Mike Thrift
Marketing Manager
Schedule A Itemized Deductions: The Complete 2026 Guide to Paying Less Tax
Schedule A itemized deductions return in play for 2026 as the SALT cap rises from $10,000 to $40,400, charitable gifts face a new 0.5% AGI floor, and the $750,000 mortgage interest cap becomes permanent. This guide covers what qualifies, what changed under the OBBB, and how to decide whether itemizing beats the standard deduction.
Schedule C (Form 1040): The Complete 2025 Guide for Sole Proprietors and Single-Member LLCs
Schedule C reports business income and expenses for sole proprietors and single-member LLCs. This guide walks through every line of the form, the $400 filing threshold, the home office and 70-cent-per-mile vehicle deductions, and the recordkeeping that holds up under IRS review.
Schedule K-1 Explained: Partnership Income, Phantom Tax, and Six Costly Mistakes
Schedule K-1 reports your share of pass-through income from a partnership, S corporation, or trust — and you owe tax on your allocation, not on the cash you actually received. A working guide to each major box, the phantom income trap, partner basis rules, the 2026 filing timeline, and six mistakes that cost K-1 recipients real money every year.
Section 174 R&D Capitalization: The Complete 2026 Guide for Founders and Finance Teams
Section 174 of the U.S. tax code restored immediate domestic R&D expensing in 2025 under the One Big Beautiful Bill Act, and small businesses have until July 6, 2026 to amend 2022–2024 returns and reclaim refunds on previously capitalized research costs.
Section 179 Deduction Explained: How to Write Off Equipment in the Year You Buy It
Section 179 lets qualifying businesses deduct up to $2,560,000 of equipment, vehicles, and software costs in the year the asset is placed in service for 2026, with a dollar-for-dollar phase-out starting at $4,090,000 in total qualifying purchases and a hard ceiling at net taxable business income.
Self-Employed Health Insurance Deduction: A Complete Guide
Self-employed filers can deduct 100% of qualifying health insurance premiums above-the-line via Form 7206 and Schedule 1 line 17, provided the business is profitable and neither spouse had access to subsidized employer coverage. The guide covers S corporation W-2 requirements, ACA marketplace subsidy circular calculations, age-based long-term care caps, and the five most common errors that trigger IRS disallowance.
Small Business Recordkeeping: A Practical Guide to Staying Audit-Ready
A practical reference for small business owners on what records the IRS requires, how long to keep each type (3, 4, 6, or 7 years), the de minimis $75 receipt rule, and how to build a system you will actually maintain month after month.
Social Security Tax Explained: A Complete Guide for Employees, Employers, and the Self-Employed
A 2026 reference for Social Security tax: the 6.2% employee and employer rate, the $184,500 wage base, the 15.3% self-employment rate with its 92.35% adjustment, Form 941 deposit rules, and the six mistakes that most often trigger IRS payroll penalties against small businesses.
Startup Costs Tax Deduction: How to Write Off Up to $10,000 Your First Year
Section 195 lets new businesses deduct up to $5,000 of startup costs and another $5,000 of organizational costs under Section 248/709 in the first year, with the remainder amortized over 180 months. Phase-out begins at $50,000 and eliminates the immediate deduction at $55,000.
SUTA Tax Explained: The Complete Employer's Guide to State Unemployment Tax
SUTA is the state-level payroll tax that funds unemployment insurance. Every U.S. employer owes it, rates range from under 1% to over 10%, and late payments can cost the 5.4% FUTA credit — turning a $42 federal bill into $420 per employee.
Tax Attorney: When to Hire One, What They Cost, and How to Choose
When a tax attorney is worth hiring instead of a CPA or enrolled agent, what they charge in 2026 ($300–$600 per hour, $3,500–$7,500 flat for common matters), and how attorney-client privilege changes what is at stake in audits, collections, and criminal investigations.
Tax Credit vs. Tax Deduction: Which One Saves You More Money?
A tax deduction reduces taxable income; a tax credit cuts your tax bill dollar for dollar. In the 22% bracket, a $2,000 credit saves the full $2,000 while the same-sized deduction saves just $440. Covers refundable vs. nonrefundable credits, 2026 amounts (EITC up to $8,231, CTC $2,200 per child), and strategies for stacking both.