MGE CPA & Advisors

10/06/2026

📬 Received an IRS CP321J notice? No need to panic!

This notice is letting you know you may qualify for a new retirement savings benefit. It does not mean you owe money, and no reply or payment is required.

Beginning in 2027, the Saver’s Match will replace the Saver’s Credit for eligible retirement contributions. Qualifying taxpayers could receive a federal match of up to 50% of their contributions—up to $1,000 per person each year—deposited directly into a designated retirement account.

Married couples could receive up to $2,000 combined if both spouses qualify. For joint filers, the match decreases as modified adjusted gross income rises above $41,000 and is unavailable at $71,000 or more.

✅ Receiving the notice does not guarantee eligibility. Your actual 2027 income, qualifying contributions, and other requirements determine whether you qualify.

📅 The benefit would be claimed with your 2027 tax return, filed in 2028.

Keep the notice with your tax records and bring it to your next tax planning meeting. We’re happy to help you understand how this could fit into your retirement savings plans.

09/17/2026

🚨 5 COMMON TAX MISTAKES BUSINESS OWNERS MAKE

Running a business is hard enough. Don’t make tax time harder than it needs to be.

Here are five mistakes we commonly see:

1️⃣ Mixing business and personal expenses
Using the same accounts for everything creates messy books and can make legitimate business deductions harder to identify and support.

2️⃣ Waiting until tax season to look at the numbers
By the time your tax return is being prepared, the year is already over. Good tax planning happens before December 31.

3️⃣ Ignoring payroll and estimated taxes
A profitable year is great—until you realize you haven’t paid enough tax throughout the year.

4️⃣ Assuming every business purchase is immediately deductible Vehicles, equipment, improvements, and other major purchases can have different tax treatment. How and when you buy something matters.

5️⃣ Focusing only on reducing taxes instead of building a stronger business. A tax deduction still costs you money. The goal shouldn’t be to spend $1 just to save 25¢ in taxes. The goal is to make smart business decisions while being tax efficient.

Your CPA shouldn’t just tell you what happened last year. They should help you understand where your business is going.

09/11/2026

We remember. 🇺🇸

Twenty-five years later, we remember the lives lost on September 11, 2001.

We remember the first responders who ran toward danger.

We remember the families whose lives changed forever.

And we remember the Americans who answered the call to serve in the years that followed.

May we never forget the sacrifice, courage, and unity of that day.

September 11, 2001 — Never Forgotten.

09/08/2026

“My business made a profit… so where did all the cash go?” 🤔

It’s one of the most common questions business owners ask.

Here’s the catch: profit and cash flow aren’t the same thing.

You can have a profitable business on paper while cash is tied up in receivables, inventory, equipment purchases, debt payments, owner distributions, or other areas that don’t show up the way you might expect on a P&L.

That’s why looking at only your profit & loss statement doesn’t tell the whole story.

Good financial reporting should help you understand not only how much you made — but where the money went.

That’s where accounting becomes advisory.

09/05/2026

Tax preparation looks back. Tax planning looks forward. 📈

If you wait until tax season to think about taxes, you may already be too late to change the outcome.

September is a great time for business owners to ask:
• Is my business structured the right way?
• Am I maximizing retirement and tax-saving opportunities?
• Should I make major purchases before year-end?
• Is my payroll and withholding on track?
• What will my 2026 tax bill actually look like?

At MGE CPA & Advisors, we believe you should know where you stand before December 31 — not when your return is being filed.

Don’t just prepare for taxes. Plan for them.

09/02/2026

📣 We’re hiring! Come join our team!

MGE CPA & Advisors is looking for a Part-Time Accounting Associate. If you’re dependable, detail-oriented, and comfortable working with QuickBooks Online and Intuit ProConnect, we’d love to hear from you!

📩 Interested? Send your résumé to [email protected]

Know someone who would be a great fit? Please tag them or share this post! 💼✨

08/31/2026

Year end is once again upon us.

More tax tips coming soon!

Tax Tips to Know Before the End of 2026!

As we head toward the end of the year, a little planning now could make a difference when tax season rolls around!

This week, our friends at MGE CPA & Advisors are sharing three helpful reminders you may not know about, including:
💵 Keeping track of charitable donations
⏰ New deductions for qualified overtime and tips
🚗 Potential deductions for qualifying car loan interest
📋 Why a year-end tax checkup is worth doing before December 31

Take a look at these tips and make sure you’re prepared heading into the new year! Thank you to MGE CPA & Advisors, a Long Beach Main Street member, for sharing helpful information with our community! 💛

05/25/2026

Today, we pause to remember the Marines of 1st Battalion, 5th Marines who gave their lives in Afghanistan — warriors who answered our nation’s call without hesitation and paid the ultimate sacrifice in defense of freedom.

Their names, their sacrifice, and the bond they shared will never be forgotten. We also honor every service member from every branch and every generation who gave their life in service to this country. Freedom has always carried a cost, and it was paid by men and women willing to stand in harm’s way for those they loved back home.

At MGE CPA & Advisors, we remember the fallen, pray for their families, and remain forever grateful for those who served beside them. May we never take for granted the liberties secured by their sacrifice.

Semper Fidelis. 🇺🇸

04/15/2026

Tax Day survival, powered by amazing clients.

Nothing gets us through the final stretch like the sweet treats, snacks, and “happies” you bring our way. We truly appreciate it more than you know.

Grateful for the trust you place in us—not just today, but all year long.

Happy Tax Day from all of us at the firm!