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Craig L. Elggren CPA PC

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Gilbert, AZ
Craig L. Elggren CPA PC

No annoying tax professional lingo. Just straight, authoritative and friendly advice. Visit us: www.clecpa.com
Or give us a call: (480) 464-0205

Craig L Elggren, CPA PC is a full service CPA practice, servicing small to medium size businesses and their owners. We provide tax planning, preparation and successful business planning, payroll and tax resolution services. Our team brings the experience of a large accounting firm but we make it our priority to provide the personal attention that only a small accounting firm can offer. We are experienced, affordable, and strive to treat others as we would like to be treated.

09/24/2026

𝗗𝗼 𝗜 𝗵𝗮𝘃𝗲 𝘁𝗼 𝗺𝗮𝗸𝗲 𝗾𝘂𝗮𝗿𝘁𝗲𝗿𝗹𝘆 𝘁𝗮𝘅 𝗽𝗮𝘆𝗺𝗲𝗻𝘁𝘀 𝗻𝗼𝘄 𝘁𝗵𝗮𝘁 𝗜 𝗼𝘄𝗻 𝗮 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Unless your business is a tax-exempt 501(c)(3) or you expect to owe under $1,000 in total tax, you are required to make quarterly estimated tax payments to the IRS.

This estimate covers income tax you'll owe as well as the 15.3% self-employment tax that you also must cover.

To stay ahead of your deadlines, open a separate tax savings account and automatically transfer 25% to 30% of your net profits into it.

That way, the money is already set aside when payment time comes.

09/23/2026

𝗜𝗳 𝗜 𝗾𝘂𝗮𝗹𝗶𝗳𝘆 𝗳𝗼𝗿 𝗜𝗥𝗦 𝗽𝗲𝗻𝗮𝗹𝘁𝘆 𝗿𝗲𝗹𝗶𝗲𝗳, 𝗱𝗼𝗲𝘀 𝘁𝗵𝗮𝘁 𝗲𝗿𝗮𝘀𝗲 𝘁𝗵𝗲 𝗳𝗲𝗱𝗲𝗿𝗮𝗹 𝗶𝗻𝗰𝗼𝗺𝗲 𝘁𝗮𝘅 𝗮𝗻𝗱 𝗶𝗻𝘁𝗲𝗿𝗲𝘀𝘁 𝗜 𝗼𝘄𝗲 𝘁𝗼𝗼?

No, if the IRS approves penalty relief, it can remove a qualifying penalty, but it does not erase the underlying federal income tax you owe. And interest on unpaid tax may still be due.

𝙄𝙢𝙥𝙤𝙧𝙩𝙖𝙣𝙩 𝙙𝙞𝙨𝙩𝙞𝙣𝙘𝙩𝙞𝙤𝙣: If a penalty is removed, the IRS often adjusts the interest that was charged specifically on that penalty as well.

So if you receive penalty relief, make sure you understand exactly what was removed and what you still owe.

09/22/2026

𝗖𝗮𝗻 𝗜 𝗱𝗲𝗱𝘂𝗰𝘁 𝗲𝘃𝗲𝗿𝘆𝘁𝗵𝗶𝗻𝗴 𝗜 𝘀𝗽𝗲𝗻𝘁 𝗴𝗲𝘁𝘁𝗶𝗻𝗴 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘀𝘁𝗮𝗿𝘁𝗲𝗱?

No, not every dollar you spend before opening your business gets treated the same way, because the timing of those expenses matters.

Money you spend before your business officially opens can count as startup costs. Think about expenses like:
• Market research
• Advertising your grand opening
• Travel to secure suppliers
• Employee training before day one
• Legal or professional fees related to starting the business

You can write off up to $5,000 of qualifying startup costs in your first active tax year. If your startup costs exceed $50,000, your immediate write-off loses $1 in value for every extra $1 you spend and drops to zero if you pass $55,000.

And any remaining costs over the initial deduction limit have to be spread out over 15 years.

