Taylor & Associates Financial Services

Taylor & Associates Financial Services Your Branson CPA for small businesses and families. Decades of expertise, real relationships, and a 5.0 Trustindex rating to back it up.

Our job isn't just to file your taxes. It's to make sure you stop worrying about them. That's just what neighbors do.

📣Upcoming Deadline November 2nd is the deadline for the third quarter payroll reports for 2026.If you have questions or ...
10/02/2026

📣Upcoming Deadline

November 2nd is the deadline for the third quarter payroll reports for 2026.

If you have questions or need help, feel free to reach out to our office!

Friendly reminder that we are closed today, September 7th.We will resume normal office hours tomorrow. Enjoy your holida...
09/07/2026

Friendly reminder that we are closed today, September 7th.

We will resume normal office hours tomorrow. Enjoy your holiday and thank you for your understanding! 😄

As we approach the holiday weekend, we wanted to send a friendly reminder that our office will be closed Monday, Septemb...
09/04/2026

As we approach the holiday weekend, we wanted to send a friendly reminder that our office will be closed Monday, September 7th, so our team can spend time with their families.

Need assistance today? 🤔
If you have time-sensitive requests, payroll questions, or documents to submit before the long weekend, please reach out to us so we can assist you promptly.

Thank you for your understanding, and we hope you have a wonderful holiday weekend! 😁

In a nutshell, the difference between a Traditional IRA and a Roth IRA is WHEN you pay the taxes on your contributions. ...
09/02/2026

In a nutshell, the difference between a Traditional IRA and a Roth IRA is WHEN you pay the taxes on your contributions.

👉THIS: Traditional IRA
How it works: You contribute pre-tax (or tax-deductible) dollars today. Your money grows tax-deferred, and you pay ordinary income tax later when you withdraw funds in retirement.

The vibe:
💰 Potential deduction on this year’s tax return
💰 Great if you expect to be in a lower tax bracket when you retire
💰 No taxes on your investments, helping savings accumulate faster

Best for: High earners looking to lower their current taxable income today, or anyone expecting their income (and tax rate) to drop in retirement.

👉THAT: Roth IRA
How it works: You contribute after-tax dollars today (no upfront deduction). In exchange, your money grows completely tax-free, and all qualified withdrawals in retirement are 100% tax-free.

The vibe:
💰 Tax-free growth and tax-free income in retirement
💰 Flexibility to withdraw your original contributions anytime penalty-free
💰 Ultimate peace of mind knowing future tax rate hikes won't touch your nest egg

Best for: Younger investors, professionals early in their careers, or anyone who expects to be in a higher tax bracket down the road.

💭 The Bottom Line

Don't let tax confusion paralyze your retirement planning.

Choosing between a Traditional and Roth IRA isn't about picking a "better" account, it's about guessing whether your tax rate will be higher now or later.

Can't decide? Many investors actually contribute to both over time to give themselves tax flexibility in retirement!

📌 Every financial situation is unique. A qualified financial planner or tax professional can help you navigate income eligibility limits and determine the best retirement strategy for your goals.

Let’s clear up a common misconception: a large tax refund isn't a "bonus" or a gift from the government. It simply means...
08/27/2026

Let’s clear up a common misconception: a large tax refund isn't a "bonus" or a gift from the government. It simply means you overpaid your taxes throughout the year giving the IRS an interest-free loan with cash that should have been working for your household or business.

🎉 Good news: Now that those funds are back in your hands, you can put them to work strategically.

Here is how we advise our local clients and families to prioritize that capital:

👉 The Smartest Cash Flow Plan

Before absorbing it into everyday spending, run those funds through these checkpoints:

✔️ Strengthen Your Emergency Fund: High-yield savings accounts are still yielding solid returns. Park that cash in a liquid reserve to cushion against unexpected home repairs or income shifts.
✔️ Eliminate High-Interest Debt: Paying off high-rate credit cards or loans delivers an immediate, tax-free "return" on your money.
✔️ Fund Long-Term Goals: Max out IRA contributions, seed a 529 college savings account, or allocate it toward major household investments.

🏢 For Our Local Business Owners & Freelancers:
If you run a local business, consider using that refund to pre-fund your next quarterly estimated payment or invest in operational upgrades (like software or equipment) to buy back your valuable personal time.

💭 The Proactive Takeaway

If your refund was substantial this year, don't just celebrate—adjust!

👉 A large refund is a clear sign that your W-2 withholdings or quarterly estimated payments need to be recalibrated.

Leaving excess money tied up with the IRS limits your liquidity and keeps you from earning interest or building wealth during the year.

📌 Got a tax question for our team? Drop it in the comments for our next Ask an Accountant feature!

Be honest: do you keep copies of all your business receipts? 🧾If so, what works best for you—paper stacks or digital cop...
08/25/2026

Be honest: do you keep copies of all your business receipts? 🧾

If so, what works best for you—paper stacks or digital copies? Drop your setup in the comments!

And if receipt chaos is taking up too much of your mental bandwidth, drop a "HELP" below and we’ll share our simple, stress-free system.

