Hickok Tax Advisory

Hickok Tax Advisory Clear tax guidance for real life, not just filing season. Hickok Tax Advisory helps clients stay organized, plan ahead, and avoid surprises.

Business owners are widely (and quite rightly) advised to regularly engage in detailed strategic planning. But a common ...
02/25/2026

Business owners are widely (and quite rightly) advised to regularly engage in detailed strategic planning. But a common problem is that the details can pile up quickly, leaving owners feeling overwhelmed and uncertain. The solution: Follow a methodical, step-by-step approach that enables you to chart an adaptable and profitable course into the future. Contact us at (408) 265-8400 for help designing or refining your business’s strategic planning process.

The decision to itemize deductions or claim the standard deduction can have a big impact on your tax bill. With a higher...
02/24/2026

The decision to itemize deductions or claim the standard deduction can have a big impact on your tax bill. With a higher standard deduction and itemized deductions more limited, many taxpayers who once benefited from itemizing have been better off taking the standard deduction. But the recent quadrupling of the deduction limit for state and local taxes could make itemizing worthwhile again for some. Not sure which is better for you? We can help. Call us at (408) 265-8400.

Many businesses today outsource one or more of their IT functions to save money. Yet if you don’t manage the risks invol...
02/23/2026

Many businesses today outsource one or more of their IT functions to save money. Yet if you don’t manage the risks involved, you could end up spending more and getting less in return. For example, slow support times or services that don’t match your objectives or employees’ needs can undermine productivity. Contact us at (408) 265-8400 for help evaluating a prospective IT outsourcing arrangement or assessing the ROI of an existing one.

Your marital status affects many federal tax filing variables, including your standard deduction, credit eligibility and...
02/20/2026

Your marital status affects many federal tax filing variables, including your standard deduction, credit eligibility and tax owed. If you’re currently “informally” separated from your spouse but still legally married, the IRS generally considers you married for the entire year (even if you’ve lived apart for many months). Unless you divorced or legally separated by Dec. 31, 2025, you must file as married filing jointly or married filing separately for the 2025 tax year. If, on the other hand, you finalized a divorce or legal separation in 2025, you should file as single or, if eligible, head of household. Call us at (408) 265-8400 if you have questions about filing your tax return.

If you own a business, you can leverage your annual gift tax exclusions ($19,000 per recipient for 2026) and your lifeti...
02/18/2026

If you own a business, you can leverage your annual gift tax exclusions ($19,000 per recipient for 2026) and your lifetime gift and estate tax exemption ($15 million for 2026) by gifting ownership interests. These interests may be eligible for valuation discounts for lack of control and marketability. Another way to benefit from valuation discounts is to set up a family limited partnership (FLP). You fund the FLP with assets such as public or private stock and real estate, and then gift limited partnership interests. Contact us at (408) 265-8400 for additional details.

Business structure affects both taxes and personal liability. The tax factors are particularly complex. A tax-smart tax ...
02/17/2026

Business structure affects both taxes and personal liability. The tax factors are particularly complex. A tax-smart tax move for one business could be costly for another. Before making a change to your existing business structure or choosing one for your new business, contact us at (408) 265-8400. We can help you determine which structure will best support your business and financial goals.

Good news for small business owners! The 20% qualified business income (QBI) deduction for pass-through business owners ...
02/16/2026

Good news for small business owners! The 20% qualified business income (QBI) deduction for pass-through business owners is now permanent. (It had been scheduled to expire after 2025.) This break reduces taxable income for eligible sole proprietors, partners, S corp owners and, generally, LLC members. Beginning in 2026, expanded income ranges over which certain limits phase in may allow more taxpayers to qualify for the QBI deduction, and some may enjoy larger deductions. Contact us at (408) 265-8400 to learn how you can benefit.

The IRS and the Security Summit are warning taxpayers that during tax filing season identity thieves are poised to scam ...
02/13/2026

The IRS and the Security Summit are warning taxpayers that during tax filing season identity thieves are poised to scam people into sharing personal information to file false tax returns and steal refunds. Specific threats include phishing emails and smishing texts, where the thief impersonates a legitimate organization in the tax community, such as the IRS, a state agency or a tax software company, to try to convince the target to provide personal information, click on harmful links or send money. Having an Identity Protection (IP) PIN can protect taxpayers from tax-related identity theft. Anyone with an SSN or an ITIN can get an IP PIN. For more information, contact us at (408) 265-8400.

Grantor-retained annuity trusts (GRATs) and grantor-retained unitrusts (GRUTs) allow you to give assets to your children...
02/11/2026

Grantor-retained annuity trusts (GRATs) and grantor-retained unitrusts (GRUTs) allow you to give assets to your children today while you receive payments back from the trust for a specified term. And, provided you survive the trust’s term, you’ll remove the assets from your taxable estate at a reduced value for gift tax purposes. At the end of the term, the principal may pass to the beneficiaries or remain in the trust. Contact us at (408) 265-8400 for additional details.

The cost of goods sold (COGS) drives your company’s bottom line, but its accuracy hinges on how well you track inventory...
02/10/2026

The cost of goods sold (COGS) drives your company’s bottom line, but its accuracy hinges on how well you track inventory. Even small miscounts and misclassifications can distort your margins and cloud decision-making. That’s where we come in. We can review your inventory methods for consistency, reconcile physical counts to your books and verify proper cost allocations. Identifying discrepancies early can help you catch errors and shrinkage before they escalate. With dependable COGS data, you’ll gain clearer insight into product performance, pricing strategy and cash flow. Contact us at (408) 265-8400 to learn more.

Many of the major tax provisions signed into law in 2025 start taking effect in 2026. How has the tax landscape changed ...
02/09/2026

Many of the major tax provisions signed into law in 2025 start taking effect in 2026. How has the tax landscape changed for you or your business since last year? Contact us at (408) 265-8400 and we’ll give you the lay of the land, including how you can potentially claim tax credits and deductions.

Address

2110 S Bascom Avenue, STE 103
Campbell, CA
95008

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Monday 10am - 5pm
Tuesday 10am - 5pm
Wednesday 10am - 5pm
Thursday 10am - 5pm
Friday 10am - 5pm

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+14082658400

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