Tax Planning

Year-Round Tax Planning for Skagit County Business Owners

Our tax professionals focus on mastering the nuances of tax law, complex tax codes and staying up-to-date on changes that will affect your tax returns throughout the year.

We do this because we know that planning is the key to valuable tax savings and we want to help you plan for greater income by implementing tax savings strategies throughout the year that will benefit you all year long.

Tax planning means looking at your numbers before the year ends, while there’s still time to act. We review your profit, your entity, your owner pay, and your quarterly estimates, then explain the legal options that fit your situation and what each one involves.

Let us help you with your tax planning, too!

Did you know, for instance, that you can…

  • Move your income into lower tax brackets by splitting income among family members or legal entities.
  • Shift income and/or expenses to different years in order to best take advantage of lower rates.
  • Defer tax liability through some types of investment options.
  • Avoid tax liability through some types of investment options, both on the federal and state level.
  • Time major business purchases, such as equipment, with your tax situation in mind.

These, and other Tax Saving Strategies will help you:

  • Benefit from the growth and savings of your own assets by keeping them out of the government’s hands.
  • Reduce taxes on investments so that you can grow your money quicker.
  • Keep more of what you make by reducing your taxed income.
  • Defer income in order to keep your money now and pay your taxes later.
  • Understand estate taxes and planning so that your family gets to keep more of what you make.
  • Give money while reducing taxes to maximize your giving potential.
  • Plan for retirement in ways that best benefit you rather than the IRS.

Let Us Help:

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...

What Are the Disadvantages to Sole Proprietorship for Growing Skagit County Business Owners?

 Quick Answer: The primary disadvantages to a sole proprietorship for growing business owners are unlimited personal liability and a mandatory 15.3% self-employment tax on 100% of net profit. Once annual net profit exceeds $40,000, remaining a sole...

What Qualifies For Research and Development Tax Credit Claims For Skagit County Small Businesses?

 Quick Answer: Your small business qualifies for the R&D tax credit whenever you pay U.S. wages, contractor fees, or supply costs to overcome technical roadblocks while building or improving products, custom software, or internal processes. By working...

How To Separate Personal And Business Expenses Faster For Skagit County Business Owners

 Quick Answer: To cleanly separate personal and business expenses, set up dedicated business accounts, automate your owner payouts, and use smart accounting tools to capture purchases in real time. Building this automated system protects your write-offs...

Ready to come in for an appointment?

Click here to schedule a time to meet with us. We will NOT make dealing with a tax professional as painful as it’s been in the past!

Contact Us