Grace & Growth Financial Services - formerly Overman Bookkeeping, PC

⏳ Reminder: July 31 is the deadline to file Form 941 for the second quarter.

If your business has employees, don't forget to file your quarterly federal payroll tax return by the deadline.

Why can looking only at profit be misleading?

Because profit doesn't always equal available cash.

A business can appear profitable on paper but still not have enough cash on hand at the right time to pay bills, cover payroll, or handle other expenses.

That's one reason it's important to look at more than just your Profit & Loss Statement when reviewing your business's financial health.

To learn more about business financial statements and what they can tell you, read our latest article.

Understanding Your Business Financial Statements: A Beginner's Guide - Grace and Growth Financial Services Understanding your business financial statements doesn't require an accounting degree. This beginner-friendly guide explains the three primary financial statements, what they tell you about your business, and how reviewing them regularly can help you make more informed decisions.

Sarah, Sandy, and Morgan recently returned from a lovely coastal getaway together! Here are a few snapshots from our trip. We hope you're enjoying your summer! ☀️⛵

🚗 IRS Update: The standard mileage rate has increased for the second half of 2026.

Beginning July 1, 2026, the IRS increased the standard mileage rate for business travel to 76¢ per mile due to rising fuel costs.

If you track business mileage or reimburse employees for business travel, be sure you're using the updated rate.

Federal student loan borrowers: Your autopay discount may have increased.

Beginning July 1, eligible Federal Direct Loan borrowers enrolled in autopay can receive a temporary 1% interest rate reduction, up from the usual 0.25%.

Already enrolled in autopay? The additional discount should be applied automatically. Not enrolled yet? Eligible borrowers can enroll by September 30, 2026, to receive the temporary reduction through June 30, 2028.

If you're working toward paying off student loans, even a small interest-rate reduction may help you make more progress over time.

And if you'd like help creating a repayment plan or staying accountable along the way, Morgan, our financial coach, would love to help. 💜



For more information, including eligibility requirements and enrollment instructions, see the U.S. Department of Education's official announcement.

Important Update: The IRS standard mileage rate has been increased for the second half of 2026.

IRS raises standard mileage rates for remainder of 2026 The midyear change follows an increase in gasoline prices, according to the IRS. It is the first such midyear adjustment since 2022.

Just like when you cheer for your favorite team, we love to celebrate when our clients hit their goals. ⚽

Whether you're working toward starting or growing your business, improving your bookkeeping, or planning for the future, we're cheering you on every step of the way.