TCS & Associates CPAs

Monthly financial statements are essential. But they often take weeks to prepare and may arrive after you’ve already made critical business decisions. Flash reports can help bridge that gap by providing real-time snapshots of critical metrics — such as cash balances, collections and payroll. These reports provide timely insight into financial performance, allowing you to identify emerging issues before they become major problems. Because flash reports are preliminary, you should use them as management tools, not formal financial statements. Call us at (904) 347-2050 to discuss how customized flash reports can help your business make faster, more informed financial decisions.

Business owners and self-employed individuals who use their vehicle for business may be able to deduct auto-related expenses. But if a vehicle (including a car, van, pickup or panel truck) is used both for business and personal purposes, the expenses must be split based on mileage. These rules apply to both owned and leased vehicles. There are two methods for calculating auto expenses: actual expenses and the standard mileage rate. Both require careful recordkeeping, though using the mileage rate is generally easier. Contact us at (904) 347-2050 to determine which method makes sense for your situation.

📅 Reminder for TCS Clients

Tomorrow, September 1 is the deadline to submit your tax documents to TCS for extended Individual, C-Corporation, and Trust & Estate tax returns

Scholarship awards can provide significant financial relief to families of college-bound students. Most, but not all, of the awards are tax-free. To qualify for tax-free status, scholarships must meet three criteria: 1) The student must be a degree candidate at an eligible educational institution, 2) the award must be used to pay for tuition and fees, books, and certain supplies (not room and board or travel), and 3) the award can’t represent wages for teaching or research. Many graduate student awards have employment compensation components, so they may be taxable. Also, taxable scholarship money could potentially be subject to the “kiddie” tax. Contact us at (904) 347-2050 for more information.

We’re excited to welcome Andrea Gregory to the TCS team as our newest Staff Accountant!

Andrea brings a wealth of experience to her role, along with a strong background in QuickBooks Online, reconciliations, and financial statements. We’re looking forward to all she’ll bring to our team and, most importantly, getting to know her along the way.

Please join us in giving Andrea a warm TCS welcome!

Whether you’re a first-time homebuyer or a long-time homeowner, mortgage interest may save you taxes. If you itemize deductions rather than claim the standard deduction, interest you pay on mortgage debt to buy, build or substantially improve a primary or second home generally is deductible. Points paid related to your primary residence may also be deductible. Beginning in 2026, mortgage insurance premiums potentially can be deducted as mortgage interest. The $750,000 debt limit for most mortgage debt incurred after Dec. 15, 2017, is now permanent. Contact us at (904) 347-2050 to discuss your tax situation.

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August News: TODAY - Newsletter - Welcome Andrea & Kendall, Mileage Rates, Back to School Sales Tax Holiday Email from TCS & Associates CPAs Get the latest TCS news here.     August Newsletter Volume 93   Exciting August Updates Meet the Newest Members of the TCS Team! We’re excited to welcome Andrea Grego