Higher IRS Mileage Rates Take Effect
Due to rising fuel costs, the IRS has increased the 2026 cents-per-mile rates for calculating certain vehicle deductions.
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Revisit Your Emergency Fund Goals
An emergency fund is key to long-term financial security. Over time, changes in expenses, income, family needs and financial priorities can affect how much emergency savings you need. Regularly reviewing your reserves can help ensure they’re sufficient to support your lifestyle and broader financial strategy.
Get Ahead With a Midyear Tax Review
Life changes can affect your tax picture more than you might expect. Taking time now to review key areas can reduce the risk of certain penalties and uncover tax savings opportunities.
Before You Shred: Know Which Tax Records to Keep
Tax documents can accumulate quickly. While clearing out old files can feel productive, it’s important not to discard anything until you’ve reviewed some record-retention guidelines.
Tax Breaks for Medical Expenses
Depending on your situation, you may be able to claim certain medical expenses as deductions on your tax return. However, you must itemize deductions, and having enough expenses to qualify can be challenging.
Major IRS Payment Changes: What You Need to Know About the September 30, 2025 Electronic Transition
IRS Going Fully Electronic September 30, 2025
Paper checks for tax payments end September 30, 2025. All IRS transactions must be electronic – no exceptions. This security upgrade affects every taxpayer. Learn your payment options and prepare now to avoid compliance issues.
Timing a Roth IRA Conversion
Now might be a good time for some taxpayers to convert their traditional IRA to a Roth IRA.
Closing a Business? Here’s How to Stay on Top of Your Tax Duties
Closing your business is a significant milestone, and part of wrapping things up means taking care of a few tax responsibilities.
Sending the Kids to Day Camp this Summer?
If your child is going to a summer day camp while you work, it may count as an expense toward the federal Child and Dependent Care Credit.
Traveling With Your Spouse on Business? Know What’s Deductible
If you own a company and travel for business, you may wonder whether you can deduct all the costs of having your spouse accompany you on trips. It’s possible, but the rules are restrictive.
Tax Season Cleanup: Which Records Can You Toss?
If you’ve filed your 2024 tax return, you may be eager to do some spring cleaning, starting with tax-related paper and digital clutter. But don’t be hasty.
Could You Be Hit with the Trust Fund Recovery Penalty?
If you own or manage a business with employees, you could be personally responsible for paying a harsh tax penalty.
Updated Guide to Robust Depreciation Write-offs for Your Business
Under Section 179 of the tax code, companies can take substantial depreciation deductions, subject to various limits adjusted annually for inflation.
Prepare for Resilience with a Business Continuity Plan
Companies can protect employees, safeguard data and recover costs through a business continuity plan.
Feeling Charitable? Be Sure You Can Substantiate Your Gifts
To avoid losing valuable charitable deductions if you itemize, you’ll need specific documentation, depending on the type and size of your gift.
7 Year-End Tax Planning Tips for Individuals
As the holidays approach, it’s time to consider tax planning moves that will help lower your 2024 taxes, as well as set you up for tax savings in future years.
Business Succession and Estate Planning Should Be Inseparable
If you’re a business owner, you need an estate plan that effectively addresses the tax impact of transferring your ownership interests to the next generation.
Tax Considerations When Choosing a Business Entity
Are you in the process of starting a business or contemplating changing your business entity? If so, you’ll need to decide how to organize your company.
Renting to Family Members
Here’s a look at the tax treatment that applies when you rent to unrelated parties and how the rules change when you rent to relatives.
Does the Corporate Transparency Act Apply to Your Business?
Under the Corporate Transparency Act (CTA), many businesses are subject to new reporting requirements that went into effect on January 1, 2024.
3 Ways Your Business Can Uncover Cost Cuts
Every business wants to cut costs, but it isn’t easy. We’re talking about clear and substantial ways to lower expenses, thereby strengthening cash flow and giving you a better shot at strong profitability. Obvious places to slash costs (such as wages, benefits and overhead) often aren’t viable options because the very stability of your operation…
Four ways corporate business owners can help ensure compensation is “reasonable”
If you own a C corporation, you know there’s a tax advantage to taking money out as compensation rather than as dividends. The reason: A corporation can deduct the salaries and bonuses that it pays executives, but it can’t deduct dividend payments. Therefore, if funds are paid as dividends, they’re taxed twice, once to the corporation…
Have You Recently Reviewed Your Life Insurance Needs?
The amount of life insurance that’s right for you depends on your personal circumstances, so it’s critical to review your life insurance needs regularly in light of changing circumstances.
Traveling for Business in 2024? What’s Deductible?
Under the tax law, certain requirements for out-of-town business travel within the United States must be met before you can claim a deduction.
Summit is excited to celebrate our 10 year milestone!
Message from BILL EVERSOLE, our CEO and Founder, to the Summit team: “Thank you for your contributions to the firm. We are most grateful that Summit has reached this milestone! It would not be possible without all of you. A special thanks to my co-founders, Lisa and Chris. We started this firm with a single…
Appraisals Aren’t Just for Businesses
Whether you’re in the process of making a retirement or estate plan or you intend to donate property to charity, you’ll need to know the value of your assets.
Education Benefits Help Attract and Retain Employees While Saving Taxes
Your business can attract and retain employees by providing education benefits that enable team members to improve their skills and gain additional knowledge, all on a tax-advantaged basis.
