Tax Services

When it comes to the world of taxes, preparation and planning go a LONG way. We have the expertise and knowledge you are looking for in a tax professional and can help you navigate your options.

Contractors

Profitable on Paper but Short on Cash When the Tax Bill Comes? A Note to Skagit County Contractors

Tax Preparation

Tax returns for individuals and businesses, prepared with a review of the deductions and credits that apply to you.

Tax Planning

See your tax picture in advance and take strategic action before the year closes.

IRS Representation

Don’t go it alone! We’re your ally and representative in an IRS audit.

Do I Need Business Identity Theft Protection For My Skagit County Small Business?

Quick Answer: Small business identity theft protection is critical because criminals actively target Employer Identification Numbers to submit fraudulent tax filings and steal refund payments. Establishing proactive safeguards prevents lengthy IRS...

How A Year-End Inventory Count Could Lower Your Skagit County Business Taxes

Quick Answer: A year-end inventory count lowers your business taxes by uncovering unrecorded shrinkage and unsellable stock that artificially inflate your ending inventory balance. Reducing that ending balance increases your Cost of Goods Sold (COGS) deduction,...

Padgett & Padgett, PLLC’s Guide: Can You Give Employees Tax Free Bonuses for the Holidays?

Quick Answer: You can’t give tax-free cash or gift cards for the holidays, as the IRS classifies all cash-equivalent bonuses as taxable wages regardless of the amount. However, you can legally provide tax-free holiday bonuses through non-cash tangible gifts,...

Types of Prepaid Expenses to Optimize Your Skagit County Business’s Cash Flow Before Dec 31

Quick Answer: If you run a cash-basis business, you can lock in immediate tax savings on upcoming 2027 operating costs by paying those vendor bills before December 31. Under the IRS 12-month rule, that prepayment cuts your 2026 taxable profit dollar for dollar,...

Padgett & Padgett, PLLC ’s Take: How Much Cash Should A Business Have On Hand?

Quick Answer: Keep three to six months of baseline operating expenses in liquid reserves, alongside a separate tax account holding 15% to 30% of weekly gross receipts. Having that buffer with a Quick Ratio of at least 1.0 means you'll protect daily operations...

How The Bad Business Debt Deduction Could Lower Your 2026 Skagit County Business Taxes

Quick Answer: Uncollectible business receivables convert into ordinary losses that reduce your active net profit dollar-for-dollar without a ceiling. To lock in this tax offset before year-end, you'll need to execute a formal general ledger charge-off on...

How To Fix Common QuickBooks Online Problems Skagit County Small Business Owners Face

Quick Answer: To fix common QuickBooks Online problems, audit your bank feed queue to ensure transactions are matched to open invoices and transfers rather than blindly clicked as "Add," which eliminates duplicate revenue and miscoded expenses. From there,...

The Skagit County Small Business Q3 Payroll Checklist for a Painless Year-End Close

Quick Answer: Your pre-year end payroll checklist should include reviewing new OBBBA wage codes, collecting missing 1099 tax forms, and aligning your payroll accounts with your general ledger. Completing this cleanup in September protects your business...

What Are the Tax Mistakes New Skagit County Business Owners Make?

Quick Answer: Some of the biggest tax mistakes new business owners make include using personal credit cards for business expenses, guessing on startup cost write-offs, and failing to keep track of receipts for deduction proof.Key Takeaways:Opening a...

What Tax Do You Pay When You Sell A Business Based on Your Skagit County Business Structure?

Quick Answer: Pass-through entities (LLCs, S corps, sole proprietorships) pay a single tax layer, typically 15% to 23.8% on goodwill and up to 37% on inventory and equipment. C corporations face double taxation near 40% on asset sales, unless structured as...

Why Deductions Get Missed

Sure, even though it’s painful, none of us mind paying our fair share of taxes. The problem is, the legal and safe deductions and credits you’re entitled to are easy to miss when your receipts and records aren’t organized, or when the rules change from one year to the next.

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