October 2021

Deception Falls, Washington State

“Nothing is weaker than water. But when it attacks something hard or resistant, then nothing withstands it”. – Lao Tzu

What a beautiful state we live in. Patience and persistence bring rewards. We were all patiently waiting to be able to travel again, and the ability to do that now brings new meaning to our experience. As you enjoy your travels, take a moment to revisit your financial goals. With persistence, you can reach your goals and perhaps turn water into fine wine! 

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Featured Articles

Dramatic changes to Estate and Gift Taxation in the near future!
The proposed “For the 99.5 Percent Act”, introduced by Democratic Senators in March of 2021, is aspiring to greatly increase gift & estate transfer taxes on the wealthy. If this act becomes law, many estate plans will need to be revised to accommodate the proposed changes. In short, Washingtonians with estates that exceed the State Estate exemption of $2.2 mil. should consider if making gifts of assets now might be provide a better result than delaying transfers until the end of retirement. Here are the highlights of the proposal:

Uproar Over LTC Tax!
By now, many of you have heard about the new Washington state LTC tax. We want to help alleviate some confusion and give you the info you need to make educated decisions.

Marginal vs. Effective Tax Rates
Understanding marginal and effective tax rates is important for tax planning purposes; however, many taxpayers don't fully understand the differences. Let's take a closer look:

Small Business: Tips for Ensuring Financial Success
Can you point your company in the direction of financial success, step on the gas, and then sit back and wait to arrive at your destination? Probably not.

Defer Capital Gains Using Like-Kind Exchanges
If you're a savvy investor, you probably know that you must generally report as income any mutual fund distributions, whether you reinvest them or exchange shares in one fund for shares of another. In other words, you must report and pay any capital gains tax owed.

Use These Strategies To Pass on Wealth to Heirs
Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free, as well as minimize estate taxes. Additional opportunities are available as well, thanks to low interest rates and a volatile stock market. Let's take a look at some of them:

If You Receive an IRS Letter or Notice
The IRS sends millions of letters and notices to taxpayers for a variety of reasons. Many of these letters and notices can be dealt with without calling or visiting an IRS office. Here's what you need to know about IRS notices and letters:

Tax Tips