Elevated Business Services

07/17/2026

TL;DR - There are different mileage rates for January-June and July-December of 2026. Make note of your mileage as of 7/1 to make tax time easier! And yes, they did announce this well past 7/1, so just do your best on that date's mileage.

The IRS has announced revised standard mileage rates for the second half of 2026 in response to recent increases in fuel prices. Under Announcement 2026-11, the business mileage rate increases to 76 cents per mile from 72.5 cents. The rate for medical and moving expenses increases to 23.5 cents per mile, while the rate for charitable miles remains unchanged at 14 cents per mile. The updated rates apply to deductible transportation expenses paid or incurred on or after July 1, 2026. The revised rates also apply to mileage allowances paid to employees on or after July 1, 2026, for transportation expenses incurred on or after that date.

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02/20/2026

As tax season moves forward, remember the key deadlines for individual retirement account (IRA) and health savings account (HSA) contributions. For the 2025 tax year, contributions to both IRAs (including traditional and Roth IRAs) and HSAs can be made up until April 15, 2026. This deadline applies even if filing for an extension, since the contribution itself must still be made by the original due date of April 15, 2026.

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02/16/2026

There's still time!
Today I am matching donations made to Nevaeh's Rae of Hope. I hope that you'll consider a charitable contribution so we can continue helping families who are grieving the loss of a child.

What an amazing start! Thank you to everyone who contributed to helping us reach our full $500 match with The Concrete Remover.

Today, we are excited to share that Erin Chisman, EA of Elevated Business Services is our matching sponsor! They will be matching donations dollar-for-dollar up to $250 for the remainder of the day!

Erin has been a huge help in getting Nevaeh’s Rae of Hope off the ground and supporting the behind-the-scenes work that keeps our mission moving. We truly wouldn’t be where we are without her support, and we cannot recommend her services enough!

Donate here:
https://www.nevaehsraeofhope.org/2026-fundraiser

Learn more about Elevated Business Services:
https://www.elevatedbusinessservices.com/

Thank you, Elevated Business Services, for partnering with us and continuing to pour into our mission.

07/20/2025

https://elevatedbusinessservices.com/so/08PWf2ARi?languageTag=en

REFER A FRIEND At Elevated Business Services, I enjoy providing top-notch bookkeeping, payroll, and tax preparation services to individuals and businesses. I value your trust and would love to extend my expertise to your friends, family, and colleagues. If you know someone who could benefit from my....

05/06/2025

Here's a great read from our friends at Ogden Glazer + Schaefer about the different entity types you will choose from when starting a business!

Code Breaking Entity Names May 6, 2025 Many people choose to start running their business by just starting to do their thing. If it is by themselves, they are a sole proprietor. Lots of hairdressers do that. Get a chair, some scissors, and a whole lot of skill, and ta-da! A business! Some join with....

05/02/2025

Attention Small Business Owners!

The IRS just released Rev. Proc. 2025-19—and it’s time to think ahead to 2026. Health Savings Accounts (HSAs) are getting a boost with new inflation-adjusted contribution limits:

💼 $4,400 for individual coverage
👨‍👩‍👧‍👦 $8,750 for family coverage

✅ These contributions are tax-deductible—but only when made directly by the taxpayer (not through payroll deductions).

If you’re managing benefits for yourself or your team, this is a great opportunity to optimize your tax planning and healthcare strategy.

Want to make sure you're maximizing every dollar? Let’s connect! 📆

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12/05/2024

Today, a federal district court in Texas issued a preliminary injunction temporarily barring the federal government from enforcing the Corporate Transparency Act (CTA) and its beneficial ownership information reporting (BOI) requirements. This means that neither the CTA nor the implementing rules adopted by FinCEN may be enforced and reporting companies are not required to comply with the January 1 deadline for filing BOI reports.

That said, we do still recommend filing by the deadline if you haven't already, because this is not a final decision on the case, and it is likely the government will appeal the injunction. FinCEN has yet to issue any guidance addressing the ruling. This is unlikely to be resolved soon.

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11/22/2024

https://www.linkedin.com/posts/elevatedbusiness_elevated-business-services-taxbrief-boi-activity-7265721857985642497-Lc9W?utm_source=share&utm_medium=member_desktop

If you have a registered business (that includes LLCs), your first BOI report is due soon! For everything you need to know, check out the newsletter I…

10/01/2024

BOI (Beneficial Ownership Information) filings are due for the first time by the end of the year. Be wary of emails or other solicitations you receive offering to file for you for a fee.

***Filing your BOI report is FREE*** (and not filing could cost you hefty daily fines + prison time). You should only be submitting your information directly to FinCEN, not through a third party. If you aren't comfortable filling out the online form on your own and would like someone to walk you through it, please reach out to me or your business attorney.

06/17/2024

The IRS says it is aware that some taxpayers are receiving CP14 (Balance Due, No Math Error) notices showing they have a 2023 balance despite having made payments with their returns. Taxpayers who receive the notice but paid their tax bill in full and on time electronically or by check should not respond to the notice at this time, the IRS says. The agency apologized for any inconvenience the notices may have caused, is researching the matter and will provide an update as soon as possible.

For more information:

June 12, 2024 — The IRS is aware that some taxpayers are receiving CP14 (Balance Due, No Math Error) notices indicating a balance due even though payments were made with their 2023 tax return.