Business Tax Updates
April 29, 2010 by Jesica Abella
Filed under Accounting, News, Taxes, eNews
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WA B&O Tax Rate Increase
The B&O Tax Rate for Services has increased from 1.5% to 1.8%, effective May 1, 2010. Retail and other classifications are not affected.
HIRE Act – Incentives for hiring
There are two new tax benefits for hiring new “qualified” employees.
A “qualified” employee is:
- Hired between February 3, 2010 and January 1, 2011
- Not employed in the 60 days prior to their hire date
- Not hired to replace another employee (unless that employee had quit or been fired for cause)
- Not related to you
If you have (or intend to) hire a qualified employee, have them complete Form W-11 to certify they had been unemployed.
These employees qualify you for an exemption from the 6.2% employer social security tax on their wages through the end of 2010.
If a qualified employee are retained for at least 52 weeks, you will also be eligible for a credit up to $1,000 on your annual federal tax return.
Health Care Reform
While the Health Care Reform bills are big and involved, I’m just going to highlight a couple of points.
First, employers are not required to provide health insurance coverage. After 2013, employers with 50 or more full-time employees will be penalized if they do not provide coverage.
In 2010 through 2013, small employers (less than 25 employees with average annual wages under $50,000) will be eligible for a tax credit for up to 35% of the health insurance premiums paid. (Note, premiums paid from employees’ salary do not count.)
Last, in 2013, individuals earning over $200,000 per year and married filing jointly couples earning over $250,000 per year will start paying an additional .9% Medicare tax and a 3.8% tax on ‘unearned’ income (interest, dividends, rents, royalties, etc.). While these are not taxes paid by businesses, business owners may need to take these new taxes into consideration when planning.
I hope this information has been helpful. Please remember these are brief summaries of complex tax laws and should not be relied upon as tax advice.
Book your appointment online!
February 11, 2010 by Jesica Abella
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You might have noticed we have a new button on the right side of the screen that says “Appointment”. Check it out; you can schedule an appointment with us now to discuss how we can help you. We are always looking for great innovative ways to facilitate our communication with our clients and here we are removing the back and forth of tying to find a convenient time for the both of us. Give it a try!
Micro to Millions!
June 11, 2008 by Jesica Abella
Filed under ATS, Featured, News, eNews
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Seattle, WA – June 11, 2008 – Non-profit business program, Make Mine A Million $ Business has selected Jesica Abella of Abella Tax Services, Inc. as one of 5 business women awardees to win the Micro to Millions awards package at the Seattle event on June 11, 2008 at the Seattle Center Fisher Pavillion. The exciting event will feature female entrepreneurs from Seattle and other regions of the country who compete for business development packages that include $5,000 in financing, coaching, and membership in a nation-wide community of women business owners providing assistance to help their businesses grow to million-dollar enterprises. The event will also include educational and network opportunities in addition to keynote speeches by Washington State Governor Christine Gregoire and Renee Scholfield, Founder of Tongass Substance Screening.
Abella Tax Services focuses on providing continual bookkeeping, payroll, tax preparation, and planning services to small businesses. Small business owners leave the stress and tedium of number crunching and deadlines to their friendly business advisors, and they regain peace of mind and time to pursue the activities they love.
More than one thousand women applied for the packages being awarded at this event. The Micro to Millions program is an offshoot of the Make Mine a Millon $ Business program, which began in 2005 to provide packages of support to women who had been in business for over two years and had reached $200,000 in annual revenue. The Micro to Millions program was created to provide the right help to women who had not yet achieved that level of growth, but were determined to reach the million-dollar mark.
Described as a cross between “The Apprentice” and “American Idol,” the Make Mine a Million $ Business competition provides twenty women whose businesses have hit $200,000 in annual revenue the opportunity to present their business in a 3 minute “elevator pitch” to a panel of business experts and a live audience. Ten Make Mine a Million $ Business winners will be chosen by the audience and judges who collaborate on the selection process.
Launched in 2005 by Count Me In for Women’s Economic Independence and founding partner OPEN from American Express®, the Make Mine a Million $ Business program was created to help post-start up, women-owned businesses grow to one million dollars in annual revenue. Since the inception, the program has hosted 12 competitions in cities around the country and grown into a nationwide movement. For the Los Angeles event, 1,222 applications were submitted in hopes of securing being awarded a package.
“We are excited to launch our first Make Mine a Million $ Business in Seattle,” said Nell Merlino, founder and president of Count Me In. “The number of applicants mirrors the growth of our entrepreneurs’ businesses and their desire to take them to the million dollar level.”
The Make Mine a Million $ Business program has garnered support from organizations who are all joining hands in order to make an impact in women’s lives and strengthening the US economy. The impressive list of blue-chip national sponsors include OPEN from American Express, Cisco, FedEx, QVC, Jet Blue, Marriot, and Dell. Sponsors provide an array of products and services that serve as invaluable tools for growth.
For more information about how women can grow their businesses please visit www.makemineamillion.org.
About Count Me In
Count Me In for Women’s Economic Independence is the leading national not-for-profit provider of on-line business loans and resources for women to grow their micro businesses into $million enterprises. Find us at www.countmein.org or call 212-245-1245.
New location!
February 1, 2008 by Jesica Abella
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We’ve moved! Come see us in our new office in the Creative Workspace building at 168th and 48th Ave W in Lynnwood. Our office is open by appointment, and we typically have day, evening, and weekend appointments available. The new address is 16825 48th Ave W #230, Lynnwood 98037.
We are also happy to hold consultations and bookkeeping meetings at your location if that is easier for you. We travel throughout King and Snohomish counties.
Give us a call any time, (425) 743-9250, for tax preparation and planning, bookkeeping help including consulting, training, catchup and/or ongoing work, or all of the above.
Do you dread tax time?
December 24, 2007 by Jesica Abella
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Do thoughts of paperwork and number crunching give you nightmares? Never fear!
If you need someone who knows taxes inside and out, you have come to the right place. We look forward to helping you with your tax-time headaches.
Are your taxes finished for 2009? If so, it’s never too early to start planning for 2010. Please call (425) 743-9250 today for a free consultation, including review of your 2008 and 2009 tax returns.
Welcome to Abella Tax Services
January 1, 2005 by Jesica Abella
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While tax preparation built the foundation of our business, we are not your average tax firm.
Small business owners simply don’t have time to do it all. They juggle their passions against the tedious tasks involved in running their businesses. Often they’re swamped when they get home as well.
What if you had someone you could call to ask how your business was doing financially, without touching the bills?
What if you didn’t have to worry as the tax deadline looms, because your numbers have been watched all year?
What if you need someone to recommend a new house cleaner?
What if you could even ask for a letter to be typed or a mailing to be completed?
This is what we do.
We strive to make small business owners’ lives easier, without breaking the bank. As a small business owner, you’ll grow your business by focusing on your passions and providing the vision for your company. We’re there to provide the support you need.
Give us a call, (425) 743-9250, to schedule your obligation-free initial consultation. We look forward to working with you.





