The GPL Blog
For all of the excitement, opportunity and money surrounding the emerging national and international cannabis markets in 2018, there could not be a more confusing accounting and tax environment for starting a new business. The continued prohibition at the...read more
Almost all states have a sales tax, only a handful don’t (Alaska, Oregon, Montana, New Hampshire and Delaware). Because of the variety and complexity inherent in sales/trustee taxes in every state you need to make sure you are correctly accounting for sales tax in your books. Sales tax is considered a “trustee tax” meaning it is collected from your customer, held in trust by the business owner and remitted to the state/city at regular intervals. The burden of calculating, collecting and remitting sales tax falls firmly on the business owner and the tax authorities are very unforgiving of mistakes when it comes to this responsibilityread more
A CFO, or Chief Financial Officer, oversees the financial future and health of a company. They engage in activities that enhance performance, facilitate growth, increase profitability. Sounds great, right?read more
For those just beginning their “work life”, tax preparation and planning is a new and usually frustrating experience. Below are 10 questions designed to help you prepare for a meeting with a tax consultant/professional.
1. What is my filing status?
Listed below are the different filing statuses and their requirements.read more
If you are managing your own bookkeeping through the use of Quickbooks Online (or any comparable accounting software) there are built in functions that make “audit-proofing” your records easy and comprehensive. When entering expenses, either through the bank feeds or chart of accounts, you have the option to enter information in the “Memo” section. A good rule to have for your business meals is to enter who you had the meal with and what business you met about over the meal on that Memo line.read more
A 20% deduction can be claimed by the owners of S-Corporations, Partnerships, Sole Proprietorships, and beneficiaries of trusts (all, usually, do not pay tax at the entity level). The income is passed through to the owners.
IRC 199A does not usually pertain to business that provide services, such as doctors, lawyers, accountants, athletes, stock brokers, and many others.
The EXCEPTION to this rule: when the service provider has taxable income of less than $315,000.00 (married) or $157,500.00 (individual). This benefit begins to be phased out at these income thresholds. The deduction is completely phased out at $415,000.00 (married) and $217,500.00 individual. However, excluded from the long list of service providers are architects and engineers, meaning the deduction can be claimed by them without restriction.read more
On February 9, 2018, at the 11th hour Congress passed the budget bill and it was signed into law. In an unprecedented move, Congress extended a few tax deductions and credits to 2017 that had expired on December 31, 2016. Because there was absolutely no advanced...read more
Address Update! GPL Tax & Accounting will be moving to Kirkland, WA on Thursday and Friday (December 29th and 30th) and will be up and running in our new location on Tuesday, January 3, 2017. Meanwhile, phones will be down but we are available via emails. Our new...read more
Seattle: Business Licensing Fee Adjustments Effective January 1, 2017 the cost of a Seattle business license tax certificate will undergo adjustments. The following chart is taken from here. Cost of a business license tax certificate All business license tax...read more
Recently, the Washington Department of Revenue made some changes to their business licensing system. In an effort to keep your business license renewal a smooth process, we have included the DOR’s instructions here. All online business license renewals MUST use My...read more
GPL Tax & Accounting is here to handle your personal and business tax preparation and planning needs. We can also handle your bookkeeping and accounting requirements. GPL provides all the tools and know-how you need to be in the best tax position while staying compliant with all tax regulations.
Is rental income taxable?
What is the difference between Form 1040 and Form 1040EZ?
What is the difference between Form 1040A and Form 1040NR?