If a taxpayer receives any amount from a qualified retirement plan or individual retirement account (IRA) before they’ve reached age 59 ½, the taxpayer is subject to an additional 10% tax on the amount which is includible in gross income. For a SIMPLE IRA, the...
A driving force behind the decision to be taxed as an S corporation as opposed to a partnership or disregarded entity is the potential for reducing self-employment taxes. Partners in a partnership or members in an LLC (and sole-proprietors) who provide services to their business...
On June 30th, the Washington State Legislature passed Substitute Senate Bill 5975, which offers employees paid time off for serious health conditions or for the birth or adoption of a child and to care for a family member with a serious health condition. Family member...
Fourth of July is a day for hot dogs, fireworks, domestic beer, and reflecting on our nation’s history. So, before I hit the beach, I thought I’d share some insights into personal finance from the Founding Fathers. Their wisdom just might help accelerate your own...