Todd's Accounting Service

10/09/2026

𝗜𝘀 𝗶𝘁 𝘁𝗼𝗼 𝗹𝗮𝘁𝗲 𝘁𝗼 𝗴𝗲𝘁 𝗦 𝗰𝗼𝗿𝗽 𝘀𝘁𝗮𝘁𝘂𝘀 𝗶𝗳 𝗜 𝗺𝗶𝘀𝘀𝗲𝗱 𝘁𝗵𝗲 𝗠𝗮𝗿𝗰𝗵 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲?

Not necessarily. If your business qualifies for late-election relief, the IRS may recognize your S corp election from the date you originally intended. Generally, you must request relief within three years and 75 days of that date.

I can compare your filings with what the IRS has on record, determine whether late-election relief applies, and handle the request and any return corrections needed.

If you missed the deadline or your S corp return was rejected, send me a message. Let’s find out what happened and get the right filings in place.

10/08/2026

𝗖𝗮𝗻 𝘀𝗼𝗺𝗲𝗼𝗻𝗲 𝗹𝗼𝗼𝗸 𝗮𝘁 𝗺𝘆 𝗳𝗶𝗹𝗲𝗱 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻 𝘁𝗼 𝘀𝗲𝗲 𝗶𝗳 𝗜 𝗺𝗶𝘀𝘀𝗲𝗱 𝗮𝗻𝘆 𝘄𝗿𝗶𝘁𝗲-𝗼𝗳𝗳𝘀?

Yes, we can review a return you’ve already filed, even if someone else prepared it, to check for deductions or credits you may have missed.

If we find something, we can amend your return to claim what was missed.

It won’t apply in every situation. But if something looks off on one of your past returns, schedule an appointment and we can review it with you.

10/07/2026

𝗪𝗵𝗮𝘁 𝗵𝗮𝗽𝗽𝗲𝗻𝘀 𝗶𝗳 𝘆𝗼𝘂’𝘃𝗲 𝗯𝗲𝗲𝗻 𝗼𝗽𝗲𝗿𝗮𝘁𝗶𝗻𝗴 𝗮𝘀 𝗮𝗻 𝗦 𝗰𝗼𝗿𝗽, 𝗯𝘂𝘁 𝘁𝗵𝗲 𝗜𝗥𝗦 𝗿𝗲𝗷𝗲𝗰𝘁𝘀 𝘆𝗼𝘂𝗿 𝗹𝗮𝘁𝗲 𝗦 𝗰𝗼𝗿𝗽 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗿𝗲𝗾𝘂𝗲𝘀𝘁?

If you started running owner W-2 payroll and filing S Corp tax returns before getting official IRS approval, a denial gets you into a compliance mess.

Because the IRS rejected your late election, they put your business back to its original tax classification:
• Single-member LLCs revert to sole proprietorships (where owner W-2 paychecks aren't allowed).
• Incorporated entities revert to traditional C corporations.

Now, your accounting, payroll, and personal taxes are completely out of sync with what the IRS has on file.

To fix it, you have to compare the cost of fighting the rejection versus unwinding the mess.

𝗚𝗼𝘁 𝗮 𝗱𝗲𝗻𝗶𝗮𝗹 𝗻𝗼𝘁𝗶𝗰𝗲 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗜𝗥𝗦? Send it to us with your prior returns. We’ll calculate whether it makes more financial sense to fight for your S corp status or clean up the fallback classification.

10/06/2026

If a tax company makes this promise about clearing up your IRS debt, run the other way...

If you owe back taxes, there are ways to get real help. But dishonest companies will promise to get rid of your debt for “pennies on the dollar,” before even looking into your tax situation. They’ll often charge service fees without actually doing anything for you, and leave you further in the...

10/05/2026

𝗖𝗮𝗻 𝘆𝗼𝘂 𝗹𝗼𝘄𝗲𝗿 𝘆𝗼𝘂𝗿 𝘁𝗮𝘅𝗲𝘀 𝘄𝗶𝘁𝗵 𝗮 𝘀𝗲𝗹𝗳-𝗲𝗺𝗽𝗹𝗼𝘆𝗲𝗱 𝗿𝗲𝘁𝗶𝗿𝗲𝗺𝗲𝗻𝘁 𝗽𝗹𝗮𝗻?

Yes. Contributing pre-tax earnings to a Solo 401(k) or SEP IRA directly reduces your taxable income for the year.

Here's how those options compare:
• A Solo 401(k) lets you contribute as both employee 𝘢𝘯𝘥 employer. You can save a lot more, even if your profit is under $100,000.
• A SEP IRA is employer-funded only. It offers less contribution flexibility at lower income levels, but is easy to set up without much ongoing paperwork.

𝘐𝘮𝘱𝘰𝘳𝘵𝘢𝘯𝘵 𝘥𝘪𝘴𝘵𝘪𝘯𝘤𝘵𝘪𝘰𝘯: pre-tax retirement contributions can lower your federal and state income tax liability, but they don't reduce your 15.3% self-employment tax.

Unsure which plan gives you the biggest tax savings? Send us a message and we can help you calculate the best fit.

