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Michael S Jones, CPA LLC

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Michael S Jones, CPA LLC

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10/20/2026

As the year draws to a close, your employer’s 401(k) plan may offer an opportunity to reduce your 2026 income taxes. If you haven’t been contributing, it may not be too late to start. And if you’re already contributing, increasing the amount you contribute from each paycheck before year end could boost your 2026 tax savings. If your employer matches contributions, try to contribute at least enough to receive the maximum match. Otherwise, you’ll lose out on free money! Check with your employer about deadlines and available options. We can help you evaluate the tax implications and determine whether increasing your contributions makes sense for your situation.

10/19/2026

The IRS recently announced special per diem travel rates that are effective from Oct. 1, 2026, through Sept. 30, 2027. Under the simplified high-low method, employers can use two per diem rates to reimburse employees for lodging, meals and incidental expenses for business travel within the continental U.S. The new rate is $329 for high-cost localities and $230 for all other areas. In some locations, the high-cost rate applies only for certain periods of the year. The high-low method can simplify expense reimbursements and reduce paperwork, but you must follow specific IRS rules and restrictions. Contact us to help determine whether this method is right for your business.

10/14/2026

Are you separating or divorcing this year? Decisions made before your divorce is finalized can affect your 2026 income tax liability and your tax situation in future years. Some of the most critical tax issues to consider as you work through a separation or divorce are related to: 1) tax filing status and, if you have dependent children, who’ll claim them for tax purposes, 2) support payments, 3) home ownership, 4) retirement accounts, and 5) business interests. We can help you evaluate the tax consequences of your separation or divorce so you can make informed decisions before year end. Contact us to get started.

10/12/2026

It’s time to address year-end tax planning, especially if your business is booming. Start by projecting your 2026 tax obligation and assessing whether estimated payments made throughout the year are sufficient. You may need to adjust your fourth payment to potentially avoid (or minimize) underpayment penalties.

Also consider tax-reduction strategies, such as timing revenue and expenses, taking advantage of the qualified business income deduction, contributing to a retirement plan and leveraging first-year depreciation write-offs for eligible asset purchases.

These moves require careful coordination, so contact us to explore your options. We can help develop a plan tailored to your situation.

10/06/2026

Retirement is far from most teenagers’ minds when they get their first jobs. But those early earnings create a significant tax-advantaged savings opportunity. Even modest IRA contributions now can substantially multiply over time. For example, just $2,000 contributed to an IRA earning 5% annually will grow to nearly $23,000 50 years later. A Roth IRA can be especially powerful because qualified distributions will be tax-free. For 2026, the annual contribution limit for IRAs is the lesser of taxable compensation or $7,500. 2026 contributions can be made until April 15, 2027, but the income to support them must be earned by Dec. 31, 2026. Contact us to discuss tax-smart planning for your teen.

10/05/2026

Business owners often have more complex tax situations that can trigger an IRS audit. The good news is that with proper preparation, detailed records and professional guidance, you can make the process far less stressful.

Some returns may be selected randomly, but the IRS also has some audit hot buttons. Examples include significant differences between current and prior-year returns, repeated business losses, profit margins and expenses that differ substantially from similar businesses, and mathematical errors.

If you receive an IRS notice, don’t panic; contact us immediately. We can help you understand the issues, gather the needed documents and respond to the inquiries effectively.

09/29/2026

Watch out for the growing reach of the 3.8% net investment income tax (NIIT). The income thresholds haven’t changed since the tax took effect in 2013, so it’s hitting more taxpayers. If you have net investment income (NII) and your 2026 modified adjusted gross income (MAGI) exceeds $200,000 ($250,000 if you’re married and file jointly, half that if you file separately), you’ll be subject to the NIIT on the lesser of your NII or the amount by which your MAGI exceeds the applicable threshold. Some NII examples are taxable interest, dividends, and gains from stocks, bonds and mutual funds. Year-end planning may help reduce your MAGI or NII — and the NIIT’s impact. Contact us to learn more.

09/28/2026

If you want to sell your business, receiving the purchase price over time in an installment sale may allow you to spread your gain — and the related tax — over several years.

The buyer typically makes a down payment and issues a note for the balance. Each principal payment generally includes a tax-free return of basis and taxable gain; interest on the note is taxed separately as ordinary income. This arrangement may also expand the pool of buyers or help you obtain a higher price. But depreciation recapture may be taxable upfront, and you assume the risk that the buyer won’t pay.

Contact us to discuss the pros and cons and determine the optimal deal structure for your situation.

09/22/2026

Tax law changes taking effect this year will increase alternative minimum tax (AMT) risk for some higher-income taxpayers. For 2026, the AMT exemption phaseout thresholds are reduced and the exemption phases out twice as fast as for 2025. If you may be affected, consider the AMT before implementing income and deduction timing strategies. A move that would reduce your 2026 regular tax might provide little or no benefit under the AMT — or could trigger it. Before acting, determine whether you may owe the AMT for 2026 or 2027 and how the move would affect both calculations. We can help project your regular tax and AMT liability for both years and the potential impact of timing strategies.

09/21/2026

Does your business accept, spend or invest in cryptocurrency? The IRS scrutinizes digital-asset transactions. Business tax returns include a question about digital assets, and brokers must report certain transactions on Form 1099-DA.

Digital assets are treated as property for federal tax purposes. Cryptocurrency accepted for goods or services is taxable income based on its fair market value when received. Selling, exchanging or spending it may create a separate gain or loss. Crypto payments to employees and contractors are subject to the usual tax-reporting rules and can produce a business gain or loss. Contact us to review your 2026 digital-asset activity and reporting obligations.

Address

4306 Evergreen Lane #102
Annandale, VA
22003

Opening Hours

Monday	9am - 4:30pm
Tuesday	9am - 4:30pm
Wednesday	9am - 4:30pm
Thursday	9am - 4:30pm
Friday	9am - 4:30pm

Telephone

+17036420750

Website

http://www.jones-cpas.com/

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