Our Blog

WA State minimum wage climbing to $11 in 2017

The minimum wage in Washington will increase to $11 an hour starting on Jan. 1, 2017. Since the recent election, the Department of Labor & Industries has received scores of calls asking for clarity on the details of the new law.

The new minimum wage, a result of the passage of Initiative 1433, applies to all jobs, including those in agriculture. Workers under 16 years old can be...

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Standard Mileage Rates Decrease in 2016

Jose Diaz Caro

The IRS issued the 2016 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical, or moving purposes.

Beginning on January 1, 2016, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:

(1) 54 cents per mile driven for business...

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Year-End Tax Planning Tips

Jose Diaz Caro

Just as the daylight hours are getting shorter, so is the time for fine tuning any last-minute strategies to lower your 2015 tax bill. While year-end legislation extending certain expired tax benefits may still come to pass and be of benefit to you, there are other options we should explore for potentially lowering your taxes. Often, the correct steps to take will depend on whether you see...

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Requirement to File Forms 1099

Jose Diaz Caro

The IRS has begun focusing heavily on taxpayer compliance with information reporting laws and in just a few short years, Congress has sharply increased the penalties for compliance failures not once, but twice. The penalty for each Form 1099 missed is now $250, a five-fold increase from the original $50 penalty.

Generally, any person, including a corporation, partnership, individual,...

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City of Seattle Minimum Wage Going Up Jan 1st 2016

Jose Diaz Caro

If you are a small business employer (500 or fewer employees) in the city of Seattle, you should note that starting January 1st 2016, the minimum compensation rate will increase to $12.00/hour or $10.50 minimum wage assuming the balance to get to $12.00 will be made up with employee tips reported to the IRS and/or payments toward an employee's medical benefits plan.

1. Hourly...

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Tips for Starting a Business

Jose Diaz Caro

When you start a business, a key to your success is to know your tax obligations. You may not only need to know about income tax rules but also about payroll tax rules. Here are four tax tips that can help you get your business off to a good start.

1. Structure. An early choice you need to make is to decide on the type of structure for your business. The most common...

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Our New Website

Jose Diaz Caro

Caro & Associates is excited to announce the recent launch of our firm’s new website. We’ve been working very hard to enhance our website and give our firm a fresh look. We’ve also continued to research and identify the latest and greatest technologies to improve the services we provide and ensure we continue to meet your needs.

Take a moment to look around...

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