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Hicks & Co Tax Service LLC

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Hicks & Co Tax Service LLC

Friendly, tax-savvy advice. Visit: www.hickstaxco.com
Or call: (937) 372-7775 We welcome the opportunity to serve you.

Hicks & Co Tax Service LLC knows that for most people financial independence is an important goal. Our firm helps you or your organization find all the deductions you qualify for and we advise you on strategies to legally pay less to the government and save more for financial independence. So let our team help you get organized, and save more so you can achieve your goals!

07/16/2026

If you're within 10 years of retirement, dialing your savings in is key. We can definitely help you with #4: https://www.schwab.com/learn/story/6-things-to-do-if-youre-nearing-retirement

07/15/2026

𝗖𝗮𝗻 𝗜 𝗴𝗲𝘁 𝗮 𝘁𝗮𝘅 𝘄𝗿𝗶𝘁𝗲-𝗼𝗳𝗳 𝗶𝗳 𝗜 𝗯𝘂𝘆 𝘂𝘀𝗲𝗱 𝗲𝗾𝘂𝗶𝗽𝗺𝗲𝗻𝘁 𝗳𝗼𝗿 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Yes, both Section 179 and the permanently restored 100% Bonus Depreciation rules apply to new and used equipment. If the asset is new to your business, you can deduct up to 100% of the purchase price in 2026.

For example, a three-year-old commercial oven bought from a closed restaurant is considered new to your business. It qualifies for a 100% immediate write-off this year.

But you can't claim the write-off if the equipment is acquired through:
• Gifts or inheritance
• Purchases from an immediate family member
• Shifts between business entities or LLCs you already own

So yes, buying used equipment can still come with a valuable tax benefit. You just need to make sure the purchase qualifies.

When you add equipment to your business, do you prefer buying brand new or finding good used deals?

07/14/2026

𝗗𝗶𝗱 𝗮𝗻𝘆𝗼𝗻𝗲 𝗲𝗹𝘀𝗲 𝗴𝗲𝘁 𝗮 𝘃𝗲𝗿𝘆 𝘄𝗿𝗼𝗻𝗴 𝗶𝗱𝗲𝗮 𝗮𝗯𝗼𝘂𝘁 𝗺𝗼𝗻𝗲𝘆 𝗳𝗿𝗼𝗺 𝗽𝗹𝗮𝘆𝗶𝗻𝗴 𝗠𝗼𝗻𝗼𝗽𝗼𝗹𝘆 𝗮𝘀 𝗮 𝗸𝗶𝗱?

Wouldn't we all love to receive a guaranteed $200 check just for walking around the block every morning, or patch up a sudden cash flow crunch by handing someone a tiny deed to our Baltic Avenue? Turns out the actual rules of that game don't translate very well to running a business.

Sustainable growth takes a lot more strategy than just rolling the dice. Financial control is about building clean bookkeeping systems, tracking your actual margins, and managing your cash flow with real data.

If you are ready to stop guessing and want a clear, data-driven strategy to manage your business cash flow, reach out to us today. Let’s get your systems dialed in.

07/13/2026

𝗪𝗵𝗲𝗻 𝗱𝗼 𝗜 𝗵𝗮𝘃𝗲 𝘁𝗼 𝘀𝘁𝗮𝗿𝘁 𝘁𝗮𝗸𝗶𝗻𝗴 𝗺𝗼𝗻𝗲𝘆 𝗼𝘂𝘁 𝗼𝗳 𝗺𝘆 𝗜𝗥𝗔?

Under current SECURE 2.0 laws, you must start taking Required Minimum Distributions (RMDs) at either age 73 (if born between 1951 and 1959) or 75 (if born in 1960 or later).

The IRS lets you delay your first distribution until April 1st of the following year.

But doing this forces your first two RMDs into the same calendar year, creating an artificial income spike that can push you into a higher tax bracket.

Unless you have a specific reason to delay, your next move would be to take that first distribution by December 31st of your initial eligibility year.

Don't let a simple timing error give your hard-earned savings right back to the government at the finish line.

07/10/2026

𝗖𝗮𝗻 𝗜 𝗰𝗹𝗮𝗶𝗺 𝗦𝗼𝗰𝗶𝗮𝗹 𝗦𝗲𝗰𝘂𝗿𝗶𝘁𝘆 𝗲𝗮𝗿𝗹𝘆 𝗮𝘁 𝗮𝗴𝗲 𝟲𝟮?

You can, but doing so triggers a permanent monthly payout reduction of up to 30%.

Additionally, filing early changes your tax profile in two main ways:
• Taxable Benefits: If your provisional income crosses $34,000 as an individual (or $44,000 for married couples), the IRS can tax up to 85% of your benefits. Having a pension, part-time wages, or traditional retirement accounts can easily push you over this threshold.
• The Earnings Limit: If you keep working or consulting after claiming, your 2026 annual earnings are capped at $24,480. For every $2 you earn above this amount, the government claws back $1 of your benefits.

If you plan to start your benefits at 62, avoiding a surprise tax bill means watching your income sources closely to protect your check.

