Blog

1. Mismatched Income IRS computers compare 1099 forms to individual tax returns automatically. Any discrepancy triggers an immediate flag. Discrepancies lead to automated under-reporter notices. Required Actions: Collect every Form 1099-NEC received. Collect every Form 1099-MISC received. Collect every Form 1099-K received. Verify 1099 amounts against bank deposits. Match Social Security Numbers on forms to […]

Remote work isn't going anywhere. Neither are the tax breaks, if you know how to claim them. The "Big Beautiful Bill" didn't kill the home office deduction in 2026. But it did clarify who gets it and who doesn't. If you're self-employed, freelancing, or running a side hustle from your kitchen table, you're still in

Tax Landscape 2026 The 2026 tax season marks a definitive shift for small business owners. Recent legislative updates, often referred to as the "Big Beautiful Bill," have transitioned temporary tax provisions into permanent fixtures. Understanding these mandates is essential for compliance and financial optimization. As of April 23, 2026, the primary filing window for many

If you're making quarterly estimated tax payments in 2026, stop. Recalculate first. The "One Big Beautiful Bill" changed your tax liability. Your current payment amounts are likely wrong: either too high or too low. Both scenarios cost you money. What Changed for 2026 The standard deduction jumped significantly: Married filing jointly: $32,200 (up from $31,500)

Filing Deadlines Tax season 2026 opened January 26, 2026. Federal returns for the 2025 tax year were due April 15, 2026. Extensions push the deadline to October 15, 2026. Submit payments on time. Avoid interest charges. Monitor calendar shifts. Ensure compliance now. OBBB Overview The "One Big Beautiful Bill" (OBBB) altered the tax landscape. It

Tax season 2026 brings the biggest shift to 1099 reporting in years. The One Big Beautiful Bill Act (OBBB) signed in July 2025 increased the reporting threshold from $600 to $2,000. Businesses and freelancers need clarity on what changed and when. The $2,000 Rule Starting January 1, 2026, businesses only issue Form 1099-NEC and 1099-MISC

2026 Tax Landscape Small business owners face a transformed tax environment in 2026. The legislation signed on July 4, 2025: often called the "big beautiful bill": has fully integrated into the federal code. These updates prioritize domestic growth, capital investment, and workforce stability. MCG Service provides this overview to ensure your compliance and maximize your

Premium Increases Hit Hard in 2026 Healthcare premiums jumped 26% on average for 2026. Self-employed workers face an extra $1,500 annually. Enhanced tax credits expired. New strategies required. The "Big Beautiful Bill" changed the landscape. Standard deductions increased. Some credits disappeared. Health insurance costs remain deductible: if you know the rules. Self-Employed Health Insurance Deduction

The One Big Beautiful Bill Act changed everything for business owners planning major purchases in 2026. Bonus depreciation is back at 100%: and it's permanent. For years, business owners watched this tax benefit shrink. It dropped from 100% in 2022 to 80% in 2023, then 60% in 2024, and hit just 40% in 2025. The

2026 Tax Landscape The 2026 tax year introduces significant regulatory shifts. These updates prioritize small business liquidity. Compliance requires immediate adjustment to accounting practices. New legislation expands deduction ceilings. Permanent status for key incentives provides long-term planning stability. Bonus Depreciation The restoration of 100% bonus depreciation is active. This allows full deduction of qualifying asset