Elam Tax

07/27/2026

Business Owners-

This weekend is the TN Sales Tax Holiday. Be sure to adjust any eligible items you sell according to the state's guidelines.

Also, keep good records now for filing your monthly or quarterly sales tax report! As with everything, it's much easier to track it as you go than doing it a month later!

07/25/2026

Reminder!

07/24/2026

The Trump Accounts for children was a hot topic during this past tax season but I honestly did not have enough time to dedicate a whole post to it. So let's talk about it now.

-parents can go online anytime and setup the account for any child under 18

-link: https://trumpaccounts.gov

-$ is locked in until child turns 18 then it's theirs

-at 18 it converts to a traditional IRA

-traditional IRA means you'll pay tax on the money invested & earned when it's withdrawn

-the child doesn't have to do anything with the money at 18

-leave money alone and let it grow

-will be a nice addition to their retirement that grew silently

-currently max. contributions from friends & family per year $5,000 per child (think Christmas & birthday instead of toys, every kid has too many toys, right?!?)

-kids born between 1/1/2025-12/31/2028 get a FREE $1,000 contribution from the gov

Trump Accounts provide eligible American children with tax-advantaged investment accounts courtesy of President Donald J. Trump.

07/21/2026

Although it's wild to think about, in only about two months I'll be sharing all the details about my Spring Tax Internship positions!

This is a great opportunity for two students to get valuable experience, build their professional skills, and make meaningful connections!

Keep an eye out this Fall for more information on the requirements and deadlines!

Clients-please share this post to help find the perfect candidates!

07/20/2026

Effective July 1, 2026, the IRS increased the business mileage rate to 76 cents per mile. Although I stress the importance of keeping good mileage logs often this becomes even more important in a year that will have two separate rates.

Miles driven from January 1, 2026 to June 30, 2026 will be deducted at 72.5 cents while miles driven from July 1, 2026 to December 31, 2026 will be at 76 cents per mile.

KEEP THOSE MILEAGE RECORDS IN GOOD SHAPE

Use an app, a calendar, paper & pencil, or whatever works best for you!

07/07/2026

💡 Tax Tidbit Tuesday 💡

Just because you don’t receive a tax form doesn’t mean the income isn’t taxable.

New for 2026: The reporting threshold for many Form 1099-NEC and Form 1099-MISC payments increased from $600 to $2,000. That means you may not receive a 1099 even though the income is still taxable.

The IRS taxes income, not forms. Whether you receive a W-2, 1099, or no tax form at all, you’re still required to report all taxable income on your tax return.

Keep good records throughout the year!

07/07/2026

❗️Tax Tip Tuesday (for k-12 educators) ❗️

TEACHERS-COUNSELORS-AIDES-PRINCIPALS 👩🏼‍🏫🍎✏️📚📓📝✂️

I know you're about to place that Amazon order or head to Walmart but did you know you can deduct up to $300 on your tax return for items bought for your classrooms and students??

Save your receipts and get a $300 deduction!

*to get deduction expenses must not be reimbursed

07/06/2026

❗️Marketing Monday ❗️

One of the easiest things you can do to get customers and clients is ANSWER THE PHONE. 📲 Whether it's call or text, consumers want answers and service when they contact you. They don't want to chase you down. Not to mention it doesn't cost you anything!

07/03/2026

Happy 4th of July!

Here's to hoping you have plans to open the grill this weekend and close your June books next week! 😜

06/25/2026

Quickbooks Online has recently created a new tier offering a FREE version! This is GREAT for new and small businesses that need minimal features but the organization that QBO provides! I don't keep books anymore but if you need help getting started or have questions send me a message!