The GPL Blog

Does Your State Collect Sales Tax? Here Are Necessities for Sales Tax Compliance.

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 responsibility

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How to Know You Are Ready for A CFO

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?

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Audit-Proofing Your Business Meals with Quickbooks Online

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.

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IRC 199A: What It Is & What I Should Do About It

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.

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Moving to Kirkland, WA!

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...

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GPL: Keeping You in the Know

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...

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About Us

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.

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FAQs

Is rental income taxable?
Yes. In the U.S., you pay taxes on the amount left after you deduct all allowable and documented expenses from the rents paid.

What is the difference between Form 1040 and Form 1040EZ?
The 1040EZ is the simplest tax form. You can use it if your income is less than $100,000 per year and is from wages, salary, and tips reported on a W2, from unemployment compensation, your taxable interest is not more than $1,500, and you do not itemize your deductions. You cannot use a 1040EZ if you plan to claim dependents.

What is the difference between Form 1040A and Form 1040NR?
The 1040A is a simplified tax form that citizens and permanent residents of the United States use to file their tax returns. Form 1040NR is used by non-resident aliens who need to report income taxable in the U.S.

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12220 113th AVE NE
Suite #100
Kirkland, WA 98034

Tel. (425) 502 9465
Fax. (425) 449 8712

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