MJM Income Tax

05/20/2026

𝗛𝗼𝘄 𝗱𝗼 𝘆𝗼𝘂 𝗳𝗶𝗹𝗲 𝗳𝗼𝗿 𝗮𝗻 𝗜𝗘𝗘𝗣𝗔 𝘁𝗮𝗿𝗶𝗳𝗳 𝗿𝗲𝗳𝘂𝗻𝗱 𝘁𝗵𝗿𝗼𝘂𝗴𝗵 𝗖𝗔𝗣𝗘?
If you qualify for an IEEPA tariff refund, you’ll file through the CAPE tab in ACE.

Here’s what that process looks like:

1. Verify your ACE account -- Make sure your CBP Importer Record uses your company email, not your broker’s.
2. Set up ACH -- Refunds are paid by ACH, so your bank info needs to be set up in ACE.
3. Identify eligible shipments -- Review your Form 7501 records for IEEPA-related HTS Chapter 99 codes.
4. Prepare your CAPE declaration -- Your CSV needs one column titled “Entry Number,” with each entry number exactly 11 characters.
5. Submit and monitor your claim -- Upload the file in ACE under the CAPE tab and watch for your Claim Number.

A wrong digit, old email, or mismatched filer code can slow down the whole refund process.

We can help you review your records and figure out the right next step.

05/19/2026

What's the most unconventional thing you've heard of someone try to do to save money on their taxes?

05/18/2026

𝙎𝙝𝙤𝙪𝙡𝙙 𝙄 𝙪𝙥𝙙𝙖𝙩𝙚 𝙢𝙮 𝙒-4 𝙖𝙛𝙩𝙚𝙧 𝙛𝙞𝙡𝙞𝙣𝙜 𝙢𝙮 𝙩𝙖𝙭𝙚𝙨?

If any of these things happened in 2026, then you need to update your W-4:
• You got married or divorced
• You started a second job
• Your spouse started or stopped working
• You had a child
• You started a side hustle
• You bought a home

Those changes affect how much federal (and state) tax comes out of your paycheck each pay period.

For example, if your withholding is still designated as a single person but you recently got married, you may end up giving the Treasury more money than you need to.

If you’re not sure whether your withholding needs updating, DM us, and we can help you review and adapt to your circumstances.

05/15/2026

𝙒𝙝𝙮 𝙞𝙨 𝙜𝙚𝙩𝙩𝙞𝙣𝙜 𝙖 𝙗𝙞𝙜 𝙧𝙚𝙛𝙪𝙣𝙙 𝙖 𝙗𝙖𝙙 𝙩𝙝𝙞𝙣𝙜?

We all get excited about a refund becuase it feels like “extra money.”

But sometimes a big refund actually means you paid more in taxes than you needed to throughout the year.

Say you got a $3,000 refund because too much in taxes was being given to the IRS. But could that $250 per month have been available to you during the year instead?

If your withholding could be adjusted, would you rather…
A) Get a larger refund at tax time
B) Have more money available in each paycheck
C) Aim for as close to break-even as possible

05/14/2026

As AI becomes part of almost everything we do, human connection actually matters more.

No matter how smart technology gets, people still remember:
• Whether you listened to their specific problem
• If they felt understood when things got complicated
• Whether they could trust your judgment when it mattered

The companies that stand out over the next few years will be the ones that emphasize this human connection.

𝗪𝗵𝗮𝘁’𝘀 𝗼𝗻𝗲 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘆𝗼𝘂 𝘀𝘁𝗮𝘆 𝗹𝗼𝘆𝗮𝗹 𝘁𝗼 𝗯𝗲𝗰𝗮𝘂𝘀𝗲 𝗼𝗳 𝘁𝗵𝗲 𝗽𝗲𝗼𝗽𝗹𝗲 𝗮𝗻𝗱 𝗰𝗼𝗻𝗻𝗲𝗰𝘁𝗶𝗼𝗻𝘀 𝘆𝗼𝘂'𝘃𝗲 𝗺𝗮𝗱𝗲 𝘄𝗶𝘁𝗵 𝘁𝗵𝗲𝗺?

Tag them below and celebrate the businesses that 𝙨𝙩𝙞𝙡𝙡 value human connection.

05/13/2026

𝘾𝙖𝙣 𝙄 𝙖𝙘𝙩𝙪𝙖𝙡𝙡𝙮 𝙜𝙚𝙩 𝙖 𝙧𝙚𝙛𝙪𝙣𝙙 𝙤𝙣 𝙩𝙖𝙧𝙞𝙛𝙛𝙨 𝙄 𝙖𝙡𝙧𝙚𝙖𝙙𝙮 𝙥𝙖𝙞𝙙?

