DiPietro & Thornton

Navigating tax law can be complex. But you don’t have to do it alone. Whether you’re filing as an individual taxpayer or running a business, we can provide solutions tailored to you. Contact us at (775) 825-1040 for help ensuring tax compliance and maximizing tax savings.

The chart of accounts is the foundation of a company’s bookkeeping. It organizes every dollar that comes in or goes out. But if your chart is cluttered, inconsistent or poorly structured, your financial reports will be, too. Clear account groupings, consistent labels and alignment with your reporting goals are essential for meaningful financial insights. Contact us at (775) 825-1040 to help design a chart of accounts tailored to your business. We’ll make it detailed enough to guide decision-making, but simple enough to stay manageable.

A qualified personal residence trust (QPRT) allows you to give your home to your children today while enjoying the right to live there for a set number of years. The home is removed from your taxable estate at a reduced value for gift tax purposes (provided you survive the trust’s term). At the end of the term, your beneficiaries own the home. You may continue to live there beyond the end of the term if the trustees or owners agree and you pay fair market rent. Contact us at (775) 825-1040 with questions about QPRTs or other estate planning ideas for reducing taxes.

The new tax law introduced deductions for qualified tips and qualified overtime compensation. Specifically, for 2025 through 2028, it creates a deduction of up to $25,000 for tips income in certain industries. It also creates a deduction of up to $12,500 ($25,000 for joint filers) for qualified overtime pay. Because employers and payors may not yet have adequate procedures to comply with the new rules, the IRS has designated 2025 as a transition period and is providing penalty relief. Notice 2025-62 offers relief to employers and payors for not filing correct information returns and not providing correct payee statements to employees and other payees. For more information, call us at (775) 825-1040.

Accurate financial records are essential for your company’s success. However, many small business owners struggle with accounting and bookkeeping tasks. You can count on us to handle these chores for you. Call us at (775) 825-1040 to schedule a consultation.

If you have a health care FSA, you may need to use your 2025 balance by Dec. 31 or lose it. But some FSAs offer a 2 1/2-month grace period or let you roll over up to $660 for use in 2026. Check with your employer to see what your FSA allows. We can answer questions about what expenses can be paid or reimbursed by your FSA and help you determine whether there are additional year-end tax planning steps you can take related to health care expenses. Call us at (775) 825-1040.

Severe weather and other threats to a business’s ability to operate can occur at any time. Although you can’t foresee every disaster, you can put together a comprehensive business continuity plan that addresses most potential threats. If you don’t have a plan in place, implement basic protections immediately, such as an evacuation strategy and insurance. But, from there, take your time to get it right. Contact us at (775) 825-1040 for help identifying and managing the costs associated with a business continuity plan.

The Social Security Administration said that Social Security benefits for 2026, including Old-Age, Survivors, and Disability Insurance (OASDI), and Supplemental Security Income (SSI) payments, will increase 2.8%. These changes reflect cost-of-living adjustments based on inflation. Social Security retirement benefits will increase by about $56 per month on average starting in January. Increased payments to SSI recipients will begin on Dec. 31, 2025. (Note: Some people receive both Social Security benefits and SSI.) The maximum earnings subject to Social Security tax (the so-called “wage base”) will increase $8,400, from $176,100 to $184,500. Have questions about the Social Security tax? Call us at (775) 825-1040.

Like race car drivers, business owners need to keep their eyes on certain gauges as they look to outpace the competition. Another term for such gauges is key performance indicators (KPIs). These measurements allow you to track your business’s performance in a wide variety of contexts. We can help you choose the optimal KPIs for your operations and strategic goals. Please contact us at (775) 825-1040.

The One Big Beautiful Bill Act permanently increases the federal gift and estate tax exemption amount to $15 million ($30 million for married couples) beginning in 2026. The amount will continue to be adjusted annually for inflation. The estate tax rate remains at 40%, and the generation-skipping transfer (GST) tax exemption will match the increased estate and gift tax exemption. If your estate exceeds, or is expected to exceed, the exemption amount, implement planning techniques today that can help you reduce or avoid gift and estate taxes in the future. Contact us at (775) 825-1040 for assistance.