tax planning - Linkenheimer LLP CPAs & Advisors

Self-Employed? Don’t Overlook a Roth IRA

Some small business owners overlook Roth IRAs because they assume their income is too high for them to qualify to make Roth contributions. Others may think their current tax rate is higher than it will be in retirement, making current tax deductions more valuable than future tax-free distributions. However, if you don’t at least consider contributing to a Roth IRA, you may be missing a potentially valuable tax-saving opportunity.

Rules and restrictions

Roth IRA contributions aren’t deductible, but they’re beneficial because you reap tax savings on the back end. (More on that later.) For 2026, the annual contribution limit is $7,500 (up from $7,000 for 2025). If you’ll be 50 or older by the end of the tax year, you can make an additional $1,100 catch-up contribution. The same limits apply to traditional IRAs, and your Roth IRA limit is reduced by any traditional IRA contributions you make for the year.

But your ability to make Roth IRA contributions is phased out if your modified adjusted gross income (MAGI) exceeds certain levels. For 2026, the phaseout ranges are:

$153,000 to $168,000 for single individuals and heads of households, and
$242,000 to $252,000 for married […]

By Linkenheimer LLP|2026-05-26T21:27:39+00:00May 26th, 2026|business, tax, tax planning|0 Comments

Your Post-Tax-Filing Checklist

After you’ve filed your 2025 tax return, what’s next? It’s easy to move on to other things, but taking a little time to address some tax-related items now can help you stay organized and avoid issues later. Here are a few to-dos.

Check your refund status

If you’re getting a tax refund and haven’t received it yet, the IRS offers a couple of ways to check the status. Begin by visiting irs.gov and going to “Where’s my refund?” If you’ve already set up an IRS account, you can sign in to check your refund. You also can request email notifications for status updates.

Alternatively, you can use the refund tracker. You’ll need your Social Security number or Individual Taxpayer Identification Number, filing status, and the exact refund amount on your return.

File an amended return if needed

Let’s say you find receipts for some deductible 2025 expenses you didn’t report on your return. You can file an amended return to claim those deductions and potentially increase your refund.

But there’s more to consider than just reporting the additional deductions. The change could affect other aspects of your return as well as your state return, […]

By Linkenheimer LLP|2026-04-14T16:57:01+00:00April 14th, 2026|tax planning|0 Comments

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