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Elm Tax & Advisory, LLC

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Pembroke, MA
Elm Tax & Advisory, LLC

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No annoying tax professional lingo. Just straight, authoritative and friendly advice. Visit us: www.elmtaxadvisory.com
Or give us a call: (781) 795-9536 Our goal?

At Elm Tax & Advisory, LLC, we’re more than just number crunchers—we’re your trusted financial partner. Based in Massachusetts and woman-owned, our firm is dedicated to helping small business owners simplify their finances, minimize taxes, and make confident decisions year-round. We specialize in tax preparation, tax planning, bookkeeping, and advisory services tailored to entrepreneurs and growing businesses. Whether you're launching your first venture or scaling your operations, we’re here to make the financial side of things less overwhelming and more empowering. With a friendly approach and a deep understanding of the real challenges small businesses face, we break down complex financial concepts so they're clear and easy to understand. To help you understand your numbers, stay compliant, and focus on what you do best—running your business.

09/30/2026

𝗪𝗵𝗲𝗻 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝘀𝘁𝗮𝗿𝘁 𝗰𝗹𝗲𝗮𝗻𝗶𝗻𝗴 𝘂𝗽 𝗺𝘆 𝗽𝗮𝘆𝗿𝗼𝗹𝗹 𝗿𝗲𝗰𝗼𝗿𝗱𝘀 𝗳𝗼𝗿 𝘆𝗲𝗮𝗿-𝗲𝗻𝗱?

You should start reviewing your payroll records before Q3 closes so that you have time to catch problems while you can still address them.

A few things to check now:
1. Do your payroll reports match your general ledger?
2. Are any manual or voided checks creating discrepancies?
3. Do you have the right information on file for your contractors?
4. Are your payroll wage categories recorded correctly?

You have a three-month buffer to get those records cleaned up before December 31.

And if you want help reviewing the numbers, don’t hesitate to reach out (especially before Q4 gets too far along).

09/29/2026

It's easy to look at AI as the solution to your problems. But what it really does is magnify the problem areas that exist in your company already.

There are some key questions mentioned here that would be good for you to consider for your own business when incorporating AI.

https://www.inc.com/adam-povlitz/ai-wont-fix-a-business-that-wasnt-working-before-ai/91407235

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

09/25/2026

https://www.wsj.com/business/autos/gm-to-produce-patriot-missile-parts-as-u-s-faces-critical-arms-shortage-c0f94101

If GM can turn assembly lines into missile production, you can definitely launch that new product line you've been putting off.

And just like GM, you can write off 100% of your new equipment in Year 1 using Section 179.

If you're adding a new revenue line before year-end and want guidance on how to structure it right, DM us.

09/24/2026

𝗗𝗼 𝗜 𝗵𝗮𝘃𝗲 𝘁𝗼 𝗺𝗮𝗸𝗲 𝗾𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝘁𝗮𝘅 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗻𝗼𝘄 𝘁𝗵𝗮𝘁 𝗜 𝗼𝘄𝗻 𝗮 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Unless your business is a tax-exempt 501(c)(3) or you expect to owe under $1,000 in total tax, you are required to make quarterly estimated tax payments to the IRS.

This estimate covers income tax you'll owe as well as the 15.3% self-employment tax that you also must cover.

To stay ahead of your deadlines, open a separate tax savings account and automatically transfer 25% to 30% of your net profits into it.

That way, the money is already set aside when payment time comes.

09/23/2026

𝗪𝗶𝗹𝗹 𝗺𝘆 𝗰𝗵𝗶𝗹𝗱 𝗵𝗮𝘃𝗲 𝘁𝗼 𝗽𝗮𝘆 𝘁𝗮𝘅𝗲𝘀 𝗶𝗳 𝗜 𝗴𝗶𝘃𝗲 𝘁𝗵𝗲𝗺 𝗺𝗼𝗻𝗲𝘆 𝗳𝗼𝗿 𝗮 𝗵𝗼𝘂𝘀𝗲 𝗱𝗼𝘄𝗻 𝗽𝗮𝘆𝗺𝗲𝗻𝘁?

If you give your adult child money toward a down payment, they won't have to treat that gift as taxable income.

They don't report the money on their 1040, and they won't owe standard income tax or capital gains tax on those funds.

Gift tax rules apply to you, the person giving the money. And for 2026, you can give your child up to $19,000 without having to report the transfer to the IRS or use any of your lifetime exemption.

If you're married, you and your spouse can combine your individual annual exclusions to give one child up to $38,000.

𝘛𝘩𝘪𝘯𝘬𝘪𝘯𝘨 𝘢𝘣𝘰𝘶𝘵 𝘩𝘦𝘭𝘱𝘪𝘯𝘨 𝘺𝘰𝘶𝘳 𝘤𝘩𝘪𝘭𝘥 𝘸𝘪𝘵𝘩 𝘢 𝘥𝘰𝘸𝘯 𝘱𝘢𝘺𝘮𝘦𝘯𝘵? 𝘞𝘩𝘢𝘵 𝘸𝘰𝘶𝘭𝘥 𝘺𝘰𝘶 𝘸𝘢𝘯𝘵 𝘵𝘰 𝘬𝘯𝘰𝘸 𝘣𝘦𝘧𝘰𝘳𝘦 𝘺𝘰𝘶 𝘮𝘰𝘷𝘦 𝘵𝘩𝘦 𝘮𝘰𝘯𝘦𝘺?

