Olivari & Associates CPA

03/17/2026

01/29/2026

Pass-through entities generally don’t owe federal income tax at the entity level, but they still must file federal income tax returns. These entities include partnerships, limited liability companies treated as partnerships for tax purposes and S corporations. If your pass-through entity uses the calendar year for tax purposes, as most do, the filing deadline for the 2025 tax year is March 16, 2026 (because March 15 is on a Sunday). The deadline can be extended to Sept. 15, 2026, by filing for an extension by March 16. If you do that, you (and any other owners) will also likely need to file an extension to Oct. 15, 2026, for your individual return. Contact us to get things rolling.

01/27/2026

Saving our taxpayers money!! 💰💵💲🤑

01/20/2026

A new year brings many new tax-related figures for businesses. While bonus depreciation remains at 100%, the Sec. 179 expensing limit increases to $2.56 million for 2026, with the phaseout threshold at $4.09 million. The income ranges over which the Sec. 199A qualified business income deduction limitations phase in also increase. For 2026, they’re generally $201,750 – $276,750, double those amounts for married couples filing jointly. But under tax legislation signed into law in 2025, the threshold for the excess business loss limitation drops significantly for 2026, to $256,000 (double that amount for joint filers). We can help you factor these changes and others into your 2026 tax planning.

01/19/2026

Changes to charitable donation deductions are on the horizon. Beginning in 2026, if you itemize deductions, your otherwise allowable charitable deductions will be limited to the amount that exceeds 0.5% of your 2026 adjusted gross income. In addition, if you’ll be in the 37% income tax bracket, your tax benefit generally will be as if you were in the 35% bracket. If you’ll be affected, you may want to accelerate donations into 2025 and then bunch donations into alternating years. But if you claim the standard deduction, in 2026 you can potentially benefit from a new charitable deduction for nonitemizers of up to $1,000 ($2,000 for married couples filing jointly). Contact us to learn more.

01/16/2026

When it comes to estate planning, not all assets are created equal. One asset type that can be tricky to transfer to beneficiaries is guns. Fi****ms are unique among personal property because federal and state laws prohibit certain persons from possessing them. For that reason, consider using a gun trust. This trust type allows multiple designated trustees to legally possess and use the fi****ms, helping families avoid the risk of accidentally violating federal law. By placing these assets in a trust, owners can also streamline how the fi****ms are handled if they become incapacitated, helping to ensure that only authorized individuals retain lawful access. Contact us for more details.

01/13/2026

Every year, many taxpayers experience damage to their homes or personal property from storms, floods, wildfires or other disasters. For 2025 income tax returns due April 15, 2026, personal casualty loss deductions are generally limited to those due to federally declared disasters. But, effective for losses occurring on or after Jan. 1, 2026, eligible disasters also include certain state-declared disasters. Even when the cause of a loss qualifies you for the deduction, additional limits apply. For example, your deduction is reduced by insurance proceeds received, a 10% of adjusted gross income floor applies, and you must itemize deductions. Contact us for help determining if you’re eligible.

01/12/2026

Owning assets with your adult child as “joint tenants with right of survivorship” may seem like a simple way to streamline your estate plan. However, doing so can carry important legal, tax and practical implications that deserve careful consideration. For example, when you add a child as a joint owner, he or she typically gains immediate ownership rights to the asset (not just a future interest). This means it may be subject to the child’s creditors, a divorce settlement or lawsuits. These external risks will be beyond your control and can jeopardize assets you’d planned to use to support yourself during retirement. Contact us for additional information.