Recently, TikTok and other social media platforms have circulated videos claiming that a “new law” created a major tax loophole for short-term rental (STR) owners—allowing large deductions, bonus depreciation, and…..
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2025 Year-End Tax Planning for Individuals
As we close out the year, it’s important to understand how new federal tax rules and upcoming changes may affect your personal financial strategy. This overview highlights key opportunities, deductions,…..
2025 Year-End Tax Planning for Businesses
Year-end is an ideal time for business owners to review financial performance, understand the impact of new tax legislation, and ensure their business remains tax-efficient going into 2025. This summary…..
What Restaurants Need to Know: New “No Tax on Tips” and “No Tax on Overtime” Rules (2025–2028)
We wanted to share a quick update on two new federal tax changes that affect restaurant businesses — especially those with tipped or hourly staff. Key Changes from the 2025…..
“One Big Beautiful Bill” Signed into Law by President Trump
The House approved the “One Big Beautiful Bill Act” (OBBBA) in a 218-214 vote, after the Senate approved it July 1st by a 51-50 vote, with Vice President JD Vance…..
Shannon & Associates Ranks #27 Among Washington’s Largest Women-Owned Companies
We are thrilled to announce that Shannon & Associates has been named the 27th largest women-owned company in Washington State by the Puget Sound Business Journal for 2024! Our Commitment to Excellence…..
Changes to WA Estate Tax Filing Requirements
Starting Jan 1, 2025, a change has been adopted by the Washington Department of Revenue regarding filing requirements for the Estate and Transfer tax return (Estate Tax). New rule excluding…..
Important 2024 Year-End Tax Planning Actions for Businesses
With the year-end quickly approaching, it is time to start thinking about moves that may help lower your business’s taxes for this year and next. Based on the results of…..
Important 2024 Year-End Tax Planning Actions for Individuals
With the year-end quickly approaching, it is time to start thinking about moves that may help lower your tax bill for this year and next. Based on the results of…..
Important Update on BOI Reporting Requirements!
After numerous delays, the federal court has lifted the injunction that halted the enforcement of Beneficial Ownership Information (BOI) reporting requirements. The new deadline for reporting is now March 21, 2025. …..