Taxit Financial Services

05/27/2026

Maintaining healthy operating cash flow helps drive your company’s success. But accomplishing this objective isn’t always easy. One practical approach is to speed up customer payments while carefully managing the timing of your own bills. Prudently shortening your cash conversion cycle can improve liquidity and give your business greater financial flexibility. Please call us at (617) 313-8802 for help identifying opportunities to strengthen your cash position and keep your business moving in the right direction.

05/26/2026

Beginning July 4, 2026, parents, grandparents and others can contribute to Trump Accounts (TAs) for the benefit of eligible children. Certain children born 2025–2028 may also qualify for a $1,000 starter deposit from the federal government. TA contributions are generally limited to $5,000 per year (not counting the government deposit) and aren’t tax deductible. But earnings grow tax-deferred. At age 18, the TA will become a traditional IRA. For education goals, options like 529 plans may be better, because qualified education withdrawals are tax-free. Contact us at (617) 313-8802 to discuss what fits your family.

05/25/2026

Fringe benefits offer multiple business advantages. They can boost morale, attract and retain top talent, and qualify for potential tax breaks. That’s why it’s smart to review which ones you sponsor and what you may be missing. Of course, you don’t want to spend time and resources sponsoring benefits your employees don’t value. And you must follow specific rules and documentation requirements to be eligible for tax-advantaged treatment. Contact us at (617) 313-8802 for help choosing the right fringe benefits for your business and managing the tax impact.

05/22/2026

The IRS has issued final regulations on the tax deduction for qualified cash tips. The legislation commonly known as the “One Big Beautiful Bill Act” created the deduction of up to $25,000 per year for 2025 through 2028. Qualified tips generally refer to cash tips received by an individual in an occupation that “customarily and regularly” received tips on or before Dec. 31, 2024. The final regs list more than 70 eligible occupations. In addition to occupations previously listed in the proposed regs, the final regs add visual artists, floral designers and gas pump attendants. The final regs also provide clarifications to the definition of a qualified cash tip. For more details, call us at (617) 313-8802.

05/20/2026

An estate plan helps ensure that your assets are distributed according to your wishes. It also can minimize taxes, safeguard your minor children and support your charitable goals. If you haven’t reviewed your estate plan recently, call us at (617) 313-8802. We can help assess whether revisions are needed due to tax law changes or a major life event. If you don’t have an estate plan yet, we can help you get started.

05/19/2026

If you have unfiled tax returns, getting back on track may be easier than you think. But the longer you wait, the more costly it becomes. The IRS charges a failure-to-file penalty of 5% per month (up to 25%) of the unpaid tax. There’s also a separate failure-to-pay penalty of 0.5% per month (up to 25%) of the unpaid tax. If both apply in the same month, the combined penalty is generally 5% per month. Returns over 60 days late are subject to a minimum penalty. Filing, even if you can’t pay in full, can reduce penalties and open the door to payment plans or other relief options. Call us at (617) 313-8802 for help.

05/18/2026

Every business deserves an advisor who understands its goals and challenges. Our client-first approach combines responsive service with a comprehensive understanding of the latest tax, accounting and regulatory developments. Let’s explore strategies that help your business manage risks, seize opportunities and grow. Call us at (617) 313-8802 to get started.

05/15/2026

The Qualified Opportunity Zone (QOZ) program offers tax breaks on capital gains from eligible long-term investments in designated low-income and rural communities. The One Big Beautiful Bill Act made the QOZ program permanent and established a new 10-year designation cycle. The IRS has issued guidance on how to nominate population census tracts for designation as QOZs. The next round of QOZs will be effective from Jan. 1, 2027, to Dec. 31, 2036. Generally, state and territory governors can begin nominating eligible census tracts for QOZ designation on July 1, 2026. The nomination period lasts 90 days, with the option of a single 30-day extension. Contact us at (617) 313-8802 with any questions about QOZ tax breaks.

05/14/2026

Join us at SKOOL!

🔗 Join the community here:
[LYOVTO™ — Launch Your Own Virtual Tax Office](https://www.skool.com/virtual-tax-office-academy.../about...)

BIG NEWS! 💚💻 Visit us at SKOOL!!

Here at Taxit Digital Vault, we’ve been creating tools, guides, templates, and resources to help tax professionals grow and build better systems.

Now we’re taking it a step further.

We officially launched a more structured online tax community:

🔥 LYOVTO™ — Launch Your Own Virtual Tax Office

This community is dedicated to helping:
✔️ New tax preparers
✔️ Aspiring tax professionals
✔️ PTIN holders
✔️ Virtual tax office owners
✔️ Growing tax businesses

Inside the community we’ll be discussing:
📌 Tax preparation training
📌 Virtual tax office setup
📌 IRS compliance & due diligence
📌 Tax business systems & workflows
📌 Getting and managing clients
📌 Marketing & branding
📌 Tax software & tools
📌 Industry updates
📌 Motivation, accountability & growth

We will still continue using our FREE Facebook community for:
💚 Free resources
💚 General tax tips
💚 Industry updates
💚 Discussions & networking
💚 Motivation and announcements

But the LYOVTO™ Skool community is designed to be more structured and in-depth with:
🚀 Comprehensive training
🚀 Specialized tax courses
🚀 Step-by-step business guidance
🚀 Virtual office setup training
🚀 Systems, workflows & compliance education
🚀 Growth strategies for building a sustainable tax business

This is a supportive learning space where you can grow, ask questions, build confidence, and truly learn how to launch and grow your own virtual tax office.

If you’ve been wanting to take your tax journey more seriously — this community was built for you.

🔗 Join the community here:
[LYOVTO™ — Launch Your Own Virtual Tax Office](https://www.skool.com/virtual-tax-office-academy-9292/about?utm_source=chatgpt.com)

Let’s build something bigger together. 🚀

05/14/2026

Stop Leaving Money on the Table 💸

A lot of people are struggling financially right now, but sometimes the issue isn’t only about earning more money — it’s also about missing opportunities that are already available to you.

Here are a few financial benefits and tax-saving tools people often overlook:

✅ Employer 401(k) Match
If your job matches retirement contributions and you’re not contributing enough to get the full match, that’s money being left behind.

✅ HSA Accounts
Health Savings Accounts can offer major tax advantages when used correctly. Many people qualify and never use them.

✅ Flexible Spending Accounts (FSA)
These accounts can help reduce taxable income while covering eligible medical or dependent care expenses.

✅ Tax Credits
Credits like the Child Tax Credit, Saver’s Credit, Education Credits, and Child Care Credits can directly reduce taxes owed — but many people don’t realize they qualify.

✅ Workplace Benefits
Tuition reimbursement, commuter benefits, wellness incentives, employee discounts, and student loan assistance are often buried inside employee benefit packages.

✅ Rewards Programs & Cashback
Used responsibly, cashback and rewards programs can help offset everyday expenses.

✅ Retirement & Financial Planning
Sometimes small adjustments today can create major financial relief later.

The truth is:
Financial wellness isn’t only about making more money. It’s also about understanding the tools, benefits, deductions, credits, and opportunities already around you.

That’s why financial education matters. 👏🏽

05/13/2026

If the IRS audits your income tax return, you may need to produce documentation. In general, the IRS has three years to assess additional tax, starting from the date the return was filed or due, whichever is later. For example, if you filed your 2022 return by the April 18 deadline in 2023, the IRS generally has until April 18, 2026, to assess a tax deficiency. So you potentially can discard records related to that return after April 2026. But records should be held longer in certain situations. And you should keep copies of your returns forever. Call us at (617) 313-8802 with questions.