Boss Lady Tax and Books LLC

08/28/2026

⚠ Deadline Reminder ⚠

IRS Form 2290 is Due 8/31!

📌 IRS Form 2290 is the official Heavy Highway Vehicle Use Tax Return used to calculate and pay federal excise taxes on heavy motor vehicles operating on public highways.

Who needs to file?
◾️ Vehicle owners operating highway motor vehicles with a taxable gross weight of 55,000 pounds or more.
◾️ Owners of newly acquired used or registered vehicles meeting the weight threshold.
◾️ Operators claiming a suspension because a vehicle will travel 5,000 miles or less (7,500 miles or less for agricultural vehicles).

Filing Deadlines
◾️ The annual tax period runs from July 1 to June 30.
◾️ For vehicles in use starting July 1, the filing deadline is August 31.
◾️ For vehicles first used after July, the deadline is the last day of the month following the month of first use.

Proof of Payment
◾️ Filing generates a stamped Schedule 1, which acts as mandatory proof of payment for state DMV vehicle registration and license plate renewals.
◾️ Filers reporting 25 or more vehicles must submit their forms electronically.

08/19/2026

🎯 Remember BOI? Time to say goodbye! 👋

📌 FinCEN has released its final rule permanently removing the requirement for U.S. companies and U.S. persons to report BOI. The rule takes effect upon publication in the Federal Register.

📌 FinCEN also announced it will delete previously reported BOI associated with US persons who are now exempt from the reporting requirements.

Send a message to learn more

07/17/2026

👀 Do you know what records to keep? Here's a Boss Lady budget tip - especially for new businesses with a tight budget in mind.

The IRS wants more than just statements in an audit; they want to see receipts. 📈 Especially for purchases of $75 or more, plus all lodging expenses regardless of cost. Business gifts should also be documented with receipts, as the limit is $25 per recipient per year.

✅ If you don't already use QuickBooks (which has a receipt attachment feature in the app), consider using Google Drive. Gmail is free, and a free account comes with 15 GB of free storage in the Drive app that accompanies Gmail. You can take pictures of your receipts as you make purchases, right on your phone in real time, and upload them to the Drive app, all for free. If you have a lot of receipts, it's only $1.99/mo for 100 GB of storage space with the paid plan on Google One. It's also easy to save PDF invoices from your e-mail directly to Drive when using your computer.

Make sure to hit that follow button for more tips, tricks, and reminders!

07/14/2026

🚨 ALERT 🚨 One of the first things I always cover with clients who have vehicles they use for business is that they MUST keep a mileage log if they intend to take any deductions for auto expenses, whether actual expenses or mileage. If taking mileage, here’s a big reason why!

▶️ We now have a split mileage rate for 2026. And it’s not the first time the IRS has changed the rules mid-year. Without a log you cannot apply the correct mileage rates by date for the deduction, resulting in $0 savings.

▶️ Below is a breakdown of the mileage rates and effective dates as well as a link to the full bulletin released by the IRS.

IRB 2026-29 (www.irs.gov/irb/2026-29_irb)

72.5 cents Jan-June
76 cents July-Dec

❓ If you have questions about business deductions or are considering starting a business, book a consultation today and we can discuss everything you need to know for financial success!

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07/13/2026

🌴 Summer activities could impact your taxes! 🌞

🔸 Day camp - costs to send a child to day camp so you can work may count towards the Child and Dependent Care Credit

🔸 Weddings - Peak season for weddings is summer. If you get married, make sure to check your W-4 withholdings and evaluate changes that may come from "Married Filing Joint" and "Married Filing Separately"

🔸 Part-time and seasonal work - teens and part-timers may not make enough to owe federal income tax; however, if taxes are withheld, you will have to file to claim any refund. Unsure? Give me a call!

🔸 Travel - business travel happens year-round. Whether away for a couple of days or for the season, it's important to remember the rules for business travel. Sometimes you can work vacation into your work visits and still take a tax deduction!

If you're not sure where you stand, give me a call and book your consultation today! Have a great week!

07/03/2026

🛑 If you're thinking of starting a business, here are some basic things to consider:
◼️ Choosing a business structure
📍 Sole proprietorship: An unincorporated business owned by an individual. There's no distinction between the taxpayer and their business.
📍 Partnership: An unincorporated business with ownership shared between two or more people.
📍 Corporation: Also known as a C corporation. It's a separate entity owned by shareholders.
📍 S corporation: A corporation that elects to pass corporate income, losses, deductions and credits through to the shareholders.
📍 Limited liability company: A business structure allowed by state statute.
◼️ Choosing a tax year
📍 Calendar year: 12 consecutive months beginning January 1 and ending December 31
📍 Fiscal year: 12 consecutive months ending on the last day of any month except December.
◼️ Apply for an EIN
📍 An EIN is also called a federal tax identification number. It's used to identify a business. Most businesses need one even if they don’t have employees.
◼️ Collect and report payroll information accurately
📍 Form I-9, Employment Eligibility Verification U.S. Citizenship and Immigration
📍 Form W-4 Employee's Withholding Allowance Certificate
📍 Check with your local state and county Departments for payroll compliance
◼️ Paying your taxes
📍 The form of business determines what taxes must be paid and how to pay them. Authorized users of certain entity types can securely access and manage their federal tax records and information online through Business Tax Account with the IRS. BTA supports access for the following organizational types: sole proprietorships, partnerships, S corporations, C corporations, federal, state and local governments, Indian tribal governments, and tax-exempt organizations.

☎️ If you're considering starting a business, book a consultation and make sure you're getting started on the right foot!

06/17/2026

🏠 Homeownership has tax benefits. Here's what you need to know:
📌 Taxpayers who itemize their deductions can deduct state and local taxes and home mortgage interest on their primary residence and second homes.
📌 Other itemized deductions include charitable contributions, sales tax, medical and dental expenses (exceeding 7.5% of AGI), home equity debt (if used for home improvements), and private mortgage insurance.

For additional information on these rules, refer to Publication 530 and Publication 936 available at IRS.gov or call me to set up a consultation to disucss your tax needs.

06/15/2026

📌 Reminder! Q2 estimated tax payments are due today!

06/03/2026

‼️ Did you know ⁉️

📌 The IRS will be offering a new process for automatic penalty relief for taxpayers with a strong compliance history

📌 To date, these requests have had to be called in or mailed in

📌 According to Erin Collins, the National Taxpayer Advocate, this new process will automatically remove certain penalties for eligible taxpayers, benefitting 1-2 million people

📌 Eligible taxpayers will receive a notice making them aware of the penalty relief received, the reason why, and a reminder to stay compliant moving forward.

For questions about this program, contact the Taxpayer Advocate Service

06/01/2026

🙀 WOW! June has arrived! Can you believe it!? Where has the year gone already? ⏳

🔜 I wanted to use the opportunity to remind you of upcoming deadlines ⏰

📌 June 10 - deadline for employees to report tips of $20 or more earned during May 2026 to their employers

📌 June 15:
◾️2026 Q2 Estimated payments are due
◾️US Citizens abroad must file Form 1040 if living or working outside the United States; includes an automatic 2-month extension to file, however, tax owed was due 4/15
◾️Q2 Corporate estimated taxes are due

📌 June 30 - Filing deadline for Form 730 (Wagering tax return) and Form 2290 (Heavy Highway Vehicle Use Tax Return) for returns corresponding to May 2026

Happy Summer and congratulations to all of your 2026 graduates!