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12 Apr

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Many contractors running S-corps think, “I’ll just pay myself a big bonus at year-end, withhold taxes, and call it good.”Sounds smart, right? Not so fast.

Posted by Janet Mercer

April 12, 2026

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Here’s why this strategy can backfire: 1) Payroll taxes sting: A $100,000 W-2 bonus can cost you and your company over $15,000 in extra Medicare and Social Security taxes — far mor

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🚧 1099-NEC Threshold Increases to $2,000 🚧

Posted by Janet Mercer

April 12, 2026

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For decades, contractors and small business owners have been stuck with a $600 threshold for issuing 1099-NEC forms, a number that hasn’t budged since 1954. That’s finally changing

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If you perform construction work in California, remember that materials you furnish and install may be subject to sales and use tax — and local rates are changing effective October 1, 2025.

Posted by Janet Mercer

April 12, 2026

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Review your project locations, update your systems, and make sure your billing reflects the new CDTFA rates. Attach CDTFA Rates.

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12 Apr

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Raw Version

Posted by Janet Mercer

April 12, 2026

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Amended Tax Return IRS Audit Statute of Limitations Normally, the IRS has 3 years from the date you file your return (or the due date, whichever is later) to audit it. This is call

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12 Apr

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⚠️ When Your CPA Drops the Ball, the IRS Still Blames You ⚠️

Posted by Janet Mercer

April 12, 2026

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Imagine this: you earn over $1M a year, carefully review your tax returns, and sign off for your CPA to file them. Years later, the IRS shows up and says—nothing was ever filed. Th

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12 Apr

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🚘 Turning Your Personal Vehicle Into a Business Asset? Here’s What to Know About Depreciation 🚘

Posted by Janet Mercer

April 12, 2026

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When you convert a personal vehicle for business use, the IRS lets you start depreciating it and claim deductions. But here’s the catch: Your depreciation basis is the lesser of:🔹

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12 Apr

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💡 Did you know your business can reimburse medical expenses—tax-free—for you and your family?

Posted by Janet Mercer

April 12, 2026

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A Health Reimbursement Arrangement allows business owners to set up a plan that reimburses employees—and their families—for qualified medical costs. That includes: 🔹 Everyday healt

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12 Apr

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The 5 Biggest Tax Mistakes Small Business Owners Make (and How to Avoid Them)

Posted by Janet Mercer

April 12, 2026

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Running a business is tough enough—don’t let the IRS make it tougher. Every year, thousands of small business owners pay more than they should, face unnecessary penalties, or raise

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12 Apr

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The Fed Just Lowered Rates – What This Means for the Construction Space

Posted by Janet Mercer

April 12, 2026

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The Federal Reserve just reduced interest rates by 0.25%. 📉This means a few things: SBA 7(a) loan rates are now dipping as low as 10%. Lower Monthly Payments: Even a small rate cut

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12 Apr

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🚗 Bonus Depreciation Rules for Vehicles – What Business Owners Need to Know in 2025 🚗

Posted by Janet Mercer

April 12, 2026

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Not all vehicles are created equal when it comes to tax savings. Here’s how bonus depreciation plays out: 🔹 Heavy Vehicles (GVWR > 6,000 lbs.)SUVs, pickups, and vans above this thr

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12 Apr

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How Hiring Your Kids Can Save You Big on Taxes 👨‍👩‍👧‍👦💸

Posted by Janet Mercer

April 12, 2026

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Did you know that if you’re self-employed, hiring your children can be a powerful tax-saving strategy? Here’s how it works: ➡️ No FICA or unemployment taxes when you hire your kids

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12 Apr

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How to Correctly Pay Yourself and Take Cash from Your Business 💰

Posted by Janet Mercer

April 12, 2026

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One of the most common questions I get from business owners is:“What’s the right way to pay myself from my business?” The answer depends on your business structure. Here’s a quick

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12 Apr

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💡 Gift Splitting: A Smart Strategy for Couples

