SP Unique Accounting

Source: IRS

𝑴𝒂𝒓𝒓𝒊𝒂𝒈𝒆 𝒎𝒆𝒂𝒏𝒔 𝒎𝒂𝒌𝒊𝒏𝒈 𝒄𝒉𝒂𝒏𝒈𝒆𝒔 𝒃𝒆𝒇𝒐𝒓𝒆 𝒏𝒆𝒙𝒕 𝒇𝒊𝒍𝒊𝒏𝒈 𝒔𝒆𝒂𝒔𝒐𝒏:

Marriage is an exciting milestone, but it can also affect a couple's tax situation. Here are some simple steps after the wedding that can help make filing next year's tax return easier.

𝑹𝒆𝒑𝒐𝒓𝒕 𝒂 𝒏𝒂𝒎𝒆 𝒄𝒉𝒂𝒏𝒈𝒆:
If either person changes their name, it should be reported to the Social Security Administration prior to filing a tax return. The name on the tax return must match Social Security records to avoid processing delays.

𝑺𝒖𝒃𝒎𝒊𝒕 𝒂 𝒄𝒉𝒂𝒏𝒈𝒆 𝒐𝒇 𝒂𝒅𝒅𝒓𝒆𝒔𝒔, 𝒊𝒇 𝒏𝒆𝒆𝒅𝒆𝒅:
If either or both spouses moved to a new home, they should notify their local post office, employers, financial institutions and the IRS of any address change. Taxpayers can officially change their mailing address with the IRS by completing and submitting Form 8822, Change of Address.

𝑪𝒉𝒆𝒄𝒌 𝒕𝒂𝒙 𝒘𝒊𝒕𝒉𝒉𝒐𝒍𝒅𝒊𝒏𝒈:
Marriage may change a couple’s tax responsibilities. Newlyweds should give their employers a new Form W-4, Employee's Withholding Certificate, within 10 days. If both people work, this could move them into a higher tax bracket or they may be affected by the additional Medicare tax. The IRS Tax Withholding Estimator can be used to estimate the amount of federal income tax to withhold from their paychecks now for the taxes they will owe next year.

𝑹𝒆𝒗𝒊𝒆𝒘 𝒇𝒊𝒍𝒊𝒏𝒈 𝒔𝒕𝒂𝒕𝒖𝒔:
A taxpayer's marital status as of December 31 determines their tax filing options for the entire year. Married people can choose to file their federal income taxes jointly or separately. While filing jointly is usually more beneficial, it's best to figure the tax both ways to find out which makes the most sense.

𝑲𝒆𝒆𝒑 𝒕𝒂𝒙 𝒓𝒆𝒄𝒐𝒓𝒅𝒔 𝒕𝒐𝒈𝒆𝒕𝒉𝒆𝒓:
Combining important tax documents, such as Forms W-2, Forms 1099 and prior-year tax returns, can help make tax filing easier and ensure all income is reported.

𝑬𝒙𝒑𝒍𝒐𝒓𝒆 𝒕𝒂𝒙 𝒄𝒓𝒆𝒅𝒊𝒕𝒔 𝒂𝒏𝒅 𝒅𝒆𝒅𝒖𝒄𝒕𝒊𝒐𝒏𝒔:
Marriage may affect eligibility for certain tax credits and deductions. Couples should review available tax benefits before filing their return.

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𝗟𝗲𝘁 𝗦𝗣 𝗨𝗻𝗶𝗾𝘂𝗲 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗶𝗻𝗴 𝗛𝗲𝗹𝗽 𝗬𝗼𝘂𝗿 𝗕𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗧𝗵𝗿𝗶𝘃𝗲!

𝗔𝘁𝘁𝗲𝗻𝘁𝗶𝗼𝗻 𝘀𝗺𝗮𝗹𝗹 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗼𝘄𝗻𝗲𝗿𝘀 𝗮𝗻𝗱 𝗲𝗻𝘁𝗿𝗲𝗽𝗿𝗲𝗻𝗲𝘂𝗿𝘀!
Struggling to stay on top of your finances? SP Unique Accounting specializes in helping service-based businesses with 𝒂𝒄𝒄𝒐𝒖𝒏𝒕𝒊𝒏𝒈, 𝒃𝒐𝒐𝒌𝒌𝒆𝒆𝒑𝒊𝒏𝒈, 𝒂𝒏𝒅 𝒕𝒂𝒙 𝒑𝒓𝒆𝒑𝒂𝒓𝒂𝒕𝒊𝒐𝒏—so you can focus on growing your business.