10/02/2026

𝗪𝗵𝗮𝘁 𝗰𝗮𝗻 𝗜 𝗱𝗲𝗱𝘂𝗰𝘁 𝗮𝘀 𝗮𝗻 𝗶𝗻𝗱𝗲𝗽𝗲𝗻𝗱𝗲𝗻𝘁 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁𝗼𝗿 𝘁𝗼 𝗹𝗼𝘄𝗲𝗿 𝗺𝘆 𝘁𝗮𝘅𝗮𝗯𝗹𝗲 𝗶𝗻𝗰𝗼𝗺𝗲?

You can deduct ordinary and necessary business expenses, which reduce your taxable net income dollar-for-dollar.

Some of the bigger deductions to check for include:
• Home office expenses
• Business mileage
• Self-employed health insurance premiums
• The business portion of your phone and internet
• Software, web hosting, cloud storage, and other business tools

But having the expense isn't always enough. You also need the records to back it up.

Vehicle mileage is a good example. An end-of-year estimate can put your entire mileage deduction at risk if you don't have a detailed log showing the dates, miles driven, and business purpose.

𝘋𝘰 𝘺𝘰𝘶 𝘬𝘦𝘦𝘱 𝘺𝘰𝘶𝘳 𝘦𝘹𝘱𝘦𝘯𝘴𝘦 𝘳𝘦𝘤𝘰𝘳𝘥𝘴 𝘢𝘴 𝘺𝘰𝘶 𝘨𝘰, 𝘰𝘳 𝘥𝘰 𝘺𝘰𝘶 𝘶𝘴𝘶𝘢𝘭𝘭𝘺 𝘩𝘢𝘷𝘦 𝘵𝘰 𝘳𝘦𝘤𝘰𝘯𝘴𝘵𝘳𝘶𝘤𝘵 𝘵𝘩𝘦𝘮 𝘢𝘵 𝘵𝘢𝘹 𝘵𝘪𝘮𝘦?

10/01/2026

𝗪𝗵𝗮𝘁 𝗰𝗮𝗻 𝗜 𝗱𝗼 𝘁𝗼 𝗺𝗮𝗸𝗲 𝗺𝘆 𝗯𝘂𝗱𝗴𝗲𝘁 𝗳𝗲𝗲𝗹 𝗹𝗲𝘀𝘀 𝘁𝗶𝗴𝗵𝘁?

Start with one small move:
• Cancel a subscription you forgot about.
• Sell something around the house you’re not using.
• Pick up a little extra work this month (and set aside part of what you earn for taxes).

If payments toward an IRS tax debt are stretching your budget, message us. We can review your payment options and see whether one fits your situation better.

09/30/2026

𝗪𝗶𝗹𝗹 𝗜 𝗵𝗮𝘃𝗲 𝘁𝗼 𝗮𝗺𝗲𝗻𝗱 𝗺𝘆 𝗽𝗲𝗿𝘀𝗼𝗻𝗮𝗹 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻 𝗶𝗳 𝗺𝘆 𝗹𝗮𝘁𝗲 𝗦 𝗰𝗼𝗿𝗽 𝗲𝗹𝗲𝗰𝘁𝗶𝗼𝗻 𝗴𝗲𝘁𝘀 𝗮𝗽𝗽𝗿𝗼𝘃𝗲𝗱?

It depends on how you reported the income on your personal return while the election was missing.

If you already filed your personal return consistently with S corp status, you generally don't need to amend it once the IRS grants retroactive approval.

But if you reported the income under a default entity status (like Schedule C) you will need to amend your personal return.

So, start by pulling your personal return and checking how the business income was reported. Then compare that with the S corp return and the effective date you're asking the IRS to recognize.

Comment 𝗙𝗜𝗫 below if you want us to step in and help you clear this up for your business.

09/29/2026

50+ and earned over $150K last year?

Your 401(k) catch-up contributions may now have to go into a Roth.

The Kiplinger Tax Letter Editor answers questions from Kiplinger readers on retirement plans and IRAs, plus a big change to 401(k) catch-up contributions.

09/28/2026

𝗗𝗼𝗲𝘀 𝗶𝘁 𝗺𝗮𝘁𝘁𝗲𝗿 𝗵𝗼𝘄 𝗜 𝘀𝗲𝗻𝗱 𝗺𝘆 𝗰𝗵𝗶𝗹𝗱 𝗺𝗼𝗻𝗲𝘆 𝗳𝗼𝗿 𝗮 𝗵𝗼𝘂𝘀𝗲 𝗱𝗼𝘄𝗻 𝗽𝗮𝘆𝗺𝗲𝗻𝘁?

Yes, how you transfer the down payment matters because the IRS and mortgage underwriters may want a clear paper trail showing where the funds came from. Informal transfers can create red flags and even stall the mortgage process while the source of the money is verified.

That means the gift amount you report to the lender should match the amount that actually leaves your account and reaches your child.

For a cleaner paper trail:
• Use a traceable wire transfer or cashier's check
• Save the bank statement or transfer record that shows the money leaving your account
• Make sure the gift amount listed on the lender paperwork matches the amount you actually transferred
• Avoid unverified cash or unstructured peer-to-peer transfers