Jones & Fry CPA

Jones & Fry CPA Since its inception in 1949, our accounting firm has served this community with a combination of pro

There’s no shortage of uncertainty for today’s business owners. It’s impossible to predict every disruption, but stress ...
07/17/2026

There’s no shortage of uncertainty for today’s business owners. It’s impossible to predict every disruption, but stress testing can help you identify vulnerabilities before they become costly problems. This approach requires you to identify key risks, evaluate realistic scenarios with your leadership team and advisors, and develop plans to strengthen resilience, such as disaster recovery or succession planning. To stay responsive, review and update your stress tests annually based on changes to your business, industry or the broader marketplace. Contact us. We can help you strengthen your risk management strategy.

Weddings can be exceptionally expensive. But if you’re getting married and planning a reception with food, you may be el...
07/16/2026

Weddings can be exceptionally expensive. But if you’re getting married and planning a reception with food, you may be eligible for a tax deduction by donating the leftovers to a local food bank. Coordinate with your caterer and a vetted food pantry. You may also want to consider donating your wedding dress, bridesmaid dresses, decorations and flowers to charity. To deduct these contributions, you’ll need to itemize federal tax deductions. (Physical goods don’t qualify for the new charitable deduction for nonitemizers.) Be sure to retain sales receipts and obtain donation acknowledgments from the organizations. Contact us with questions and for help with tax planning as a married couple.

Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Reviewin...
07/15/2026

Summer is a good time to see whether your income, deductions and investment activity are lining up as expected. Reviewing your tax picture now gives you more time to take steps to reduce or defer taxes. For example, if you expect this year’s income to be near the threshold for a higher bracket, consider strategies for reducing your taxable income to stay out of that bracket. If you’ve realized, or expect to realize, significant capital gains this year, consider selling some depreciated investments to generate losses you can use to offset those gains. And if you’d like help evaluating these and other midyear tax strategies, contact us.

Limited partner status in a business generally offers valuable benefits, including liability protection and self-employm...
07/14/2026

Limited partner status in a business generally offers valuable benefits, including liability protection and self-employment tax advantages. But it may also limit your ability to deduct partnership losses under the passive activity loss rules. Passive losses are usually deductible only against passive income unless you materially participate in the business. Limited partners face a tougher standard than general partners. Certain work, such as investor activities or tasks not customarily performed by owners, may not count toward material participation. Other limitations may also apply. Before investing in a limited partnership or claiming losses, contact us to discuss the tax implications.

IRS or state tax problems don’t have to derail your business. Many issues can be resolved when they’re addressed promptl...
07/13/2026

IRS or state tax problems don’t have to derail your business. Many issues can be resolved when they’re addressed promptly and strategically.

If you or your business receives a tax notice from the IRS or a state agency, don’t ignore it. Be mindful of the notice’s deadline and work with your tax advisor to prepare supporting documentation and an appropriate response. If you owe back taxes that you can’t pay in full, explore potential relief options, such as a temporary delay in collection due to hardship, an installment agreement or payment plan, or a settlement plan.

We can help you communicate with tax authorities and create a plan to get your business back on track. Contact us to learn more.

Employers: Adding a Roth feature to your 401(k) plan can give employees more flexibility in saving for retirement. But i...
07/10/2026

Employers: Adding a Roth feature to your 401(k) plan can give employees more flexibility in saving for retirement. But it’s a decision you must consider carefully. Unlike traditional pretax deferrals, Roth contributions are made after tax, so qualified distributions are tax-free. This feature may appeal to younger workers, higher-paid employees who can’t contribute directly to a Roth IRA and older employees affected by recent changes to the catch-up contribution rules. However, it also brings added administrative, payroll, recordkeeping and communication responsibilities. Contact us for help evaluating the strategy and implementing a Roth feature if you decide to move forward.

Hiring seasonal employees can help businesses meet peak demand, but it also comes with important tax responsibilities. E...
07/09/2026

Hiring seasonal employees can help businesses meet peak demand, but it also comes with important tax responsibilities. Employers must verify work eligibility, properly classify workers as employees (not independent contractors), withhold payroll taxes and report wages on the appropriate tax forms. Seasonal employees are generally subject to the same federal payroll tax rules as year-round staff, even if they work for only a short time. Proper planning can help you avoid costly payroll mistakes and compliance issues. Contact us if you need guidance before bringing on seasonal workers. For information from the IRS: https://bit.ly/4eXWK3O

Will your Social Security benefits be taxable? A portion might be. How much depends on your provisional income, your ove...
07/08/2026

Will your Social Security benefits be taxable? A portion might be. How much depends on your provisional income, your overall income and IRS thresholds.

Provisional income is your adjusted gross income with some additional calculations. You may have to report up to 85% of your Social Security benefits as taxable income if your provisional income is over $34,000 ($44,000 for joint filers). If you file separately from your spouse who lived with you at any time during the year, the threshold is $0.

Smart tax planning can potentially reduce your liability. We can help project your provisional income and review your overall tax situation to identify strategies that make sense for you.

If you rent out your primary or secondary residence for no more than 14 days this year, you may be eligible for a tax br...
07/07/2026

If you rent out your primary or secondary residence for no more than 14 days this year, you may be eligible for a tax break known as the “Augusta rule.” The rule allows eligible homeowners to temporarily rent out their homes without reporting the rental income on their personal tax returns. Homeowners typically take advantage of the rule when renting their homes to tourists. Business owners who rent their homes to their businesses for short, event-driven occasions can potentially deduct the rent paid as a business expense while excluding the rental payments from their individual taxable income. But strict compliance with IRS rules is essential. Contact us to learn the details.

What’s the right entity type for your new business? Two popular options for closely held businesses with multiple owners...
07/06/2026

What’s the right entity type for your new business? Two popular options for closely held businesses with multiple owners are LLCs taxed as partnerships and S corporations.

Both offer pass-through taxation, meaning tax items pass through to the individual owners and are reported on their personal returns. But they differ in important ways, such as self-employment tax, loss deductions, ownership flexibility and eligibility requirements.

Before making your decision, contact us. Taxes play a pivotal role in this decision. We can work with you and your legal advisors to determine the optimal setup for your situation.

Address

300 W Main Street
Greenville, OH
45331

Opening Hours

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

Telephone

(937) 548-3106

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