Sure Financial and Tax Services LLC

09/06/2026

"No tax on tips" is real. It is also not a Schedule C deduction.

It goes on the new Schedule 1-A, as a personal deduction. Your business net profit does not change — which means your self-employment tax does not change either.

If you were counting on it to lower the 15.3%, it will not. It lowers income tax only.

Here is what actually changed on Schedule C for 2025 and 2026.

https://suryapadhiea.com/schedule-c-tax-changes-2026/


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**The concrete number** — Post this three or four days later. The recapture figure is the one that travels.

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A $90,000 vehicle. Written off in full in 2025. Business use drops to 48% in 2026.

Result: $74,250 comes back as income on the 2026 Schedule C — and it carries self-employment tax.

The write-off was not wrong. It was conditional, and the condition failed in year two.

If you have a heavy vehicle on your depreciation schedule, December is when to check the percentage.

https://suryapadhiea.com/schedule-c-tax-changes-2026/

09/05/2026

Unexpected Income in 2026? Don’t Let It Create a Surprise Tax Bill!

A bonus, large capital gain, profitable investment sale, IRA distribution, or successful side business may significantly increase your federal and state tax liability—even when the income is received late in the year.

What should you do now?

✅ Review your federal and state income tax withholding
✅ Recalculate your 2026 estimated tax payments
✅ Consider making an additional payment before the next due date
✅ Ask whether the annualized income installment method may reduce an underpayment penalty

General federal safe-harbor rules may help you avoid an estimated-tax penalty if you:

• Owe less than $1,000 after withholding and refundable credits
• Pay at least 90% of your current-year tax
• Pay 100% of your prior-year tax
• Pay 110% of prior-year tax when the higher-income rule applies

The federal individual underpayment interest rate for Q3 2026 is 7%, compounded daily.

Income changed? Review your tax plan now—before the year ends.

📞 908-955-0696
📧 [email protected]
🌐 www.suryapadhiea.com

Surya Padhi, CPA, EA, CAA
Sure Financial & Tax Services

For informational purposes only. Tax rules and planning recommendations depend on each taxpayer’s individual facts and circumstances.

09/03/2026

There is a window most people retire straight through without noticing.

Between the year your salary stops and the year required minimum distributions begin, your income is unusually low and the lower tax brackets sit empty. That is the cheapest chance you will ever get to move money out of a 401(k) or traditional IRA into a Roth.

Once RMDs start, they fill those brackets first. Every conversion after that stacks on top, at a higher rate. The window closes on its own.

I have written up how to tell whether this is your year, how much to convert, and the five mistakes that cost the most.

https://suryapadhiea.com/roth-conversion-when-to-convert/

Usually in the years between retiring and the start of required minimum distributions, when your income is temporarily low and the lower brackets sit empty.

09/03/2026

📅 **Important 2026 Extended Tax Filing Deadlines**

Business owners, do not miss these important federal filing deadlines for **2025 tax returns**:

🔸 **September 15, 2026**
✅ S Corporations — Form 1120-S
✅ Partnerships — Form 1065
*A timely Form 7004 extension must have been filed.*

🔸 **October 15, 2026**
✅ C Corporations — Form 1120
✅ Sole Proprietors — Form 1040 with Schedule C

C corporations generally use **Form 7004**, while individual taxpayers—including sole proprietors—generally use **Form 4868** to request an extension.

⚠️ **Remember: An extension to file is not an extension to pay.** Taxes owed were generally due by the original filing deadline. Late payments may be subject to interest and penalties.

Need assistance preparing your extended tax return?

**Surya Padhi, CPA, EA, CAA**
Sure Financial & Tax Services
📞 908-955-0696
📧 [[email protected]](mailto:[email protected])
🌐 [www.suryapadhiea.com](http://www.suryapadhiea.com)

08/31/2026

"I already filed the FBAR, so I'm covered." Not quite.

Most people with foreign accounts have to file both, because the two forms have different thresholds and different owners. The FBAR is triggered when your foreign accounts together top $10,000 at any point in the year. Form 8938 starts at $50,000 for a single filer living in the US — and the threshold moves if you're married or living abroad.

Two forms, two agencies, two sets of penalties. Worth knowing which ones apply to you before the deadline, not after.

