Denise H. Lunt, CPA

09/24/2026

When LTC Premiums Provide a Tax Break!

Are long-term care (LTC) insurance premiums tax-deductible? It depends. Qualified LTC policies are considered health insurance under federal income tax rules. So if you buy a policy, your premiums are treated as medical expenses for itemized deduction purposes.

But your total eligible medical expenses for the year must meet the 7.5% of adjusted gross income threshold before you can start deducting LTC premiums. And there are age limits on how much you can deduct - for example, $500 for individuals age 40 and under and $6,200 for those 70 and over. Other age groups’ 2026 maximums fall between these two. Contact the office for more information.

Check out our Monthly Newsletter; all this information is available at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services.

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.

09/23/2026

⚠️Scam of the Week⚠️
📊This Chart Doesn't Check Out📊

Imagine opening an email that appears to be from your patient portal, telling you your test results are ready. You select the button in the email and land on a sign-in page that looks just like the real one, so you enter your email address and password. Then a pop-up window appears, stating that an "AI-powered review" found problems with your blood work. To see more, the page says you must complete a quick verification step.

Unfortunately, this email is actually a phishing scam! By signing in, you handed your login details straight to cybercriminals. The "verification" step might ask you to press a key combination, then paste and run a command. If you do, you could install malware on your device as well!

Follow these tips to avoid falling victim to this phishing scam:

1. Open your patient portal through the official app or your healthcare provider's website. Don't select a button in an email about test results.
2. Never press key combinations, paste commands, or download files because a website tells you to. Real patient portals don't work that way.
3. Whichever health service you use, and wherever you live, confirm surprising results by contacting your provider directly through a phone number you know is real.

🚨Always stop and think before you take action!🚨

This week's scam alert is brought to you by the KnowBe4 Security Team! We take our clients' online safety seriously and want to keep everyone informed about what's going on and what can put them at risk.

Feel free to contact our office with any questions!

09/22/2026

Make the Most of Your HSA Tax Benefits!

If you’re eligible to contribute to a Health Savings Account (HSA), consider taking a closer look at your contribution strategy. You may be able to reduce your 2026 taxes while strengthening your long-term financial security. Although many people use HSAs to pay current medical expenses, they can also help fund retirement.

Maximize Tax Savings...

HSAs offer valuable tax advantages. Generally, contributions are pre-tax if made through payroll deductions or tax-deductible (without itemizing) if made directly to an HSA you establish yourself. Investment earnings grow tax-deferred, and withdrawals used for qualified medical expenses are tax-free.

If you haven’t reached the 2026 contribution limit, there’s still time before year-end. For 2026, you can contribute up to $4,400 for self-only coverage or $8,750 for family coverage, plus an additional $1,000 catch-up contribution if you’re age 55 or older.

To be eligible to contribute, you generally must be covered by a qualifying high-deductible health plan (HDHP) and not be enrolled in Medicare or covered by certain other health plans. For 2026, an HDHP generally must have a minimum deductible of $1,700 for self-only coverage ($3,400 for family coverage) and maximum annual out-of-pocket expenses of $8,500 ($17,000 for family coverage). Beginning in 2026, HSA eligibility has expanded by generally treating bronze and catastrophic plans as HDHPs.

Think Beyond Medical Expenses...

An HSA can do more than help pay today’s health care costs. If your financial situation allows, consider paying current qualified medical expenses out of pocket and leaving your HSA balance invested. Unused funds carry forward indefinitely and can continue growing on a tax-advantaged basis.

This strategy may also help build additional tax-deferred retirement savings. After age 65, you may withdraw HSA funds for nonmedical expenses without the 20% penalty that generally applies to earlier nonqualified withdrawals, though you’ll owe regular income tax on those distributions. Withdrawals used for qualified medical expenses remain tax-free, so tax-free HSA funds may be used to pay certain Medicare premiums and other eligible health care expenses during retirement.

Don’t Wait...

Now is a good time to review whether you’re making the most of your HSA. Contact the office for assistance!

Check out our Monthly Newsletter; all this information is available at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services.

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.

09/18/2026

⚠️Scam of the Week⚠️
The Reply Trap...

A text lights up your phone screen from a number you don't recognize, saying, "Hey, are we still on for dinner tomorrow?" The message is clearly meant for someone else, but it seems ordinary and friendly. Since it feels rude not to respond, you consider sending a quick reply just to let the sender know they've got the wrong person.

But that seemingly harmless text is actually a trap set by cybercriminals! Scammers rely on your reply to mark you as an easy target. Your reply confirms to cybercriminals that your number is active, and then they'll sell it on the dark web to other scammers. Once your phone number appears on one of these dark web lists, you might see more scam texts or calls in the future!

