5 QuickBooks reports to review each month

Understanding your business’s financial health is essential for long-term success. QuickBooks® offers a powerful reporting tool suite that can provide critical insights to support decision-making and help you comply with accounting and tax rules. Accrual-basis QuickBooks users should get in the habit of reviewing the following five reports monthly to keep their finances in check […]

2026 Budget proposal released

President Trump has released his 2026 federal budget proposal. It allocates $1.7 trillion in spending, including increases to defense and homeland security. It cuts $163 billion from other agencies, including double-digit percentages to Labor, Agriculture, the Small Business Administration and Commerce, as well as from scientific research and safety net programs. The IRS would lose […]

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Summer camp can count toward federal Child and Dependent Care Credit

Most kids will soon be out of school for the summer and many will head to summer camp. Sending your child to a summer day camp while you work may count as an expense toward the federal Child and Dependent Care Credit. Under current law, this credit ranges in value from 20% to 35% of […]

National Wildfire Awareness Month

May is National Wildfire Awareness Month, and the week of May 4 is National Hurricane Preparedness Week. Fast fact: So far in 2025, FEMA has issued 12 major disaster declarations in nine states impacted by winter storms, flooding, tornadoes and wildfires. With tax season over and peak season for disasters approaching, the IRS is reminding […]

Budget Reconciliation: Tracking the 2025 Trump Tax Cut

Budget Reconciliation: Tracking the 2025 Trump Tax Cuts https://bit.ly/444euqe

Do you have a high-deductible health plan?

If you’re covered by a high-deductible health plan (HDHP), you can contribute pretax income to a Health Savings Account (HSA) up to certain limits. Funds can be withdrawn tax-free to pay qualified medical expenses. The IRS annually adjusts HSA and HDHP contribution limits for inflation. For 2026, the maximum HSA contribution amount for individuals will […]

IRS featuring small business tools and resources as part of National Small Business Week

During National Small Business Week (May 4–10), the IRS features tools and resources designed to help small business owners, employers and the self-employed understand their tax obligations. Among the tools is a list of best practices for business success, such as choosing the right entity for your company and securing an Employer Identification Number through […]

Turn a summer job into tax savings: Hire your child and reap the rewards

With summer fast approaching, you might be considering hiring young people at your small business. If your children are also looking to earn some extra money, why not put them on the payroll? This move can help you save on family income and payroll taxes, making it a win-win situation for everyone! Here are three […]

Reminder to collect W-9 information before payment is made

In a tight labor market, employers may seek to fill the gaps by turning to independent contractors. If this is your plan, and you expect to pay the contractor at least $600, be sure to collect a completed Form W-9 (Request for Taxpayer Identification Number and Certification). The W-9 is necessary to ensure correct identification […]