AMC Accounting Solutions

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AMC Accounting Solutions

Personalized accounting services for individuals and businesses

05/30/2026

Does your business provide complimentary on-site food and beverages for employees? The rules for deducting certain business meals have changed. Beginning in 2026, employers generally can’t deduct 1) meals treated as de minimis fringe benefits, or 2) employer-provided meals that are excludable from an employee’s income and provided for the employer’s convenience on business premises. For the 2025 tax year, generally the former were 100% deductible and the latter were 50% deductible. Contact us at (630) 848-1197 to discuss whether this change will affect your company and how to plan accordingly.

05/27/2026

It’s almost never too late to start planning for retirement. Whether you already have large 401(k) or IRA balances or are starting from scratch, we can help craft a strategy that reflects your personal situation and addresses your goals. So start thinking about what’s important to you: Building a big nest egg, reducing income tax liability, something else … We’re here to help make it possible!

05/26/2026

For small business owners, tax planning shouldn’t be a once-a-year chore. It affects nearly every business decision you make. From how you pay yourself to when you invest in equipment, the right moves can lower your tax bill … and the wrong ones can cost you. With major tax law changes taking effect in 2026, now’s the time to be proactive, not reactive. We can help you understand which strategies, deductions and credits matter most for your business. Call us at (630) 848-1197 to learn how smart planning today can lead to long-term tax savings.

05/23/2026

The IRS has issued final regulations on the tax deduction for qualified cash tips. The legislation commonly known as the “One Big Beautiful Bill Act” created the deduction of up to $25,000 per year for 2025 through 2028. Qualified tips generally refer to cash tips received by an individual in an occupation that “customarily and regularly” received tips on or before Dec. 31, 2024. The final regs list more than 70 eligible occupations. In addition to occupations previously listed in the proposed regs, the final regs add visual artists, floral designers and gas pump attendants. The final regs also provide clarifications to the definition of a qualified cash tip. For more details, call us at (630) 848-1197.

05/20/2026

While the thresholds for the 3.8% net investment income tax (NIIT) have remained unchanged since the NIIT went into effect in 2013, taxpayer incomes have generally grown significantly. So more taxpayers are getting hit with this additional tax. The NIIT applies to the lesser of your net investment income or the amount by which your modified adjusted gross income exceeds the applicable threshold. And it kicks in long before the top short- and long-term capital gains rates apply. We can help you manage potential NIIT exposure. Contact us at (630) 848-1197.

05/19/2026

Maintaining healthy operating cash flow helps drive your company’s success. But accomplishing this objective isn’t always easy. One practical approach is to speed up customer payments while carefully managing the timing of your own bills. Prudently shortening your cash conversion cycle can improve liquidity and give your business greater financial flexibility. Please call us at (630) 848-1197 for help identifying opportunities to strengthen your cash position and keep your business moving in the right direction.

05/18/2026

Two federal tax breaks can help offset the cost of accessibility improvements. In 2026, qualifying small businesses (with $1 million or less in gross receipts or no more than 30 full-time employees in 2025) may claim the Disabled Access Credit. It’s generally worth 50% of eligible accessibility costs (up to a $5,000 maximum). Businesses of any size may also deduct up to $15,000 per year for qualified architectural and transportation barrier removal. You can claim both benefits in the same year, but not for the same expense. New construction isn’t eligible for either break. If you’re planning upgrades, call us at (630) 848-1197 to help you make the most of these incentives.

05/15/2026

The Qualified Opportunity Zone (QOZ) program offers tax breaks on capital gains from eligible long-term investments in designated low-income and rural communities. The One Big Beautiful Bill Act made the QOZ program permanent and established a new 10-year designation cycle. The IRS has issued guidance on how to nominate population census tracts for designation as QOZs. The next round of QOZs will be effective from Jan. 1, 2027, to Dec. 31, 2036. Generally, state and territory governors can begin nominating eligible census tracts for QOZ designation on July 1, 2026. The nomination period lasts 90 days, with the option of a single 30-day extension. Contact us at (630) 848-1197 with any questions about QOZ tax breaks.

05/13/2026

Beginning in 2026, a new 0.5% “floor” applies to charitable deductions for taxpayers who itemize. This generally means that only qualified charitable contributions that, in aggregate, exceed 0.5% of your adjusted gross income will be deductible if you itemize deductions. But a charitable deduction for cash donations is now available to nonitemizers. We can help you develop a tax-smart charitable giving strategy for 2026. Contact us at (630) 848-1197.

05/12/2026

Now is the perfect time to tidy up your QuickBooks files. Unreconciled accounts, uncategorized transactions and outdated records can distort your cash flow and profitability. Even with QuickBooks’ automation tools and AI-enabled features, consistent review and oversight are essential. Don’t forget your chart of accounts! An outdated or cluttered chart can muddy your results, making it harder to understand your true performance. Clean books support better financial decisions and smoother tax filings. Call us at (630) 848-1197 to help get your bookkeeping in top shape.

05/11/2026

The stepped-up basis rules can reduce capital gains tax for family members who inherit your assets. Under these rules, when your loved one inherits an asset, its tax basis is “stepped up” to its fair market value at the time of your death. If the heir later sells the asset, he or she will owe capital gains tax only on any appreciation after your date of death, rather than on the entire gain since you acquired it. Investment accounts, business interests, real estate and personal property are among the assets affected by the stepped-up basis rules. Call us at (630) 848-1197 for details.

Address

1001 East Chicago Avenue, Suite 103
Naperville, IL
60540

Telephone

+16308481197

Website

http://www.amcaccountingsolutions.com/

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