Follow these tips to avoid falling victim to this smishing, or text phishing, scam:

1. If you receive a suspicious text, mark it as spam or junk and block the sender’s number. These actions also help your phone provider flag and block similar messages for other users.
2. Avoid sharing your phone number publicly. The less accessible your number is, the harder it is for cybercriminals to find and target it.
3. You may think replying to these kinds of texts is friendly, but it could mark you as a target for future scams.

🚨Always stop and think before you take action!🚨

This week's scam alert is brought to you by The KnowBe4 Security Team! We take our clients' online safety seriously and want to keep everyone informed about what's going on and what can put them at risk.

Feel free to contact our office with any questions!

09/17/2026

Could Accessibility Upgrades Lower Your Tax Bill?

Improving accessibility at your business may come with a valuable tax break: Eligible small businesses can claim the Disabled Access Credit for certain costs related to improving accessibility for individuals with disabilities. A business may qualify if, in the prior tax year, it had gross receipts of $1 million or less or no more than 30 full-time employees.

The credit equals 50% of eligible expenses exceeding $250, but not exceeding $10,250. Examples of potentially eligible costs include providing interpreters for people with hearing impairments, providing readers for people with visual impairments, and acquiring or modifying equipment or devices. Contact the office if you need guidance on the credit!

Check out our Monthly Newsletter; all this information is available at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services.

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.

09/16/2026

Always love being able to support such great causes in our community💕

09/15/2026

4 Tax-Smart Investment Moves Before Year-End!

As the end of 2026 approaches, look beyond investment performance and consider how taxes may affect your overall returns. Although tax considerations generally shouldn’t drive investment decisions, a year-end portfolio review may identify opportunities to reduce your taxes. Here are four to consider.

1. Harvest losses (or gains)

Review the capital gains and losses you’ve realized so far this year. If you have a net capital gain, you may be able to offset some or all of it through tax-loss harvesting before year-end. This means selling some investments that have declined in value compared to what you paid for them.

If you expect to end the year with a net capital loss, consider selling some appreciated investments. The resulting gains can be offset by your already-recognized capital losses, essentially making the sale tax-free. But don’t eliminate your entire net capital loss. Each year you generally can use up to $3,000 of net capital losses ($1,500 if married filing separately) to offset ordinary income (such as wages, business income, and taxable retirement plan distributions). Any remaining losses can be carried forward indefinitely.

2. Avoid the wash sale rule

If you sell an investment at a loss for tax purposes, be mindful of the wash sale rule. Under this rule, if you sell a security at a loss and purchase the same or a substantially identical security within the 30 days before or after the sale, the loss generally isn’t deductible in the current year. Instead, the disallowed loss is added to the basis of the replacement security, postponing the tax benefit until the replacement security is sold.

To avoid this result, consider waiting at least 31 days before repurchasing the investment or replacing it with a similar — but not substantially identical — security. Purchases by a spouse or certain related entities can also trigger the wash sale rule.

3. Time the sale of appreciated investments

Before selling investments that have increased in value, consider whether you should wait until next year. If you expect your taxable income to be lower in 2027 — perhaps you’re retiring or anticipating lower business income — delaying the sale could reduce the tax rate you pay on it.

However, if you expect to be in a higher tax bracket next year, selling in 2026 may be advantageous. Consider your expected income, cash needs, and tax situation.

4. Donate appreciated securities

If you’re planning charitable gifts, consider donating long-term appreciated securities instead of cash. Donating them will allow you to avoid the capital gains tax you’d have to pay on the appreciation if you sold the securities. Plus, if you itemize, you generally can claim a charitable deduction for the fair market value of the securities.

Don’t donate stock that’s worth less than what you paid for it. Instead, sell the stock so you can deduct the loss and then donate the cash proceeds to charity.

Moving Forward...

Before making significant investment moves, contact the office to discuss how to coordinate your investment decisions with your overall tax strategy.

Check out our Monthly Newsletter; all this information is available at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services.

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.

09/10/2026

📚Ready Your Books for Tax Season📚

One of the most common bookkeeping mistakes business owners make is mixing business and personal finances. Addressing this issue before year-end can simplify tax preparation, improve the accuracy of your financial records, and help reduce the risk of IRS questions.

Business expenses generally must be “ordinary and necessary” to qualify for a tax deduction. If personal purchases are recorded as business expenses, you could overstate deductions. On the other hand, if legitimate business expenses are paid with personal funds but never recorded, you could miss valuable deductions.

Mixing business and personal transactions can also distort your financial statements, making it harder to measure profitability, manage cash flow, and make informed business decisions. For corporations and limited liability companies, maintaining separate finances helps reinforce the legal distinction between the business and its owners. If you need guidance, contact the office.

Check out our Monthly Newsletter; all this information is available at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services.