Here’s how we help:
𝗦𝘁𝗿𝗲𝗮𝗺𝗹𝗶𝗻𝗲𝗱 𝗕𝗼𝗼𝗸𝗸𝗲𝗲𝗽𝗶𝗻𝗴: Organized, accurate records without the stress.
𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗦𝘁𝗮𝘁𝗲𝗺𝗲𝗻𝘁 𝗘𝘅𝗽𝗲𝗿𝘁𝗶𝘀𝗲: Clear reports to keep your business on track.
𝗙𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗔𝗻𝗮𝗹𝘆𝘀𝗶𝘀 & 𝗞𝗣𝗜 𝗧𝗿𝗮𝗰𝗸𝗶𝗻𝗴: Understand your numbers, track what matters, and make confident decisions.
𝗦𝘁𝗿𝗲𝘀𝘀-𝗙𝗿𝗲𝗲 𝗧𝗮𝘅 𝗣𝗿𝗲𝗽𝗮𝗿𝗮𝘁𝗶𝗼𝗻: For service businesses and individuals—maximize deductions, meet deadlines, and avoid penalties.

Let’s Connect: Whether it’s ongoing support, a one-time cleanup, or tax prep for your business or yourself, SP Unique Accounting tailors solutions to your needs. Schedule a complimentary consultation or email us to get started.

Website: www.spuniqueaccounting.com

𝗛𝗮𝘃𝗲 𝘆𝗼𝘂𝗿 𝗯𝗼𝗼𝗸𝘀 𝗳𝗮𝗹𝗹𝗲𝗻 𝗯𝗲𝗵𝗶𝗻𝗱? 𝗛𝗮𝘃𝗲 𝗺𝗼𝗻𝘁𝗵𝘀 𝗼𝗿 𝗲𝘃𝗲𝗻 𝘆𝗲𝗮𝗿𝘀 𝗼𝗳 𝘁𝗿𝗮𝗻𝘀𝗮𝗰𝘁𝗶𝗼𝗻𝘀 𝗽𝗶𝗹𝗲𝗱 𝘂𝗽? 𝗬𝗼𝘂'𝗿𝗲 𝗻𝗼𝘁 𝗮𝗹𝗼𝗻𝗲.

𝐖𝐡𝐨 𝐍𝐞𝐞𝐝𝐬 𝐚 𝐂𝐥𝐞𝐚𝐧𝐮𝐩?

You may need a cleanup if your bookkeeping has fallen behind, your bank accounts, credit card accounts, loan statements, or other financial records have not been reconciled, transactions have not been properly recorded, or your financial statements are inaccurate or incomplete. Whether you are behind by a few months or several years, cleaning up your books is an important first step toward obtaining accurate financial statements, making informed business decisions, and preparing accurate tax returns.

𝐇𝐨𝐰 𝐭𝐨 𝐆𝐞𝐭 𝐑𝐞𝐚𝐝𝐲 𝐟𝐨𝐫 𝐚 𝐂𝐥𝐞𝐚𝐧𝐮𝐩 𝐖𝐡𝐢𝐥𝐞 𝐒𝐚𝐯𝐢𝐧𝐠 𝐌𝐨𝐧𝐞𝐲 𝐚𝐧𝐝 𝐓𝐢𝐦𝐞:

Before contacting your accountant, gather the following documents. Having everything ready at the beginning of the cleanup process can save days or even weeks of delays and additional costs caused by multiple follow up requests for missing information.

• "ALL" monthly statements for your bank accounts, credit card accounts, line of credit, and investment accounts for the entire cleanup period.
• Your last filed tax return.
• Your original loan documents and all monthly loan statements.
• A list of all fixed assets purchased or disposed of during the cleanup period.
• All depreciation schedules. (If you don't have them, your accountant should be able to help.)
• A list of all manual checks, including the payee and the reason for each check.
• All Forms 940 and 941 for the entire cleanup period (if applicable).
• A payroll summary report covering the cleanup period, including payroll taxes, fees, and other payroll related transactions (if applicable).
• All state sales tax filings for the cleanup period (if applicable).
• If you use third party payment processors such as PayPal, Square, or Stripe, provide a monthly transaction summary report for each account, including transactions, processing fees, refunds, returns, and taxes.

Whether you need to clean up your books, monthly bookkeeping and accounting services, or tax preparation, we are here to assist you throughout the year. Our goal is to help you maintain accurate, organized, and complete financial records, giving you reliable financial information to make informed business decisions with confidence.