𝘞𝘩𝘪𝘤𝘩 𝘴𝘵𝘢𝘳𝘵𝘶𝘱 𝘦𝘹𝘱𝘦𝘯𝘴𝘦 𝘥𝘰 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘰𝘸𝘯𝘦𝘳𝘴 𝘨𝘦𝘵 𝘴𝘶𝘳𝘱𝘳𝘪𝘴𝘦𝘥 𝘣𝘺 𝘵𝘩𝘦 𝘮𝘰𝘴𝘵?

09/21/2026

𝗪𝗵𝗮𝘁 𝗳𝗶𝗻𝗮𝗻𝗰𝗶𝗮𝗹 𝗿𝗲𝗰𝗼𝗿𝗱𝘀 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝗮𝗹𝘄𝗮𝘆𝘀 𝗵𝗮𝘃𝗲 𝗯𝗮𝗰𝗸𝗲𝗱 𝘂𝗽?

Make sure you have electronic copies of your...
• 3 to 7 years of tax returns
• Recent bank and investment statements
• Insurance summary pages (auto, home, health, life)
• Property deeds, car titles, and leases
• Basic business records (LLC setup files and contracts)

Tracking down lost copies can easily take 8 to 15 hours of phone calls and waiting on hold... which is the last thing you need during an emergency.

September goal: Spend 30 minutes this week downloading or scanning these files, and save them in one secure spot. Make sure you can access them even if your phone or laptop dies.

09/18/2026

𝗪𝗵𝘆 𝗱𝗶𝗱 𝗜 𝘀𝘁𝗶𝗹𝗹 𝗴𝗲𝘁 𝗮𝗻 𝗜𝗥𝗦 𝗽𝗲𝗻𝗮𝗹𝘁𝘆 𝗶𝗳 𝘁𝗵𝗲𝗿𝗲’𝘀 𝗮𝘂𝘁𝗼𝗺𝗮𝘁𝗶𝗰 𝗽𝗲𝗻𝗮𝗹𝘁𝘆 𝗿𝗲𝗹𝗶𝗲𝗳 𝗻𝗼𝘄?

You may still get an IRS penalty if the automatic relief system wasn’t in place when your return was processed or if you didn’t qualify for the relief.

Some 2025 returns processed earlier in the 2026 filing season went through before the automatic system was available. Returns processed later, including many filed on extension in the fall, may go through after AEP is in place.

You also may not qualify for AEP if you had a past-due balance or filed late within the previous three years.

For eligible original returns due on or after January 1, 2027, the IRS will check for this relief during processing.

So if you received a penalty notice during this transition, let’s look at the tax year, the type of penalty, your prior compliance history, and when the return was processed to figure out what your next step should be.

09/17/2026

𝗪𝗵𝗮𝘁 𝘁𝗮𝘅 𝗱𝗼 𝗜 𝗽𝗮𝘆 𝘄𝗵𝗲𝗻 𝗜 𝘀𝗲𝗹𝗹 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

What you’ll owe in taxes depends on how the sale is structured and exactly what the buyer is purchasing.

If you sell ownership shares or goodwill, some of the proceeds may be taxed at long-term capital gains rates.

But money tied to inventory, accounts receivable, or depreciation recapture can be taxed as ordinary income instead. And if you own a C corp, an asset sale can trigger tax at both the corporate and personal level.

So if you’re discussing a sale, don’t just ask, “What’s the offer?”

Find out whether the buyer is proposing an asset sale or stock sale, and how much of the purchase price will be assigned to things like goodwill, equipment, inventory, and receivables.

If you’re still 12 to 36 months away from selling, that’s also the time to review your entity structure. Once you’ve signed a letter of intent, your tax options can become much more limited.

