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Tax Planning

Beginning in January of next year, the resale certificate used by retailers, wholesalers, manufacturers and contractors to purchase goods for resale without paying sales tax will no longer be valid. It is being replaced with a “reseller’s permit” issued free by the Department of Revenue. This change is a result of Senate Bill 6173, which passed the Legislature during the 2009 legislative session and was signed into law by the governor to improve sales tax compliance. read more »

 

Homeowners on limited incomes can apply to defer paying their second half property taxes due Oct. 31. Applicants must have an annual household income of $57,000 or less in 2008, have owned the home for at least five years, use it as their primary residence, and have sufficient equity. Deferred taxes cannot exceed 40 percent of equity.

The deferred taxes must be repaid, with interest, when the property is sold or no longer used as the homeowner’s primary residence. The interest rate is five percent. read more »

 

Taxes paid to the state between the Oct. 11 and Nov. 10 collection period once again fell short of the September forecast. Receipts for the month were $52.8 million — 4.4 percent lower than expected. While there was a $60.4 million shortfall in Revenue Act receipts, non-Revenue Act payments exceeded the forecast by $7.4 million, or seven percent.

Tax payments by firms in the retail trade sector were 8.6 percent below the same period a year-ago. Last month, the sector saw a decline of 7.3 percent. read more »

 

While many businesses began examining their operations and looking for efficiencies months ago, there may be more value to gain in an unlikely place — the state tax system.

It’s an easier search than you may think. Go to www.dor.wa.gov, and click business incentives on the landing page. read more »

 

If you utilize the services of a tax professional, consider making an appointment with him or her before the end of the year to discuss tax saving strategies. A tax professional can assist you in a thoughtful analysis of your business and/or personal finances to determine if you can take any steps that might make paying your 2007 income taxes less painful. read more »

 

Once all the decision making with regards to their big day has been put to rest, couples taking the plunge often must make financial decisions before or shortly after walking down the aisle. After deciding on everything from the guest list to music to menus, couples may not be in the mood to do any more planning once everything has been put in place for their wedding day.

But the quicker financial planning is done, the better — and before walking down the aisle if at all possible.

Perhaps the best place for you to start when discussing finances is your respective thoughts toward money. Discussing your resources and your financial goals is imperative to establishing a relationship where each of you becomes more responsible or more flexible with your finances. It’s also a good thing to discuss if you’d like to combine bank accounts, or if you’d just like to continue on with your own personal accounts. Joint accounts can give you both easy access to funds, while also increasing the likelihood that you’ll avoid fees, as your joint account will boast a higher balance and earn more interest on the combined savings. read more »

 

Business owners are often so focused on doing whatever it takes to make their business successful, that they have little time for important financial planning and protection matters. With 2007 almost at a close, now is a perfect time for business owners to take a step back and perform an important year-end checkup on the company’s “vitals.”

The Hartford, one of the nation’s largest financial services and insurance companies, recommends the following five “evaluations” to ensure your business remains in tip top shape for years to come!

Just because your company is a sole proprietorship, a general partnership, or a limited liability company does not mean it needs to stay one. Businesses evolve and grow; and as such, it’s important to speak to your accountant/attorney and assess the structure of the company. read more »

 

Are you interested in receiving free IRS certified tax training for your personal tax filing? And at the same time providing tax return preparation service to elderly and low-income taxpayers?

A joint venture between the IRS and AARP offers tax training as well as an invitation to join the ranks of Tax-Aide counselors. The Tax-Aide program is the largest free volunteer tax preparation service in the nation. Last year in Kitsap County, 50 Tax-Aide volunteers assisted 3200 taxpayers and filed 2900 electronic returns. read more »

 

Kitsap County recently launched a new, illustrative, and hopefully useful “Property Tax Distribution 101” Web site. With just a few clicks anyone can find out exactly how property taxes are distributed per parcel among the various taxing districts in Kitsap County.

“As we continue to work hard to inform and bring value to the people of Kitsap County, the “Property Tax Distribution 101” Web site offers a wealth of valuable information in a clear and easy-to-use format,” Board of Commissioners Chair Josh Brown said. read more »

 
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