Garrett & Associates, CPA

07/18/2026

Saturday morning in the office: coffee in hand, spreadsheets on the screen! ☕

I’m using the quiet hours to get ahead. Nothing beats turning financial chaos into clear next steps (yes, even on a Saturday).

Are you hustling today or enjoying a lazy morning? Tell me below!

07/17/2026

𝗦𝗵𝗼𝘂𝗹𝗱 𝗜 𝘂𝘀𝗲 𝗦𝗲𝗰𝘁𝗶𝗼𝗻 𝟭𝟳𝟵 𝗼𝗿 𝗕𝗼𝗻𝘂𝘀 𝗗𝗲𝗽𝗿𝗲𝗰𝗶𝗮𝘁𝗶𝗼𝗻 𝗳𝗼𝗿 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗲𝗾𝘂𝗶𝗽𝗺𝗲𝗻𝘁 𝗽𝘂𝗿𝗰𝗵𝗮𝘀𝗲𝘀?

One strategy is to apply Section 179 first to erase your active business income down to zero. Then, apply 100% Bonus Depreciation to any remaining asset basis if you want to strategically generate a tax loss.

Here is why: you can't use Section 179 to create a tax loss because it is strictly limited to your net business taxable income. On the flip side, 100% Bonus Depreciation doesn't care about your net income.

For example, if your net income is $100,000 and you buy a $150,000 machine:

• 𝘞𝘪𝘵𝘩 𝘚𝘦𝘤𝘵𝘪𝘰𝘯 179: You can only deduct $100,000 this year. The remaining $50,000 carries forward to next year.
• 𝘞𝘪𝘵𝘩 𝘉𝘰𝘯𝘶𝘴 𝘋𝘦𝘱𝘳𝘦𝘤𝘪𝘢𝘵𝘪𝘰𝘯: The purchase pushes your business into a $50,000 Net Operating Loss, which can potentially offset other income.

This distinction gives you more control over your tax outcome. You can decide whether it makes more sense to wipe out your current business tax bill or intentionally create a loss to offset other income.

When you look at your financial goals for this year, is your priority clearing out your active business income, or are you looking for ways to offset other income sources?

07/16/2026

It's that time! Spreadsheets closed, glasses raised. Nothing cures tax-season tension like best friends, bold red, and a mountain view. Tag your wine date! 🍷🍷

Arlette Wheaton, Angela Nunez

07/16/2026

If you're within 10 years of retirement, dialing your savings in is key. We can definitely help you with #4:

Planning to retire in 10 years or less? Find out what you need to know and do for a smoother transition.

07/15/2026

𝗖𝗮𝗻 𝗜 𝗴𝗲𝘁 𝗮 𝘁𝗮𝘅 𝘄𝗿𝗶𝘁𝗲-𝗼𝗳𝗳 𝗶𝗳 𝗜 𝗯𝘂𝘆 𝘂𝘀𝗲𝗱 𝗲𝗾𝘂𝗶𝗽𝗺𝗲𝗻𝘁 𝗳𝗼𝗿 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Yes, both Section 179 and the permanently restored 100% Bonus Depreciation rules apply to new and used equipment. If the asset is new to your business, you can deduct up to 100% of the purchase price in 2026.

For example, a three-year-old commercial oven bought from a closed restaurant is considered new to your business. It qualifies for a 100% immediate write-off this year.

But you can't claim the write-off if the equipment is acquired through:
• Gifts or inheritance
• Purchases from an immediate family member
• Shifts between business entities or LLCs you already own

So yes, buying used equipment can still come with a valuable tax benefit. You just need to make sure the purchase qualifies.

When you add equipment to your business, do you prefer buying brand new or finding good used deals?

07/14/2026

Wondering if the One Big Beautiful Bill made tax cuts permanent? It did for many of the 2017 Tax Cuts and Jobs Act provisions.

For business owners that means you can plan with less tax anxiety and more actual strategy. Use that predictability to hire, invest, or finally buy the espresso machine for the office ☕️.