Please email us with any questions, and we will be happy to respond promptly. When reaching out, please include a brief description of your needs so we can assist you more efficiently.
https://www.spuniqueaccounting.com/contact-us/

Source: IRS

𝗜𝘀 𝘁𝗵𝗮𝘁 𝗮𝗰𝘁𝗶𝘃𝗶𝘁𝘆 𝗷𝘂𝘀𝘁 𝗮 𝗵𝗼𝗯𝗯𝘆 𝗼𝗿 𝗮 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Many people have hobbies - things they enjoy doing in their spare time - and some even make a little extra money from them. However, there’s a difference between a hobby and a business, especially how each is treated when it comes to filing taxes.
Businesses operate to make a profit while hobbies are for pleasure or recreation. Here are some common questions people should ask themselves when deciding if what they’re doing is a hobby or business. No single thing is the deciding factor.
Questions to help taxpayers decide if they have a hobby or business

• Is there an intent to make a profit?
• If the activity makes a profit, how much is it?
• Can they expect to make a future profit from the appreciation of the assets used in the activity?
• Do they depend on income from the activity for their livelihood?
• Are any losses due to circumstances beyond their control or are the losses normal for the startup phase of their type of business?
• Are operations adjusted to improve profitability?
• Is the activity carried out like a business with complete and accurate books and records kept?
• Do the taxpayers and their advisors have the knowledge needed to carry out the activity as a successful business?

Taxpayers should review all the factors to make the best decision. Regardless of the decision, if they’re paid through payment apps for goods and services during the year, they may receive an IRS Form 1099-K for those transactions. These payments are taxable income and must be reported on federal tax returns.

Additionally, if they received payment in the form of digital assets, they may also get a Form 1099-DA. Whether taxpayers have a hobby or run a business, good recordkeeping throughout the year will help when they file taxes.

𝐀𝐩𝐫𝐢𝐥 𝟏𝟓 𝐃𝐞𝐚𝐝𝐥𝐢𝐧𝐞 – 𝐈𝐧𝐝𝐢𝐯𝐢𝐝𝐮𝐚𝐥, 𝐅𝐢𝐝𝐮𝐜𝐢𝐚𝐫𝐲, 𝐂𝐨𝐫𝐩𝐨𝐫𝐚𝐭𝐞, 𝐚𝐧𝐝 𝐄𝐱𝐞𝐦𝐩𝐭 𝐎𝐫𝐠𝐚𝐧𝐢𝐳𝐚𝐭𝐢𝐨𝐧 𝐑𝐞𝐭𝐮𝐫𝐧𝐬:

Wednesday, April 15, 2026, is the deadline for filing calendar-year individual (Form 1040), fiduciary (Form 1041), corporate (Form 1120), and exempt organization trust (Form 990-T) returns. These returns must be e-filed or postmarked* by midnight local time.

𝐄𝐱𝐭𝐞𝐧𝐬𝐢𝐨𝐧𝐬:

• Form 4868 extends the filing deadline for individual returns by six months to October 15, 2026.
• Form 8868 extends the filing deadline for exempt organization trusts by six months to October 15, 2026.
• Form 7004 extends the filing deadline for corporate returns by six months to October 15, 2026 and for fiduciary returns by five and a half months to September 30, 2026.

*** For all returns, any tax due must be paid by the original due date. An extension of time to file does not extend the time to pay.

Source: IRS

𝐃𝐨𝐧’𝐭 𝐋𝐞𝐚𝐯𝐞 𝐚 𝐏𝐨𝐭𝐞𝐧𝐭𝐢𝐚𝐥 𝐑𝐞𝐟𝐮𝐧𝐝 𝐨𝐧 𝐭𝐡𝐞 𝐓𝐚𝐛𝐥𝐞:

Not everyone is legally required to file a federal tax return. However, not doing it could be leaving money on the table. People could be missing out on refundable tax credits or an income tax refund. This could apply to someone if they:

• Have had federal income tax withheld from their pay
• Made estimated tax payments
• Qualify to claim refundable tax credits

𝗗𝗼𝗻’𝘁 𝗺𝗶𝘀𝘀 𝗼𝘂𝘁 𝗼𝗻 𝘃𝗮𝗹𝘂𝗮𝗯𝗹𝗲 𝘁𝗮𝘅 𝗰𝗿𝗲𝗱𝗶𝘁𝘀:

A few tax credits people can claim on a federal tax return if they’re eligible include:

• 𝗘𝗮𝗿𝗻𝗲𝗱 𝗜𝗻𝗰𝗼𝗺𝗲 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁– The EITC helps low to moderate-income workers and families get a tax break. The amount of the credit may vary based on income, family size and filing. Taxpayers can use the EITC Assistant to check their eligibility.

