Gordon Keeter Nichols CPAs

07/20/2026

A common tax-related question is whether an employee working remotely from home qualifies for a home office tax deduction. The answer is “no.” But business owners, self-employed individuals and people with home-based side gigs may qualify. To be eligible, generally you must use part of your home regularly and exclusively as your principal place of business or a place to meet with customers, clients or patients in the normal course of business. Typically, the business use percentage is determined by the home office’s square footage, but other methods exist. Contact us with questions regarding the home office tax deduction. Visit https://bit.ly/4vXbaZ4 for additional information from the IRS.

07/17/2026

Emergencies can strike your home at any time, whether it’s a natural disaster, such as a hurricane or wildfire, or another event, such as an electrical fire or burst pipe. Preparation can help minimize disruption. Create (or update, if needed) your emergency plan today to protect your financial and tax records. Consider making secure electronic copies of important documents and keeping detailed records of valuables to support insurance or tax-related claims. Taking these steps now can make recovery smoother should the unexpected happen. If you have questions about protecting your records or navigating the tax implications after a disaster, we’re here to assist.

07/16/2026

The IRS has increased the 2026 cents-per-mile rates for calculating tax-deductible vehicle operating costs due to rising fuel costs. Effective July 1, 2026, the standard mileage rate for the business use of a car, van, pickup truck or panel truck is 76 cents per mile, up from 72.5 cents per mile for the first half of the year. The revised rate for medical and eligible moving purposes is 23.5 cents per mile, up from 20.5 cents per mile. For charitable driving, the 14 cents per mile rate remains unchanged. These rates apply to gasoline- and diesel-powered vehicles as well as electric and hybrid ones. To protect your deduction, keep detailed mileage records. Contact us with questions.

07/15/2026

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). Contact us. We can help you make the best decisions for your current situation and your business’s future.

07/14/2026

The line between a hobby and a business isn’t always obvious — but it can have a major impact on your taxes. Learn what the IRS looks for and how to strengthen your position as a for-profit business.

Turn your side gig into a tax advantage. Uncover how the IRS distinguishes a business from a hobby, when you can deduct expenses, and how to strengthen your case for valuable tax deductions.

07/13/2026

If you’re a schoolteacher, you’re probably enjoying a well-deserved summer break. But consider using some of your free time to organize tax records. You may be familiar with the $350 classroom expense deduction, but you can’t claim it unless you know what you’ve spent out of pocket. If you buy classroom supplies this summer, make sure you hold on to the receipts. New for 2026, you can claim an itemized deduction for eligible expenses exceeding the $350 limit. This deduction has no cap, but it will save you tax only if your total itemizable deductions for the year exceed the standard deduction for your filing status. Additional rules apply to both breaks. Contact us for details.

07/10/2026

Infographic: The difference between two tax-advantaged college savings plans.

07/10/2026

Within the last two years, the IRS’s Criminal Investigation (IRS-CI) division has seen an increase in fraudulent activity targeting elderly taxpayers. In fiscal year 2025 alone, IRS‑CI initiated 97 new elder fraud investigations. And halfway into the current fiscal year, investigators have opened an additional 64 cases. IRS-CI says one of the most common schemes is government impersonation. This is where scammers pose as IRS officials and threaten arrest unless an immediate payment is made. Another is lottery and sweepstakes fraud. Here, victims are told they’ve won a monetary prize but must first pay taxes or fees on the winnings. For more information from IRS-CI: https://bit.ly/4eiV2uJ

07/08/2026

Does your child have a paid summer internship? Don’t let him or her forget about taxes. Many interns are surprised to learn that internship stipends or other related payments are generally taxable, even if the program offers training or educational opportunities. Depending on the arrangement, payments may be reported on Form W‑2 or Form 1099. Even if no tax form is issued to your child, the income may still be taxable. If taxes aren’t withheld from internship pay, estimated tax payments might be necessary to avoid surprises when it’s time to file a tax return. If you have questions, we can help.

07/07/2026

A like-kind exchange can be a valuable tax-deferral strategy — but only if you follow the rules. Learn four common myths that can lead to missed opportunities or costly mistakes.

Understand four common misconceptions, important deadlines, and tax rules before selling investment or business real estate.