My Tax Lady, LLC

07/22/2026

Received an IRS CP53E notice? Learn why taxpayers who choose paper refund checks may wait more than two months and what you can do to avoid delays.

07/22/2026

Which one best describes you?

Comment below with A, B, or C.

Nadia is going to have a QuickBooks class in the fall for DIY business owners.

Stay tuned for details.

07/21/2026

Family members funding a child's Trump account? New IRS guidance explains when contributions qualify for the annual gift tax exclusion and when a gift tax return may still be be required.

IRS guidance clarifies when Trump account contributions qualify for the gift tax annual exclusion and when a gift tax return may still be required.

07/20/2026

Reasonable compensation should evolve as your business grows. Learn why S corporation owners should review salary, distributions, and tax planning regularly.

07/20/2026

Retired disabled first responder? A new federal law may make certain disability pensions tax-free beginning in 2027. Watch this video to learn what it could mean for you.

07/20/2026

Summer can be a busy spending season for both business owners and personal finances.

A few smart money habits to focus on this summer:

- Review your cash flow regularly
- Plan ahead for slower sales periods
- Track travel and summer business expenses
- Stay on top of bookkeeping monthly
- Keep business and personal expenses separate
- Reimburse yourself properly if you paid for business expenses personally

What is one money goal you are focusing on this summer?

07/18/2026

🚗 IRS Announces Mid-Year Mileage Rate Increase for 2026

The IRS has increased the optional standard mileage rates for the second half of 2026 due to rising fuel costs.

Effective for miles driven on or after July 1, 2026:

📍 January 1 – June 30, 2026
• Business: 72.5¢ per mile
• Medical: 20.5¢ per mile
• Qualified Moving*: 20.5¢ per mile
• Charitable: 14¢ per mile

📍 July 1 – December 31, 2026
• Business: 76¢ per mile
• Medical: 23.5¢ per mile
• Qualified Moving*: 23.5¢ per mile
• Charitable: 14¢ per mile (unchanged)

🗓️ Announcement Date: July 9, 2026
✅ Effective Date: July 1, 2026 (applies to miles driven on or after this date)

⚠️ Business Owners: If you use the standard mileage method, be sure your mileage log separates trips driven before July 1 from those driven on or after July 1 so the correct rate is applied.

💡 Don’t automatically assume the standard mileage method is your best tax deduction. Depending on your situation, using your actual vehicle expenses could save you more. If you used the standard mileage method the first year your vehicle was placed into business service, you generally have the flexibility to choose the method that benefits you most in future years.

Have questions about which method is right for your business? We’re here to help you maximize every deduction you’re entitled to.

📞 My Tax Lady NC
📧 [email protected]
📱 980-345-9600

The moving mileage rate applies only to qualifying active-duty members of the U.S. Armed Forces and certain qualifying members of the intelligence community.

BusinessOwner TaxPlanning Bookkeeping Entrepreneur TaxProfessional

07/17/2026

The economy is uneven, and your 2026 tax strategy should reflect your reality. Learn how growing and slowing businesses can adjust tax planning, cash flow, and expenses.

The economy is uneven. Learn tax planning strategies for growing and slowing businesses, including cash flow, expenses, and 2026 tax-saving opportunities

07/17/2026

Small expenses can add up quickly over time and cause business owners to miss potential tax deductions.

Some commonly missed expenses are:

- Business mileage
- Travel expenses
- Parking and tolls
- Software subscriptions
- Home office expenses
- Business meals
- Education and training
- Bank and processing fees
- Supplies purchased personally for the business

Which expense do you think business owners forget to track the most?

07/16/2026

Learn how the IRS 10-year collection statute works, what can extend it, and why waiting out tax debt is often riskier than it sounds

Learn how the IRS 10-year collection statute works, what can extend it, and why waiting out tax debt is often riskier than it sounds.