Posted by Janet Mercer

April 12, 2026

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A common tax strategy: married couples doubling their annual gift tax exclusion through something called gift splitting. For 2025, the annual exclusion is $19,000 per recipient. Th

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12 Apr

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📂 Protect Yourself: Digitize Tax Receipts

Posted by Janet Mercer

April 12, 2026

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When it comes to an IRS audit, one of the top reasons taxpayers lose deductions is simple: missing or incomplete documentation. 💳 Bank or credit card statements prove you spent mon

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12 Apr

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Measuring a Casualty Loss after the LA Wildfires

Posted by Janet Mercer

April 12, 2026

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10/15 is around the corner, meaning even LA county residents returns are due in a few weeks. Please note, if you were affected by the January 2025 Los Angeles wildfires, the IRS al

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CAn you write a LinkedIn post for me about the attached, but expand upon how they get more powerful with the OBBBA

Posted by Janet Mercer

April 12, 2026

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ChatGPT said: Here’s a LinkedIn post draft that expands on your screenshot and highlights how the OBBBA updates make R&D tax credits more powerful: 🚀 Unlocking Bigger Savings with

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12 Apr

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A Major Win for Startups and Investors

Posted by Janet Mercer

April 12, 2026

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🚀 QSBS just got supercharged. The OBBBA significantly enhances Qualified Small Business Stock (QSBS) rules: Exclusion cap raised from $10M → $15M (indexed for inflation) Partial ta

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12 Apr

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Act Now on Electric Vehicle Tax Credits

Posted by Janet Mercer

April 12, 2026

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If you’re thinking about purchasing an electric vehicle for your business, or personally, time is running low. The One Big Beautiful Bill Act (OBBBA) signed in July terminates thre

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12 Apr

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⏰ One Week Reminder: September 15th Tax Deadline ⏰

Posted by Janet Mercer

April 12, 2026

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As a friendly reminder, September 15, 2025, is the filing deadline for:📅 S-Corporation income tax returns (Form 1120-S)📅 Partnership income tax returns (Form 1065)📅 Q3 2025 Estimat

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12 Apr

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🏢 QSub vs. LLC: Which Structure Works Best?

Posted by Janet Mercer

April 12, 2026

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For S corporation owners, forming a Qualified Subchapter S Subsidiary (QSub) can be a smart move. Here’s why it matters: A QSub is disregarded for federal tax purposes—so the paren

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12 Apr

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🏢💰 Cost Segregation Tax Strategy: Accelerating Your Tax Savings

Posted by Janet Mercer

April 12, 2026

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Depreciation is one of the biggest tax advantages of owning rental or commercial property.But here’s the catch: standard depreciation takes 27.5 to 39 years. 👉 Enter cost segregati

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12 Apr

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⚠️ Your Retirement Plan Could Cost You $150,000 in Penalties ⚠️

Posted by Janet Mercer

April 12, 2026

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If you have a solo 401(k) or one-participant retirement plan, the IRS requires you to file Form 5500-EZ.It’s just a simple two-page filing, but failing to submit it can trigger pen

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⚖️ IRS Tightens Rules on Misclassifying Workers

Posted by Janet Mercer

April 12, 2026

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Misclassifying workers as independent contractors can be costly—back payroll taxes plus penalties that may exceed 40% of gross payroll. For decades, Section 530 has served as a “sa

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12 Apr

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🔎 How Long Does the IRS Have to Audit Your Return?

Posted by Janet Mercer

April 12, 2026

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No one wants to live with the constant fear of an IRS audit. Thankfully, there’s a statute of limitations—meaning the IRS only has a certain amount of time to review your return an

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12 Apr

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💼 The Hidden Advantages of a Defined Benefit Plan

Posted by Janet Mercer

April 12, 2026

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When most people hear defined benefit plan, they think of big corporations or union pensions. But here’s the surprise: it can be a game-changing tool for high-earning solo business

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