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Market Tax Services - Wichita

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Wichita, KS
Market Tax Services - Wichita

Tax services for annual returns, accounting/bookkeeping for businesses, and retirement planning as part of our connection to Market Advisory Group.

Located downtown on Waterman & Main and West Wichita on Tyler Rd.

07/13/2026

In an unusual, but not unprecedented, turn of events the IRS has issued a mid-year update to the standard mileage rates.

First, a little background information: Standard mileage rates are an alternative to tracking and claiming your actual vehicle expenses as a business expense or medical deduction.

In December, the IRS declared that the standard mileage rate for business miles would be 72 cents per mile, and medical miles would be 20.5 cents per mile. In response to increased gas prices, the IRS has increased these rates to 76 cents per mile for business miles and 23.5 cents per mile for medical miles. This is effective as of July 1, through the end of the year.

Of course you're already keeping a mileage log, right?
Has your preparer helped you make sure your records are ready in case the IRS sends you a friendly letter?
Paperwork is boring until it's the only thing separating you from penalties and panic.

05/01/2026

Tax planning puts you in the driver seat.

Often when people think about "doing taxes" they mean just filing their tax return. That is merely looking backward, reporting what has already happened, with few opportunities to change the outcome. Tax planning on the other hand is seeing what is going to happen this year and then making intentional actions to change that outcome.

For a business this is where bookkeeping and tax come together and create the opportunity to steer a new course. Instead of letting the government tell you want taxes you owe, now you are telling the government what your taxes will be.

Are you taking care of your financials and taxes all on your own? Are you working with a bookkeeper or a tax preparer, leaving you stuck in the middle trying to coordinate the two? Or are you working with an integrated team of accounting and tax professionals who work together to make sure your business is being tracked appropriately and is paying the right amount of taxes?

04/29/2026

Close the books, every quarter

Closing the books is about kicking off a number of processes that are all designed to detect errors in your business's books, know where your business stands and make sure you are ready for tax time. This puts you in a place where you can make decisions for your business armed with information instead of just a gut feel and plan proactively, not reactively.

Working with an accounting professional takes the guess work out of closing out the books. The professional also make sure it happens regularly, not just quarterly but even monthly depending on the size of your business.

By not waiting until tax time to close out the books, you make filing your return much smoother. It can be even simpler when your accounting professional is part of a team with tax professionals. This collaboration frees you up from being in the middle, relaying information between the two of them. Or are you spending your free time tying your bank statements out to a pile of receipts hoping everything adds up?

04/27/2026

Small business help is a wealth building strategy

Business owners have a lot on their plate. They are responsible for operations, marketing, human resources and accounting. Each one of those is a full time job and each one of those distracts from operations, which is usually the best use of a business owners time.

While getting help with your small business is definitely an expense, it helps you get more of the one resource you can't make more of, your time. That help frees you to focus more on growing your business and growing your wealth. That help also helps you have the time to do things in life other than work.

Are you trying to tackle all of the things all on your own? Or are you working with a team of professionals to help you focus on the things that you do best?

04/24/2026

Leverage section 179 and bonus depreciation

Depreciation is all about getting to recognize the financial benefit of the purchases for your business. In a perfect world, you would always get to have that benefit when you spend the money on the purchase. Unfortunately, in taxes that is often now the case and you have to take that benefit (and the related reduction in your taxes) over a number of years.

Sometimes you can accelerate the depreciation though, and that's where section 179 and bonus depreciation come into play. In the right situation you can take all the benefit at once, instead of waiting for the years to go by. However like any tool, it can also harm you and cause wild swings in your taxes.

Are you trying to figure out if accelerated depreciation will benefit your business all on your own? Are you equipped with the ability to decide if accelerated depreciation can benefit your business during the course of the year, before you are filing your taxes? Or are you working with a tax professional who can help you make those kind of decisions, without you having to understand it all on your own?