How To Be Ready To Secure a Business Bad Debt Deduction on Your 2023 Tax Return
Is your business having trouble collecting payments from clients or vendors? You might be able to claim a bad debt deduction on your tax return.
The Ins and Outs of the Home Office Deduction
If you’re self-employed and run your business from home, or perform certain functions there, you might be able to claim deductions for home office expenses against your business income.
Buy-Sell Agreements Require Careful Planning
Does your business have multiple owners? If so, you need a buy-sell agreement.
Minimizing Capital Gains Tax on Sale of a Home
If you’re looking to sell your home this year, then it may be time to take a closer look at the exclusion rules and cost basis of your home to reduce your taxable gain on the sale.
Is Your College Student’s Scholarship Taxable?
May 1 is the traditional deadline for undergraduate students to commit to their college of choice, which means tuition payments are not far behind. If you are wondering if your child’s scholarships are taxable, here is what you should know.
Avoiding a Tax Surprise When Retiring Overseas
Are you approaching retirement age and wondering where you can retire to make your retirement nest egg last longer? Retiring abroad may be the answer. But first, it’s important to look at the tax implications.
Saving for Education: Understanding 529 Plans
A Section 529 program can be an especially attractive estate-planning move for grandparents. There are no income limits, and the account owner giving up to $85,000 ($80,000 in 2022) avoids gift tax and estate tax by living five years after the gift, yet has the power to change the beneficiary.
Federal Tax Returns: Should You File an Extension?
Obtaining a six-month extension to file is relatively easy, and there are legitimate reasons for doing so; however, there are also a few downsides. If you need more time to file your federal income tax return this year, here’s what you need to know. What Is an Extension of Time to File? An extension of…
What To Do if You’re Missing Important Tax Documents
As the April 18th tax deadline quickly approaches, last-minute tax filers should make sure they have all their documents before filing a tax return. You should have received a Form W-2, Wage and Tax Statement, from each of your employers for use in preparing your federal tax return. Employers must furnish this record of 2022 earnings…
What Businesses Need To Know About the Excise Tax
Excise tax is an indirect tax on specific goods, services, and activities. Federal excise tax is usually imposed on the sale of things like fuel, airline tickets, heavy trucks and highway tractors, indoor tanning, tires, tobacco, and other goods and services. This tax is commonly included in the cost of the product. While the end…
Businesses: Important Tax Changes in 2023
Here’s what small business owners need to know about tax law changes and inflation adjustments for the year ahead. Standard Mileage RatesIn 2023, the rate for business miles driven is 65.5 cents, up 3 cents from the midyear increase setting the rate for the second half of 2022 Section 179 ExpensingIn 2023, the Section 179…
Individual Taxpayers: The Year in Review
As we close out the year and get ready for tax season, here’s what individuals and families need to know about tax provisions for 2022. Personal ExemptionsPersonal exemptions are eliminated for tax years 2018 through 2025. Standard DeductionsThe standard deduction for married couples filing a joint return in 2022 is $25,900. For singles and married…
Tips for Avoiding an IRS Tax Audit
Although the chances of taxpayers being audited have declined in recent years, with taxes becoming more complicated every year, there is always the possibility that a tax mistake turns into an IRS tax audit. Avoiding “red flags” like the ones listed below could help. Claiming Business Losses Year After Year When you operate a business…
Use These Strategies To Pass on Wealth to Heirs
Individuals with significant assets should take advantage of proven tax strategies such as gifting and direct payments to educational institutions to transfer wealth to heirs tax-free and minimize estate taxes.
Donor Advised Funds
A Donor-advised fund is an efficient tax planning tool for high-net-worth taxpayers interested in charitable giving.
Payroll Classification Issues: W-2 vs Independent Contractors
It is crucial to understand the difference between Independent Contractors and W2 earning employees.
The SECURE Act – IRAs and Estate Planning
…the SECURE Act requires all distributions to be made within ten years of death to a designated beneficiary for any account holder who passes away after December 31, 2019.
Understanding the American Rescue Plan Act – Tax Credits
“The IRS will make advance payments of the 2021 Child tax credit from July through December to all eligible taxpayers. Eligible taxpayers do not need to do anything other than file their 2020 tax returns to receive these payments.”
CARES Act: Information for Individual Taxpayers
The Coronavirus Aid, Relief, and Economic Security (CARES) Act, the stimulus bill that was signed into law on March 27, 2020, contains legislation to stabilize the economy during the coronavirus pandemic.
Relief for Other Coronavirus-related Tax Issues
Relief for taxpayers facing the challenges of COVID-19-related tax issues is now available through the IRS People First initiative.
Tax Breaks Help Small and Medium-sized Employers
Small and medium-sized employers can begin taking advantage of two new refundable payroll tax credits, designed to reimburse them for the cost of providing coronavirus-related leave to their employees.
Tax Returns & Estimated Taxes Now Due July 15
Due to the coronavirus pandemic, the federal income tax filing due date is automatically extended from April 15, 2020, to July 15, 2020.
Watch Out for Coronavirus-related Scams
Taxpayers should be on the lookout for calls and email phishing attempts regarding the Coronavirus, or COVID-19 that could lead to tax-related fraud and identity theft.
Small Business: Tips for Ensuring Financial Success
You can’t let your business run on autopilot and expect good results…
Tax Preparation vs. Tax Planning
Many people assume tax planning is the same as tax preparation but the two are actually quite different. Let’s take a closer look…
New Tax Rules for Divorce and Alimony Payments
Tax rules regarding divorce and separation can and do change…