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TL;DR Accounting Blog

Why Do I Owe an Underpayment Penalty?

Why Do I Owe an Underpayment Penalty?

We’ve all been around long enough to understand one of the key differences between businesses and government entities: Businesses have competitors. If a business treats you in a way that seems (or is) unfair, you usually have an option to “take your business elsewhere.” The government, on the other hand, doesn’t have to compete the way businesses do. Taking your business to another country is not always possible, and even if it is, it’s easier said than done. When it comes to the IRS in particular, even moving to a different country is no escape from US income taxes. Nothing…
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Your Guide to The Business Meal Deduction in 2021

Your Guide to The Business Meal Deduction in 2021

You may already be aware that the Business Meals deduction for income taxes, which used to be known as the “Meals & Entertainment Deduction,” has been picked away over the years, much to the chagrin of US businesses and their employees. But did you know that last year, lawmakers relented at the “last minute” (December 27th) to provide indirect relief for ailing restaurants? For tax years 2021 and 2022, there is a temporary 100% business meals deduction! Let’s get into the details. https://youtu.be/UK2ZEegoUzU Business Meal Deduction 2021: How To Get a 100% Deduction To qualify for a 100% deduction, meals…
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Your Guide to Washington’s Long Term Care Trust Act

Your Guide to Washington’s Long Term Care Trust Act

On April 21st, Governor Jay Inslee signed the Long-Term Services and Supports (LTSS) Trust Act. The purpose of the LTSS is to fund long-term care for Washingtonians who are unable to perform at least three Activities of Daily Living (ADL), such as getting dressed, using the toilet, or remembering to take medication. You can visit the WA Cares Fund website for more details straight from the state government, or continue reading for our TL;DR version! Washington's Long Term Care Trust Act:How the Benefit Is Funded This Washington-specific Long-Term Care (LTC) program is funded by a tax on Washington State employees.…
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