tax planning - Linkenheimer LLP CPAs & Advisors

Welcome to Tax Season 2026 – Let’s Get Started!

It’s that time of year again! Tax season is officially underway, and we’re ready to make this as smooth and stress-free as possible for you.

Your organizers and engagement letters are on their way. If you don’t receive yours within the next week or two, please give us a call—we want to make sure nothing gets lost in the shuffle.

Key Deadlines to Keep in Mind

To ensure we have enough time to prepare your returns (or file extensions if needed), please have your tax documents to us by:

February 2, 2026 – Business entities
March 1, 2026 – Individual returns, trusts, C-corps

These cutoffs give us the runway we need to review everything carefully and reach out with any questions before filing deadlines hit.

What You Can Do Now

Start gathering your documents. W-2s, 1099s, mortgage interest statements, charitable contribution receipts, investment summaries—the usual suspects. If you’re not sure what we need, your organizer will have a checklist.

Upload securely through your client portal. This is the fastest, safest way to get documents to us. If […]

By Linkenheimer LLP|2026-01-19T15:53:19+00:00January 19th, 2026|deadline, tax planning|0 Comments

There’s Still Time to Save 2025 Taxes

Just because it’s December doesn’t mean it’s too late to reduce your 2025 tax liability. Consider implementing one or more of these year-end tax-saving ideas by December 31.

Defer income and accelerate deductions

Pushing income into the new year will reduce this year’s taxable income. If you’re expecting a bonus at work, for example, ask if your employer can hold off on paying it until January. If you’re self-employed, you can delay sending invoices so that they won’t be paid until January and thus postpone the revenue to 2026.

If you itemize deductions, remember that deductions generally are claimed for the year of payment. So, if you make your January 2026 mortgage payment in December, you can deduct the interest portion on your 2025 tax return. Similarly, if you’ve received your 2026 property tax assessment and pay it by December 31, you can claim it on your 2025 return (provided your total state and local taxes don’t exceed the applicable limit).

But don’t follow this approach if you expect to be in a higher tax bracket next year. Also, if you’re eligible for the qualified business income deduction for pass-through entities, consider how this approach might affect […]

By Linkenheimer LLP|2025-12-10T17:22:24+00:00December 10th, 2025|deduction, deductions, tax planning, year-end|0 Comments

Review Your Business Expenses Before Year End

Now is a good time to review your business’s expenses for deductibility. Accelerating deductible expenses into this year generally will reduce 2025 taxes and might even provide permanent tax savings. Also consider the impact of the One Big Beautiful Bill Act (OBBBA). It makes permanent or revises some Tax Cuts and Jobs Act (TCJA) provisions that reduced or eliminated certain deductions.

“Ordinary and necessary” business expenses

There’s no master list of deductible business expenses in the Internal Revenue Code (IRC). Although some deductions are expressly authorized or excluded, most are governed by the general rule of IRC Section 162, which permits businesses to deduct their “ordinary and necessary” expenses.

An ordinary expense is one that is common and accepted in your industry. A necessary expense is one that is helpful and appropriate for your business. (It doesn’t have to be indispensable.) Even if an expense is ordinary and necessary, it may not be deductible if the IRS considers it lavish or extravagant.

OBBBA and TCJA changes

Here are some types of business expenses whose deductibility is affected by OBBBA or TCJA provisions:

Entertainment. The TCJA eliminated most deductions for entertainment expenses beginning in 2018. However, entertainment expenses […]

By Linkenheimer LLP|2025-10-27T19:31:54+00:00October 27th, 2025|business, expensing, New Tax Laws, tax planning, year-end|0 Comments

Boost Your Tax Savings by Donating Appreciated Stock Instead of Cash

Saving taxes probably isn’t your primary reason for supporting your favorite charities. But tax deductions can be a valuable added benefit. If you donate long-term appreciated stock, you potentially can save even more.

Not just a deduction

Appreciated publicly traded stock you’ve held more than one year is long-term capital gains property. If you donate it to a qualified charity, you may be able to enjoy two tax benefits.

First, if you itemize deductions, you can claim a charitable deduction equal to the stock’s fair market value. Second, you won’t be subject to the capital gains tax you’d owe if you sold the stock.

Donating appreciated stock can be especially beneficial to taxpayers facing the 3.8% net investment income tax (NIIT) or the top 20% long-term capital gains rate this year.

The strategy in action

Let’s say you donate $15,000 of stock that you paid $5,000 for, your ordinary-income tax rate is 37% and your long-term capital gains rate is 20%. Let’s also say you itemize deductions.

If you sold the stock, you’d pay $2,000 in tax on the $10,000 gain. If you were also subject to the 3.8% NIIT, you’d pay another $380 in NIIT.

By […]

By Linkenheimer LLP|2025-10-14T15:37:56+00:00October 14th, 2025|capital gains, charity, deductions, tax planning|0 Comments

Tax Court Case Provides Lessons on Best Recordkeeping Practices for Businesses

Running a successful business requires more than delivering great products or services. Behind the scenes, meticulous recordkeeping plays a crucial role in financial health, compliance and tax savings. Good records can mean the difference between successfully defending a deduction and losing valuable tax breaks. A recent U.S. Tax Court decision underscores just how important this is.

Why it matters

The IRS requires all businesses — no matter how small — to maintain records that accurately reflect income, expenses, assets and liabilities. Without these records, it’s nearly impossible to:

Substantiate tax deductions and credits,
Track cash flow and profitability,
Prepare accurate financial statements,
Monitor the progress of your business,
Support decisions for financing, and
Demonstrate compliance during an IRS audit.

In short, strong recordkeeping protects your business, both for operational and tax law purposes.

Taxpayer loses deductions due to insufficient records

In one case, a union power‐line worker also had business interests in a storm response partnership, a salon and a rental property. He claimed significant losses and business expenses on his return for the year in question. Among his claimed deductions were partnership losses and expenses for tools, clothing and travel.

In Tax Court Memo […]

By Linkenheimer LLP|2025-10-01T16:08:27+00:00October 1st, 2025|business, tax planning, Tech|0 Comments