Yes, you can get a refund on a tariff you already paid BUT only if you have legal standing with Customs.

In trade, it doesn’t matter who paid the bill; it matters who is listed as the Importer of Record (IOR). To see if you’re eligible for a recovery, check your Entry Summary (CBP 7501):
• Your EIN is listed: You own the claim and can pursue the refund directly.
• A Broker or Carrier (UPS/FedEx) is listed: They hold the legal standing. You must coordinate through them to access the funds.

Not sure if your entries are still open for a claim? Send me a DM and I can help you figure out if your refund window is still open.

05/12/2026

Who would have thought there was still IRS tax refund money to be claimed from the COVID era?
Or, in some cases, an abatement (aka a fee reduction or elimination).

But as with most things, there are specifics to qualification. Find out how to apply by reading the article (or let us help with that).

The deadline for filling out the claim is July 10 for most taxpayers.

05/11/2026

𝗛𝗼𝘄 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝘁𝗿𝗮𝗰𝗸 𝗺𝗶𝗹𝗲𝘀 𝗶𝗳 𝗜 𝗱𝗿𝗶𝘃𝗲 𝗳𝗼𝗿 𝘄𝗼𝗿𝗸?

You have two main options: the standard mileage method or the actual expense method.

The 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗺𝗶𝗹𝗲𝗮𝗴𝗲 method is usually simpler. You track your business miles, then multiply them by the IRS mileage rate.

The 𝗮𝗰𝘁𝘂𝗮𝗹 𝗲𝘅𝗽𝗲𝗻𝘀𝗲 method takes more recordkeeping. You track costs like gas, insurance, repairs, and maintenance, then deduct the business-use percentage.

So if 75% of your vehicle use is for business, you may be able to deduct 75% of your eligible vehicle expenses.

The important thing here: 𝘉𝘦𝘵𝘵𝘦𝘳 𝘳𝘦𝘤𝘰𝘳𝘥𝘴 𝘨𝘪𝘷𝘦 𝘺𝘰𝘶 𝘣𝘦𝘵𝘵𝘦𝘳 𝘰𝘱𝘵𝘪𝘰𝘯𝘴.

And if you own the car, your first-year choice can affect what methods are available later.

If you're tracking miles in your business, tell us which method you prefer and why in the comments below.

05/08/2026

Cash flow gaps happen to the best of us. Aside from a bank loan, what’s the most creative way you’ve ever bridged a financial gap?

Let’s share some ideas for the community.

05/07/2026

𝙃𝙤𝙬 𝙙𝙤 𝙄 𝙩𝙧𝙖𝙘𝙠 𝙢𝙮 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙢𝙞𝙡𝙚𝙨 𝙩𝙝𝙚 𝙧𝙞𝙜𝙝𝙩 𝙬𝙖𝙮?

For 2026, the mileage rate is 𝟳𝟮.𝟱 𝗰𝗲𝗻𝘁𝘀 𝗽𝗲𝗿 𝗺𝗶𝗹𝗲. So if you drove 12,000 business miles, that’s an $8,700 deduction.

But to claim it, you have to keep a log that proves it. Your log must include:
• Date of the trip
• Where you went
• Business purpose
• Miles driven

And make sure you track this as you go rather than trying to rebuild it later.

Also worth knowing:
• Commuting from home to your regular office isn’t deductible…
• Driving between work locations or to client meetings is!

Comment MILEAGE below if you want help figuring out the right mileage tracking method for your business.

05/06/2026

𝙄𝙛 𝙄 𝙨𝙩𝙖𝙧𝙩 𝙢𝙮 𝙤𝙬𝙣 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨, 𝙖𝙢 𝙄 𝙩𝙖𝙭𝙚𝙙 𝙤𝙣 𝙚𝙫𝙚𝙧𝙮𝙩𝙝𝙞𝙣𝙜 𝙩𝙝𝙚 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙗𝙧𝙞𝙣𝙜𝙨 𝙞𝙣?

If you do make the leap to leave your 9-to-5 and start your own business, tax obligations do change. Though you’re not taxed on EVERYTHING, you are taxed on your net profit (your revenue minus deductible business expenses).

So if you earn $100,000 and have $20,000 in valid expenses, you’re taxed on $80,000…but only if those expenses are actually tracked.

That means filing:
• Receipts
• Business bank and credit card statements
• Mileage logs, if you drive for business
• Records that show the business purpose

When you’re self-employed, the burden of proof is on you.

If you can’t show it, it’s much harder to claim it.

If you want a tax consultation for setting up your business in a tax smart way so you're compliant with the IRS's requirements, DM us.