​WHITNAH CPA

 

What content creators, freelancers, and small-business owners should know about business purpose, personal benefit, and documentation Key takeaway: Creating a post from an experience does not automatically convert the underlying cost into a business deduction. The taxpayer must show a primary business purpose, satisfy the applicable tax rules, and keep records that prove the amount and connection to the business. Social-media activity can be a legitimate trade or business, bu

The FinCEN BOI reporting requirements have permanently ended for U.S. companies and U.S. persons under the final rule effective August 14, 2026. FinCEN has finalized a major change to the Corporate Transparency Act’s Beneficial Ownership Information reporting requirements. Under a final rule effective August 14, 2026, U.S. companies and U.S. persons are permanently exempt from the federal BOI reporting requirements addressed by the rule. The final rule makes permanent exempti

The proposed IRS refundable tax credit rules could affect the refundable portion of several federal income tax credits. The IRS has issued proposed regulations that could affect the refundable portion of several federal income tax credits for individuals who do not meet the definition of a “qualified alien” under federal law. The proposal concerns the refundable portion of certain credits, including the Child Tax Credit, Earned Income Credit, American Opportunity Tax Credit,

Effective business management requires more than a good product or service. A successful company also needs clear goals, organized financial records, realistic planning, and consistent monitoring of its results. Business owners who understand their financial position are better prepared to control costs, respond to challenges, and make informed decisions. The following management practices can help business owners create a stronger financial foundation and operate with greate

Choosing a business entity is one of the most important decisions a business owner will make. The structure selected can affect federal and state taxation, personal liability, ownership requirements, administrative responsibilities, and the company’s ability to raise capital. There is no single entity that is appropriate for every business. The right choice depends on the owners, the nature of the business, its financial goals, and its plans for growth. Sole Proprietorship A

Deductible Expenses In order to be deductible, business expenses for travel, lodging, and meals must be ordinary and necessary. An ordinary expense is one that is common and accepted in your trade or business. A necessary expense is one that is helpful and appropriate for your business. An expense does not have to be required to be considered necessary. Substantiation for Travel, Lodging, and Meals Special rules apply for substantiation of expenses for travel, lodging, and me

Individual Income Tax Return (Form 1040) Filing Deadline: April 15, 2026. Extended filing deadline (file extension using Form 4868): October 15, 2026. The FBAR (FinCEN Form 114) filing deadline coincides with the federal income tax return due date. An automatic 6-month extension is allowed, generally until October 15. Partnerships (Form 1065): March 16, 2026 (extended deadline: September 15, 2026), or the 15th day of the third month after the end of the partnership

2025 Tax Rates for Individuals: Ordinary Income, Capital Gains, and Standard Deductions

As healthcare costs continue to rise, using a Health Savings Account (HSA) paired with a High-Deductible Health Plan (HDHP) is becoming an increasingly popular strategy for managing expenses and saving for the future. A Health Savings Account (HSA) is a tax-advantaged savings account that allows you to set aside money to pay for qualified medical expenses federal-tax free, provided you are covered by an HSA-eligible high-deductible health plan (HDHP). The major advantages a

Charitable Gifts: 2025 may be the best year to make large charitable gifts before the new restrictions take effect. New rules from the One Big Beautiful Bill Act will change how charitable contributions are deducted starting in 2026, affecting both itemizers and nonitemizers.

Beginning in 2025, a new Senior Deduction will provide extra tax relief for older taxpayers. This deduction was introduced under the One...

The One Big Beautiful Bill: How Overtime Pay Is Changing

We bring together a rare combination of expertise—as Public Accountants, Tax Professionals, and Licensed Insurance Agents—all in one place. With these diverse credentials, we don’t just prepare taxes or crunch the numbers. We help individuals, families, and businesses see the bigger financial picture, manage risks, and create strategies to protect and grow their wealth. Instead of working with multiple professionals for taxes, compliance, and insurance.

As a CPA, my role is more than just preparing tax returns or crunching numbers. It’s about protecting my clients’ financial well-being...

This article will help to understand the concept of estimated tax payment and covers who must pay, how much to pay, due dates,...

In a sweeping move set to reshape the U.S. tax landscape for years to come, the “One Big Beautiful Bill” has officially been signed into...

Workers’ compensation is a critical component of business compliance when hiring employees or working with contractors. Requirements vary...

In May 2025, the U.S. House of Representatives narrowly passed a budget resolution, “The One, Big, Beautiful Bill Act” (OBBB), with vote...

A 529 Plan, often called a college savings pla n , is a tax-advantaged account designed to help families save for education expenses....