Think of a tax write-off as a legitimate business expense that lowers your taxable income. While writing something off d...
08/18/2026

Think of a tax write-off as a legitimate business expense that lowers your taxable income.

While writing something off doesn’t make it free, it reduces the total income the IRS uses to calculate your tax bill, which means no unpleasant surprises come filing time.

To qualify as a write-off, the IRS requires the expense to be both ordinary and necessary.

👉THIS: Tax Write-Off
How it works: An expense you subtract from your business revenue because it directly supports your operations and growth.

✅Ordinary: Common and accepted in your specific industry.
✅Necessary: Helpful, appropriate, and directly tied to running your business.

The vibe:
💰Keeps more of your hard-earned revenue in your business
💰Handled seamlessly with clean bookkeeping and receipts
💰Gives you confidence that you aren't overpaying the IRS

Best for: Busy business owners, agency heads, consultants, and service professionals who want to maximize their deductions without the stress of managing every detail themselves.

👉THAT: Personal Expense
How it works: Anything you spend your money on that isn't directly tied to running your business.

Common personal expenses include:
💰Daily meals unrelated to business travel or genuine client meetings
💰Everyday clothing and personal wardrobe
💰Personal commutes, hobbies, and household expenses

The vibe:
✅Non-deductible (zero tax savings)
✅Kept strictly separate from your business accounts to keep your books audit-proof
✅Easy peace of mind, clear boundaries mean clean tax time!

💭The Bottom Line
Don't spend business money just to get a tax break.

A write-off simply lowers your taxable income, it doesn't reimburse you for 100% of what you spent. If a purchase naturally helps your business grow, take the deduction! But making unnecessary purchases just for a deduction usually costs you far more than you save.

📌Every business is unique. A qualified tax professional can help you navigate what counts as ordinary and necessary for your specific industry.

Due to an unforeseen emergency, our office will be closing early today at 3:00 PM.If you need assistance before the week...
08/14/2026

Due to an unforeseen emergency, our office will be closing early today at 3:00 PM.

If you need assistance before the weekend, please reach out to us before 3:00 PM today. Otherwise, we will respond to all inquiries when we reopen on Monday morning.

Thank you for your understanding, and have a wonderful weekend!

"My kid is in college and working part-time. Can I still claim them on my taxes?" 🤔👇The short answer? Yes!Many parents a...
08/12/2026

"My kid is in college and working part-time. Can I still claim them on my taxes?" 🤔👇

The short answer? Yes!

Many parents assume that if their college student earns "too much" money, the tax credit disappears.

Good news: There is no income cap on what your student can earn.

Here is the quick 5-check test to see if they qualify:

✅ Age: Under 24 years old
✅ School: Full-time student for 5+ months of the year
✅ Home Base: Lives with you for half the year (dorms count!)
✅ Financial Support: They didn't pay for more than half of their overall support (tuition, housing, food) out of their own pocket/loans
✅ Status: U.S. citizen or resident (with some exceptions)

💬 Have a tax question you’ve been wondering about? Drop it in the comments or send us a message!

If you're running a business or balancing a high-earning household, you've probably wondered whether you should save eve...
08/06/2026

If you're running a business or balancing a high-earning household, you've probably wondered whether you should save every pharmacy receipt, dental bill, or copay just in case it helps at tax time.

The short answer? For many taxpayers, routine medical expenses don't end up providing a tax benefit.

Here's why—and when it does make sense to keep those records.

👨‍⚕️ The Reality Check: The IRS 7.5% Rule
To receive a tax benefit for personal medical expenses, two things generally have to happen:
1⃣ You must itemize your deductions, meaning your eligible itemized deductions exceed the standard deduction.
2⃣Your qualifying medical expenses must exceed 7.5% of your Adjusted Gross Income (AGI).

What does that actually look like?
Let's say your household's AGI is $180,000.
Your 7.5% threshold would be $13,500.

Only qualifying medical expenses above that amount may be deductible if you're itemizing your deductions.

If your family spent $1,500 on routine doctor visits, dental cleanings, and prescriptions throughout the year, those expenses likely won't impact your tax return. For many households, spending time organizing every small medical receipt simply isn't necessary.

📋When Does It Make Sense to Track Medical Expenses?
Keeping detailed records becomes much more valuable if your family experienced a year with significant out-of-pocket medical costs.
Examples include:
• A major surgery, extended hospital stay, or emergency medical care.
• Ongoing out-of-pocket expenses for specialized treatments, fertility care, or long-term therapy.
• Reaching your health insurance out-of-pocket maximum or incurring substantial unreimbursed medical expenses.

🚗 Planning Tip
If you do have a high medical-expense year, don't forget that mileage driven to and from qualifying medical appointments may also count toward your medical expense deduction.

Every tax situation is unique. If you're unsure whether your medical expenses may be deductible, we're happy to help you determine what records are worth keeping before tax season arrives.

Address

192 Expressway Ln. Ste. 200
Branson, MO
65616

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

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