to ponder if you’ve followed closely the […]

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Section 199A Qualified Business Income Deduction Danger Zones

Some bad news, I’m afraid.  The new Section 199A qualified business income deduction creates a number of danger zones for taxpayers and their tax accountants. That maybe sounds surprising. The deduction at first blush seems straightforward. Taxpayers simply add a tax deduction to their return equal to 20% of their “qualified business income,” right? Oh […]

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