Which one do you have to file? https://suryapadhiea.com/fbar-vs-form-8938/

Surya Padhi, CPA (US), EA — Sure Financial and Tax Services LLC

Most people with foreign accounts file both. The FBAR is required when your foreign financial accounts together exceed $10,000 at any point in the year. Form

08/28/2026

Sold Property in India: Will You Pay Tax Twice?

Mostly no. India taxes the gain because the property is there, the US taxes it because you live here, and the foreign tax credit under Article 25 of the treaty relieves most of the overlap.

• India taxes the gain because the property is there. The US taxes it because you live here. Both are entitled to.
• Article 13 of the India-US treaty gives no rate relief on property gains — each country taxes under its own law. Relief comes only as a US credit under Article 25.
• Withholding in India is on the entire sale price, not the gain, and there is no minimum. A certificate obtained before closing is the only way to prevent it.

Most asked: Do I have to file an Indian tax return if tax was already withheld?

Full explainer, with the figures and the sources:
https://suryapadhiea.com/sold-property-in-india-taxed-twice/?utm_source=facebook&utm_medium=referral&utm_campaign=sold-property-in-india-taxed-twice

Surya Padhi, CPA (US) · EA (US) · CAA (US) · CA (India)
Sure Financial and Tax Services LLC · Hillsborough, NJ · 908-955-0696

https://youtu.be/LFN6F3Jo3Ss

08/27/2026

https://suryapadhiea.com/estimated-tax-safe-harbor-2026/

The United States runs a pay-as-you-go tax system. Tax on income you earn in March is due in April of that same year — not the following April when you file the return. Employees satisfy this automatically through payroll withholding and never think about it. Everyone else has to send the money in themselves, four times a year.

When it arrives late, the IRS charges interest on the shortfall. It is worth being precise about what that charge is: it is not a fine for doing something wrong. It is interest on money the government was entitled to hold earlier. For the fourth quarter of 2026 the underpayment rate is 7%, unchanged from the third — and unlike most IRS interest it is not compounded, because section 6622(b) carves the section 6654 addition to tax out of the daily-compounding rule.

08/08/2026

Retirement Account Withdrawals: Rules, Best Practices, and Strategies for 2026
https://youtu.be/5px2K7Lp_2k?si=H0v1H4cmFMeODpa-
Building a retirement portfolio is only half the journey. The other half—and arguably the more important part—is knowing how and when to withdraw your retirement savings.

A poorly planned withdrawal strategy can increase your tax bill, trigger higher Medicare premiums, reduce Social Security benefits, and shorten the life of your retirement savings. A tax-efficient withdrawal strategy, on the other hand, can help you maximize after-tax income while preserving your wealth for future generations.

This guide explains the withdrawal rules for four common account types—401(k)s and Traditional IRAs, Roth IRAs, Health Savings Accounts (HSAs), and Taxable Brokerage Accounts—along with best practices to help you make informed retirement decisions.

Building a retirement portfolio is only half the journey. The other...

08/07/2026

Rollover IRA vs. Backdoor Roth IRA: Which Retirement Strategy Is Right for You in 2026?
https://youtu.be/rJIAi0t4njo?si=6l-4Dsudyc9Qe_cy
Retirement terminology can be confusing, especially when people compare a Rollover IRA with a Backdoor Roth IRA.

Although both involve individual retirement accounts, they serve very different purposes:

A Rollover IRA generally receives retirement funds transferred from an employer-sponsored plan, such as a 401(k).
A Backdoor Roth IRA is a tax strategy that generally involves making a nondeductible contribution to a Traditional IRA and then converting that amount to a Roth IRA.
The correct choice depends on your income, existing retirement accounts, current tax bracket, future tax expectations, and long-term financial goals.

08/05/2026

https://blog.suryapadhiea.com/blog/individual/rollover-ira-vs-backdoor-roth-ira-which-retirement-strategy-is-right-for-you-in-2026/

By Surya Padhi, EA, CAASure Financial & Tax Services Retirement terminology can be confusing, especially when people compare a Rollover IRA with a Backdoor Roth IRA. Although both involve individual retirement accounts, they serve very different purposes: A Rollover IRA generally receives retirement...