Do you own a business? Then you may be eligible for a tax deduction of up to 20% of your business income. A brand new income tax deduction was created in the 2017 Tax Cut and Jobs Act (“Tax Act”) … Continue reading →

Making gifts shortly prior to death does not eliminate the federal gift taxes paid from a Washington resident’s estate.  Washington’s Supreme Court recently released a decision requiring federal gift taxes paid within three years of death must be included in … Continue reading →

The IRS recently updated rules under 26 U.S.C. § 6159 regarding streamlined installment payment agreements to expand the number of eligible taxpayers and ease certain requirements. The current changes are a test program lasting through September of 2017. The IRS … Continue reading →

  On August 2, 2016, the Department of the Treasury circulated proposed regulations under Section 2704 of the Internal Revenue Code which significantly reduce a taxpayer’s ability to claim lack or marketability and lack of control “discounts” when valuing property … Continue reading →

Many small business owners face a large tax liability in the year of selling their business.  A typical business owner will work in the business for many years, dutifully paying all applicable taxes.  Then, when cashing out to retire, the … Continue reading →

As of January 1, the federal lifetime estate and gift tax exemption has increased for inflation to $5.45 million per person. This is just slightly up from $5.43 million in 2015. Married couples can get the benefit of two individual … Continue reading →

The 2015 Washington state estate tax exemption for deaths occurring in 2015 is $2.054 million. This is up from $2.012 million in 2014.  Amounts passing to heirs above the $2.054 million mark will be taxed at a rate of 10-20% … Continue reading →

Many taxpayers will not be entitled to a federal income tax refund this spring. Instead, they will have to write a check to the IRS due to freshly implemented rules under the Patient Protection and Affordable Care Act (i.e., ObamaCare). However, a recently published IRS … Continue reading →

  One year ago this month, Edie Windsor won her case in the U.S. Supreme Court, securing a refund from the IRS of the $363,000 estate tax bill that she paid upon the death of her spouse (and partner of … Continue reading →

In order to invest in real estate, private placements, or other unique investments with your self-directed IRA, you must use an IRA custodian that allows specialized, self-directed IRA investments rather than a traditional IRA custodian such as Charles Schwab, Vanguard, … Continue reading →