Resources
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Tax Center
Our Tax Center brings together everything you need in one place, including tax forms, refund tracking, IRS updates, and more to help you stay informed throughout tax season.
Calculator
Access and utilize the Tax Withholding Estimator to estimate your income tax for next year. This tool can compare the estimate to your current tax withholding and help you decide if you need to change your withholding.
Questions and Answers
Our Questions & Answers section covers the most common accounting and tax questions we receive. It’s a quick, helpful resource designed to give you clarity and confidence every step of the way.
What kind of tax returns do you prepare?
We prepare individual, business, payroll, nonprofit, estate, and trust tax returns. If you are not sure what applies to you, we can help. Contact us to get started.
When are my tax filings or payments due?
Common federal deadlines include:
- Individual (Form 1040): April 15th (extension: October 15th)
- Partnerships & S-Corps: March 15th (extension: September 15th)
- C-Corps: April 15th (extension: October 15th)
- Nonprofits (Form 990): May 15th (extension: November 15th)
We can help you stay on track and handle extensions when needed. Contact us for assistance.
Do I need to make estimated tax payments?
If you expect to owe $1,000 or more, you may need to make quarterly estimated payments. This is common for self-employed individuals and business owners. We can calculate and manage these for you. Contact us to get started.
What bookkeeping services do you provide?
We provide reconciliations, payroll processing, custom financial reporting, and QuickBooks training for businesses and nonprofits. We can tailor services to your needs. Contact us today.
How often should I update my bookkeeping?
At least monthly. Staying current helps you understand your finances and avoid surprises. We can keep your books accurate and up to date. Contact us to get started.
What can I write off as a businesss expense?
Expenses must be ordinary and necessary. Common deductions include supplies, mileage, software, equipment, and professional services. We can help identify and document your deductions properly. Contact us for guidance.
What is the difference between an LLC and an S-Corporation?
An LLC is a legal structure and an S-Corporation is a tax election. Many businesses use them together for flexibility and potential tax savings. We can help you choose the right setup. Contact us to discuss options.
What is the difference between salary and distributions?
A salary is paid through payroll, is subject to payroll taxes, and is reported on a W-2. A distribution is paid from profits, is not subject to payroll taxes, and is reported on a K-1. S-Corp owners are generally required to take a reasonable salary. We can help you structure your pay as a business owner correctly. Contact us for guidance.
What payroll taxes am I, as a business owner with employees, responsible for?
- If you are a business owner with employees, you are responsible for the filing and payment for the following payroll taxes: FICA, FUTA, and SUTA.
- For Washington State employees, business owners are also responsible for filing and paying the following payroll taxes: Workers’ Compensation (L&I), Washington Paid Family & Medical Leave, and WA Cares Fund.
How do I hire employees?
Your first step would be to renew your business license to indicate that you are going to have employees. This will trigger Washington State payroll tax accounts for your business. You will also need your employees to complete forms I-9 and W-4 upon hire, proper documentation, and payroll setup. We can guide you through the process and ensure compliance. Contact us to get started.
What is the difference between an employee and a contractor?
Employees work under your control and are paid through payroll. Contractors operate independently, invoice you, and receive form 1099-NEC from you if paid over $2,000. Misclassification can lead to penalties. We can help you classify workers correctly. Contact us for help.
Do I have to pay PTO/Holiday pay?
No, it is not required in Washington State to pay out PTO, holiday, or vacation pay. As an employer it is up to you to decide when and if you offer these benefits. Contact us for guidance.
Why do I owe sales tax?
Washington state requires sales tax on most goods and certain services. Businesses must collect and remit tax. We can help ensure you are compliant. Contact us to learn more.
Why are tips taxed?
Tips are taxable income and subject to income and payroll taxes. Some employees may qualify for a federal tips deduction and businesses may qualify for a FICA tip credit. We can help ensure tips are handled correctly. Contact us for assistance.
What can we help you with today?
Our purpose is to provide accuracy, clarity, and trusted guidance, while building long-term relationships. We offer personalized service, and people can always reach a human being.
"As a business owner, I’ve been working with BC Accounting since July 2022 and I couldn’t be more pleased with their services. They’ve consistently provided professional, reliable support that helps keep my books in order and my mind at ease. Their new system has made communication even more efficient. My questions are always answered promptly and thoroughly. I truly appreciate their responsiveness and attention to detail. If you’re a business owner in Skagit County looking for dependable accounting support, I highly recommend BC Accounting."
Carlos F.