As a taxpayer, you might assume your biggest tax decisions happen in March or April. The truth is, by that point, most of the outcomes are already locked in. Effective tax advisory work happens much earlier and focuses on decisions made during the year which help to shape your end results. Over the next seven weeks, we’ll be exploring more advanced tax reduction strategies, from specialized business deductions to high-income individual tax credits, that help you keep more of what you earn.
A fresh tax year creates a clean slate for planning, and January is the ideal time to set yourself up for a stronger financial position. Whether you work for yourself, manage a small business, or juggle multiple income streams, early action can help you avoid penalties and improve your cash flow. Myrick CPA works with clients across the country to build smart, forward-looking strategies that begin well before the first deadline.
As 2025 comes to a close, it's time to review your tax situation for the upcoming year. If your income isn't fully covered by withholding, your first quarterly estimated tax payment for 2026 will be due early in the new year. Evaluating your numbers now can help you avoid penalties. Myrick CPA assists clients nationwide with year-end projections for easier management.
You're more than ready for the festive feelings, celebrations, and joy of the winter holidays, but is your budget? By the time you factor in travel expenses, gifts for your nearest and dearest, meals, and all those special events, you may find costs have snowballed quicker than you expected. If you take a few practical steps now, though, before the holidays are in full swing, you can stay financially balanced throughout the season so you can step into the new year with confidence.
As the year winds down, a little planning can make a real difference on your tax bill. The last quarter is a smart time to review income, deductions, and contributions so you head into filing season prepared. Whether you file as an individual or you run a business, the steps below will help you finish the year with fewer surprises next spring.
As a non-profit leader, you know tax-exempt status is a foundational part of your organization. Still, the IRS requires organizations to meet specific operational standards each year to maintain that status. Small shifts in funding, mission, or structure can affect your eligibility over time, creating a risk of non-compliance. A periodic review is the best way to avoid costly surprises and ensure your organization continues to operate on solid ground.
The One Big Beautiful Bill Act (OBBBA), signed into law in 2025, brings meaningful changes for small and midsize businesses. For owners of S-corporations, partnerships, LLCs, and sole proprietorships, the new law creates greater long-term certainty and several opportunities to lower taxable income.
If you freelance or work gig jobs, you're probably used to gathering a handful of 1099 forms each spring. That part of tax season isn't going away, but starting in 2026, how those forms get issued will change. The new Federal Tax Bill (OBBBA) updates the reporting rules for businesses that pay freelancers and independent contractors, raising the threshold for when they must issue a Form 1099-NEC or 1099-MISC. Here's what those changes mean, as well as what hasn't changed at all when it comes to reporting your income.
The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduced several new tax provisions that affect both individuals and businesses. Among the most significant for retirees is a brand-new deduction aimed at seniors. Starting with the 2025 tax year, taxpayers age 65 and older may qualify for an additional deduction of up to $6,000 for single filers or $12,000 for married couples filing jointly if both spouses meet the age requirement.
For years, taxpayers in high-tax states have felt the pinch of the $10,000 cap on state and local tax (SALT) deductions. That cap, put in place in 2017, limited the amount you could deduct for property taxes and state income or sales taxes. With the passage of the One Big Beautiful Bill Act (OBBBA) in 2025, the cap has been raised to $40,000 per household. This change provides new opportunities for savings, especially for those who itemize deductions.