Account on us Bookkeeping & Tax

🚨 You gave your child $30,000?! The IRS is going to TAX that!

Not necessarily. 👀

That $19,000 number you keep hearing for 2026 is an annual gift-tax exclusion, it is NOT automatically the maximum amount you're allowed to give someone.

And certain payments, such as qualifying tuition or medical expenses paid directly to the institution or provider, can fall outside that annual limit altogether.

Before you panic about gift tax, understand the rules.

I'll break down the gifts the IRS generally doesn't treat as taxable gifts in the comments. 👇🏾

Educate. Empower. Execute.💙

🚨 Pop Quiz...

Who gets your money when you pass away?

A. The person named in your will.
B. The person listed as the beneficiary on your retirement account or life insurance.
C. Your spouse automatically.
D. Your children equally.

🤔 Think you know the answer?

Many people are surprised to learn that beneficiary designations often override what's written in a will.

That means an outdated beneficiary could receive assets you intended for someone else.

Take 10 minutes this week to review your:
✔️ Life insurance
✔️ 401(k)
✔️ IRA
✔️ Pension
✔️ Bank accounts with Payable-on-Death (POD) designations

One small review today could prevent a major family dispute tomorrow.

Educate. Empower. Execute. 💙

Thinking about transferring your personal vehicle to your LLC? Here's what you should know.

Putting your vehicle in your LLC means the **LLC becomes the legal owner** of the vehicle. Before making that decision, consider these steps:

✅ 1. Check for a loan.
If the vehicle is financed, your lender may require approval before you transfer the title.

✅ 2. Transfer ownership correctly.
The vehicle is generally transferred by either:

* Selling it to the LLC at fair market value, or
* Contributing it to the LLC as a capital contribution.

✅ 3. Update the title and registration.
Transfer the title through your state's DMV and pay any applicable fees.

✅ 4. Update your insurance.
An LLC-owned vehicle may require different insurance coverage than a personally owned vehicle.

What about taxes?

Owning a vehicle in an LLC **does not automatically make it tax deductible.** The IRS generally allows deductions based on **qualified business use**, not simply because the LLC owns the vehicle. Proper documentation and recordkeeping are still required.

Before transferring your vehicle, evaluate the legal, financing, insurance, and tax implications to determine whether it makes sense for your business.

Educate. Empower. Execute. 💙

💍 Just got married?

Congratulations! ❤️

Now here's something many newlyweds don't think about until tax season...

Your marriage can affect more than your last name.

It may be time to:
✔️ Update your Form W-4 with your employer.
✔️ Report a legal name change to the Social Security Administration (if applicable).
✔️ Update your mailing address with the IRS and USPS if you've moved.
✔️ Review whether filing jointly or separately makes the most sense for your situation.
✔️ Check your tax withholding to help avoid an unexpected tax bill or a large refund next year.

A few updates now can help make filing your tax return much smoother.

Marriage is exciting. Tax surprises? Not so much.

Educate. Empower. Execute. 💙

🚨 The IRS just made it easier for some taxpayers to request COVID-era penalty relief.

If you paid certain IRS penalties or interest during the COVID disaster period, you may be able to submit your protective claim through your IRS Online Account instead of mailing Form 843.

⚠️ This is **not** an automatic refund, and not everyone qualifies.

👇🏾 Steps are in the comments.

💬 Comment **CHECK** if you want to know which penalties may qualify.

Educate. Empower. Execute. 💙

💰 Don't forget about old retirement accounts.

One thing I see people overlook is an old 401(k) from a previous employer.

If you've changed jobs over the years, you may have retirement money sitting in multiple accounts and you may not even realize it.

Depending on your situation, you may have the option to roll an old employer retirement plan into an IRA. Some people choose to do this to consolidate retirement savings into one account or to access a broader range of investment options. Whether it's the right move depends on your individual circumstances.

Before making any changes, compare:
✔️ Investment options
✔️ Fees and expenses
✔️ Employer plan benefits
✔️ Your long-term retirement goals

Retirement planning isn't just about contributing money it's also about making sure you understand the options available to you.

Have you checked on your old retirement accounts lately?

👇🏾 Let me know in the comments.

Educate. Empower. Execute. 💙

💙 Happy Father's Day to all the dads, grandfathers, stepdads, bonus dads, and father figures who work hard to provide, protect, teach, and love their families.

Whether you're helping with homework, coaching little league, teaching life lessons, or simply being there when it matters most your impact reaches far beyond what you may realize.

💡 Father's Day Tax Tip:
If you're paying for your child's college education, don't overlook education tax benefits. Depending on your situation, you may qualify for credits such as the American Opportunity Credit or the Lifetime Learning Credit, which can help reduce your tax bill.
A little tax planning today can make a big difference tomorrow.

Wishing all the dads out there a wonderful Father's Day filled with family, laughter, and great memories. 💙

Educate. Empower. Execute. 💙

🖤❤️💚 Happy Juneteenth!

Today we honor freedom, resilience, and the generations who paved the way for opportunities many of us have today.

One of the greatest ways we can honor that legacy is by building financial stability for ourselves and future generations.

💡 Money Tip: Financial freedom starts with knowing your numbers. Whether it's a budget, a savings account, a retirement plan, or understanding your taxes, knowledge is one of the most valuable assets you can pass down.

Educate. Empower. Execute. 💙