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.

09/08/2026

Could Bad Debts Lower Your 2026 Taxes?

When customers or others don’t pay what they owe your business, you may be able to claim a bad debt deduction to help offset the financial loss. But it isn’t automatic. Businesses must satisfy specific federal tax rules and maintain adequate records to support the deduction.

Not Every Unpaid Debt Is Eligible...

Whether an unpaid debt is deductible depends on several factors. First, the debt generally must be connected to your trade or business. Examples include unpaid customer invoices, certain loans to customers or suppliers, and some business-related guarantees.

The debt also must be bona fide. This means there must have been a genuine expectation of repayment when the money was advanced, or credit was extended. Documentation such as invoices, contracts, promissory notes, and payment terms can show the transaction was a legitimate debt rather than a gift or capital contribution.

Additionally, not every business is eligible to deduct unpaid customer receivables. The purpose of the deduction is to offset a previous tax liability. So, you must have previously included the receivable in your income.

If your business uses the cash-basis method of accounting, you generally recognize income only when payment is received. Because unpaid invoices generally haven’t been included in taxable income, they’re typically not deductible as bad debts.

Accrual-basis businesses generally recognize income when it’s earned rather than when payment is received. As a result, they may be eligible for a bad debt deduction if an amount previously included in income later becomes partially or totally worthless. For partially worthless business debts, a charge-off for accounting purposes generally is required.

How Mixed-Purpose Debts Are Treated...

Some debts may involve both business and personal motives. For example, suppose you guarantee a loan for one of your best customers, who also happens to be a close friend. If the borrower defaults, whether the loss is treated as a business or nonbusiness bad debt depends on whether your dominant motivation in making the guarantee was to help your business or your friend.

The distinction is important because nonbusiness bad debts are deductible only if they’re totally worthless. And they’re treated as short-term capital losses, which can generally offset capital gains and up to $3,000 of ordinary income annually, with any excess carried forward.

Document Your Collection Efforts...

One of the most important requirements is showing that you’ve made reasonable efforts to collect the debt. Simply deciding that a customer probably won’t pay usually isn’t enough to conclude the debt is worthless.

It’s also critical to keep records of the actions you’ve taken. These may include invoices, reminder notices, collection letters, payment plans, correspondence with attorneys or collection agencies, and information showing the debtor’s financial difficulties, bankruptcy, or insolvency. Going to court isn’t necessary if you can demonstrate that obtaining a judgment would be futile.

If you haven’t consistently documented your collection efforts, there’s still time. Review overdue accounts and make sure your files reflect the steps you’ve taken to pursue payment. This can make a significant difference if the IRS questions your deduction.

Review Your Receivables Now...

Do you have aging receivables or other potentially uncollectible business debts? Contact the office before year-end for help evaluating your options, ensuring your documentation is complete, and identifying the deductions you may be eligible to claim.

Check out our Monthly Newsletter; all this information came through at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services.

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.

09/04/2026

🚨🗓️Upcoming Tax Due Dates🗓️🚨

September 15th...

Individuals - Pay the third installment of 2026 estimated taxes (Form 1040-ES) if not paying income tax through withholding or are not paying sufficient income tax through withholding.

Calendar-year corporations - Pay the third installment of 2026 estimated income taxes, completing Form 1120-W for the corporation’s records.

Calendar-year S corporations - File a 2025 income tax return (Form 1120-S) and provide each shareholder with a copy of Schedule K-1 (Form 1120S) or a substitute Schedule K-1 if an automatic six-month extension was filed. Pay any tax, interest and penalties due.

Calendar-year S corporations - Make contributions for 2025 to certain employer-sponsored retirement plans if an automatic six-month extension was filed.

Calendar-year partnerships - File a 2025 income tax return (Form 1065 or Form 1065-B) and provide each partner with a copy of Schedule K1 (Form 1065) or a substitute Schedule K1 if an automatic six-month extension was filed.

Employers - Deposit Social Security, Medicare, and withheld income taxes for August if the monthly deposit rule applies.

Employers - Deposit nonpayroll withheld income tax for August if the monthly deposit rule applies.

September 30th...

Calendar-year trusts and estates - File a 2025 income tax return (Form 1041) if an automatic five-and-a-half-month extension was filed. Pay any tax, interest, and penalties due.

October 13th...

Individuals - Report September tip income of $20 or more to employers (Form 4070).

Check out our Monthly Newsletter; all this information is available at the following link:
https://www.starcpa.com/newsletter.php

*Any accounting, business, or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. We would be happy to do the required research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter defining the scope and limits of the desired consultation services.

Take a look at our Newsletter page. Denise H. Lunt, CPA is a full service tax, accounting and business consulting firm located in Guymon, OK.