Buban Bookkeeping

09/14/2026

09/07/2026

📣 Did you know there’s a NEW tax deduction for seniors that started in tax year 2025? 💰

If you are 65 or older, you may be eligible for an additional deduction of up to $6,000 on your federal tax return. If you’re married and both spouses qualify, that could be up to $12,000! 💵🎉

Here are a few important points to know: 👇

🔹 This is in addition to the existing additional standard deduction for seniors.

🔹 It applies for tax years 2025 through 2028. 📅

🔹 The deduction is available whether you take the standard deduction or itemize.

🔹 The deduction begins to phase out when modified adjusted gross income (MAGI) is above $75,000 for single filers or $150,000 for married couples filing jointly, and is completely phased out at $175,000 for single filers or $250,000 for married couples filing jointly.

👵👴 So if you’re 65+ or helping a parent or loved one with their taxes, don’t forget about this! ❤️

08/28/2026

🚨 Big News for Business Owners: The 1099 Reporting Threshold is Increasing! 🚨

One of the changes in 2026 is an increase to the federal reporting threshold for Forms 1099-NEC and 1099-MISC.

✅ Current Rule: Businesses generally issue a 1099 when they pay an independent contractor or vendor $600 or more during the year.

✅ New Rule (Beginning with payments made in 2026): The reporting threshold increases to $2,000, with future inflation adjustments beginning in 2027.

What does this mean?
• Fewer 1099s may need to be issued for smaller payments.
• Businesses will still need to keep accurate records of all business expenses.
• This does NOT mean income under $2,000 is tax-free. Contractors and self-employed individuals are still required to report all taxable income, whether they receive a 1099 or not.

⚠️ Remember: This change applies to payments made in 2026 (reported in early 2027). The $600 threshold still applies to 2025 payments.

Follow for Bookkeeping & Tax Tips

08/17/2026

🚗 The "Trade-In Every Year and Write It Off" Myth 💵

We hear this all the time:

"I'll just keep trading in my truck every year, take Section 179 and/or bonus depreciation, and write off the whole thing."

Not so fast.

Here's what many people don't realize: depreciation recapture is real.

When you elect Section 179 or bonus depreciation, you may reduce your vehicle's tax basis to $0 in the first year.

Later, when you sell or trade that vehicle, the IRS generally uses the amount you receive for it (such as the trade-in allowance or fair market value) to determine your gain. Because your basis may be $0, all of that gain may be depreciation recapture.

And here's the part that catches many people off guard: depreciation recapture is generally taxed at ordinary income tax rates, not the lower long-term capital gains rates.

Section 179 and bonus depreciation are powerful tax planning tools, but they aren't a loophole that lets you trade vehicles every few years without future tax consequences.

The best tax strategy isn't chasing the biggest deduction today—it's understanding the entire tax impact from the day you buy the asset until the day you dispose of it.

Before you trade in that next vehicle because someone said it's a "write-off," make sure you understand the tax consequences. A large deduction today can create taxable ordinary income later.

Have you heard someone say, "Just keep getting new trucks and writing them off"? Let us know in the comments. 👇

08/07/2026

🚨 BIG CHARITABLE GIVING TAX CHANGE FOR 2026! 🚨

Taxpayers who take the STANDARD DEDUCTION now get a tax benefit for cash charitable donations! 🙌💰

Starting in 2026, cash donations to qualified charities are deductible above the line:

💵 Up to $1,000 for individual filers
💵 Up to $2,000 for married filing jointly

That means you DON’T have to itemize to receive a charitable contribution deduction! 🎉

❤️ Give to causes you care about.
🧾 Keep your donation receipts.
💰 And don't miss a deduction you qualify for!

✨ A little planning now can make a difference when tax time rolls around! Know the changes, keep good records, and make sure you're taking advantage of the tax benefits available to you. 💵

Follow for Bookkeeping & Tax Tips

08/03/2026

Classes start in 7 days, so let's meet an incoming 1L!

Connor Buban is fascinated with law and has wanted to become an attorney for a long time!

Personal Motto: "You only live once, so do as much with your life as you can." -Buban

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