Noncorporate business owners: Midyear is a good time to step back and think about taxes. After all, your business income affects your personal federal tax liability. If you’re a sole proprietor or owner of a pass-through entity, start by reviewing your expected 2026 income, tax bracket, deductions and cash flow to determine whether it makes sense to defer income and accelerate deductible expenses — or do the opposite. Also, evaluate your eligibility for the Section 199A qualified business income (QBI) deduction. In particular, look at its income-based limits, W-2 wage and property rules, and special restrictions for certain service businesses. Contact us to discuss tax saving strategies.
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