• 𝗖𝗵𝗶𝗹𝗱 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁 – Taxpayers with a qualifying child may be eligible to claim up to $2,200 per qualifying child with the CTC. The Additional Child Tax Credit is a refundable portion of the CTC. For 2025, up to $1,700 per qualifying child may be refundable.

• 𝗖𝗿𝗲𝗱𝗶𝘁 𝗳𝗼𝗿 𝗢𝘁𝗵𝗲𝗿 𝗗𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝘁𝘀 – Taxpayers who don’t qualify for the Child Tax Credit may qualify for the Credit for Other Dependents. This includes people who have:
o Dependent children who are age 18 or older at the end of 2025
o Parents or other qualifying individuals they support

• 𝗔𝗱𝗼𝗽𝘁𝗶𝗼𝗻 𝗧𝗮𝘅 𝗖𝗿𝗲𝗱𝗶𝘁 – This credit now partially refundable and is available to taxpayers who finalized an adoption in 2025 or started the adoption process before 2025. The maximum amount, for 2025, is $17,280 per eligible child. The refundable amount is up to $5,000 per qualifying child. However, any nonrefundable amount carried forward can’t be used to calculate a refundable portion for future tax years.

• 𝗘𝗱𝘂𝗰𝗮𝘁𝗶𝗼𝗻 𝗰𝗿𝗲𝗱𝗶𝘁𝘀 – The American Opportunity Tax Credit is for qualified education expenses for the first four years of higher education. The Lifetime Learning Credit is for qualified tuition and related expenses paid for eligible students enrolled in an eligible educational institution.

𝗚𝗲𝘁 𝗵𝗲𝗹𝗽 𝗱𝗲𝗰𝗶𝗱𝗶𝗻𝗴 𝘄𝗵𝗲𝘁𝗵𝗲𝗿 𝘁𝗼 𝗳𝗶𝗹𝗲:
The Interactive Tax Assistant provides answers to many common tax law questions based on an individual's specific circumstances. It can help someone decide whether they should file a tax return and if they're eligible for many common tax credits.

𝗣𝗿𝗲𝗽𝗮𝗿𝗲 𝘁𝗼 𝗳𝗶𝗹𝗲 𝗶𝗻 𝟮𝟬𝟮𝟲: 𝗚𝗲𝘁 𝗥𝗲𝗮𝗱𝘆 𝗳𝗼𝗿 𝘁𝗮𝘅 𝘀𝗲𝗮𝘀𝗼𝗻 𝘄𝗶𝘁𝗵 𝗸𝗲𝘆 𝘂𝗽𝗱𝗮𝘁𝗲𝘀, 𝗲𝘀𝘀𝗲𝗻𝘁𝗶𝗮𝗹 𝘁𝗶𝗽𝘀:

Prepare to file in 2026: Get Ready for tax season with key updates, essential tips | Internal Revenue Service IR-2026-01, Jan. 6, 2026 — With the 2026 filing season quickly approaching, the Internal Revenue Service is urging taxpayers to take a few simple steps now to prepare for filing their 2025 federal income tax returns.

“From the book: Mastering Your Service Business Finances”

𝙃𝙤𝙬 𝙘𝙖𝙣 𝙄 𝙪𝙨𝙚 𝙘𝙡𝙞𝙚𝙣𝙩 𝙧𝙚𝙛𝙚𝙧𝙧𝙖𝙡 𝙥𝙧𝙤𝙜𝙧𝙖𝙢𝙨 𝙩𝙤 𝙞𝙣𝙘𝙧𝙚𝙖𝙨𝙚 𝙧𝙚𝙫𝙚𝙣𝙪𝙚, 𝙖𝙣𝙙 𝙬𝙝𝙞𝙘𝙝 𝙛𝙞𝙣𝙖𝙣𝙘𝙞𝙖𝙡 𝙞𝙣𝙘𝙚𝙣𝙩𝙞𝙫𝙚𝙨 𝙖𝙧𝙚 𝙢𝙤𝙨𝙩 𝙚𝙛𝙛𝙚𝙘𝙩𝙞𝙫𝙚?

Leveraging client referral programs can be a powerful strategy to boost revenue. Here’s how you can effectively implement such programs, along with considerations for financial incentives:

• 𝗖𝗹𝗲𝗮𝗿 𝗣𝗿𝗼𝗴𝗿𝗮𝗺 𝗦𝘁𝗿𝘂𝗰𝘁𝘂𝗿𝗲: Establish a clear and transparent referral program structure. Clearly communicate the terms, conditions, and rewards associated with referrals to both existing clients and potential new clients.