04/22/2026

Add property, avoid errors

This tip sounds like a real no-brainer, of course math should be done properly. However human errors occur most on routine tasks, like adding numbers. This is where systems come into play, making sure the routine is handled with less human intervention. Incorrect math distorts the financial picture of your business, leading you to wrong conclusions and bad decisions. Even worse, after finding these small and simple errors, you lose faith in the story told about your business in your books and your decision making becomes paralyzed.

A professional bookkeeper helps avoid these issues through education and experience in minimizing these issues, understanding how tools like reconciliations helps drive out these errors and setup processes to try to keep these issues from occurring.

Are you trying to do this all on your own, hoping that you have been successful in keeping the small errors out? Or are you working with an accounting professional and now you don't even worry about it?

04/20/2026

First class service for peace of mind

Bookkeeping is an important part of running a business. There is a big difference between someone who just does bookkeeping and someone who does it professionally.

A professional makes sure that your records are always accurate and update to date. A professional works with you to make sure you're not drowning in receipts and worrying about deadlines. All this works together so that the professional helps you avoid costly errors and penalties and keeps you always in the know about where your business stands. A professional then becomes not just a service provider but a trusted financial partner.

As a business owner, you are responsible for handling all the jobs. But at the same time, the best use of your energy is to make the business run. This is where finding the right professional bookkeeper helps you focus on what you do best, and they worry about making sure your books are right, that you have all your financial bases covered, tax season will go smoothly and whether your business is actually profitable.

Are you trying to handle all of this on your own? Are you working with a bookkeeper you have to keep managing? Or are you working with a professional who is coming along side you and your business as a trusted financial partner?

04/17/2026

Deduct home office expenses

Usually, to take an expense against your business income, you have to spend money out of your business. Wouldn't it be great if there were things you could deduct that you don't have to spend business funds on?

This is where the home office deduction comes in. You are already paying for where you live, whether that be with a mortgage or rent. You already pay utilities. You already pay for a number of things that you have to have in order to have a home. If you are running your home out of your business, you can take a portion of those expenses as a business deduction. That portion depends how much of your home is used exclusively for the business.

While these are rules you definitely can work through on your own, a tax professional has the education and experience to know how to apply these rules to your own unique situation.

Are you trying to go this on your own, hoping you are picking up the right deductions, at the right time, and have the right backup in case the IRS ever asks questions? Or are you working with a tax professional who can help navigate these complexities and make sure you're keeping as much of your hard earned income as possible?

04/15/2026

Separate cards, track expenses

Life comes fast, and that's even more true when you're running a business. Mingling personal and business expenses might be easier in the moment, however it makes it hard to see how your business is performing at any given time. When you go back to try to put your financial records together it can be very aggravating to sort those apart. Even if you fail to separate out those personal expenses, you are required to when it comes time to file your taxes. Failing to separate the personal expenses at tax time could lead to unpleasant questions from the IRS, penalties or even having your business classified as a hobby and unable to deduct expenses.

One easy way to keep the business and personal expenses separated is to have 2 debit/credit cards with different accounts. Use one only for business expenses and the other only for personal expenses. This way as you spend your funds, the expenses are separated from the start.

Are you trying to tackle the financial story of your business on your own, all while trying to make your business grow? Or are you working with a team of professionals who focusing on your financials while you make your business thrive?

04/13/2026

Turn confusing statements into clear paths.

Financials statements are not easy to read. They often seem complicated and don't present a clear story. If you are managing this on your own, it becomes your responsibility to take these murky statements and use them to tell a clear story about your business. When working with a bookkeeping professional however, you have a trusted advisor who can help you see through the complications, understand the story in the numbers and help you translate that story into clear directions for the future.

Are you trying to tackle your financials on your own and getting lost? Or are you working with an accounting professional to translate the mess of statements into clear and actionable paths forward?

Address

110 E Waterman Suite 150
Wichita, KS
67202

Opening Hours

Monday	8am - 6pm
Tuesday	8am - 6pm
Wednesday	8am - 6pm
Thursday	8am - 6pm
Friday	8am - 6pm

Telephone

+13168031040

Website

http://MarketTaxServices.com/

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