tax planning - Linkenheimer LLP CPAs & Advisors

Demystifying Like-Kind Exchanges

If you’re a real estate developer or a small business owner who owns commercial real estate, you might be thinking about selling a property. If it has appreciated significantly, a Section 1031 like-kind exchange may allow you to defer tax on some or all of the gain. With this transaction, you exchange one property for another qualifying property rather than sell the property outright. You generally don’t pay tax on the gain on the relinquished property until you sell the replacement property.

You may be familiar with the basics of a Sec. 1031 exchange, but you might not understand all the rules and restrictions. Here are four common myths to be aware of so you can avoid missing planning opportunities or facing unexpected taxes.

Myth 1: The replacement property must be identical to the property you give up

The definition of like-kind property is surprisingly broad. To qualify for Sec. 1031 exchange treatment, you may exchange any real property held for investment or productive use in your trade or business (relinquished property) for like-kind investment, trade or business real property (replacement property).

For these purposes, most real property is considered like-kind with other real property. […]

By Linkenheimer LLP|2026-06-16T14:24:30+00:00June 16th, 2026|1031, business, capital gains, real estate, tax planning|0 Comments

June 15 Is Coming. Here’s What’s Due.

June 15 doesn’t get the same attention as April 15, and that’s exactly why it catches people off guard. It’s a quieter deadline, but it’s a real one — and for most taxpayers it comes down to one thing: estimated tax payments. Whether you file as an individual or run a business, here’s what may be landing on the 15th.

Q2 Estimated Tax Payments (Individuals)

If you pay estimated taxes, your second quarter payment is due June 15.

How to pay: IRS Direct Pay at irs.gov is free and processes immediately.

California note: The state payment is also due June 15. California estimated tax payments go through the FTB’s Web Pay at ftb.ca.gov/pay.

Estimated Tax Payments (Businesses)

Your entity may owe an estimated payment too. C corporations make federal and California estimated tax payments in installments through the year, and the next one is due June 15. California S corporations also make an estimated payment toward the state’s 1.5% franchise tax (minimum $800) on the same date. Federal payments go through EFTPS; California payments go through […]

By Linkenheimer LLP|2026-06-16T14:51:23+00:00June 2nd, 2026|business, tax, tax deadlines, tax planning|0 Comments

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