09/22/2026

𝗖𝗮𝗻 𝗜 𝗱𝗲𝗱𝘂𝗰𝘁 𝗲𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝗜 𝘀𝗽𝗲𝗻𝘁 𝗴𝗲𝘁𝘁𝗶𝗻𝗴 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘀𝘁𝗮𝗿𝘁𝗲𝗱?

No, not every dollar you spend before opening your business gets treated the same way, because the timing of those expenses matters.

Money you spend before your business officially opens can count as startup costs. Think about expenses like:
• Market research
• Advertising your grand opening
• Travel to secure suppliers
• Employee training before day one
• Legal or professional fees related to starting the business

You can write off up to $5,000 of qualifying startup costs in your first active tax year. If your startup costs exceed $50,000, your immediate write-off loses $1 in value for every extra $1 you spend and drops to zero if you pass $55,000.

And any remaining costs over the initial deduction limit have to be spread out over 15 years.

𝘞𝘩𝘪𝘤𝘩 𝘴𝘵𝘢𝘳𝘵𝘶𝘱 𝘦𝘹𝘱𝘦𝘯𝘴𝘦 𝘥𝘰 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘰𝘸𝘯𝘦𝘳𝘴 𝘨𝘦𝘵 𝘴𝘶𝘳𝘱𝘳𝘪𝘴𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘮𝘰𝘴𝘵?

09/21/2026

𝗪𝗵𝗮𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗲𝗰𝗼𝗿𝗱𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝗮𝗹𝘄𝗮𝘆𝘀 𝗵𝗮𝘃𝗲 𝗯𝗮𝗰𝗸𝗲𝗱 𝘂𝗽?

Make sure you have electronic copies of your...
• 3 to 7 years of tax returns
• Recent bank and investment statements
• Insurance summary pages (auto, home, health, life)
• Property deeds, car titles, and leases
• Basic business records (LLC setup files and contracts)

Tracking down lost copies can easily take 8 to 15 hours of phone calls and waiting on hold... which is the last thing you need during an emergency.

September goal: Spend 30 minutes this week downloading or scanning these files, and save them in one secure spot. Make sure you can access them even if your phone or laptop dies.

09/18/2026

𝗦𝗵𝗼𝘂𝗹𝗱 𝗜 𝘀𝘁𝗶𝗹𝗹 𝗳𝗶𝗹𝗲 𝗺𝘆 𝘁𝗮𝘅 𝗿𝗲𝘁𝘂𝗿𝗻 𝗯𝘆 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟭𝟱 𝗶𝗳 𝗜 𝗰𝗮𝗻’𝘁 𝗮𝗳𝗳𝗼𝗿𝗱 𝘁𝗼 𝗽𝗮𝘆 𝘄𝗵𝗮𝘁 𝗜 𝗼𝘄𝗲?

Yes, you should still file your tax return by October 15, even if you can’t afford to pay the full amount you owe.

Filing and paying are two different issues, and missing the filing deadline can make an already difficult tax bill more expensive.

After the deadline, the failure-to-file penalty is 5% of your unpaid tax for each month or partial month your return is late, up to 25%.

The failure-to-pay penalty is much lower at 0.5% per month, also capped at 25%.

So if you can’t pay the full balance, file the return on time anyway.

Then we can help you look at your payment options. The IRS offers short-term plans of up to 180 days, and taxpayers who owe under $50,000 are often able to set up a monthly installment agreement online.

09/17/2026

𝗪𝗵𝗮𝘁 𝘁𝗮𝘅 𝗱𝗼 𝗜 𝗽𝗮𝘆 𝘄𝗵𝗲𝗻 𝗜 𝘀𝗲𝗹𝗹 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

What you’ll owe in taxes depends on how the sale is structured and exactly what the buyer is purchasing.

If you sell ownership shares or goodwill, some of the proceeds may be taxed at long-term capital gains rates.

But money tied to inventory, accounts receivable, or depreciation recapture can be taxed as ordinary income instead. And if you own a C corp, an asset sale can trigger tax at both the corporate and personal level.

So if you’re discussing a sale, don’t just ask, “What’s the offer?”

Find out whether the buyer is proposing an asset sale or stock sale, and how much of the purchase price will be assigned to things like goodwill, equipment, inventory, and receivables.

If you’re still 12 to 36 months away from selling, that’s also the time to review your entity structure. Once you’ve signed a letter of intent, your tax options can become much more limited.

Address

Pembroke, MA
02359

Opening Hours

Monday	9am - 4pm
Tuesday	9am - 4pm
Wednesday	9am - 4pm
Thursday	9am - 4pm
Friday	9am - 4pm

Telephone

+17817959536

Website

http://www.elmtaxadvisory.com/

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