Brenda's Accounting & Tax Service

09/17/2026

Come join our team and bring your skills.
Brenda’s Accounting & Tax 812-701-2765
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09/17/2026

NEEDING OFFICE HELP IF ANYONE IS LOOKING FOR A JOB, GIVE ME A CALL OR MESSAGE. THANK YOU

09/07/2026

06/22/2026

We hope the memories last a lifetime

04/17/2026

We enjoyed catching up with everyone and we are Thankful you choose us to help you prepare your taxes. When you have a question please call or stop by anytime.

04/08/2026

The Last Day our office will accept Tax Prep Drop Off is Saturday April 11, 2026 no later than Noon and all prepared taxes must be picked up by Wednesday April 15, 2026 before 5:00 pm.

Last Day - Tax drop off is Sat. April 11, 2026
Between 8:00 am & Noon

Last Day - Tax pick up is Wed. April 15, 2026
Between 8:00 am & 5:00 pm

Thank you
Brenda’s Accounting & Tax.

03/18/2026

Starting in tax year 2025 through 2028, the One, Big, Beautiful Bill Act allows eligible employees to deduct qualified overtime compensation from their federal income tax. The deduction applies to the "premium" portion of overtime pay (the "half" in time-and-a-half) and phases out for taxpayers with modified adjusted gross income over

Key IRS Guidance and Rules:
Definition: Qualified overtime is compensation that exceeds the regular rate of pay, typically required by the Fair Labor Standards Act.

What is Deductible:
Only the premium portion ("time-and-a-half") is generally deductible, not the base pay portion.

Who is Eligible:
This is available to both itemizing and non-itemizing taxpayers, but you must file jointly if married.

Limitations:
The deduction does not apply to payroll taxes (Social Security/Medicare) or state/local income taxes.

Reporting (2025):
For 2025, employers are not required to report this separately on W-2s, but they are encouraged to provide this information. If not provided, workers can use Schedule 1-A Instructions to calculate the amount.

Want to know more, please stop by and we will help you navigate the IRS requirements.

Claiming the Deduction:
Taxpayers will report this on their tax return, specifically using the new Schedule 1-A

Brenda's Accounting & Tax Service
Office: 119 East Third Street, Madison IN 47250
Phone: 812-273-3917

03/18/2026

IRS guidelines require Corporate Business Expenses to be both "ordinary" (common in your industry) and "necessary" (helpful/appropriate) to be tax-deductible. Expenses must be strictly for business, fully documented (receipts/invoices), and not personal.
Deductible items include wages, rent, and supplies, with 50% limits on most meals.

Key IRS Guidelines for Corporate Spending Ordinary & Necessary:
*Costs must be common in your industry and helpful/appropriate for business operations.

*Documentation:
Records such as receipts, cancelled checks, and invoices must support all deductions.

*Personal vs. Business:
Expenses that are not strictly for business— such as personal, living, or family expenses—are not deductible.

*Capital Expenditures:
Costs for assets with long-term value (e.g., machinery, buildings) are usually capitalized and depreciated, rather than deducted immediately, though Section 179 permits deductions for qualified property.

*Business Meals:
Generally, business-related meals are 50% deductible.

*Vehicle Expenses:
Businesses can deduct actual car expenses or use the 2026 standard mileage rate of 72.5 cents per mile.

*Gifts: Deductions for business gifts are limited to $25 per person per year.

Common Deductible Expenses:
*Employee Wages/Benefits: Salaries and benefits.
*Rent & Utilities: Office or warehouse space.
*Marketing: Advertising and promotion costs.
*Professional Fees: Legal and accounting services.

Non-Deductible Expenses:
*Fines/Penalties: Fines paid to the government, including tax
penalties.
*Political Contributions: Lobbying or campaign donations.
*Bribes/Kickbacks: Any illegal payments.

Substantiation Requirements:
For travel, entertainment, and gifts, you must prove the business purpose, amount, date, and place.
The IRS requires documentation for any lodging and other expenses of $75 or more. For employee reimbursement, the corporation should use an "accountable plan" to ensure the payments are not treated as taxable income to the employee.

Want to know more, we will help you navigate the IRS requirements when you stop in.

Phone: 812-265-3917
Location: 119 East Third Street, Madison IN 47250