Infinity Tax & Financial Services

10/29/2026

Reconciling the bank account is important, but it does not mean the month is fully closed. A transaction can clear the bank and still be categorized incorrectly, duplicated, or recorded in the wrong period.
A month-end close reviews the supporting documents, reconciles bank and credit-card accounts, checks payroll and loan balances, clears uncategorized activity, and looks for unusual amounts on the profit and loss statement and balance sheet. The process can also catch personal charges, unapplied customer payments, processor fees, and owner transactions before they become a year-end cleanup project.

The bottom line is that a reliable monthly close gives the owner financial reports that are useful for decisions, cash-flow planning, and tax preparation.

https://www.infinityta.com/bookkeeping-services

10/23/2026

If your business pays contractors, check whether you have the completed W-9s you need before the year-end rush.

The form provides the legal name, taxpayer identification number and tax classification used to help prepare information returns.

Request missing forms securely and review them for completeness. A W-9 does not establish that someone is properly classified as a contractor.

A little organization now can make your reporting work easier later.

10/22/2026

Using the business account for a personal purchase does not turn that purchase into a business expense. The transaction still needs to appear in the books so the bank account reconciles, but it may need to be recorded as an owner draw, shareholder distribution, employee repayment, or another owner-related transaction.

A reimbursement is different. When an owner or employee pays a legitimate business cost personally, keep the receipt, document the business purpose, and record the reimbursement so the expense is not entered twice. The correct treatment also depends on whether the business is a sole proprietorship, partnership, or corporation.

The bottom line is that money leaving the business is not always an expense. A monthly review of owner payments and personal charges can keep the profit and loss statement accurate and prevent a difficult cleanup at tax time.
https://www.infinityta.com/bookkeeping-services

Get reliable bookkeeping services in Houston, Sugar Land, and Clear Lake, TX. Choose monthly, catch-up, virtual, and restaurant bookkeeping for small businesses.

10/21/2026

Two bookkeeping quotes can cover very different amounts of work.

Ask whether monthly reconciliation and financial reports are included. Find out how questions are handled and whether cleanup, payroll support or additional accounts cost extra.

Truck drivers should also ask whether the bookkeeper understands the records and expenses involved in a trucking business.

Choose a service you understand and can use. Contact Infinity if you would like to discuss your bookkeeping needs.

10/19/2026

For qualifying contractor payments made during 2026, the general Form 1099-NEC reporting threshold increased from $600 to $2,000 per payee for the year.

Exceptions still apply, and payment method and payee classification can affect reporting. A reporting threshold also does not determine whether income is taxable.

Keep your contractor records and payment totals current. Before deciding that a form is unnecessary, review the specific requirements with your tax professional.

Save this reminder for your year-end review.

10/16/2026

If you still have an unfiled return, waiting until you can pay the entire tax bill can make the situation more expensive.

Filing and paying are separate obligations. Get the return filed, pay what you can and explore the IRS payment options that may fit your situation. Interest and applicable penalties can continue on the unpaid balance.

If you are unsure where to start, reach out to Infinity. We can help you understand which records and next steps need attention.

10/15/2026

Self-employed and using a vehicle for business? You may be able to calculate eligible vehicle expenses with the standard mileage rate or the actual-expense method.

For 2026, the business mileage rate is 72.5 cents per mile from January 1 through June 30 and 76 cents per mile from July 1 through December 31. Keep those periods separate in your mileage records.

Actual expenses may include the business share of eligible fuel, insurance, repairs, registration, lease costs, or depreciation. Standard mileage can be simpler, but it still requires a timely mileage log. Business parking and tolls may generally be added separately.

The larger number is not the only consideration. Rules for owned and leased vehicles, prior depreciation choices, business-use percentage, and commuting can affect what you are allowed to claim now and later.

Before filing, compare both methods and review the history of the vehicle with a tax professional.

10/14/2026

You should understand what you are agreeing to when you hire someone to prepare your taxes.

Ask what documents are needed, how to provide them securely, how you will communicate and what the quoted fee includes. Leave room to review your return and ask questions before authorizing filing.

Clear expectations help both you and your preparer. If you are looking for tax preparation support, contact Infinity at infinityta.com.

10/13/2026

Fuel receipts in the console, toll charges in an online account, and repair invoices in three different inboxes can create a frustrating month-end cleanup.

A simple system can help:

1. Send every vehicle document to one digital inbox.
2. Label it with the date, vehicle, amount, category, and business purpose.
3. Review and match transactions once a week.
4. Reconcile fuel cards, toll accounts, bank activity, and carrier settlements each month.

Keep the full repair invoice, not only the card slip. If you manage more than one vehicle, use the same unit number on every record. And remember that a bank transaction shows payment, but it may not show what was purchased or why it was business-related.

Need a cleaner process for your vehicle expenses? Infinity Tax & Financial Services can help you build bookkeeping habits that fit your business.

10/12/2026

Connecting your bank account to bookkeeping software is a helpful starting point.
-The transactions still need to be reviewed.
-A purchase can appear twice if it was entered manually and then imported. A payment can also be recorded separately when it should have been matched to an existing entry.

Before changing anything, compare the amount, date and payee. Be especially careful with transactions from a reconciled period.

If the numbers do not look right, Infinity can help you review what is happening.