• 𝗜𝗱𝗲𝗻𝘁𝗶𝗳𝘆 𝗜𝗻𝗰𝗲𝗻𝘁𝗶𝘃𝗲𝘀: Determine financial incentives that motivate clients. This could include discounts on future services, gift cards, cash rewards, or exclusive access to special promotions. Align incentives with the value of the referred business.

• 𝗧𝗶𝗲𝗿𝗲𝗱 𝗥𝗲𝘄𝗮𝗿𝗱𝘀: Consider implementing tiered rewards to encourage more referrals. For example, offer a higher incentive for multiple referrals or bringing in larger clients.

• 𝗧𝗿𝗮𝗰𝗸𝗮𝗯𝗹𝗲 𝗥𝗲𝗳𝗲𝗿𝗿𝗮𝗹 𝗦𝘆𝘀𝘁𝗲𝗺: Implement a trackable system to monitor and attribute referrals accurately. This could involve unique referral codes, links, or forms that help you identify the source of each referral.

• 𝗣𝗿𝗼𝗺𝗽𝘁 𝗥𝗲𝗰𝗼𝗴𝗻𝗶𝘁𝗶𝗼𝗻: Provide prompt recognition and re- wards when a referral leads to a successful conversion. Timely acknowledgment reinforces positive behavior and encourages continued participation.

• 𝗣𝗿𝗼𝗺𝗼𝘁𝗶𝗼𝗻𝗮𝗹 𝗠𝗮𝘁𝗲𝗿𝗶𝗮𝗹𝘀: Equip clients with promotional materials or resources they can easily share with their network. This might include user-friendly tools such as shareable links, which are web links leading to referral forms or landing pages; engaging graphics, such as images or banners for social media promotion; and customizable templates, like pre-designed messages or emails that clients can personalize. These materials are designed to simplify the referral process, making it seamless for clients to spread the word about the program within their circles.

• 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝗰𝗮𝘁𝗲 𝗦𝘂𝗰𝗰𝗲𝘀𝘀 𝗦𝘁𝗼𝗿𝗶𝗲𝘀: Share success stories resulting from client referrals. Highlighting the positive impact of referrals can encourage more clients to participate in the program.

• 𝗖𝗼𝗻𝘀𝗶𝘀𝘁𝗲𝗻𝘁 𝗖𝗼𝗺𝗺𝘂𝗻𝗶𝗰𝗮𝘁𝗶𝗼𝗻: Regularly communicate the referral program to keep it top-of-mind for your clients. Use various channels such as email newsletters, social media, or in-person meetings to remind clients about the program.

• 𝗣𝗲𝗿𝘀𝗼𝗻𝗮𝗹𝗶𝘇𝗲𝗱 𝗜𝗻𝗰𝗲𝗻𝘁𝗶𝘃𝗲𝘀: Consider offering personalized incentives based on the preferences or interests of your clients. This demonstrates that you value their individual contributions and strengthens the client-business relationship.

• 𝗠𝗼𝗻𝗶𝘁𝗼𝗿 𝗥𝗢𝗜: Track the return on investment (ROI) of your referral program. Evaluate the cost of incentives against the revenue generated from referred clients to ensure the program remains financially sustainable.

Implement these strategies to make client referrals seamless and effective for your business. With clear structures, enticing incentives, and user-friendly materials, empower your clients to become advocates, ensuring a successful and mutually beneficial referral program

eBook and paperback on Amazon:
https://www.amazon.com/dp/B0D8C3DL7M

🌟 𝑵𝒐𝒘 𝑨𝒄𝒄𝒆𝒑𝒕𝒊𝒏𝒈 𝑵𝒆𝒘 𝑪𝒍𝒊𝒆𝒏𝒕𝒔 𝒇𝒐𝒓 2025 𝑻𝒂𝒙 𝑹𝒆𝒕𝒖𝒓𝒏𝒔! 🌟

At SP Unique Accounting, we provide stress-free tax preparation for service-based businesses and individuals, helping you:

✅ Maximize deductions and credits
✅ Meet deadlines with confidence
✅ Avoid penalties and surprises

📩 Let’s Connect: We’re currently accepting new clients for 2025 tax returns. Whether you need business or individual tax prep, SP Unique Accounting provides personalized solutions tailored to your needs. Schedule a complimentary consultation or email us to get started.

🌐 Website: www.spuniqueaccounting.com