09/16/2026

𝗪𝗶𝘁𝗵 𝗳𝗼𝘂𝗿 𝗺𝗼𝗻𝘁𝗵𝘀 𝗹𝗲𝗳𝘁 𝗶𝗻 𝘁𝗵𝗲 𝘆𝗲𝗮𝗿, 𝘄𝗵𝗮𝘁 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝗴𝗼𝗮𝗹 𝗱𝗼 𝘆𝗼𝘂 𝘄𝗮𝗻𝘁 𝘁𝗼 𝗺𝗮𝗸𝗲 𝗽𝗿𝗼𝗴𝗿𝗲𝘀𝘀 𝗼𝗻?

📚 Get the books caught up
💵 Improve cash flow
✂️ Cut an expense that’s gotten too high
📊 Get a clearer picture of where your money is going

09/15/2026

𝗗𝗼 𝗜 𝘀𝘁𝗶𝗹𝗹 𝗵𝗮𝘃𝗲 𝘁𝗼 𝗮𝘀𝗸 𝘁𝗵𝗲 𝗜𝗥𝗦 𝘁𝗼 𝗿𝗲𝗺𝗼𝘃𝗲 𝗺𝘆 𝗳𝗶𝗿𝘀𝘁-𝘁𝗶𝗺𝗲 𝘁𝗮𝘅 𝗽𝗲𝗻𝗮𝗹𝘁𝘆?

Not if your penalty qualifies for the IRS’s new Automatic Exemption from Penalty (AEP).

The IRS now reviews your prior three years of tax compliance while processing an eligible return. To qualify, you need a clean three-year history of filing and paying on time.

For Form 1040 taxpayers, AEP covers qualifying failure-to-file penalties and failure-to-pay penalties.

The good news: the IRS applies the relief automatically while processing the return. You don’t submit a separate request, and the qualifying penalty never gets assessed.

09/14/2026

𝗪𝗵𝗮𝘁 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝗰𝗵𝗲𝗰𝗸 𝗯𝗲𝗳𝗼𝗿𝗲 𝗜 𝘀𝗶𝗴𝗻 𝗮 𝗰𝗼𝗻𝘁𝗿𝗮𝗰𝘁 𝗳𝗼𝗿 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Before you sign, check exactly what you’re agreeing to pay, how long the agreement lasts, and what each side is responsible for.

Then check the smaller details:

• Whether it renews automatically
• What it takes to cancel
• Any additional fees or charges
• When payments are due
• Any requirements you’ll need to meet during the agreement

𝙋𝙧𝙖𝙘𝙩𝙞𝙘𝙖𝙡 𝙩𝙞𝙥: Write down any part you don’t understand as you read. Then get those questions answered before you sign, instead of assuming you’ll figure them out later. A few extra minutes of reading can give you a much clearer picture of what your business is committing to.

09/11/2026

𝗛𝗼𝘄 𝗱𝗼 𝗜 𝘀𝗲𝘁 𝘂𝗽 𝗮𝗻 𝗔𝗰𝗰𝗼𝘂𝗻𝘁𝗮𝗯𝗹𝗲 𝗣𝗹𝗮𝗻 𝗳𝗼𝗿 𝗺𝘆 𝗦 𝗰𝗼𝗿𝗽?

To set up an Accountable Plan for your S corp, start with these four steps:
1. Adopt a formal written plan that spells out eligible expenses, deadlines, and documentation requirements.
2. Create a monthly expense reporting system that records the amount, date, business connection, receipt, and business-use percentage for mixed expenses.
3. Submit your expense reports and receipts within the IRS 60-day safe harbor window, then formally approve them.
4. Transfer the approved reimbursement from your S corp account to your personal account and record it under the appropriate operating expense.

Want help putting an Accountable Plan and monthly expense process in place? Send us a DM.

Address

1467 W Elliot Road Ste 102
Gilbert, AZ
85233

Opening Hours

Monday	8am - 5pm
Tuesday	8am - 5pm
Wednesday	8am - 5pm
Thursday	8am - 5pm
Friday	8am - 5pm

Website

http://www.clecpa.com/

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