Sheilah C Smith CPA

Make sure your business is protected from natural disasters by backing up records and securing important documents. Learn more at

Disaster assistance and emergency relief for individuals and businesses | Internal Revenue Service Special disaster relief tax law provisions help individuals and businesses through financial crisis.

Keeping your brain strong and healthy is just as important as taking care of your body.

• Keep moving — physical activity supports both mental and physical health.

• Small achievements matter — every step forward is a win. Do not sell yourself short.

• Make time for social activities — spending time with others is important for emotional well-being.

• Rest — your mind needs time to recharge too.

Take care of your brain. It works hard for you every day.

Take this week as an opportunity to evaluate your goals, strengthen your systems, and plan ahead. Smart decisions today build stronger businesses tomorrow.

Behind every small business is a vision, long hours and a commitment to growth. Whether you are just getting started or scaling to the next level, having the right financial strategy in place is key to long-term success.

It is Small Business Week — a time to recognize the dedication, resilience, and impact of small business owners in our communities.

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Frisco, TX CPA Firm | Home Page | Sheilah C. Smith, CPA Take a look at our Home page. Sheilah C. Smith, CPA is a full service tax & business consulting firm located in Frisco, TX.

Are you running your business through website sales, an app or other digital tool? Such as selling products, providing services or earning money through gig apps - understanding your tax obligations helps you stay compliant and avoid surprises.

Remember, any income you earn needs to be reported on your tax return. Learn more:

Manage taxes for a digital platform | Internal Revenue Service Digital platforms, marketplaces and businesses participating in the gig economy must correctly classify workers, meet tax filing and reporting requirements and consider helping workers meet their own tax obligations.

Treasury and IRS recently issued final regulations on the “No Tax on Tips” deduction. These regulations list more than 70 occupations from tipped workers, to bartenders and water taxi operators.

Qualified tips must meet these requirements:

- Must be received from customers through a mandatory or voluntary tip-sharing arrangement
- Must be paid voluntarily by the customer and not subject to negotiation
- Doesn’t include service charges unless the customer has an option to disregard or modify the service charge

Wondering about the status of your IRS refund?

The IRS says:
“Taxpayers who filed their federal tax returns and are owed a refund may be wondering about the status. There are several options for people to check.

A new feature in Individual Online Account lets taxpayers opt in to receive email notifications when there’s an update to their refund status. Taxpayers still have the option to check their refund status without signing in with Where’s my Refund?”

Year round tax habits

- Keep donation receipts
- Review retirement savings with your financial advisor
-Review and update, if necessary, beneficiaries on financial accounts

Small steps today prevent big headaches tomorrow

Which Parent Gets the Tax Breaks After Divorce - Part 2

However, some tax benefits, such as head of household filing status and the child and dependent care credit, remain with the custodial parent. Also, the custodial parent may revoke the release of the right to claim the child for the tax breaks. The rules are complex.