MLR Tax & Financial Services

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MLR Tax & Financial Services Educating clients through financial literacy is the goal to achieving financial freedom 👩🏾‍💻📚📈💰

SMALL BUSINESSES: Sometimes, what you think is a tax write-off and what the IRS does are living in two totally separate ...
09/22/2026

SMALL BUSINESSES: Sometimes, what you think is a tax write-off and what the IRS does are living in two totally separate realities.

I'm here to bring you back down to earth (and hopefully prevent you from getting a nasty IRS notice!). 🙅🏾‍♀️

MLR Tax & Financial Services
(757) 576-7919

I would loooove to mind my own business...Unfortunately, that involves telling small businesses in the TikTok comments s...
09/21/2026

I would loooove to mind my own business...

Unfortunately, that involves telling small businesses in the TikTok comments section that just because their favorite influencer says they can write off their coffee shop work session doesn't make it true!!!

My business is making sure small businesses know exactly which expenses can legally lower their tax bill + building them long-term tax savings strategies. 💰

MLR Tax & Financial Services
(757) 576-7919

Sooo, there's some money that hits your account that the IRS ~doesn't~ want a part of?!It's called nontaxable income, an...
09/21/2026

Sooo, there's some money that hits your account that the IRS ~doesn't~ want a part of?!

It's called nontaxable income, and it comes in the form of certain child support payments, gifts, inheritances, life insurance proceeds, workers' comp, qualifying scholarships, and more!

Here's the catch: even if you think the money isn't taxable, your Tax Pro still needs to know about it. 👀

Related transactions like selling an inherited asset or using money from your scholarship to pay for room + board can be taxable.

So, even if you don't think you have to pay any taxes on it now, keep your Tax Pro in the loop on where you got the money, why you received it, and what you're going to do with it in the future!

MLR Tax & Financial Services
(757) 576-7919

Not all "tax strategies" you see on social media are endorsed by yours truly (a Tax Pro who actually helps small busines...
09/18/2026

Not all "tax strategies" you see on social media are endorsed by yours truly (a Tax Pro who actually helps small businesses with taxes on the daily).

But the tax strategy on slide 4?

I'm giving that one a 980000/10 all day every day! 😏

MLR Tax & Financial Services
(757) 576-7919

The filing deadline isn't until October 15th, but I still need time to review everything, ask about expenses, find appro...
09/18/2026

The filing deadline isn't until October 15th, but I still need time to review everything, ask about expenses, find appropriate deductions, and make sure your return is accurate + complete.

To all current MLR Tax & Financial Services clients, please upload your remaining tax documents by October 1st. 📆

Not sure what we still need?

DM/TEXT/EMAIL me a "🗂️" and I'll send you a list of all the remaining info we need to get your tax return filed!

MLR Tax & Financial Services
(757) 576-7919

The adoption tax credit can be incredibly valuable for growing families!You may qualify to claim expenses like adoption ...
09/18/2026

The adoption tax credit can be incredibly valuable for growing families!

You may qualify to claim expenses like adoption fees, attorney fees, court costs + other expenses directly related to the adoption.

But your Tax Pro needs to know these things to figure out your credit:

→ Was it a domestic or international adoption?

→ Has the adoption been finalized or is it still in progress?

→ Did your employer reimburse any adoption expenses?

I want to know what you paid, when you paid it, and whom you paid it to! 💳

Basically, if you're adopting, don't forget to tell your Tax Pro about it!

MLR Tax & Financial Services
(757) 576-7919

09/17/2026

💡 W-2 vs. 1099: What’s the REAL Difference? 💡
Knowing how you’re classified can save you time, money, and major tax headaches during tax season.

📌 W-2 Employee
You are an employee of a company.

✅ Federal, state, Social Security & Medicare taxes are automatically withheld
✅ You receive a W-2 showing your total wages and taxes paid
✅ Work-related expenses are generally not deductible (per current tax law)
✅ Filing is more straightforward — no quarterly tax payments required

📌 1099 Independent Contractor
You are self-employed.

✅ No taxes withheld — you pay your own
✅ You receive a 1099-NEC or 1099-K reporting income earned
✅ Eligible to deduct qualified business expenses (home office, supplies, mileage, etc.)
✅ Responsible for self-employment tax (15.3%) for Social Security & Medicare
✅ Often required to make quarterly estimated tax payments

📌 Both W-2 + 1099?
Yes, it happens — and it matters.

✅ Both income types are reported on one tax return
✅ Your 1099 income requires detailed record-keeping — no employer tracks expenses for you
✅ You may still owe quarterly taxes on your 1099 earnings

🚨 Tax Pro Tip:
If you earn 1099 income, set aside 25–30% of every payment for taxes. This helps prevent surprises, penalties, and stress at filing time.

📞 Need help managing mixed income or planning quarterly taxes?

MLR Tax & Financial Services
(757) 576-7919

I’ve got you covered. Let’s get your books organized and make sure you’re keeping more of what you earn — the right way.

Open up an LLC + run all your expenses through your business credit card = unlimited write-off hack, right?! 🙂‍↔️This is...
09/17/2026

Open up an LLC + run all your expenses through your business credit card = unlimited write-off hack, right?! 🙂‍↔️

This is soooo obviously wrong, but the amount of TikTok tax bros pushing this narrative (and the people eating it up in the comments) is concerning...

First off, you don't actually need to open up an LLC to get tax write-offs!

If you're running a business, and you have properly documented, ordinary + necessary expenses in the course of running said business, there's a good chance that counts as a write-off.

Personal expenses don't magically become tax deductions just because you put them on your business card (you're just creating a bookkeeping mess if you do this).

MLR Tax & Financial Services
(757) 576-7919

You've probably heard that "the U.S. has a pay-as-you-go tax system", kay cool, but what does that meaaan?!When you're a...
09/17/2026

You've probably heard that "the U.S. has a pay-as-you-go tax system", kay cool, but what does that meaaan?!

When you're an employee, your employer withholds federal income tax from your paycheck, which generally satisfies the IRS's desire to get paid as you make money (that is, if you fill out your W-4 correctly).

But when you're self-employed, that responsibility to pay your taxes throughout the year falls on you in the form of estimated taxes! 🫵🏾

These are due ~roughly~ every quarter, and your accountant can help you determine how much you should pay to avoid penalties + interest.

P.S. That isn't your only new responsibility if you're self-employed... you've also got to worry about self-employment tax now. 🥴

These two things are just the tip of the iceberg on why I recommend that entrepreneurs work with a qualified tax professional.

MLR Tax & Financial Services
(757) 576-7919

You're definitely going to get Google results of "injured spouse" popping up if you filed a joint return, expected a big...
09/16/2026

You're definitely going to get Google results of "injured spouse" popping up if you filed a joint return, expected a big refund, and then saw part of that refund go towards your spouse's old debt...

Think debts like past-due child support or certain federal or state tax debt.

Basically, injured spouse relief gives you a way to get back *your* share of your tax refund!

If part of the tax refund was tied to your income, withholding, estimated tax payments, or refundable credits, you may be able to request your portion of that refund back using Form 8379.

NOTE: If you live in a community property state, special rules apply to the calculation of your injured spouse refund.

MLR Tax & Financial Services
(757) 576-7919

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Chesapeake, VA

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