Washington lawmakers have passed a series of tax increases to address projected budget shortfalls. Bills passed and taxes include: House Bill 2081 increases B&O (business and operation) taxes on businesses. Businesses pay B&O tax on gross revenue, not profits, and depending on the type of business and revenue, the increases will range from 0.03% to […]
THE SUN IS SETTING ON ULTRA HIGH NET WORTH ESTATES
Estate Tax Exemption for 2024 and beyond What is the Estate Tax Exemption? In 1789, Ben Franklin penned the famous phrase “In this world, nothing is certain except death and taxes”. It was not until 1916 that the estate tax was instituted, and death itself became taxable. There are certain amounts that are exempt from […]
The SECURE ACT 2.0: Three Good features
On December 29th, 2022, the SECURE 2.0 ACT was signed into law. It includes a few provisions that are beneficial for taxpayers. I have outlined three of them here: New IRA Required Minimum Distribution (RMD) Age The act raises the age at which RMDs are required to age 73 (previously 72). For taxpayers who were […]
Tax Reform and Filing for 2018
With tax season in full effect, many people are feeling the impact of Tax Reform 2018 for the first time. Therefore, we thought it helpful to review a previously posted summary of the changes to serve as a reference as you file your 2018 taxes. As always, be sure to consult with your tax professional […]
The Nature of American Tariffs
With all the buzz surrounding the recent increase in U.S. tariffs, a discussion regarding the nature of tariffs is timely. We often hear commentators opine that higher tariffs are certain to be a drag on the U.S. stock market. However, a brief review of the nature, purpose, and history of American tariffs, and the current […]