Clary's Tax Service, LLC

If you're a U.S. taxpayer with income, assets, or accounts outside of the country, you may need to file more forms with the IRS than you might expect.

🔴 FBAR - for foreign bank accounts over $10,000 combined
🔴 Form 8938 - for foreign financial assets above certain thresholds (FATCA)
🔴 Form 2555 - Foreign Earned Income Exclusion, for income earned while living abroad
🔴 Form 1116 - Foreign Tax Credit, so you don't get taxed twice on the same income
🔴 Form 5472 - for foreign-owned U.S. businesses
🔴 FIRPTA - for foreign individuals selling U.S. real estate

Miss any of these, and you could incur penalties starting at $10,000. If your finances cross borders, let's make sure your returns reflect that. Visit clarystax.com 🔗

If you're a U.S. taxpayer with money abroad, FATCA directly affects you 🌍

What is it? 🤔 FATCA (the Foreign Account Tax Compliance Act) requires U.S. taxpayers to report foreign financial accounts and assets to the IRS.

Whom does it affect? 🤔 U.S. citizens living abroad, green card holders, U.S. residents with foreign accounts or investments, and dual citizens.

Not sure if you need to file? Book a consultation at clarystax.com or call (281) 206-7084 today.

Don't wait until tax time to figure out ways to save. The true savings happen months before you file. Here are 5 strategies to shrink next year's tax bill, starting now:

1️⃣ Set up a separate business bank account if you haven't already.
2️⃣ Track mileage if you use a vehicle for both business and personal use.
3️⃣ Open or fund a retirement account and make contributions to reduce taxable income.
4️⃣ Review your entity structure, as different types are taxed differently.
5️⃣ Schedule a mid-year tax review to catch any surprises before it's too late.

Ready to start planning? Book a consultation today 📲

A truth that surprises most small business owners: A $1,000 DEDUCTION might save you a couple of hundred in taxes, while a $1,000 CREDIT actually saves you the full amount.

Credits hit your bill directly, dollar for dollar. Wondering if you qualify for any of these credits? ⬇️

▪️ Work Opportunity Tax Credit
▪️ R&D Credit
▪️ Small Business Health Care Credit
▪️ Retirement Plan Startup Credit
▪️ Energy-efficient property credits

Most of these require documentation before you file, which is where proactive planning pays off. With 20+ years of helping small businesses keep more of what they earn, Clary's Tax Service is ready to help you find what you qualify for.

You could be leaving money on the table every tax season, and it's likely due to these 5 commonly overlooked deductions.

Your home office expenses, business mileage, software, and more can add up to thousands in savings each year. The biggest hurdle to saving from these deductions is maintaining clean records throughout the whole year, not just when taxes are due.

At Clary's Tax Service, we help small businesses stop leaving money on the table with proactive tax planning and start taking full advantage of the tools they spend money on.

🌐 clarystax.com

It's fair to look at your busy year and assume you made a nice profit. But more jobs, more invoices, and more revenue don't always show the full picture.

If material costs increased, you hired more labor, or you took on lower-margin jobs to stay busy, your profit may have actually gone down. Without properly tracking costs at the job level, you'll never know how much you actually made.

At Clary's Tax Service, we help contractors compare year-over-year profits with job costing to give you the clarity you need to see what's actually supporting profitability. Visit clarystax.com to learn more 🔗

Most individuals don't think about their taxes until filing season. By then, it's too late to take advantage of the tax-saving strategies below👇

✅ Max out retirement contributions by the end of the year to reduce taxable income.

✅ Track deductible expenses year-round, not just at tax time.

✅ Adjust your withholdings so you don't overpay or underpay.

✅ Use tax-advantaged accounts like HSAs and FSAs.

✅ Meet with Clary's Tax Service before year-end to review your strategy.

Tax planning isn't just for business owners and high earners. Let our team help you plan better so you make the most of every tax-saving opportunity!

Unlike deductions, tax credits reduce what you owe to the IRS, dollar for dollar. Check out these common credits that you may qualify for ⬇️

Individuals:
💸 EITC: A refundable credit for low- to moderate-income workers
💸 Child Tax Credit: Up to $2,200 per qualifying child
💸 Premium Tax Credit: Offsets the cost of marketplace health insurance

Small Businesses:
💸 Work Opportunity Tax Credit: Rewards hiring from targeted groups (for hires made through the end of 2025)
💸 R&D Credit: Helps with the costs of developing new products or processes
💸 Disabled Access Credit: Helps cover ADA compliance expenses
💸 Small Business Health Care Tax Credit: For employers who contribute to employee health coverage

Don't leave money on the table! Let Clary's Tax Service help you find valuable credits that you qualify for. Visit clarystax.com 🔗

Running a construction company comes with a lot of varying expenses. From materials and labor to licensing and permits, many expenses' taxes are paid in full when they could be deducted. Check out these 5 deductions you might be overlooking:

1. Vehicle mileage and fuel

2. Tools and equipment

3. Subcontractor payments

4. Licensing, permits, and insurance premiums

5. Phone and internet used for administrative work

The hard part is consistently tracking all of these expenses throughout the year so you're not left piecing it together at tax time. That's where Clary's Tax Service comes in. We work with contractors to ensure they make the most of all available deductions and keep more of what they earn.

Contact us today!

Running a small business often means juggling a million things, and tax deductions are one of the easiest things to slip through the cracks.

From home office and business mileage to software subscriptions and professional development, there are several deductions built into expenses you're already taking on.

Not sure how to start? Reach out to Clary's Tax Service to make sure you're not leaving money on the table this year 🔗 clarystax.com