Legacy Tax Group

💡 TAX TIP TUESDAY: Don’t Spend $1 Just to Save 30¢!

One of the biggest misconceptions I hear from business owners is:

“I need to buy something so I can write it off.”

🚨 A tax deduction does NOT mean the purchase is free!

If you spend $1,000 on a deductible business expense, you don’t automatically get $1,000 back on your taxes. The deduction generally reduces the amount of income you’re taxed on.

For example, if that $1,000 deduction saves you roughly $300 in taxes, you still spent $1,000 to save $300.

Never make an unnecessary purchase JUST for the tax deduction.

If your business genuinely needs new equipment, software, supplies, education, advertising, or another legitimate expense, great! The tax deduction is an added benefit.

But keeping $700 in your pocket is usually better than spending $1,000 just to save $300. 😉

Make business decisions based on what makes sense for your BUSINESS first, then let the tax benefits be the bonus.

🇺🇸 Happy Labor Day from Legacy Tax Group! 🇺🇸

Today we celebrate the hard work, dedication, and determination of workers and business owners everywhere. 💼✨

To all of the entrepreneurs, small business owners, employees, and families who work hard every day to build something they’re proud of, today is for YOU!

We’re especially grateful for our amazing clients who trust Legacy Tax Group to be a small part of their journey. Your hard work inspires us, and we’re honored to support you along the way.

Take today to relax, recharge, and enjoy some well-deserved time with the people you love.

❤️🤍💙 Happy Labor Day!

- Legacy Tax Group LLC

💰 TAX TIP TUESDAY: Don’t Forget Your September Tax Deadline!

If you’re self-employed, a business owner, freelancer, or independent contractor, your next quarterly estimated tax payment may be due September 15th! 📅

Estimated taxes can cover both:
✨ Federal income tax
✨ Self-employment tax

Waiting until tax season to think about what you owe can mean a BIG surprise, and potentially penalties. 😬

Review your year-to-date income and expenses NOW. Your income may have changed since your last estimated payment, which means the amount you should pay may have changed too!

Not sure if you should be making quarterly payments or how much you should send? That’s exactly what tax planning is for. 💻📊

Legacy Tax Group - Helping you plan ahead instead of panic later. 💛

💡 Tax Tip Tuesday

Good news from the IRS! 🎉

Starting with 2025 tax returns, many taxpayers with a strong history of filing and paying on time may automatically qualify for penalty relief, no phone call or special request required.

Here's what you need to know:

✅ If you've filed your returns on time and paid your taxes for the past 3 years (or 12 consecutive quarters for quarterly filers), you may automatically avoid certain penalties, including:
• Failure to File
• Failure to Pay
• Failure to Deposit

Even better? If you qualify, the IRS will automatically apply the relief and send you a notice.

A few things to keep in mind:
✔️ Not all tax returns qualify (certain estate and gift tax returns are excluded).
✔️ You are still responsible for paying any tax and interest owed.
✔️ If you receive a penalty notice during the transition to the new program and believe you qualify, you may still be able to request relief.

Staying compliant doesn't just keep you organized, it can save you money too! 💰

📞 Have questions about an IRS penalty or notice? Legacy Tax Group is here to help.

💡 Tax Tip Tuesday 💡

Don't let poor recordkeeping cost you a tax deduction! 📑

If you make charitable donations, keeping the right documentation throughout the year can save you time at tax season and help ensure you receive every deduction you're entitled to.

✅ Here's what to remember:
• Most taxpayers must itemize deductions to claim charitable contributions.
• New for 2026: If you don't itemize, you may still be able to deduct up to $1,000 in cash donations ($2,000 if Married Filing Jointly) made to qualified charities.
• Donations to individuals or personal fundraisers are not tax deductible.
• Save receipts, bank records, or acknowledgment letters for every donation.
• Donations of $250 or more require a written acknowledgment from the charity before you can claim the deduction.
• For donated items like clothing, furniture, or vehicles, keep records of what you donated and its fair market value. Larger non-cash donations may require additional forms or an appraisal.

