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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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Section 951A GILTI Tax Avoidance: Ten Tricks

For some small businesses and individuals, the new Section 951A GILTI tax creates a huge planning challenge and compliance burden. And what’s worse? Many of these folks don’t even know yet that they have to deal with a new tax. No kidding, this could get ugly. Fast. Section 951A GILTI Tax in a Nutshell The […]

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Real Estate Broker Section 199A Deduction

If you’re a real estate agent or broker, you may wonder whether the new Section 199A deduction works for you. And the short answer: Probably you get the deduction. But the real estate broker Section 199A deduction is complicated. And not every agent or broker in the end saves tax. Furthermore, some especially successful agents […]

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The Millionaire Next Door Business Plan

Last week, after reading the newest book in the “Millionaire Next Door” series, I critiqued the critics. More specifically, I pointed out how the charge that Stanley’s work reflects survivorship bias doesn’t really hold up. Longitudinal surveys support Stanley’s conclusions. Note: That earlier blog post appears here: Defending “Millionaire Next Door” Theory: What Stanley’s Critics Got […]

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