Corporate Transparency Act

There is a new federal law that will affect many small businesses in the United States. The law is called the Corporate Transparency Act (“CTA”) and it requires entities registered within the United States (through various state agencies) to report their beneficial ownership information to the Financial Crimes Enforcement Network (FinCEN) starting from January 1, … Continued

Brandon Dunn has become an Owner

Seattle, WA (December 6, 2023): Brandon Dunn has become an Owner of Hagen, Kurth, Perman & Co., P.S. (HKP) in Seattle. As Owner, Brandon joins five current owners, blending new initiatives with proven strategies to expand the firm’s role as a trusted advisor to clients. A Washington licensed CPA since 2013, Brandon joining HKP at … Continued

2023 General Tax Strategies for Individuals & Businesses

Contribute to a Retirement Plan to Save Taxes You or your spouse must have earned income in order to contribute to a retirement plan. Taxpayers with modified AGI below certain thresholds are permitted to contribute up to $6,500 to a Roth IRA for 2023, which will increase to $7,000 for 2024. (Taxpayers aged 50 or … Continued

2023 Year-End Tax Planning Letter

Dear Clients and Friends of HKP, As we approach the end of 2023, it’s important to reflect on significant changes in the tax landscape and prepare for the year ahead. This letter provides a summary of key updates in the Washington State tax environment and the broader Federal income tax changes. 2023 has been marked … Continued

2023 and 2024 Tax Thresholds

The 2023 U.S. income tax filing season is fast approaching and as result, individuals should now be looking at which tax planning opportunities are available to them to reduce their upcoming tax burden. With that in mind, we are supplying a listing of the income tax thresholds and tax brackets for the upcoming 2023 filing … Continued

Maximize Your Savings with Energy Efficiency Federal Tax Credits & Incentives – One year after passage of the Inflation Reduction Act of 2022

The Inflation Reduction Act of 2022 (IRA), signed on August 16, 2022, reallocates federal funds to prioritize carbon emission cuts, reduce healthcare costs, bolster the Internal Revenue Service, and enhance taxpayer compliance. *Note: Before we dive into the details, it’s important to clarify that this IRA is unrelated to Individual Retirement Accounts, to avoid confusion. … Continued

WA Capital Gains Tax Follow Up

As an update on the WA capital gains tax, on Friday March 24th, the Washington State Supreme Court has decided that the capital gains tax will be upheld, ruling it as an excise tax and legal in Washington State. This means that taxpayers with over $250,000 of capital gains in 2022 will be required to … Continued

Secure Act 2.0 of 2022

On December 23rd, Congress has passed one final spending bill. H.R. 2617, an Omnibus spending bill with bipartisan support in both chambers, will allow the government to continue to run through fiscal 2023 and included in this spending bill is the Secure 2.0 Act of 2022. President Biden signed the bill on December 29th, making … Continued

General Tax Strategies for Business Owners

Special 100% Bonus Depreciation: Businesses are able to deduct 100% of the cost of new OR used business assets purchased and placed in service during 2022 so long as they have a useful life of 20 years or less. The 100% deduction is only available through the end of 2022 and is phased down to … Continued

General Tax Strategies for Individuals

Contribute to a Retirement Plan to Save Taxes You or your spouse must have earned income in order to contribute to a retirement plan. Taxpayers with modified AGI below certain thresholds are permitted to contribute up to $6,000 to a Roth IRA for 2022. (Taxpayers aged 50 or older are allowed an additional $1,000 contribution.) … Continued

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