Test Your Knowledge: Income Statement & Balance Sheet

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.

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Short-Term Rentals and State Taxes for Washington

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

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New Filing Requirement

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

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Benefits of Year-End Tax Planning Meeting

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

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How Long to Keep Your Records

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

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7 Common Tax Mistakes Freelancers and Solo Entrepreneurs Make

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

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