Eursella Hayes-Williams

AUGUST 2026 INDIVIDUAL TAX DUE DATES

💰 Tipped Employees: Don't Miss This Deadline!

If you earned more than $20 in tips during July, report them to your employer by August 10.

📝 Use IRS Form 4070 or a signed statement with your tip total.

⚠️ Reporting your tips helps ensure the correct Social Security, Medicare, and income taxes are withheld, helping you avoid unexpected tax bills later.

💼✨ Want to get paid more without paying more taxes? It all comes down to your employee benefits!

Many workplace perks can put more money in your pocket while lowering your tax bill. 💰

✅ Employer-paid health insurance
✅ Retirement plan matching 🏦
✅ Up to $50,000 in employer-paid life insurance ❤️
✅ Flexible Spending Accounts (FSA)
✅ Dependent Care Assistance 👶
✅ Educational Assistance (up to $5,250 tax-free) 🎓
✅ Commuter benefits 🚆
✅ Adoption Assistance (up to $17,670 in 2026) 👨‍👩‍👧‍👦

Whether you’re an employer looking to attract top talent or an employee wanting to maximize your compensation, don’t overlook these valuable tax-saving benefits!

📞 Have questions about which fringe benefits make the most tax sense for your business or your paycheck? Let’s talk!

Thinking about turning your rental property into your primary home before selling? Here’s what you need to know:

✅ You may be able to exclude up to $250,000 in gain if you’re single or $500,000 if you’re married filing jointly.

⚠️ But there are two major tax traps:

1️⃣ Depreciation Recapture – Any depreciation you claimed (or could have claimed) while the property was a rental is taxable when you sell.

2️⃣ Nonqualified Use Rule – If the property was rented after 2008, a portion of the gain may not qualify for the home sale exclusion.

To qualify for the exclusion, you generally must:

✔️ Own the home for at least 2 of the last 5 years
✔️ Live in it as your primary residence for at least 2 of the last 5 years

Before selling, make sure you:

📌 Keep records of improvements and depreciation
📌 Know your move-in and sale dates
📌 Recalculate your adjusted basis carefully
📌 Understand that timing can significantly impact your tax bill

A little planning can potentially save you thousands in taxes.

📩 Have questions about converting a rental into your primary residence? Let’s run the numbers and create a strategy that works for you.

Understanding Tax Deductions: What’s Above, Below & Beyond the Line!

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The Importance of Having an Emergency Fund

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The One Big Beautiful Bill: What Does It Mean for You?

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Click Book An Appointment And Follow The Prompts