Blog

On March 24, 2023, the Washington State Supreme Court declared the State’s long term capital gains tax is constitutional. The WA Supreme Court overturned the lower Court’s ruling and held that the capital gains tax was a valid excise tax (rather than an unconstitutional property or income tax) because it “relates to the exercise of rights in and to property” rather than bei...

Section 45W was created in the Inflation Reduction Act and is available for qualified vehicles acquired and placed into service between 2023 and 2032. This is a general business income tax credit.  The credit is 15% of the cost but increases to 30% for a vehicle not powered by a gasoline or diesel combustion engine. The credit cannot exceed the vehicle’s incremental cost, which is t...

The recently passed $1.7 trillion dollar spending bill, the Consolidated Appropriations Act of 2023, contains numerous changes to retirement plans that apply to the currently employed, retirees, and business owners. I will not attempt to provide significant detail, but will provide some bullet points on items I found interesting and relevant to many of you. An excellent, highly detailed read can b...

The Inflation Reduction Act (IRA) passed on August 16, 2022 added numerous tax incentives for making investments in “clean energy”. I plan to write about various topics of interest over the next few weeks. I will start with the revised §30D clean vehicle credit.  This credit existed prior to the IRA and could be the same maximum of $7,500. The credit phased out as the model...

A tax advisor that only prepares your tax return and you don’t talk to again until the following year is useful, but the value of a great tax advisor is in planning. No one likes surprises with taxes. A costly surprise can set back your short-term financial goals. If you get a large refund, that is likely capital you could have deployed more wisely elsewhere. I encourage all my clients to go...