Muhammad CPA & Associates, LLC

Muhammad CPA & Associates, LLC Our firm provides outstanding service to our clients because of our dedication to our underlying pri

Avoid underpayment penalties by staying on top of estimated tax payments and paycheck withholding. If you expect to owe ...
07/20/2026

Avoid underpayment penalties by staying on top of estimated tax payments and paycheck withholding. If you expect to owe at least $1,000 in taxes after subtracting credits and withholding, quarterly estimated payments may be required. Withholding and estimated payments must generally cover 90% of this year’s tax or 100% of last year’s tax (or 110%, depending on your income). Unsure if you’re on track? Let’s review your situation now to help avoid surprises when you file your 2026 return next year. Call us at (833) 557-0057.

If your C corporation traditionally makes deductible charitable gifts, make sure you know the rules for 2026 donations. ...
07/17/2026

If your C corporation traditionally makes deductible charitable gifts, make sure you know the rules for 2026 donations. Starting Jan. 1, 2026, corporations can only deduct charitable gifts in excess of 1% of the company’s taxable income, with a 10% of income cap. Amounts exceeding the 10% cap can be carried forward — as can amounts that aren’t currently deductible due to the 1% floor — for up to five years. You may want to execute a multiyear charitable deduction strategy if your company’s income varies from year to year. Contact us at (833) 557-0057. We can help by projecting income and other deductions so you can support your community while maximizing long-term tax benefits.

07/16/2026

🚨 TAX TIP #1 FOR SMALL BUSINESS OWNERS

One of the biggest mistakes I see as a CPA is mixing personal and business expenses.

It may seem harmless, but it can:

• Make bookkeeping more difficult
• Cause you to miss legitimate tax deductions
• Create unnecessary stress at tax time
• Increase your audit risk

Keeping separate business and personal finances is one of the simplest steps you can take to protect your business.

This is just one of the seven costly tax mistakes I cover in my new guide:

📘 7 Tax Mistakes That Cost Small Businesses Thousands (And How to Fix Them)

If you're a small business owner, freelancer, consultant, or contractor, this guide was written with you in mind.

📥 Download your copy today:
https://qamarcpa.gumroad.com/l/dpdwf

💬 What's your biggest tax or bookkeeping question? Leave it in the comments, and I may answer it in a future post.

If you know another business owner who could benefit from this guide, I'd truly appreciate you sharing this post.

— Qamar-Terri Muhammad, CPA
Muhammad CPA & Associates

📘 NEW RESOURCE FOR SMALL BUSINESS OWNERSOne of the most common things I see as a CPA is small business owners paying mor...
07/15/2026

📘 NEW RESOURCE FOR SMALL BUSINESS OWNERS

One of the most common things I see as a CPA is small business owners paying more taxes than necessary—not because they're doing anything wrong, but because they don't understand the tax rules or don't have the right systems in place.

That's why Muhammad CPA & Associates created:

7 Tax Mistakes That Cost Small Businesses Thousands (And How to Fix Them)

This practical guide is designed to help business owners:

✔ Avoid common tax mistakes

✔ Maximize legitimate deductions

✔ Improve recordkeeping

✔ Reduce audit risk

✔ Make more informed financial decisions throughout the year

Whether you're a freelancer, consultant, contractor, or established business owner, this guide provides practical information you can begin using immediately.

📥 Download your copy today:

https://qamarcpa.gumroad.com/l/dpdwf

At Muhammad CPA & Associates, our mission is to help business owners build stronger financial foundations through education, organization, and sound tax planning.

If you know another business owner who could benefit from this resource, please share this post.

Qamar-Terri Muhammad, CPA
Founder, Muhammad CPA & Associates

You probably have retirement questions: How much should I save before I quit working? When should I start taking Social ...
07/15/2026

You probably have retirement questions: How much should I save before I quit working? When should I start taking Social Security benefits? Can I retire before Medicare coverage kicks in? What about taxes in retirement? We can provide you with answers based on your individual financial circumstances and retirement goals. Contact us at (833) 557-0057.

As a small business owner, it’s easy to think of a succession plan as involving only two people: you and your successor....
07/14/2026

As a small business owner, it’s easy to think of a succession plan as involving only two people: you and your successor. But a smooth transition may also require support from managers and other key employees. Communicating thoughtfully about your intentions and progress can help build confidence, reduce uncertainty and keep the business moving forward. Contact us at (833) 557-0057 for help addressing the tax, financial and strategic aspects of your plan.

Is federal tax debt blocking you from achieving your financial goals? Unresolved tax debt can lead to interest and penal...
07/13/2026

Is federal tax debt blocking you from achieving your financial goals? Unresolved tax debt can lead to interest and penalties, tax liens, asset seizures — and even the denial or revocation of your passport. These consequences can make it difficult to move forward. The good news is relief may be just a phone call away. We can assess your situation and help you find a path forward. Contact us at (833) 557-0057 to discuss your next steps.

The ultimate success of a business often comes back to decisions made at its inception. If you’re planning to start a bu...
07/10/2026

The ultimate success of a business often comes back to decisions made at its inception. If you’re planning to start a business, one key decision is choosing its structure, commonly sole proprietorship, C corporation, S corporation, partnership or limited liability company. In addition to owner liability variations, all have different tax requirements that can affect everything from hiring to cash flow to owner income. Another critical decision is choosing a tax year — either a calendar year or a fiscal year (12 consecutive months ending on the last day of any month except December). Call us at (833) 557-0057. We can help you make the best decisions for your current situation and your business’s future.

Are your bills piling up? Managing accounts payable can be challenging for small businesses — especially when payment ob...
07/08/2026

Are your bills piling up? Managing accounts payable can be challenging for small businesses — especially when payment obligations aren’t clearly tracked. QuickBooks Online tools can help by organizing upcoming bills, automating bill entry, and simplifying electronic or check payments. Stronger payables management may reduce missed deadlines and late fees and improve cash flow visibility. We can help your business use QuickBooks Online more efficiently and streamline your payables process. Contact us at (833) 557-0057 to learn more.

Did you know the IRS can file a tax return on your behalf if you don’t file one yourself? It’s called a Substitute for R...
07/07/2026

Did you know the IRS can file a tax return on your behalf if you don’t file one yourself? It’s called a Substitute for Return (SFR) — and it’s rarely in your favor. The IRS uses information it already has, such as W-2 and 1099 forms, to prepare the SFR. But it usually skips deductions and credits you may be entitled to, often resulting in a higher tax bill. You could also face penalties, interest and collection actions, such as liens or levies. The good news? You can fix it. Filing an accurate return can generally replace the SFR and may reduce what you owe, though penalties and interest may still apply. Call us at (833) 557-0057 for help.

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