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Tax Chicks

No annoying tax professional lingo. Just straight, authoritative and friendly advice. Visit us: www.taxchicks.com
Or call: 302.674.1585

Just straight, authoritative and friendly expert advice. Visit us: www.taxchicks.com Or call: 302.674.1585

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

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.

07/09/2026

If an unexpected $5,000 landed in your bank account tomorrow, where would that money go?
𝗮. 𝗗𝗲𝘀𝘁𝗿𝗼𝘆𝗶𝗻𝗴 𝗱𝗲𝗯𝘁: Knocking out a nagging credit card bill or back taxes.
𝗯. 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀: Putting it back into your business tools, tech, or growth.
𝗰. 𝗖𝗿𝗲𝗮𝘁𝗶𝗻𝗴 𝗮 𝘀𝗮𝗳𝗲𝘁𝘆 𝗻𝗲𝘁: Stashing it away so you can finally breathe easier.
𝗱. 𝗥𝗲𝘄𝗮𝗿𝗱𝗶𝗻𝗴 𝘆𝗼𝘂𝗿𝘀𝗲𝗹𝗳: Funding that personal project or trip you’ve been putting off.

07/08/2026

𝗛𝗼𝘄 𝗱𝗼 𝗜 𝗰𝗼𝗻𝗱𝘂𝗰𝘁 𝗮 𝗺𝗶𝗱𝘆𝗲𝗮𝗿 𝗽𝗿𝗼𝗳𝗶𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗿𝗲𝘃𝗶𝗲𝘄 𝗳𝗼𝗿 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Start by reconciling your books and generating your year-to-date financial statements. Here are the first two steps you should take this summer:
1. Clean and reconcile your bookkeeping through June. Make sure every transaction is properly categorized, and your bank accounts, credit cards, and loan statements are all reconciled.
2. Pull your two foundational financial statements for the first six months of the year: your Profit and Loss (P&L) Statement and your Balance Sheet.

These reports can show you whether your profit is keeping up with your revenue and where expenses may be squeezing your margins.

07/07/2026

The 4th of July might be over, but it is not too late to declare independence from broken financial reporting.

You can't run a profitable business on guesswork. We fix the data so you can make the right moves. Send us a message today if you're ready for that kind of independence.

07/06/2026

𝗪𝗶𝗹𝗹 𝗺𝘆 𝗰𝗵𝗮𝗿𝗶𝘁𝗮𝗯𝗹𝗲 𝗱𝗼𝗻𝗮𝘁𝗶𝗼𝗻𝘀 𝘀𝘁𝗶𝗹𝗹 𝗹𝗼𝘄𝗲𝗿 𝗺𝘆 𝘁𝗮𝘅 𝗯𝗶𝗹𝗹 𝗶𝗳 𝗜 𝗶𝘁𝗲𝗺𝗶𝘇𝗲 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀?

Yes, but starting in 2026, itemizers have a new threshold to clear first.

If you itemize deductions, only the portion of your charitable giving that exceeds 0.5% of your Adjusted Gross Income (AGI) can be deducted.

Here's a simple example:
• AGI: $200,000
• 0.5% threshold: $1,000
• Charitable donations: $5,000

In this case, the first $1,000 of giving doesn't count toward your deduction. The remaining $4,000 is potentially deductible.

That's why larger donors may want to start planning before year-end.

One strategy is a Donor-Advised Fund (DAF), which can allow multiple years of charitable giving to be grouped together in a single tax year.

If charitable giving is part of your tax planning, now is a good time to estimate where you stand for 2026 and see how these new rules could affect you.

Comment GIVE below if you'd like help reviewing your charitable giving strategy.

07/03/2026

𝗪𝗵𝗲𝗻 𝘄𝗮𝘀 𝘁𝗵𝗲 𝗹𝗮𝘀𝘁 𝘁𝗶𝗺𝗲 𝘆𝗼𝘂 𝗽𝗮𝗶𝗱 𝗳𝗼𝗿 𝘀𝗼𝗺𝗲𝘁𝗵𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗰𝗮𝘀𝗵?

