Tax Savvy Nomad

📈 Tax News of the Week

Business tax credits remain one of the most underutilized opportunities for growing companies.

The IRS continues to highlight numerous business tax credits that can directly reduce a company's tax liability. Available credits include the Research Credit (Form 6765), Work Opportunity Tax Credit (Form 5884), Small Employer Pension Plan Startup Cost Credit (Form 8881), and other general business credits. Unlike deductions, credits reduce taxes owed on a dollar-for-dollar basis and should be evaluated as part of every growth company's annual tax strategy.

About-FaceGroup.com

Source: IRS Business Tax Credits
https://www.irs.gov/businesses/small-businesses-self-employed/business-tax-credits

The Section 280A Crackdown - http://eepurl.com/LMbi46pZwV

Your Weekly Tax Newsletter - The Freelancer's August Checkpoint: Prepare Now for a Strong Q4 - https://mailchi.mp/about-facegroup.com/your-q4-playbook-freelance-wins-ahead

W-4 Strategy Check

Is your paycheck actually working for you, or are you setting yourself up for an unwelcome surprise next April? Life changes fast—make sure your withholding is keeping pace.

🎯 Quick Action Items:
Review your current withholding against life updates.

Avoid surprise tax bills before year-end.
Optimize your take-home pay right now.

Let’s run a quick W-4 strategy analysis to keep your cash flow dialed in. Send a message to book your consultation today!

‼️Mid-Year Tax Update: 2026 IRS Mileage Rate Hikes

🚗 Attention Business Owners and Self-Employed Professionals:

The IRS has implemented a mid-year increase to the standard business mileage rate, jumping from 72.5¢ to 76¢ per mile, effective July 1 through December 31, 2026.

Because of this change, your 2026 vehicle tracking is split into two distinct periods:

* January 1 – June 30, 2026: 72.5¢ per mile
* July 1 – December 31, 2026: 76.0¢ per mile

🔔Time to Take Tax Advisory Seriously
A basic compliance update isn't enough to protect your bottom line. Mid-year shifts like this are a prime opening to look closer at your overall year-end tax strategy rather than waiting until tax season.

📓System & Payroll Adjustments:
If your business operations rely on a flat, year-round mileage reimbursement figure, it is now inaccurate for half the year. Software and tracking logs need to be updated immediately.

🚘 Standard Mileage vs. Actual Expense Method: Business owners generally have a choice between the standard mileage rate and tracking actual vehicle expenses (gas, insurance, repairs, lease payments, and depreciation). Evaluating which method yields the lower year-end tax bill right now can result in significant savings.

⏭️ Other Mid-Year Adjustments:
The IRS also bumped medical and eligible moving mileage rates to 23.5¢ per mile for the second half of the year (charitable mileage remains locked at 14¢ by statute).

👍🏽Let's Optimize Your Deduction Strategy
Navigating mid-year adjustments requires a proactive approach to ensure you aren't leaving money on the table.

💬 How are you tracking your vehicle expenses this year? Reach out today to evaluate whether the standard rate or actual expenses will maximize your 2026 savings.

Important Update: IRS BUSINESS TAX ACCOUNT PORTAL UPDATE

New Features & Access for IRS Business Tax Accounts

We want to share a valuable service update regarding the IRS Business Tax Account portal. The IRS has significantly expanded its digital capabilities and eligibility requirements, making it easier—and more critical—to manage your business tax profile online.

🌟 What’s New with the IRS Business Tax Account?

The platform now provides robust self-service tools that streamline compliance and record-keeping, including:

📳Digital Notices: View official IRS notices online instantly to minimize lost-mail risks.

✅EIN Verification: Easily download official EIN verification notices (CP 575 or 147C equivalents).

💵 Scheduled Payments: Set up and manage tax payments ahead of time.

📖 Payment History: Review detailed, real-time records to confirm payments were successfully processed, returned, or refused.

📜Transcripts & Compliance: Access tax transcripts and run tax-compliance checks on demand.

👥 Expanded Access Eligibility
Access to the portal has been broadened beyond standard corporations to now include:

✅Sole proprietors with an Employer Identification Number (EIN)

✅Certain partners and S corporation shareholders

✅Corporations, local governments, and tax-exempt organizations

🛠️ Our Recommended Next Steps
To protect your business and streamline your record-keeping, we are now incorporating a Business Tax Account Setup step for the following clients:

👉🏽Self-employed individuals operating with an EIN

👉🏽 Partnerships and S corporations

👉🏽Nonprofits and tax-exempt organizations

👉🏽Clients with recurring payroll or estimated tax payment obligations

If you fall into one of these categories and have not yet set up your expanded Business Tax Account, we strongly encourage doing so.

🚨 How we can help:
If you would like our assistance in setting up your account, verifying your digital profile, or reviewing your current compliance status, please reply to this email or schedule a brief call with our team.

Best regards,
Arlene
About-Face Tax Group
www.About-FaceGroup.com