June is just around the corner, marking the halfway point of the year! A quick cleanup of your books this week will make your mid-year review seamless.
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FM Accounting
Our accounting firm can help meet your business and personal tax/accounting needs.
05/26/2026
If you are clicking and sorting the exact same recurring software and utility transactions every single month, stop! π€ You are sitting on a major administrative bottleneck.
Swipe through for a 2-minute bookkeeping cheat code that uses automated bank rules to clean up your dashboard instantly.
π‘ The Result: The moment your bank feeds sync, the software recognizes the recurring vendor and categorizes it automatically. You just click "Confirm"!
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Doing some post-tax season office cleanup? π§Ί Hold that shredder for just a second!
We love a clean desk, but getting a little too "shred-happy" can cause massive headaches if the IRS ever comes knocking. π§Ύ Here is your quick, cheat-sheet guide to staying safe:
- Income & Receipt Tracking: Keep them for 3 years from the date you filed.
- Payroll & Employee Records: Give these a 4-year home in your files.
- Property & Asset Deeds: Keep these for as long as you own the asset, plus 3 years after you sell it!
The Pro-Tip: Paper fades, but the cloud is forever. βοΈ Protect your business by snapping photos and keeping secure digital backups. Clean desk, clean books, zero stress!
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Henry Ford knew it back then, and it's still true today. π‘ Success is about impact, legacy, and community, not just the bottom line. Weβre proud to help you manage the money so you can focus on the mission.
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05/15/2026
Don't let a surprise tax bill ruin your summer plans! ποΈ We are officially one month away from the June 15th Q2 Estimated Tax deadline.
The best way to stay ahead? Start setting aside 25-30% of your revenue now. It's much easier to plan today than to scramble next month. Future-you will appreciate the stress-free vacation!
π Plan your payment here: https://www.irs.gov/payments
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Ever wonder if that office snack stash or the morning coffee run is doing more than just keeping the team caffeinated? βοΈ
The IRS actually has a rule for this called "De Minimis" benefits. Essentially, if a perk is so small that accounting for it is unreasonable (like coffee, snacks, or occasional company parties), it's 100% deductible for your business and tax-free for your employees!
Proof that sometimes, the small things really do add up.
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To all the moms in our community, from the entrepreneurs to the stay-at-home CEOs, we see you, and we appreciate you. π Happy Motherβs Day!
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05/07/2026
π’ Non-Profit Alert: Form 990 is due May 15!
Quick tax fact: May 15 is the deadline only if your organization's tax year ended on December 31. (If your fiscal year ends in another month, your deadline shifts!)
Missing your specific deadline for three consecutive years triggers an automatic revocation of your tax-exempt status.
Quick Filing Guide:
Small Orgs (β€$50k): File the 990-N (e-Postcard) it's digital and mandatory.
Larger Orgs: File the 990-EZ or Full 990, depending on your revenue and assets.
Need more time? File Form 8868 by your due date to grab a 6-month extension.
Double-check your fiscal year-end today to keep your status safe and compliant!
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05/05/2026
Most legends start small. π Whether youβre scaling from a desk in your living room or a dedicated studio, the Home Office Deduction is a game-changer.
If you use a portion of your home exclusively for business, you can potentially write off a percentage of your mortgage interest, utilities, and insurance. Itβs not just about saving pennies; itβs about fueling your next big leap. π
How are you leveling up your workspace this quarter? Letβs chat in the comments!
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04/30/2026
The dust has settled, but the work isn't over! π Now is the perfect time to organize your records while everything is fresh. From setting up your digital IRS profile to updating your 2026 mileage rates, this 4-step checklist ensures you're ready for a profitable Q2.
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8770 W. Bryn Mawr Avenue Suite 1300
Chicago, IL
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