Swiping a card or completing a virtual payment creates a psychological disconnect from the fact that you're spending money. It doesn’t “hurt” quite the same way handing over paper cash does. And that convenience can make it dangerously easy to lose track of the recurring expenses quietly draining your account: streaming service subscriptions, AI softwares, memberships, and autorenewals you forgot existed.

To get control of that missing cash flow, start by pulling your last three months of bank statements.

Go line by line and look for any recurring charges you haven’t actively used in the last 30 days. Then cancel what no longer earns its keep.

Reviewing the actual data helps bridge the gap that digital convenience creates. Sometimes plugging the leaks starts with seeing where the money is actually going.

Do you pay more attention to spending when you use cash or card?

07/02/2026

𝗗𝗼 𝗜 𝘀𝘁𝗶𝗹𝗹 𝗽𝗮𝘆 𝗽𝗿𝗼𝗽𝗲𝗿𝘁𝘆 𝘁𝗮𝘅 𝗼𝗻 𝗲𝗾𝘂𝗶𝗽𝗺𝗲𝗻𝘁 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗻𝗼 𝗹𝗼𝗻𝗴𝗲𝗿 𝘂𝘀𝗲𝘀?

Yes, if that equipment is still listed on your active fixed asset schedule, it can still show up in your local property tax reporting. That’s why reviewing your asset list before tax deadlines matters. Look for equipment that’s been:
• Sold
• Broken
• Thrown away
• Replaced
• Sitting unused for years

Cleaning up those outdated records can reduce your local property tax bill and help you claim deductions you may have missed when the equipment left your business.

The first step is straightforward: compare what’s on your paper asset list with what’s actually still in your building.

If it’s been more than a year since you reviewed your asset list, send us a DM. We can help you look for ghost assets before the next reporting deadline.

07/01/2026

𝗖𝗮𝗻 𝗜 𝘀𝘁𝗶𝗹𝗹 𝗴𝗲𝘁 𝗮 𝘁𝗮𝘅 𝗯𝗿𝗲𝗮𝗸 𝗳𝗼𝗿 𝗰𝗵𝗮𝗿𝗶𝘁𝗮𝗯𝗹𝗲 𝗱𝗼𝗻𝗮𝘁𝗶𝗼𝗻𝘀 𝗶𝗳 𝗜 𝘁𝗮𝗸𝗲 𝘁𝗵𝗲 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻?

Thanks to OBBBA changes, starting in 2026, you can now claim a dedicated deduction for cash donations to qualified public charities, even if you don’t itemize, up to...
• $1,000 for single filers
• $2,000 for married couples filing jointly (𝘵𝘩𝘦 𝘭𝘪𝘮𝘪𝘵 𝘢𝘱𝘱𝘭𝘪𝘦𝘴 𝘵𝘰 𝘵𝘩𝘦 𝘦𝘯𝘵𝘪𝘳𝘦 𝘫𝘰𝘪𝘯𝘵 𝘳𝘦𝘵𝘶𝘳𝘯, 𝘯𝘰𝘵 𝘦𝘢𝘤𝘩 𝘴𝘱𝘰𝘶𝘴𝘦 𝘴𝘦𝘱𝘢𝘳𝘢𝘵𝘦𝘭𝘺)

This includes cash, check, or credit card donations.
(Physical good donations don't count toward this specific deduction.)

If you aren’t sure whether your regular donations qualify for the deduction or you want to be more strategic with your giving this year, comment 𝗚𝗜𝗩𝗘 below to schedule a time to go over it.

Address

1059 South Bradford Street
Dover, DE
19904

Opening Hours

Monday	8am - 4:30pm
Tuesday	8am - 4:30pm
Wednesday	8am - 4:30pm
Thursday	8am - 4:30pm
Friday	8am - 4:30pm

Website

http://www.taxchicks.com/

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