📌 Pro Tip: Create a folder (digital or paper) for your charitable donation receipts throughout the year. You'll thank yourself when tax season arrives!

Have questions about what qualifies as a deductible donation? Legacy Tax Group is here to help! 📞💙

💡 Tax Tip Tuesday: Don't Wait Until December to Reduce Your Tax Bill

The best tax savings happen before the end of the year, not when you're filing your return.

Now is a great time to:
✅ Review your year-to-date income
✅ Check whether you're on track for quarterly estimated tax payments
✅ Maximize retirement contributions
✅ Plan large business purchases if appropriate
✅ Adjust your tax withholding if needed

A little planning now can help you avoid surprises and potentially lower your tax bill.

📞 Want to know where you stand before year-end? Schedule a tax planning appointment with Legacy Tax Group, we'll help you make informed decisions before it's too late.

💡 Tax Tip Tuesday: Don't Ignore IRS or State Tax Notices

Receiving a letter from the IRS or your state tax agency can be stressful, but don't ignore it.

Many notices are simply requesting additional information, notifying you of a small adjustment, or asking for clarification. Addressing them promptly can often prevent additional penalties, interest, or more serious issues.

📬 If you receive a tax notice:
✅ Read it carefully.
✅ Pay attention to any response deadlines.
✅ Don't assume it's correct without reviewing it.
✅ If you work with a tax professional, send them a copy right away.

The sooner you address a notice, the easier it usually is to resolve.

📞 Received a tax notice and aren't sure what it means? Legacy Tax Group is here to help you understand your options and respond appropriately.

📣 WE'RE HIRING FOR THE 2026 TAX FILING SEASON! 📣

Are you looking for a flexible opportunity with unlimited earning potential? Legacy Tax Group is looking for motivated, outgoing individuals to join our team for the January 2027 tax season! 🎉

💼 No tax experience? No problem!
We provide comprehensive training during October and November to prepare you for a successful tax season.

💰 Commission-Based Income
Our tax preparers are paid on a commission based system, meaning your income is based on your effort and the clients you serve. Many of our preparers earn $10,000 to $50,000+ in just a few short months during tax season!

This is not a position where clients are simply handed to you. The most successful preparers are those who are excited to market themselves, network within their community, and build lasting relationships with their clients. If you're willing to put in the effort, the earning potential is incredible.

We're looking for people who are:
✅ Self-motivated and entrepreneurial
✅ Comfortable networking and marketing themselves
✅ Friendly and professional
✅ Detail-oriented
✅ Eager to learn
✅ Passionate about helping others

📅 Training: October & November 2026 (no experience required)
📅 Tax Season: January–April 2027
📍 Remotely serving all 50 states

If you're ready to learn a valuable skill, grow your own client base, and earn uncapped commission during tax season, we'd love to hear from you!

📩 Send us a message for a link to the application or email your resume to [email protected].

Please like, share, and tag someone who would be a great fit! 🙌

💰 Tax Tip Tuesday: Estimated Taxes Aren't Just for Business Owners

💡 Tax Tip Tuesday

Think quarterly tax payments are only for self-employed individuals? Think again!

You may also need to make estimated tax payments if you receive income from:

📈 Investments
🏘️ Rental properties
💵 Interest and dividends
🎰 Gambling winnings
💼 Side gigs or freelance work
👴 Retirement income with little or no tax withholding

Waiting until tax season could lead to penalties and a large tax bill.

Planning ahead helps you stay in control.

📞 If you're unsure whether you should be making estimated tax payments, contact Legacy Tax Group. We're happy to help!

📂 Tax Tip Tuesday: Keep Your Tax Records

💡 Tax Tip Tuesday

How long should you keep your tax records?

Here's a general guideline:

📄 Tax returns & supporting documents: At least 3 years
🏠 Home purchase and improvement records: Keep until you sell the property, plus at least 3 years afterward
💼 Business records: Generally 3–7 years, depending on the records
📈 Investment records: Keep until the asset is sold, plus at least 3 years

Keeping good records can save you time, money, and stress if questions ever arise.

📞 Not sure what you should keep? Legacy Tax Group can help.