Depending on your situation, drawing from cash savings or Roth accounts first keeps your Adjusted Gross Income down, while tracking your part-time hours keeps you under the earnings limit.

DM us if you want to look at your other income streams before you lock in your Social Security filing age.

07/09/2026

If an unexpected $5,000 landed in your bank account tomorrow, where would that money go?
𝗮. 𝗗𝗲𝘀𝘁𝗿𝗼𝘆𝗶𝗻𝗴 𝗱𝗲𝗯𝘁: Knocking out a nagging credit card bill or back taxes.
𝗯. 𝗕𝘂𝗶𝗹𝗱𝗶𝗻𝗴 𝘆𝗼𝘂𝗿 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀: Putting it back into your business tools, tech, or growth.
𝗰. 𝗖𝗿𝗲𝗮𝘁𝗶𝗻𝗴 𝗮 𝘀𝗮𝗳𝗲𝘁𝘆 𝗻𝗲𝘁: Stashing it away so you can finally breathe easier.
𝗱. 𝗥𝗲𝘄𝗮𝗿𝗱𝗶𝗻𝗴 𝘆𝗼𝘂𝗿𝘀𝗲𝗹𝗳: Funding that personal project or trip you’ve been putting off.

07/08/2026

𝗛𝗼𝘄 𝗱𝗼 𝗜 𝗰𝗼𝗻𝗱𝘂𝗰𝘁 𝗮 𝗺𝗶𝗱𝘆𝗲𝗮𝗿 𝗽𝗿𝗼𝗳𝗶𝘁𝗮𝗯𝗶𝗹𝗶𝘁𝘆 𝗿𝗲𝘃𝗶𝗲𝘄 𝗳𝗼𝗿 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀?

Start by reconciling your books and generating your year-to-date financial statements. Here are the first two steps you should take this summer:
1. Clean and reconcile your bookkeeping through June. Make sure every transaction is properly categorized, and your bank accounts, credit cards, and loan statements are all reconciled.
2. Pull your two foundational financial statements for the first six months of the year: your Profit and Loss (P&L) Statement and your Balance Sheet.

These reports can show you whether your profit is keeping up with your revenue and where expenses may be squeezing your margins.

07/07/2026

The 4th of July might be over, but it is not too late to declare independence from broken financial reporting.

You can't run a profitable business on guesswork. We fix the data so you can make the right moves. Send us a message today if you're ready for that kind of independence.

07/06/2026

𝗪𝗶𝗹𝗹 𝗺𝘆 𝗰𝗵𝗮𝗿𝗶𝘁𝗮𝗯𝗹𝗲 𝗱𝗼𝗻𝗮𝘁𝗶𝗼𝗻𝘀 𝘀𝘁𝗶𝗹𝗹 𝗹𝗼𝘄𝗲𝗿 𝗺𝘆 𝘁𝗮𝘅 𝗯𝗶𝗹𝗹 𝗶𝗳 𝗜 𝗶𝘁𝗲𝗺𝗶𝘇𝗲 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻𝘀?

Yes, but starting in 2026, itemizers have a new threshold to clear first.

If you itemize deductions, only the portion of your charitable giving that exceeds 0.5% of your Adjusted Gross Income (AGI) can be deducted.

Here's a simple example:
• AGI: $200,000
• 0.5% threshold: $1,000
• Charitable donations: $5,000

In this case, the first $1,000 of giving doesn't count toward your deduction. The remaining $4,000 is potentially deductible.

That's why larger donors may want to start planning before year-end.

One strategy is a Donor-Advised Fund (DAF), which can allow multiple years of charitable giving to be grouped together in a single tax year.

If charitable giving is part of your tax planning, now is a good time to estimate where you stand for 2026 and see how these new rules could affect you.

Comment GIVE below if you'd like help reviewing your charitable giving strategy.

07/03/2026

𝗪𝗵𝗲𝗻 𝘄𝗮𝘀 𝘁𝗵𝗲 𝗹𝗮𝘀𝘁 𝘁𝗶𝗺𝗲 𝘆𝗼𝘂 𝗽𝗮𝗶𝗱 𝗳𝗼𝗿 𝘀𝗼𝗺𝗲𝘁𝗵𝗶𝗻𝗴 𝘄𝗶𝘁𝗵 𝗰𝗮𝘀𝗵?

Swiping a card or completing a virtual payment creates a psychological disconnect from the fact that you're spending money. It doesn’t “hurt” quite the same way handing over paper cash does. And that convenience can make it dangerously easy to lose track of the recurring expenses quietly draining your account: streaming service subscriptions, AI softwares, memberships, and autorenewals you forgot existed.

To get control of that missing cash flow, start by pulling your last three months of bank statements.

Go line by line and look for any recurring charges you haven’t actively used in the last 30 days. Then cancel what no longer earns its keep.

Reviewing the actual data helps bridge the gap that digital convenience creates. Sometimes plugging the leaks starts with seeing where the money is actually going.

Do you pay more attention to spending when you use cash or card?

Address

131 S Allison Avenue
Xenia, OH
45385

Opening Hours

Monday	10am - 4pm
Wednesday	10am - 4pm
Friday	10am - 4pm

Website

http://hickstaxco.com/

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