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How up to speed are you on accounting terminology? Have a little fun and test your business knowledge! Income Statement and Balance Sheet Quiz What does GAAP stand for? Hint: It’s the series of rules and guidelines used by accountants to make basic decisions for recording and classifying financial information.

Renting out part or all of a property on AirBnB is a popular source of passive income, but did you know that operating a short-term rental means you may need to register with the Washington Department of Revenue and the city where the property is located, even if you don’t

The Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury, has announced the implementation of a new reporting requirement beginning on January 1, 2024. Many companies will be required to submit beneficial ownership information (BOI). Beneficial owners are the individuals who own or control the

Scheduling a year-end tax planning meeting presents a fantastic opportunity to strategize and optimize your finances, ensuring that you make the most of available tax-saving opportunities or at a minimum, understand your tax liability for the upcoming season. Here are reasons why scheduling this meeting is highly beneficial: Tax savings

File cabinet filling up and you’re wondering which documents can be fed into the shredder? Here’s a simple guide from our Seattle CPAs on how long to hold on to the most common financial records. Tax returns Tax returns should be kept for a minimum of 3 years but a

While every business owner’s situation is unique, learning from the mistakes of others is a great way to begin your journey towards tax efficiency from day one. In this post, we’ll cover the most common tax slipups made by freelancers and solo entrepreneurs. Note: The information provided in this blog