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Essential 2026 Deadlines Monitor these dates. Avoid penalties. Date Requirement Entity Type Jan 15, 2026 Q4 Estimated Tax Sole Prop, LLC, Individuals Jan 31, 2026 Send W-2s to Employees All Employers Jan 31, 2026 File 1099-NEC All Businesses Mar 15, 2026 Form 1065 / 1120-S Partnerships, S-Corps Apr 15, 2026 Form 1040 / 1120 Individuals, […]

Claim QBI Permanent 20% deduction. Section 199A remains. Applies to sole proprietorships, partnerships, LLCs, S-corps. File Form 8995. Verify qualified business income. Check 2026 thresholds. $203,000 single. $406,000 married filing jointly. Monitor LLC compliance for new updates. Avoid phase-out traps. Check SALT Higher cap active. One Big Beautiful Bill (OBBBA) increased limits. $40,400 cap for

Organize Records Collect all 2025 federal tax returns. Gather all state business tax returns. Retrieve current depreciation schedules. Identify tax carryovers from previous years. Confirm Employer Identification Number (EIN). Verify state tax identification numbers. Check local business license account numbers. Update Beneficial Ownership Information (BOI) with FinCEN. Reconcile all business bank accounts monthly. Match credit

OBBBA Overview Obtain the One Big Beautiful Bill Act (OBBBA) summary. Review new tax legislation effective January 2026. Apply updated codes to current fiscal planning. Ensure compliance with federal mandates. Identify specific industry impacts. Analyze revenue thresholds. Assess legislative intent for small firms. Asset Depreciation Apply 100% bonus depreciation. Deduct full purchase costs. Include machinery.

Bonus Depreciation Restore 100% bonus depreciation. Apply to new machinery. Apply to used equipment. Apply to computers. Apply to business furniture. Deduct full cost immediately. Place asset in service. Avoid 5-year schedules. Maximize year-one write-offs. Purchase qualifying vehicles. Document purchase dates. Keep delivery receipts. Record serial numbers. Verify usage percentage. Claim Section 179. Limit: $2.5

2026 tax landscape. One Big Beautiful Bill Act (OBBBA) implementation. Compliance mandatory. 1. Standard Deductions New limits apply for 2026. Higher thresholds reduce taxable income. Married Filing Jointly: $32,200. Single Filers: $16,100. Heads of Household: $24,150. Check personal tax liability. Coordinate with business draws. Maximize cash flow. Use organizational tools for record keeping. 2. Section

2026 Tax Landscape Overview IRS enforcement priorities shifted in 2026. The "big beautiful bill" legislation increased funding for automated audit triggers and small business oversight. LLC owners face higher scrutiny regarding expense substantiation and classification. Compliance requires proactive documentation. Navigate updates at MCG Service Tax. Step 1: Implement Cloud-Based Digital Recordkeeping Eliminate paper trails. Use

1. ORGANIZE DOCUMENTATION Maintain detailed records. IRS mandates documentation for three to six years. Store supporting evidence for income and expenses. Use A5 Binder Notebook for physical tracking. RECORD CATEGORIES Income Records: 1099-NEC, 1099-MISC, 1099-K. Expense Receipts: Supplies, equipment, professional fees. Personnel Records: Payroll, contractor agreements. Asset Documentation: Real estate, vehicles, machinery. Tax Forms: Previous

2026 Compliance Standards Adhere to updated IRS regulations. Tax season 2026 introduces strict reporting mandates under recent legislative changes. Failure results in immediate penalties. Review the following errors. 1. Premature Submission Filing before receiving all 2025-2026 tax forms causes data mismatches. Error: Submitting returns in January without 1099-K, 1099-NEC, or K-1 forms. Consequence: Automatic IRS