Taylor Gavigan CPA LLC

10/28/2026

It's 'Tax Planning' season!

It's one of the most common frustrations prospective clients have when I meet with them - "My old tax preparer never spoke with me. Never gave me any tips."

I speak with my clients throughout the year to discuss their tax position, and what to do about it, but many prospects and clients wait until now-ish to reach out.

Late is better than never - there's still time to make a move or two to lower your income tax balance for 2026.

It's also nice to have an idea of what you may owe several months in advance, rather than get a surprise bill in April.

Go to my website (below) and book a meeting with me to get started!

Full-service, fully remote boutique CPA firm specializing in tax and accounting services for small businesses and individuals.

10/22/2026

If you're self-employed, now is the best time to evaluate whether or not an S-Corp election makes sense for 2027.

***For an existing business, the deadline for making the election is March 15th. File the election by 3/15/27 for it to take effect for 2027 (filing in 2028).

Contrary to what your favorite social media influencer says, there is no hard profit figure or percent that determines whether or not it's a good idea. For example, you may hear someone say: "As soon as your profit is $100k, you need to make the S-election!".

That COULD be true but it's not a fact. You need to do the math and take into consideration ancillary expenses (i.e., payroll costs, additional tax return costs).

Similarly, you may hear someone say: "Make the S-election, pay yourself $30k a year as a salary, and the rest avoids payroll taxes!"

Again, although this salary is unlikely defensible, COULD be true.

The IRS does not have a predetermined profit or salary number that makes your S-election or compensation defensible in the event of an audit. The particulars of your profession, time spent on the work, and the hats you wear while doing the work must all be considered.

Especially with respect to your compensation, you need to be able to substantiate, with data, how you determined what your compensation should be. If you don't pay yourself a "reasonable" wage, the IRS can revoke your S-election.

10/19/2026

TL/DR: DON'T WAIT - FIND A CPA FOR 2027 NOW

https://www.gavigan.cpa/

This is the slow[er] season for most CPAs. If you know you'll need help this upcoming tax season, reach out immediately to line up a CPA for 2027.

Pro-tip: If they don't answer your phone call or email now, of all the times during the year, good luck getting them to answer questions during tax season or the summer.

I don't know what other tax preparers are doing but, in order to make myself available to my clients when they need me most, I have decided to make 2/15/2027 the cutoff for on-boarding any new clients that need their return filed by 3/15 (i.e., S-Corps and partnerships) or 4/15.

That being said, I'll never ignore someone and am always willing to help. It might just have to wait until after the deadline. I will happily file an extension for you and/or your business and get those returns filed in May or beyond, after we've had time to discuss particulars and get it right.

07/14/2026

Standard Mileage vs. Actual Expense: The Choice You Make in Year 1 Matters

If you use your personal vehicle for business, the IRS gives you two ways to deduct that cost, but the method you pick in Year 1 can lock in your options down the road.

Standard Mileage Rate = Simple

Track your business miles, multiply by the IRS rate, done. You still need a mileage log that includes the date, destination, business purpose, and miles driven for each trip, but you can skip saving every gas and repair receipt.

Actual Expense Method = Detailed

Deduct the real cost of business use including gas, insurance, repairs, depreciation, etc. based on the percentage of miles driven for business. This method demands thorough recordkeeping: every receipt, invoice, and odometer reading, plus a clear log of business vs. personal miles to calculate your business-use percentage. Sometimes a bigger deduction (especially for pricier vehicles), but only if your records can back it up.

Why Year 1 Is the Big Decision

Choose standard mileage first, and you can switch to actual expenses in a later year.

Choose actual expenses first, and you're generally locked into that method for the life of the vehicle (no switching to standard mileage later).

Bottom line: Whichever method you choose, good records from day one are non-negotiable and they're what substantiate your deduction if the IRS ever asks. Starting with standard mileage keeps your options open. Starting with actual expenses is a one-way street.

Not sure which fits your situation? Let's talk. This choice has long-term implications.

07/08/2026

Don’t let the extension deadlines (9/15 and 10/15) sneak up on you!

If you need help filing your tax return this year, schedule some time with me using the link below.

07/04/2026

07/03/2026

If you can’t find a CPA who’s willing to sign a tax return that includes the ideas your business coach is charging you for or something you saw on IG/TikTok….

…don’t assume your CPA is being overly cautious. Sometimes the real issue is that the strategy doesn’t hold up under the tax law given your specific situation.

Before paying for any expensive tax plan, ask one simple question: Will a CPA actually sign the return that reports it?

If the answer is no, or nobody will give you a clear answer, that’s probably worth knowing before you start writing checks to that coach or for items you believe are deductible.

07/02/2026

One of the biggest mistakes I see business owners make is worrying about taxes before they’ve built meaningful profits.

It’s easy to get caught up in conversations about:

* Setting up multiple LLCs that don’t serve a real purpose.
* Creating trusts that don’t actually improve the outcome.
* Electing S-corp status before the tax savings outweigh the additional costs.

The reality is that none of those strategies matter if the business isn’t consistently generating strong profits.

Your business should first be focused on producing the highest return possible on the time, money, and energy you’re investing. Chasing tax savings too early often means pulling cash, time, or attention away from the very thing that creates long-term wealth.

Good tax planning is important—but it’s there to support a profitable business, not replace one.

The most successful business owners I’ve worked with usually follow the same sequence:

1. Build a profitable business.
2. Create sustainable wealth.
3. Then optimize taxes.

Tax strategy can absolutely accelerate wealth creation—but only after there’s wealth to optimize.

06/12/2026

Are you a small business in NYS?

Have at least one employee (this includes you S-Corp owners)?

I can all but guarantee you your 'smiling ted' tax preparer is missing a readily available deduction that is costing you up to $2,000 in income tax.

If you've already filed for 2025, now is a great time to have me review your return and see if you fall into this bucket. If it's worth it, we can amend and get you a refund.

Go to www.gavigan.cpa and book a meeting!