The GPL Blog

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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ITIN Update

Individual Tax Identification Number IRS Update to CAA Rules and ITIN’s Certifying Acceptance Agents (CAA) are more in demand than ever been. However, their ability to perform the much needed service to resident taxpayers has been limited by the IRS to certifying the...

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Financial record maintenance

The Importance of Maintaining Accurate Business and Personal Records As a tax accountant, I spend countless hours preparing personal and business tax returns. I also, spend much of my time explaining what information is to be maintained within the records used for all...

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Tax Outlook

The Congressional budget estimates a deficit of $590 billion for fiscal year 2016 with federal tax revenues reaching $3.3 trillion. Based on this estimate, the 2016 budget exceeds the 2015 budget by $152 billion. Now that I have infuriated so many people (please...

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Washington Office:

12220 113th AVE NE, Suite #100, Kirkland, WA 98034
Tel. (425) 502 9465 | Fax. (425) 449 8712

Israel Office:

5 Hatidhar St. A Tower Building, 2nd Floor, Raanana, Israel 4366507
Tel. 972 (73) 725 5373 | Tel. US (650) 450 8829