Gill Tax Group

07/15/2026

If you have a traditional pension and are approaching retirement, get ready to make some decisions! Pension plans usually give retirees a choice between receiving payouts as a lump sum or an annuity. A lump-sum distribution allows you to invest the money as you see fit. Annuity payments can provide guaranteed income for life. Call us at (866) 445-5829 to discuss the costs, risks and advantages of each option.

07/14/2026

Do you know the difference between IRS liens and levies? A federal tax lien arises when you fail to pay taxes after receiving an IRS bill or notice. It’s a legal claim against your property, including real estate and other assets, which can affect your ability to secure credit or complete financial transactions. A levy may be the next step if your debt remains unresolved. The IRS can seize assets — such as wages or bank funds — to satisfy the debt. In short, a lien protects the IRS’s interest, while a levy enforces collection. If you receive collection notices, don’t ignore them! Acting quickly can help open the door to resolution options. Call us at (866) 445-5829.

07/13/2026

Are you paying yourself and family members who work in your business reasonable compensation? The IRS requires compensation (including salaries, bonuses and perks) to reflect services performed and be comparable to compensation for similar roles in similar organizations. This is especially important for owner-employees and related parties. Payments to relatives may be deductible, but only if they represent reasonable wages for bona fide services and are well documented. Excess compensation may be reclassified as nondeductible distributions of income, while underpaying may raise payroll tax issues. Regularly reviewing compensation practices can help reduce audit risk. Call us at (866) 445-5829 for guidance.

07/10/2026

If you’re getting married, or were recently married, congratulations! Taxes are likely the furthest from your mind, but there are a few tax-related chores you need to consider. For example, next year, for 2026, you’ll be filing your first tax return as a married person. That could affect the amount of tax you should have withheld from your paycheck. Use the IRS Withholding Estimator to check. Then provide your employer with a new Form W-4. If your last name has changed, notify the Social Security Administration, which will inform the IRS. You and your new spouse should also review financial accounts, insurance coverage, estate plans and tax strategies. We can help. Contact us at (866) 445-5829.

07/08/2026

Your tax, retirement and estate planning shouldn’t be done separately. Decisions in one area can affect the others, especially as tax laws, financial circumstances and long-term goals evolve. We can help keep these important drivers of financial security in sync by providing coordinated strategies for managing taxes, supporting retirement objectives and preserving wealth for future generations. Contact us at (866) 445-5829 to get started.

07/07/2026

Your business can show a profit on paper and still face cash shortages because profit and cash flow measure different things. Profit reflects revenue minus expenses, while cash flow tracks the movement of cash in and out of your business. Cash shortfalls are especially common for growing businesses. That’s because you typically must pay suppliers, vendors and lenders upfront, and then wait for customers to pay you. Understanding the difference between profit and cash flow — and how to account for each — can help you make smarter financial decisions. Contact us at (866) 445-5829 to learn strategies for improving cash flow management.

07/06/2026

As a small business owner, it’s easy to think of a succession plan as involving only two people: you and your successor. But a smooth transition may also require support from managers and other key employees. Communicating thoughtfully about your intentions and progress can help build confidence, reduce uncertainty and keep the business moving forward. Contact us at (866) 445-5829 for help addressing the tax, financial and strategic aspects of your plan.

07/03/2026

The ultimate success of a business often comes back to decisions made at its inception. If you’re planning to start a business, one key decision is choosing its structure, commonly sole proprietorship, C corporation, S corporation, partnership or limited liability company. In addition to owner liability variations, all have different tax requirements that can affect everything from hiring to cash flow to owner income. Another critical decision is choosing a tax year — either a calendar year or a fiscal year (12 consecutive months ending on the last day of any month except December). Call us at (866) 445-5829. We can help you make the best decisions for your current situation and your business’s future.

07/03/2026

07/01/2026

If your estate might exceed the federal estate tax exemption ($15 million for 2026), you’re probably concerned about future estate tax liability. A spousal lifetime access trust (SLAT) may help. A SLAT can allow you to remove wealth from your estate tax-free while providing a safety net if your needs change in the future. Essentially, a SLAT is an irrevocable trust you establish for the benefit of your spouse plus your children or other relatives. Your spouse is granted limited access to the trust’s funds during his or her lifetime, giving you indirect access. Call us at (866) 445-5829 to discuss whether a SLAT makes sense for you.