Winn Accounting, LLC

03/10/2026

How Long Should You Keep Business Tax Records?

Standard Retention Period

You should keep most basic business records for at least three years after you file your original return or pay the tax, whichever comes later.

This includes filed tax returns, income and sales receipts, expense receipts, bank and credit card statements, and canceled checks.

Retention: 4 Years

Payroll and employment tax records have stricter rules. The IRS requires you to keep these records for at least four years after the tax is due or paid.

These records include employee names, addresses, and Social Security numbers, forms W-2, W-3, and W-4, payroll registers, wage reports, forms 941, other employment tax filings, and records of tax deposits.

02/20/2026

The U.S. tax system is progressive, which means your income is taxed at different rates as it increases. The IRS taxes portions of your income at different rates.
The IRS sets different tax brackets based on your filing status:
Single filers
Married filing jointly
Married filing separately
Heads of household, meaning unmarried people who support a qualifying child or dependent
How do tax brackets work?
For example, in 2025, a single filer pays 10% on the first $11,925 of taxable income, no matter if that is all they earn or if they make $1 million. The next portion, from $11,926 to $48,475, is taxed at 12%. As income goes up, higher portions are taxed at higher rates.

01/28/2026

Your business entity type determines when you need to file taxes. Be sure to add these important dates to your 2026 tax calendar.
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In 2026, tax deadlines depend on your business structure. Partnerships and S corporations usually file by March 16, 2026. Sole proprietorships and C corporations file by April 15, 2026.
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Here are the forms due for each type of business:
IRS Form 1065 for partnerships
IRS Form 1120-S for S corporations
Personal return 1040 and 1040 with Schedule C for sole proprietorships
IRS Form 1120 for C corporations

01/21/2026

While the IRS prefers receipts for proof of business expenses, several common deductions can be claimed using alternative documentation such as bank statements, mileage logs, or specific tax forms.

The following business expenses are commonly eligible for deduction without receipts:

1. Standard Mileage Deduction: Instead of saving receipts for gas, oil changes, and repairs, you can use the standard mileage rate (set at 72.5 cents per mile for 2026). To claim this, you must maintain a mileage log—either written or via an app—that records the date, total miles, business purpose, and locations of each trip.

2. Self-Employment Taxes: You can deduct half of your 15.3% self-employment tax. This deduction is calculated from your tax forms (specifically Schedule SE) rather than from receipts.

3. Retirement Contributions: Contributions to plans like a SEP IRA or Solo 401(k)can be claimed through account statements and official contribution records rather than receipts.

4. Self-Employed Health Insurance Premiums: These expenses are claimed using insurance statements, billing summaries, or official tax forms like Form 1095-A or Form 1099, provided the policy is in your name or your business's name.

5. Charitable Contributions: For cash donations under $250 to a charity, the IRS accepts bank records, canceled checks, or credit card statements, given they show the organization's name, the date, and the amount.

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01/14/2026

As a business owner, it's important to take the eligible tax deduction you're entitled to. Tax deductions reduce how much you owe, and maximizing them is one of the most effective ways to lower your business tax burden.

Some common business deductions include:

Advertising & marketing
Supplies & materials
Wages, salaries, and payments to contractors
Business insurance premiums
Rent or lease payments
Professional services (legal, accounting)
Travel, vehicle expenses, and meals
Software and subscriptions
Depreciations

Imagine your business has a gross income of $100,000. Your business expense of $50,000 reduces your taxable income to $50,000. At 22% tax rate, that deduction saves you $11,000.

01/02/2026

Happy New Year!

12/23/2025

Who do you need to issue and send a Form 1099 to?

If you paid more than $600 for services in 2025 using ACH, check, Zelle, or cash, you must send a Form 1099 to the following people or entities.
• Sole proprietors and independent contractors
• LLCs that have not elected to be treated as an S Corp.
• Partnerships
• Attorneys and law firms, regardless of whether they are incorporated.
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You do not need to send a Form 1099 if any of the following situations apply.
• You paid your contractors via third-party payment processors such as PayPal, Venmo, or Stripe.
• You paid corporations or LLCs that have chosen to be treated as an S Corporation.
• You paid for services performed outside of the U.S.

11/28/2025

11/07/2025

How much you can make matters, but how much you can keep matters more.
As your company’s revenue increases, it’s important to focus on net profit, since this is what really drives your company’s success and long-term survival.

Here are some ways to increase your company’s net income:
• Sell products or services that have strong profit margins
• Look for areas where you can reduce costs.
• Monitor your sales, expenses, and net income
• Invest in reliable systems or technology (automate repetitive tasks)
• Hire the right people

11/04/2025

The government shutdown does not affect current tax laws.
Tax deadlines will also stay the same. If you owe taxes to the IRS or have a payment plan, be sure to make your payments on time.

10/29/2025

Tax avoidance and tax evasion both aim to reduce your tax, but they are not the same. Tax avoidance is legal. It uses tax laws to lower your bill, such as claiming deductions, using credits, or structuring income wisely.

In contrast, tax evasion is illegal. It means hiding or misrepresenting information to pay less tax, like underreporting income or making up fake expenses. Tax avoidance is acceptable, but tax evasion is a crime that can lead to heavy fines or imprisonment. Understanding these differences helps you stay within the law.

10/22/2025

Are credit card rewards taxable?

Most credit card rewards are not taxable, but there are some important exceptions to keep in mind.

When rewards are not taxable

If you earn rewards (cash back, points, miles) by spending on your card, such as spending $1,000 and getting $20 cash back or points, the IRS treats those rewards as a rebate or discount on your purchases, not as income. So, you typically don’t report those rewards as taxable income.

When rewards may be taxable

• You receive a bonus without spending or meeting a spending requirement (for example, you get $200 just for opening this card with no required purchases).
• You receive a referral bonus (e.g., you refer a friend who opens a card, and you get a reward) without having to spend to earn it.