Albright & Associates, Ltd.

Teachers and other educators often spend their own money on books, supplies, equipment and other classroom needs. For 2026, eligible educators may have two ways to deduct qualifying unreimbursed expenses: A deduction of up to $350 is available whether or not they itemize, and a new deduction with no dollar cap is available to itemizers. Educators eligible for both deductions can first claim the above-the-line deduction and reap the benefits of reducing their adjusted gross income and, if they have eligible expenses in excess of $350, claim the itemized deduction for those excess expenses. (Educators can’t claim both deductions for the same expenses.) Contact us to see if you may be eligible.

Does your business need to report deferred taxes? These accounting rules generally apply to businesses subject to entity-level income taxes that prepare GAAP financial statements. Deferred taxes often arise when income is recognized differently for book and tax purposes. Under GAAP, deferred tax assets are recorded for expected future tax benefits from deductible temporary differences and from carryforwards related to capital losses, net operating losses or tax credits. Conversely, deferred tax liabilities reflect the expected future tax effects of taxable temporary differences. Contact us for help accounting for deferred taxes and interpreting their effects on your financial statements.

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34 things to do in Reno-Tahoe during Labor Day week

34 things to do in Reno-Tahoe during Labor Day week Nugget Rib Cook-Off, Numaga Days, Nevada football, Diana Ross and Civil War battle trains — there's tons to do during Labor Day week in Reno-Tahoe.

Accurate bookkeeping starts with understanding how debits and credits work. Under double-entry accounting, total debits must equal total credits. Assets, liabilities, equity, revenue and expenses each follow specific debit and credit rules. These entries ultimately flow into your business’s balance sheet, income statement and statement of cash flows. Accounting software can automate many bookkeeping tasks, but it can’t always determine how to record and classify transactions properly. If you have bookkeeping questions, contact us. We can help you maintain accurate, up-to-date financial records and produce reliable financial statements.

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For five decades, we’ve been counting what matters... numbers, milestones, relationships, and the success stories of our clients.

While the tools have changed over the years, our commitment to exceptional service has remained the same.

Thank you, Reno, for trusting us for 50 incredible years.

Sole proprietors: Are you on top of your federal tax obligations? Even if your business is small, tax compliance and planning are a big deal.

In addition to reporting business income and expenses, you may owe self-employment tax and need to make quarterly estimated payments. You might also need an employer identification number (for example, if you hire employees). State and local income, sales, payroll, and other tax requirements may apply, too. Careful planning can help you maximize deductions and choose the right retirement plan for your situation.

Contact us to learn more about the tax aspects of being a sole proprietor, including the reporting and recordkeeping requirements.

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For 50 years, we’ve been more than accountants, we’ve been trusted advisors, problem-solvers, and partners to Northern Nevada businesses and families.

As we celebrate this milestone, we’re grateful for every client, every relationship, and every year that brought us here.

Here’s to 50 Years & Counting… and many more years of helping our community grow.

Capital investments might be on your radar as you consider year-end tax strategies or begin developing your 2027 budget. You may identify several promising opportunities, such as buying equipment, upgrading technology or launching a new product. Which projects do you have the cash flow, financing and staffing capacity to pursue today — and which ones can wait? A comprehensive financial analysis can enable you to make the best use of available resources. We can help you develop realistic financial projections and evaluate alternatives with capital budgeting tools, such as payback period, net present value and internal rate of return. Contact us for guidance on making smarter investment decisions.

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Your employees use Form W-4, “Employee’s Withholding Certificate,” to tell you how much federal income tax to withhold from their pay. Most forms are routine, but an altered certificate, unusual accompanying statement or IRS lock-in letter may require special handling.

Employers generally aren’t responsible for verifying the information employees provide on W-4 forms. However, you must reject invalid forms, apply proper withholding rules when no valid form is on file and follow IRS withholding instructions. Reviewing your payroll procedures now can help prevent costly errors. Contact us for guidance on W-4 compliance and other payroll withholding issues.

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