Havig Tax & Consulting

10/07/2026

October is a perfect time to do a tax projection to get a better picture of what your taxes will look like. What actually goes into a tax projection? We'll take a look at a few things, including:

▪ YTD profit
▪ expected remaining income
▪ W-2 wages
▪ estimated tax payments
▪ W-2 tax withholding
▪ deductions
▪ planned purchases
▪ other personal income

At the end, you'll have a much clearer picture of where taxes your are heading.

10/06/2026

It's ! You formed an LLC. Does that mean you're now an S Corp? Nope.

This is a very common mistake and misconception among business owners. An LLC is actually just a legal business structure, while an S Corp is a federal tax election.

For example, let's say you form a business called ABC Consulting, LLC. If you're the only owner and don't make another tax election, your LLC will generally be taxed as a sole proprietorship by default. Simply creating the LLC doesn't automatically give you S Corp tax treatment.

To be taxed as an S Corp, the eligible business generally needs to make an election with the IRS. This is done by filing Form 2553 and meeting the applicable requirements and deadlines.

10/05/2026

When selling your home or a rental property at a gain, there are important capital gains tax rules to keep in mind. Here's what you'll need to know:

When selling your home or a rental property at a gain, there are important capital gains tax rules to keep in mind.

10/02/2026

Our hypothesis about how the IRS processes paperwork.🤣

10/01/2026

Your numbers tell a story. What chapter is your business in?

Your financials can tell you that revenue is growing, but your profit isn't. They can show you that you're having your best year yet, even though your bank balance doesn't seem to reflect it. Or they might reveal that you're on track to make significantly more than last year, which means your tax plan may need to change.

You don't need to obsess over every transaction or become an accountant to understand the financial side of your business.

But you should understand what your numbers are telling you.

Because the earlier you understand the story, the more time you have to influence how the next chapter goes.

09/30/2026

The IRS’s backlog of identity theft cases has reached unmanageable levels, the agency’s watchdog said, frustrating taxpayers awaiting refunds.

09/30/2026

An S Corp can be a really valuable tax planning option, but making that election also comes with additional responsibilities.

Before making the switch, a business owner should know:
▪ You generally need to pay yourself reasonable compensation through payroll
▪ S Corporations have have a separate tax returns (1120-S) to file each year
▪ You'll need to keep business and personal finances properly separated
▪ Taking distributions isn't the same as paying yourself wages.
▪ There are additional payroll, bookkeeping, filing, and compliance requirements to stay on top of.

Don't elect to be treated as an S Corp just because someone told you it's what successful business owners do. Run the numbers first and understand what you're signing up for.

Still not sure? Click over to havigtax.com to schedule an appointment. We'll help you decide if this is the right move for you and your business goals.

09/29/2026

The U.S. may be losing more than $300 billion a year in tax revenue to fraud every year, the Government Accountability Office estimated in a report released Friday.

The GAO estimates on tax fraud were its first effort to calculate such losses.

09/29/2026

It's and also and everybody knows there's nothing accountants and tax pro's love more than caffeine!

So I bet you're wondering, can you write off your coffee? Like most tax questions, the answer is: it depends!

Let's say you meet with a client or prospective client over coffee and have a legitimate business discussion? Now that is a legitimate business purpose behind the expense.

Or if you buy coffee and supplies for the breakroom at your office for employees? That counts as an expense, too!

The important question isn't, “Did I pay for this while I was working?” It's actually more important to ask, “What was the business purpose of this expense?”

Bet you didn't think of your morning caffeine addiction as a tax strategy!

09/28/2026

A high-profile tax case is shining a light on how the IRS may view certain estate planning strategies.