For years, the home office deduction had a reputation for being an IRS audit trigger. The good news is that this is no longer the case. The IRS now recognizes that many small business owners legitimately work from home, and the deduction has become a common and valuable tax break for Schedule C filers. What …
Have you received a letter from the IRS questioning your Employee Retention Credit (ERC) claim? You’re not alone. Thousands of businesses are now facing ERC audits as the IRS increases scrutiny. At Olympia Tax Service, we know this process can feel stressful and uncertain. That’s why we step in as a fresh set of eyes. …
As an accountant at Olympia Tax Service, I am always on the lookout for ways to make my small business clients’ financial lives easier and more efficient. That’s why I’m excited to introduce them to Relayfi.com, a bank designed by forward-thinking accountants for small businesses. One of the main reasons I recommend Relayfi to my …
The IRS and Congress are looking to crack down on fraudulent ERC claims. You may have been a victim of misleading advertising from ERC mills, saying you qualified for such spurious reasons as supply chain disruption or non-binding health guidance. We expect many audits over the next 3-6 years, and there could be dire consequences, …
I can’t believe it’s already been a year since a colleague of mine, Lilly Tran EA, reached out to me to write a chapter in her book, “The Most Common Tax Mistakes Made by Small Businesses”. I was thrilled when I saw the list of other authors included, many of whom were professionals I …
The ERC, or Employee Retention Credit, is a refundable credit worth up to $26,000 per employee. The credit is one of the most confusing, least understood, yet generous COVID incentives out there and one of the only that you can still claim. I suspect over half of the businesses that qualify for this credit are …
First of all, let’s all just acknowledge that tax compliance is complicated. This tweet from one of Twitter’s sassiest CPAs, @andreacpa0, pretty much sums it up: What is Tax Compliance? For most folks, tax compliance means filing accurate taxes before April 15 every year. However, small businesses and their owners are subject to a far …
What is Tax Planning? Tax planning doesn’t cost, it pays! Most accountants only look backwards to record history, with Tax Planning with a Certified Tax Coach (CTC) we will look forward to writing your own tax story. Tax planning is not just about more deductions or contributing to a retirement account, but about looking for …
Are Your Books a Mess? When onboarding your business for tax planning services, our first recommendation is often to start your books from scratch in an online, cloud-based accounting software called Xero. Rather than clean up the work you’ve probably been doing in QuickBooks, if your books are even a little messy, it’s less time …