Want me to run the numbers for your business? Drop a comment or DM me, I’ll help you make a plan.

07/14/2026

𝗗𝗶𝗱 𝗮𝗻𝘆𝗼𝗻𝗲 𝗲𝗹𝘀𝗲 𝗴𝗲𝘁 𝗮 𝘃𝗲𝗿𝘆 𝘄𝗿𝗼𝗻𝗴 𝗶𝗱𝗲𝗮 𝗮𝗯𝗼𝘂𝘁 𝗺𝗼𝗻𝗲𝘆 𝗳𝗿𝗼𝗺 𝗽𝗹𝗮𝘆𝗶𝗻𝗴 𝗠𝗼𝗻𝗼𝗽𝗼𝗹𝘆 𝗮𝘀 𝗮 𝗸𝗶𝗱?

Wouldn't we all love to receive a guaranteed $200 check just for walking around the block every morning, or patch up a sudden cash flow crunch by handing someone a tiny deed to our Baltic Avenue? Turns out the actual rules of that game don't translate very well to running a business.

Sustainable growth takes a lot more strategy than just rolling the dice. Financial control is about building clean bookkeeping systems, tracking your actual margins, and managing your cash flow with real data.

If you are ready to stop guessing and want a clear, data-driven strategy to manage your business cash flow, reach out to us today. Let’s get your systems dialed in.

07/13/2026

𝗪𝗵𝗲𝗻 𝗱𝗼 𝗜 𝗵𝗮𝘃𝗲 𝘁𝗼 𝘀𝘁𝗮𝗿𝘁 𝘁𝗮𝗸𝗶𝗻𝗴 𝗺𝗼𝗻𝗲𝘆 𝗼𝘂𝘁 𝗼𝗳 𝗺𝘆 𝗜𝗥𝗔?

Under current SECURE 2.0 laws, you must start taking Required Minimum Distributions (RMDs) at either age 73 (if born between 1951 and 1959) or 75 (if born in 1960 or later).

The IRS lets you delay your first distribution until April 1st of the following year.

But doing this forces your first two RMDs into the same calendar year, creating an artificial income spike that can push you into a higher tax bracket.

Unless you have a specific reason to delay, your next move would be to take that first distribution by December 31st of your initial eligibility year.

Don't let a simple timing error give your hard-earned savings right back to the government at the finish line.

07/10/2026

This is your official sign to try something new! 🔥

I swapped quarterly reports for shuttle sticks to respectfully learn the art of kente weaving, meditative, humbling, and ridiculously satisfying. 😌

If a CPA can get delightfully tangled in colorful threads, you can absolutely do that thing you’ve been putting off. What new thing are you trying this month? Tell me below! I’ll cheer you on.

07/10/2026

𝗖𝗮𝗻 𝗜 𝗰𝗹𝗮𝗶𝗺 𝗦𝗼𝗰𝗶𝗮𝗹 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗲𝗮𝗿𝗹𝘆 𝗮𝘁 𝗮𝗴𝗲 𝟲𝟮?

You can, but doing so triggers a permanent monthly payout reduction of up to 30%.

Additionally, filing early changes your tax profile in two main ways:
• Taxable Benefits: If your provisional income crosses $34,000 as an individual (or $44,000 for married couples), the IRS can tax up to 85% of your benefits. Having a pension, part-time wages, or traditional retirement accounts can easily push you over this threshold.
• The Earnings Limit: If you keep working or consulting after claiming, your 2026 annual earnings are capped at $24,480. For every $2 you earn above this amount, the government claws back $1 of your benefits.

If you plan to start your benefits at 62, avoiding a surprise tax bill means watching your income sources closely to protect your check.

Depending on your situation, drawing from cash savings or Roth accounts first keeps your Adjusted Gross Income down, while tracking your part-time hours keeps you under the earnings limit.

DM us if you want to look at your other income streams before you lock in your Social Security filing age.