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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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Defending “Millionaire Next Door” Theory: What Stanley’s Critics Got Wrong

I recently read The Next Millionaire Next Door, the latest book in the “Millionaire Next Door” series started by Thomas Stanley and William Danko more than two decades ago. Note: Stanley died in 2015, killed by a drunk driver. His daughter, Sarah Stanley Fallow wrote the newest “Millionaire Next Door” book, in part by adapting […]

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Section 962 Election: An Answer to GILTI?

As you probably know if you’re reading this blog post, many investors and entrepreneurs with an international footprint face a painful new tax, the Section 951A GILTI tax. The Section 951A GILTI tax hits imputed income from controlled foreign corporations. And at a high level, GILTI works simply. How the Section 951A GILTI Tax Works […]

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Do You Owe the Section 965 Transition Tax?

For either 2017 or 2018, many U.S. taxpayers with an interest in a foreign corporation owe(d) the § 965 transition tax. However, the new rule arrived so quickly before tax season that many taxpayers may have missed it. In addition, certain aspects of the tax don’t quite line up with Congress’ stated intention for enacting […]

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Will Your Small Business Owe GILTI Tax?

A prediction for the coming tax season: GILTI taxes will blindside some small business owners operating internationally. Many small business owners with foreign corporations have grown accustomed to not paying tax on the corporation’s earnings until the corporation pays them a dividend. But because of the new tax reform bill, for many small businesses those […]

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