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Myclevercpa Advising business owners to proactively reduce taxes, stay compliant, and make smarter financial decisions. PM me.

10/01/2026

🎁 Giving Money or Property? Know the Gift Tax Rules

For 2026, you can generally give up to $19,000 per recipient without using your federal lifetime gift and estate tax exemption.

Give more than $19,000? That doesn’t automatically mean you owe gift tax. You may need to file Form 709, and the excess may reduce your available $15 million federal lifetime exemption.

⚠️ State gift and estate tax rules may be different, so your state of residence matters.

💡 Plan before you give.

09/30/2026

🏥 Medical Expenses? Know the 7.5% Rule

You may be able to deduct qualified medical and dental expenses if you itemize—but only the portion that exceeds 7.5% of your adjusted gross income (AGI).

Example: AGI = $100,000
7.5% threshold = $7,500
Qualified expenses = $15,000
Potential deduction = $7,500

Prescription costs, certain insurance premiums, dental care and other qualified expenses may count.

💡 Keep your records. Don’t guess. Ask a Pro.

09/29/2026

🏠 Head of Household: Special Rule for Parents

Your parent doesn’t have to live with you for you to potentially qualify for Head of Household.

If you can claim your mother or father as a dependent and pay more than half the cost of keeping up their main home for the year, you may qualify—even if they live in their own home or certain care facilities.

💡 HOH can mean a higher standard deduction and more favorable tax brackets.

📊 Don’t guess. Ask a Pro.

09/28/2026

💰 EARNING OVER $200,000?

You may owe an extra 0.9% Additional Medicare Tax.

Thresholds:
Single/HOH: $200,000
Married Filing Jointly: $250,000
Married Filing Separately: $125,000

Example: Single taxpayer earns $250,000 → extra tax applies to $50,000 = $450.

Medicare tax has NO income ceiling.

📲 MyCleverCPA
Tax Planning • Tax Preparation • Accounting

Don’t guess. Ask a Pro.

09/24/2026

🎁 $15 MILLION LIFETIME ESTATE & GIFT TAX EXEMPTION

For 2026, the federal basic exclusion amount is $15 million per individual. It applies to taxable lifetime gifts and transfers at death.
For married couples, proper planning and portability may allow substantially more to pass without federal estate or gift tax. 💰

⚠️ This is separate from the $19,000 annual gift exclusion.
🎯 Build wealth. Plan the transfer.

09/23/2026

💰 HSA: MORE THAN JUST A HEALTH ACCOUNT

A Health Savings Account can offer a powerful triple tax advantage:
✅ Contributions may be tax-deductible or pre-tax
✅ Earnings can grow tax-free
✅ Qualified medical withdrawals are tax-free

And unlike an FSA, unused HSA money can generally roll over year after year. 📈

⚠️ You must meet HSA eligibility requirements to contribute.
🎯 Save for healthcare. Plan for taxes. Build for the future.

09/20/2026

🏛️ STARTING A NONPROFIT? START IT RIGHT.

A great mission needs the right legal and tax foundation.

Creating a nonprofit may involve:
✅ Nonprofit corporation formation
✅ EIN registration
✅ IRS 501(c)(3) application
✅ State registrations
✅ Accounting & bookkeeping setup
✅ Ongoing tax and compliance filings

Getting tax-exempt status is only the beginning.

🎯 Build the organization correctly from day one.

09/19/2026

📄 1099 REPORTING RULES CHANGED FOR 2026!

The reporting threshold for certain payments reported on Forms 1099-NEC and 1099-MISC has increased:
2025 ➡️ $600
2026 ➡️ $2,000
Future years ➡️ $2,000, adjusted for inflation

⚠️ IMPORTANT: $2,000 is a reporting threshold—not a tax-free amount. Taxable income generally must still be reported even if you don’t receive a 1099.

🎯 No 1099 doesn’t mean no tax.

09/18/2026

💰 SELF-EMPLOYED? AVOID THIS IRS TAX PENALTY!

You may avoid an estimated tax underpayment penalty by paying at least 90% of your current-year tax OR 100% of your prior-year tax. For higher-income taxpayers, the prior-year threshold is generally 110%. 📊
Income varies during the year? The annualized income method may also help reduce the penalty.

🎯 Plan your payments—not your penalties.

09/15/2026

🏢 CLOSING YOUR CORPORATION? DON’T JUST STOP OPERATING.

Closing the doors doesn’t automatically dissolve a corporation. You may need to formally dissolve the entity, file final federal and state tax returns, address payroll and sales tax accounts, pay outstanding taxes, and close applicable registrations. 📋

Simply abandoning a corporation can leave compliance issues behind.

✅ Close the business properly.
🎯 Stop Guessing. Start Planning.

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30 Lincoln Street
Sag Harbor, NY
11963

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