New Legislation
Implement One Big Beautiful Bill (OBBBA) standards. Recognize permanent Tax Cuts and Jobs Act (TCJA) provisions. Incorporate updated 2026 tax brackets. Apply new standard deduction rates. Review IRS Publication 334. Track federal tax credit changes. Align business operations with 2025-2026 legislative shifts.
Entity Selection
Evaluate current business structure. Compare LLC to S-Corp status. Analyze C-Corporation tax rates. Review LLC compliance requirements. File necessary elections. Update registered agent information. Consult business formation guidelines. Validate legal standing. Match entity to profit levels. Execute conversion documents.
QBI Deduction
Calculate Qualified Business Income (QBI). Apply 20% deduction. Monitor 2026 income thresholds. Identify phaseout ranges. Verify Specified Service Trade or Business (SSTB) status. Test wage-and-property limits. Calculate W-2 wages. Assess unadjusted basis of property (UBIA). Maximize Section 199A benefits.
Asset Expensing
Utilize Section 179. Deduct full equipment costs. Purchase machinery. Upgrade technology. Buy business vehicles. Place assets in service by December 31. Track bonus depreciation percentages. File Form 4562. Maintain depreciation schedules. Document asset disposal.
R&D Expenses
Deduct domestic research costs. Stop mandatory capitalization. Track labor for development. Document supply costs. Identify qualifying research activities. Expense software development. Maintain contemporaneous records. Apply post-2021 IRS rules. Secure R&D tax credits.
Payroll Compliance
Update withholding tables. Use 2026 IRS circulars. Adjust Form W-4 settings. File Form 941 quarterly. Submit Form 940 annually. Generate Form 1099-NEC for contractors. Observe e-filing mandates. Set up automated payroll services. Verify employee classifications. Calibrate owner compensation. Ensure reasonable salary levels.
Record Keeping
Capture all gross receipts. Log sales platform data. Store 1099-MISC records. Track bank interest. Categorize ordinary expenses. Save utility bills. Document rent payments. Record professional fees. Maintain travel logs. Use digital mileage trackers. Preserve home office dimensions. Reconcile bank statements monthly.
Retirement Contributions
Fund SEP-IRA accounts. Maximize Solo 401(k) deferrals. Set up SIMPLE IRA plans. Review 2026 contribution limits. Reduce taxable business income. Coordinate benefits with QBI planning. Execute plan documents. Meet funding deadlines. Document employer contributions.
2026 Checklist
- Run mid-year profit projections.
- Adjust estimated tax payments.
- Review SALT deduction caps.
- Execute pass-through entity (PTE) tax elections.
- Monitor international transfer taxes.
- Reconcile credit card accounts.
- Clear outstanding accounts payable.
- Update business legal address.
- Verify registered agent status.
- Download the full 2026 tax checklist.
- Schedule year-end tax review.
- Collect W-2 forms.
- Organize 1099-NEC data.
- Review 2026 withholding tables.
- Audit mileage logs.
- Scan physical receipts.
- Back up digital records.
- Confirm S-Corp reasonable salary.
- Pay state franchise taxes.
- Renew business licenses.
- Check 2026 income brackets.
- Validate standard deduction use.
- Identify energy-efficient tax credits.
- Document employee retention.
- Review health insurance deductions.
- Update payroll software settings.
- File state annual reports.
- Verify EIN accuracy.
- Track charitable contributions.
- Review advertising expenditures.
- Log office supply purchases.
- Record software subscription costs.
- Document professional development.
- Monitor inventory levels.
- Re-evaluate inventory valuation methods.
- Check 2026 IRS compliance priorities.
- Review home office deduction eligibility.
- Track business interest expenses.
- Document casualty losses.
- Maintain property tax records.
- Organize prior year returns.
- File for extensions if necessary.
- Pay estimated taxes quarterly.
- Avoid late filing penalties.
- Secure financial data.
- Encrypt tax files.
- Submit payroll tax deposits.
- Review benefit plan compliance.
- Confirm 1099-K reporting thresholds.
- Audit independent contractor agreements.
- Update ledger software.
- Sync bank feeds.
- Verify transaction categorization.
- Close books by year-end.
- Prepare 2026 tax file.
Execution Directives
Subscribe to updates. Schedule consultation. Review files. Maintain compliance. Update records. Submit forms. Pay taxes.