Top Tax Credits Most Americans Miss in 2026 When most taxpayers think about tax savings, they focus on deductions. While deductions reduce taxable income, tax credits are often even more valuable because they reduce tax liability dollar-for-dollar. Unfortunately, many Americans overlook credits they qualify for each year. Some taxpayers leave hundreds—or even thousands—of dollars unclaimed...
Amending Your Tax Return with Form 1040-X: 2026 Update Filing your tax return does not always mean your tax situation is permanently settled. Taxpayers frequently discover missed deductions, overlooked credits, incorrect income reporting, or filing status errors after filing their original return. Fortunately, the IRS allows eligible taxpayers to correct mistakes through Form 1040-X, Amended...
What to Do If the IRS Audits Your Small Business in 2026 Receiving an IRS audit notice can be stressful for any small business owner. However, an audit does not automatically mean you’ve done something wrong, nor does it necessarily result in additional taxes owed. In 2026, the IRS continues to rely heavily on automated...
For closely held business owners, one of the more useful planning rules is the so-called “Augusta Rule.” In general terms, it allows a homeowner to rent out a residence for a short period during the year without including the rental income in gross income. When structured properly, that can let a business deduct the...
Being self-employed offers flexibility, but it also brings added tax scrutiny. The IRS expects sole proprietors and independent contractors to report all business income, claim only allowable deductions, and properly calculate self-employment tax. Many audit issues arise not from fraud, but from misunderstanding the rules. Under, gross income includes all income from whatever source...
Section 179 vs. Bonus Depreciation: Which Saves You More in 2026? For businesses investing in equipment, vehicles, software, or building improvements, one of the most important tax planning decisions is whether to use Section 179 expensing or bonus depreciation. Both provisions can generate substantial first-year deductions, but they operate under different rules and can...
Tax preparation and tax planning are related, but they are not the same thing. Tax preparation is about correctly reporting what already happened. Tax planning is about arranging affairs in advance so that the tax law works as favorably as possible within the rules. The distinction matters because the Code contains both benefits and traps,...
1099-K Changes for 2026: What Small Business Owners Need to Know If you sell through online marketplaces, accept payments through apps like PayPal or Venmo, or process credit card transactions, Form 1099-K remains an important tax document in 2026. The biggest change is that Congress restored the federal reporting threshold for third-party settlement organizations (TPSOs)...
Who Qualifies and How to Apply If you’re struggling with IRS tax debt, the IRS Fresh Start Program may provide options that make resolving your balance more manageable. Despite its name, the Fresh Start Program is not a single tax law or standalone program. Instead, it refers to a collection of IRS initiatives designed to...
S-Corp vs. LLC: A Tax Advisor’s 2026 Breakdown Choosing the right business structure can have a significant impact on taxes, liability protection, ownership flexibility, and long-term growth. One of the most common questions business owners ask is whether an LLC or an S corporation provides the better tax outcome. The answer depends on your...
Copyright by Accu-Tax, Inc. All Rights Reserved.
Copyright by Accu-Tax, Inc. All Rights Reserved.
