Buban Bookkeeping

08/12/2026

08/07/2026

🚨 BIG CHARITABLE GIVING TAX CHANGE FOR 2026! 🚨

Taxpayers who take the STANDARD DEDUCTION now get a tax benefit for cash charitable donations! 🙌💰

Starting in 2026, cash donations to qualified charities are deductible above the line:

💵 Up to $1,000 for individual filers
💵 Up to $2,000 for married filing jointly

That means you DON’T have to itemize to receive a charitable contribution deduction! 🎉

❤️ Give to causes you care about.
🧾 Keep your donation receipts.
💰 And don't miss a deduction you qualify for!

✨ A little planning now can make a difference when tax time rolls around! Know the changes, keep good records, and make sure you're taking advantage of the tax benefits available to you. 💵

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08/03/2026

Classes start in 7 days, so let's meet an incoming 1L!

Connor Buban is fascinated with law and has wanted to become an attorney for a long time!

Personal Motto: "You only live once, so do as much with your life as you can." -Buban

Welcome to our community of

07/28/2026

💰 Understanding Double Taxation in a C Corporation

Thinking about incorporating your business? Before choosing a C Corporation, it's important to understand double taxation.

Here's how it works:

✅ 1. The corporation pays income tax on its profits.

✅ 2. If those profits are distributed as dividends, shareholders pay tax on that income again on their personal tax returns.

👉 The same earnings are taxed twice—once at the corporate level and again at the shareholder level.

Is a C Corporation right for a small business?

For most small businesses, a C Corporation is not the most tax-efficient option because of the potential for double taxation.

That doesn't mean it's always the wrong choice. C Corporations can make sense for businesses seeking outside investors, planning significant growth, or retaining earnings within the company.

The best business structure depends on your specific goals, operations, and tax situation—not just the type of entity you form.

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07/18/2026

👷 Employee vs. Independent Contractor: What's the Difference?

Misclassifying a worker can lead to IRS penalties, back taxes, and other costly consequences. Here's a simple breakdown:

👤 Employee (W-2)

✅ The employer controls how, when, and where the work is performed.
✅ Taxes are withheld from each paycheck.
✅ The employer pays payroll taxes.
✅ May receive benefits such as health insurance, paid time off, or retirement plans.

🛠️ Independent Contractor (1099)

✅ Controls how and when the work is completed.
✅ Receives payment without tax withholding.
✅ Pays their own income and self-employment taxes.
✅ Typically provides their own tools and works for multiple clients.

Which one is right?

It's not your choice to simply label a worker as a 1099 contractor to save on payroll taxes. The IRS looks at the level of control and the nature of the working relationship to determine the correct classification.

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07/10/2026

💡 **Roth IRA vs. Traditional IRA: What's the Difference?**

Both Roth IRAs and Traditional IRAs are designed to help you save for retirement, but they differ in how they're taxed.

**Traditional IRA**
✔️ Contributions may be tax-deductible (depending on your income and retirement plan coverage)
✔️ Investments grow tax-deferred
✔️ Withdrawals in retirement are generally taxed as ordinary income
✔️ Required minimum distributions (RMDs) apply starting at the applicable IRS age

**Roth IRA**
✔️ Contributions are made with after-tax dollars
✔️ Investments grow tax-free
✔️ Qualified withdrawals in retirement are tax-free
✔️ No RMDs during the original owner's lifetime

**The biggest difference?**
With a Traditional IRA, you may receive a tax benefit now and pay taxes later. With a Roth IRA, you pay taxes now in exchange for tax-free qualified withdrawals in retirement.

Choosing between the two depends on factors like income, tax situation, and long-term retirement goals. Understanding how each works can help you make more informed financial decisions.

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07/08/2026

Our friends at Buban Bookkeeping are helping businesses throughout the Vermillion area stay organized and confident in their accounting.

From bookkeeping and payroll to taxes, they're committed to helping local businesses succeed. Whether you're looking for ongoing support or a professional review of your books, they're ready to help.

Learn more at BubanBooks.com.