Asija CPA PLLC

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- We helped a client save $127,000 in taxes using 3 strategies...
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- Client thought they owed $90K... we reduced it to $18k'
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Good news for small business owners! The 20% qualified business income (QBI) deduction for pass-through business owners ...
04/02/2026

Good news for small business owners! The 20% qualified business income (QBI) deduction for pass-through business owners is now permanent. (It had been scheduled to expire after 2025.) This break reduces taxable income for eligible sole proprietors, partners, S corp owners and, generally, LLC members. Beginning in 2026, expanded income ranges over which certain limits phase in may allow more taxpayers to qualify for the QBI deduction, and some may enjoy larger deductions. Contact us at (847) 620-5200 to learn how you can benefit

For individual taxpayers, interest expense generally can’t be deducted for federal tax purposes. But there are exception...
04/02/2026

For individual taxpayers, interest expense generally can’t be deducted for federal tax purposes. But there are exceptions. You probably know that home mortgage interest may be deductible if you itemize deductions rather than claiming the standard deduction. New for 2025 through 2028, you may be eligible to deduct up to $10,000 of car loan interest if the vehicle’s “final assembly” was in the U.S. and other requirements are met. But the deduction phases out starting at $100,000 of modified adjusted gross income ($200,000 for married couples filing jointly). Other potential interest expense deductions are student loan interest and investment interest. Contact us at (847) 620-5200 with any questions.

In general, businesses want to delay taxable income into future years and accelerate deductions into the current year. B...
04/02/2026

In general, businesses want to delay taxable income into future years and accelerate deductions into the current year. But they sometimes want to do the opposite. One reason might be that you anticipate tax law changes that will raise tax rates in the future. Another may be that you own a pass-through entity and you expect to be in a higher individual income tax bracket next year. There are ways to accelerate income into the current year and delay deductions to later years. For example, sell appreciated assets that have capital gains this year rather than waiting until a future year. Or depreciate assets over several years rather than claiming big first-year bonus depreciation or Section 179 deductions. Contact us at (847) 620-5200 about your situation.

The cost of goods sold (COGS) drives your company’s bottom line, but its accuracy hinges on how well you track inventory...
04/01/2026

The cost of goods sold (COGS) drives your company’s bottom line, but its accuracy hinges on how well you track inventory. Even small miscounts and misclassifications can distort your margins and cloud decision-making. That’s where we come in. We can review your inventory methods for consistency, reconcile physical counts to your books and verify proper cost allocations. Identifying discrepancies early can help you catch errors and shrinkage before they escalate. With dependable COGS data, you’ll gain clearer insight into product performance, pricing strategy and cash flow. Contact us at (847) 620-5200 to learn more.

Many businesses offer flexible spending accounts (FSAs) for health care and dependent care. One potential drawback is th...
04/01/2026

Many businesses offer flexible spending accounts (FSAs) for health care and dependent care. One potential drawback is the use-it-or-lose-it rule. Under IRS cafeteria plan rules, unused amounts generally are forfeited after any applicable grace period or permitted health care FSA carryover. Employers may retain forfeitures, often to offset plan costs. If not retained, the funds may be used to reduce the employee contributions that would be required to reach certain FSA balances for the next plan year or returned to employees, provided these amounts are allocated on a reasonable and uniform basis. Call us at (847) 620-5200 for help reviewing your plan and ensuring forfeitures are properly handled.

You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline? ...
04/01/2026

You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline?
If you don’t, you could miss out on valuable tax-saving opportunities or become subject to interest and even penalties. The April 15 deadline also generally applies to 1) making 2025 IRA contributions, 2) making 2025 SEP contributions, 3) paying the first installment of 2026 estimated taxes, 4) filing a 2025 income tax return for a trust or estate, 5) filing a 2025 gift tax return, and 6) filing a Report of Foreign Bank and Financial Accounts (FBAR). An extension is available in some cases, but not for the payment of tax due. Call us at (847) 620-5200 to discuss which deadlines apply to you.

Does your business use independent contractors? The reporting requirements for these workers differ from those for W-2 e...
04/01/2026

Does your business use independent contractors?
The reporting requirements for these workers differ from those for W-2 employees. For payments made in 2026, businesses generally must issue Form 1099-NEC, “Nonemployee Compensation,” to contractors paid $2,000 or more (up from $600 for 2025). The higher threshold may reduce your administrative burden because you could have fewer forms to file with the IRS. However, it doesn’t change your recordkeeping, worker classification or backup withholding responsibilities. Contact us at (847) 620-5200 to help ensure you’re prepared for the updated reporting requirements.

Business owners are widely (and quite rightly) advised to regularly engage in detailed strategic planning. But a common ...
03/30/2026

Business owners are widely (and quite rightly) advised to regularly engage in detailed strategic planning. But a common problem is that the details can pile up quickly, leaving owners feeling overwhelmed and uncertain. The solution: Follow a methodical, step-by-step approach that enables you to chart an adaptable and profitable course into the future. Contact us at (847) 620-5200 for help designing or refining your business’s strategic planning process.

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16 Executive Court Suite 2
South Barrington, IL
60010

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