Beyond the Numbers

Our Beyond the Numbers blog is published with articles on a monthly basis.

Washington Long Term Care Tax

Washington has created a new state program for long-term care insurance. The purpose of the fund is to assist in covering the cost of in-home care or facility care, home modifications, meal delivery, car rides and caregiver training. The fund is self-funded by worker...

Washington Capital Gains Tax

Beginning January 1, 2022 there will be a 7% capital gains tax on Washington capital gains in excess of $250,000.  This tax will generally be imposed on Washington residents but could also apply to nonresidents. A “capital asset” is defined in the same manner for...

Meals and Entertainment Deductions

The rules regarding the deductibility of expenses paid by the business for meals and entertainment changed in 2018. More recently there was a temporary change to the regulations to assist restaurants hard hit by the COVID-19 pandemic. Meals purchased from a...

Personal Property Taxes

Property tax not only applies to real property, but also applies to personal property that is owned and used in a business.  Personal property includes leasehold improvements, machinery, equipment, furniture and supplies. It does not apply to inventory. All...

1099 Reporting Requirements

New for 2020 was form 1099-NEC (non-employee compensation) and a redesigned form 1099-MISC. These forms are still applicable for 2021. Taxpayers who have an active trade or business are required to prepare Form(s) 1099 to report various types of payments made during...

Minimum Wage Rates

Effective Jan. 1, 2022, the Washington minimum wage rate increases to $14.49 per hour. The Oregon minimum wage rate increases to $13.50 per hour, unless within the Portland Metro Urban Growth Boundary where the rate will be $14.75.

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