AMC Tax Services

If your business made a profit, you may have heard that business owners can deduct up to 20% of qualified business income.

This is known as the Qualified Business Income deduction, or QBI deduction. It can apply to eligible owners of sole proprietorships, partnerships, S corporations, and certain other pass-through businesses.

But it is not automatically 20% of your sales or total profit. The amount can depend on your taxable income, the type of business, wages paid by the business, qualified property, and other IRS limitations.

The key lesson: making a profit does not automatically mean you get a 20% deduction. Your business and tax situation have to meet the rules that apply to the QBI deduction.

Moving crypto between wallets you own is generally not a taxable event by itself, but poor records can make tax reporting much more complicated later. The IRS says transfers between your own wallets are generally non-taxable, except for digital assets used or withheld to pay transaction fees.

With brokers now using Form 1099-DA to report certain digital asset transactions, keeping track of where your crypto came from, your cost basis, and which wallet actually owns the assets is becoming even more important. Brokers report digital asset proceeds on Form 1099-DA, and for certain 2026 transactions they may also report basis information.

The key lesson: a transfer may not create a tax bill, but missing records can create confusion when it’s time to report a later sale.

If you have questions about crypto taxes or want us to explain more about Form 1099-DA, leave a comment below and tell us what you want to learn about.

Prepararte para los impuestos no debería empezar cuando ya llegó la fecha límite.

Desde organizar tus documentos y llevar un mejor control de tus ingresos y gastos, hasta revisar cambios importantes durante el año, cada paso puede ayudarte a llegar a la temporada de impuestos con menos estrés y más claridad.

La idea es simple: mantenerte organizado, entender tus números y prepararte con tiempo puede hacer una gran diferencia cuando llegue el momento de presentar tu declaración.

If you’re paying for college, don’t overlook the American Opportunity Tax Credit.

Eligible students may qualify for a tax credit of up to $2,500 for qualified tuition, required fees, and certain course materials. It’s important to say “up to $2,500 credit” rather than “$2,500 back,” because the amount you actually benefit from depends on your tax situation. Up to $1,000 of the credit may be refundable.

Eligibility also depends on requirements such as enrollment status, years of higher education completed, income, and other IRS rules.

The lesson: college expenses may provide a tax benefit, but make sure you understand which education credit you actually qualify for.

Keeping receipts is important, but a receipt by itself does not automatically make an expense deductible.

For a business expense to potentially qualify, it generally needs to be connected to the business and properly documented. The receipt shows that money was spent, but you may also need to know what was purchased, why it was for the business, and how it relates to the work you do.

The key lesson: keep the receipt, but also keep the business purpose. Good records make it much easier to understand which expenses may actually belong on your tax return.

Contribution limits, income thresholds, deduction limits, filing deadlines, and other tax amounts can change from year to year. Knowing the numbers that apply to your situation can help you plan ahead instead of discovering them when it’s already time to file.

The important lesson: don’t rely on last year’s limits or something you heard online. Check the current rules and understand which numbers actually apply to you.

Health Savings Accounts can offer valuable tax advantages, but the rules matter.

Your eligibility can depend on the type of health coverage you have, and contribution limits can change from year to year. That’s why it’s important to understand how your HSA works before making contributions.

The main takeaway: an HSA can be a useful tool for medical expenses and tax planning, but it should be used correctly based on your individual situation.

If you use a Health Savings Account, the contribution limits increased for 2026.

For eligible individuals with self-only high-deductible health plan coverage, the 2026 HSA contribution limit is $4,400.

For eligible individuals with family coverage, the limit is $8,750.

HSAs can be a useful way to set aside money for qualified medical expenses while receiving potential tax benefits, but eligibility depends on your health coverage and other requirements.

The main takeaway: know your 2026 HSA limit so you can plan your contributions correctly throughout the year.

Tax responsibilities don’t stop when filing season ends.

Business owners may still need to stay on top of estimated tax payments, bookkeeping, payroll, tax planning, and important IRS notices throughout the year.

Waiting until the next filing deadline can make small issues harder to fix and can leave you with less time to prepare.

The key lesson is simple: taxes are easier to manage when your records, payments, and deadlines are handled year-round—not just when it’s time to file.

Your tax situation can change during the year—even if your paycheck looks the same.

Having a child, starting a side business, earning additional income, changing jobs, getting married, or other major life changes can affect how much tax you may owe or how much should be withheld from your paycheck.

That’s why it’s a good idea to review your tax withholding during the year instead of waiting until tax season to find out whether enough was taken out.

The lesson: when your income or your life changes, your tax situation may change too. Reviewing it early can help you plan ahead and avoid surprises when you file.