What is a tax projection and why do I need it?
A Tax Projection is an estimate of what you’re going to owe for your next tax return. At Black Sheep, we utilize quarterly tax projections based on historical data, projected income, and expenses so you can be prepared for your upcoming year and understand how your tax responsibilities may change. The next tax due date […]
How did Cinnaholic save $30,000 in taxes in one year?
Maysaa had been having doubts about her old accountant for a long time. Tired of feeling like she was missing out on vital opportunities, she switched to Black Sheep Accountants and saved $30,000 in taxes that year! At the beginning of the coronavirus pandemic, Maysaa was struggling. Her business, Cinnaholic Seattle, which makes custom vegan […]
The New Washington State Long Term Care Tax: How Does It Apply to My Small Business?
You’re hearing a lot in Washington State right now about the new long term care tax that will be paid by employees through payroll deductions starting in 2022. The official program is called the WA Cares Fund. Washington State is the first state in the nation to develop a plan like this and employees and […]
How to Store, Organize and Submit your Tax Data to your CPA
You’ve all heard the story of taxpayers who submit a shoebox full of receipts and a stack of paper 10 inches thick to their CPA at tax time. What you may not know is how the CPA reacts when they get this treasure trove of information. The CPAs heart rate goes up. Their eyes get […]
Why We Might Not be a Good Fit for You
We are a virtual, tax-specialized boutique CPA firm, and we accept everyone in this family, but in some cases, you might not think we’re the best fit for you. Although we would love to take on anyone who visits our website, we give all of our clients a lot of individualized attention throughout the year […]
Stop Being Productive!
Times are tough. COVID-19 is here. Everything is changing. Things will never be the same again. Most of the working population is working from home right now and this is a massive change for most people. If you’ve never worked from home before, it is our natural inclination to set our expectations extremely high and […]
Help for Small Businesses in Dire Times of COVID-19
It’s a very scary time right now if you’re a small business trying to stay afloat. In Seattle, we’ve seen some business who were already struggling financially close their doors for good. Other businesses are trying to take advantage of economic stimulus options available to them, but are uncertain even with the help if they […]
How Do I Make a Tax Payment to the IRS?
You recently filed your tax return and learned that you owe the IRS money and must pay them, but you don’t know what options are available to you. Here are several options for making a tax payment to the IRS: 1. Check If you paper filed your tax return, you can mail the tax return, […]
Why do I need a CPA?
As a small business owner, you’re looking for some assistance with your finances. Each tax season, things feel more and more complicated. The worst part is, getting help with your taxes feels just as complicated as doing them! How are you meant to know what type of accounting professional is best for you and your […]
5 Planning Areas to Focus on in 2018
It’s almost 2018!! Can you believe it? I sure can’t. With Thanksgiving approaching in just two days, now is the time to focus on planning for taxes, finances, and business strategy. What have you done to plan for your taxes for next year? What about financial planning? If you own a business, have you done […]
