August 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:
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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.
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Key Tax Changes Could Affect Your Tax Situation in 2021
Key tax provisions in the American Rescue Plan Act of 2021 could affect your tax situation. Here's what you need to know:
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Opting Out of the Monthly Child Tax Credit Payment
Thanks to the advance payments of the Child Tax Credit, approximately 60 million children received $15 billion in July, according to the Department of Treasury and the IRS. While many of these families will benefit from the extra money deposited into their bank accounts, some families may want to opt-out and instead take the credit when they file their tax return next spring.
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Minimizing Capital Gains Tax on Sale of a Home
If you're looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale of a home.
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Which Educator Expenses Are Tax Deductible?
Teachers and other educators should remember that they can deduct certain unreimbursed expenses such as classroom supplies, training, and travel - even when schools switched to hybrid or remote learning models during the pandemic last spring. Deducting these expenses helps reduce the amount of tax owed when filing a tax return.
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Retirement Plan Options for Small Businesses
According to the US Small Business Administration, small businesses employ half of all private-sector employees in the United States. However, a majority of small businesses do not offer their workers retirement savings benefits.
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Tax Tips