Havig Tax & Consulting

10/23/2026

Special Agents from IRS CID (criminal unit) have been busy the past six weeks, completing the first ever national tax surge with the DOJ's National Fraud Enforcement Division.

Special Agents from IRS CID have been busy the past six weeks, completing the first ever national tax surge with the DOJ's National Fraud Enforcement Division

10/22/2026

Hold up! Before you make that year-end purchase, ask yourself these 3 questions!

Before spending money just to get a tax deduction, consider these three questions:

1. Does your business actually need it?
Will this purchase help you operate more efficiently, increase revenue, or improve your business? Or are you making the purchase because you want the deduction?

2. What are the true after-tax costs?
A tax deduction reduces your taxable income, but not your tax bill dollar for dollar. Even if a $20,000 purchase qualifies for a full deduction, a 30% marginal tax rate means approximately $6,000 in tax savings. You're still spending $14,000 after accounting for those savings.

3. Will this purchase improve or strain your cash flow?
A large purchase might reduce your taxes, but it could also leave your business short on cash for payroll, operating expenses, or future opportunities. Consider whether making the purchase now puts your business in a stronger financial position.

10/21/2026

Fun read from Forbes! Steph Curry faces an estimated $6.4M NBA jock tax in 2026-27, while Giannis now out-earns him after tax. See the team-by-team breakdown and which NBA stars pay the most.

Steph Curry faces an estimated $6.4M NBA jock tax in 2026-27, while Giannis now out-earns him after tax. See the team-by-team breakdown and which NBA stars pay the most.

10/20/2026

It's ! Remember Bonus Depreciation? Well...it's back! The OBBA permanently reinstated the 100% bonus depreciation rate for eligible business property acquired after Jan. 19, 2025.

This means that qualifying vehicles acquired and placed in service after January 19, 2025, may be eligible for 100% bonus depreciation...but not every vehicle qualifies for the same deduction!

Passenger vehicles are subject to annual depreciation limits, while certain heavier trucks and SUVs may qualify for larger first-year deductions. Your vehicle's weight, classification, and percentage of business use all matter so be sure to check with your tax pro on the details.

10/19/2026

It's that time of year when the business owners you know start talking about how their accountant is telling them to buy a new vehicle.

But here's something worth considering before heading to the dealership. Let's say you purchase a $60,000 truck for your business. Assuming it qualifies for a full deduction, you're able to write off the entire purchase price.

But if your combined marginal tax rate is 30%, that deduction could save you approximately $18,000 in taxes. Sounds great, right? Except you still spent $60,000 to save $18,000.

Now, if your business genuinely needs that truck, and it helps you operate more efficiently, serve more customers, or increase revenue, that tax savings is a great added benefit. But purchasing a vehicle solely to reduce your taxable income isn't necessarily a smart financial decision.

As always, before making a major year-end purchase, consider the actual tax savings, the impact on your cash flow, and whether the purchase makes financial sense for your business.

10/14/2026

Claiming the standard deduction and donating this year? Here's what that means for your next tax return.

10/13/2026

It's !

Did you know that your business can show a profit on paper without having that same amount of cash in the bank?

Profit is what your business earns after expenses. Cash flow is the actual money moving in and out of your business.

For example, paying down the principal on a business loan reduces your cash balance but generally doesn't reduce your taxable profit. Similarly, taking an owner's distribution reduces cash in the business but isn't typically a deductible business expense.

That means your business could report $100,000 in taxable profit without having $100,000 available in the bank.

Here's the tax tip: don't solely rely on your bank balance to estimate your tax liability. Review your financial statements and get a year-end tax projection to understand what you may actually owe.

10/12/2026

While most people are preparing for Halloween, business owners might have something a little scarier hiding in their financials...An unexpected tax bill! 👻

Maybe your business has been more profitable than last year, but your estimated tax payments haven't changed. Maybe you've taken larger owner distributions than usual, or there was a significant increase in income that hasn't been accounted for in your tax estimates.

Everything might look great on the surface, but without looking at the numbers, you may not know what's waiting for you this tax season. That's why October is a great time for a year-end tax projection. By reviewing your YTD financials and estimating your income for the remainder of 2026, you can get a clearer picture of your potential tax liability before the year is over.

10/11/2026

Business owners know they need someone to prepare their taxes, but there's a big difference between having your taxes prepared and actually planning for them.

Tax preparation looks backward, as is essentially a history lesson and paperwork. It takes the income, expenses, and financial decisions you've already made and uses that information to calculate your tax liability and complete the paperwork to file your return.

On the other hand, tax planning looks forward. We'll use your current YTD financial information to estimate where your taxes are heading, identify potential tax-saving opportunities, and help you make informed decisions before the year is over.

Here's an example:
Let's say your business is on track to earn $150,000 in profit this year. With tax preparation, you'll find out what you owe when your return is completed next spring.

With tax planning, you can actually estimate that liability now in October, evaluate strategies that might reduce it, and make adjustments while there's still time.

Both are important, but they serve very different purposes.

10/10/2026

Since no one can predict when the small-business squeeze will end, these prudent steps offer your small enterprise a way to survive, possibly even thrive, in exceedingly tough times.

Since no one can predict when the small-business squeeze will end, these prudent steps offer your small enterprise a way to survive—possibly even thrive—in exceedingly tough times.