McPhee Accounting Services

09/08/2026

🚨 SEPTEMBER 15 TAX DEADLINE IS COMING

September 15 is an important tax deadline for many business owners and self-employed taxpayers.

Here’s what may be due:

📌 S-CORPORATIONS
If your 2025 S-Corp tax return was extended, Form 1120-S is generally due September 15.

📌 PARTNERSHIPS
Extended 2025 partnership returns (Form 1065) are generally due September 15.

📌 Q3 ESTIMATED TAXES
Self-employed individuals, business owners, partners, and S-Corp shareholders who make estimated tax payments may have their third 2026 payment due September 15.

📌 BUSINESS OWNERS
Don’t assume filing an extension means you have more time after September 15. For many extended partnership and S-Corp returns, this is the final filing deadline.

Not sure if this deadline applies to you?

McPhee Accounting can help you understand what needs to be filed and what may be due.

📅 September 15, 2026
Don’t wait until the last minute.

09/07/2026

Happy Labor Day! 🇺🇸

Today we celebrate the people behind every business, every idea, and every success story.

The early mornings.
The long days.
The risks taken.
The businesses built from the ground up.
And the hard work that often happens when no one is watching.

At McPhee Accounting, we’re proud to work with the individuals and small business owners who keep our communities and our economy moving forward.

Happy Labor Day from McPhee Accounting!

09/06/2026

09/06/2026

The best compliment we can receive? A client who stays with us for years. ⭐️⭐️⭐️⭐️⭐️

Accounting isn’t just about numbers and tax forms. It’s about knowing your business is in capable hands — and having someone you can actually reach when you need help.

We’re incredibly grateful for clients who trust McPhee Accounting year after year.

Thank you, Colin, for taking the time to share your experience. Reviews like this mean a lot to us. 🤍

Looking for accounting support you can count on?
McPhee Accounting — Your Business. Our Priority.

09/05/2026

🇺🇸 Labor Day Has a Tax Story

Here’s a piece of U.S. history you probably didn’t expect:

Labor Day became a federal holiday in 1894 — the same year Congress introduced a major federal income tax.

That tax didn’t last long. In 1895, the Supreme Court struck down key parts of it as unconstitutional.

It wasn’t until the 16th Amendment was ratified in 1913 that Congress gained clear constitutional authority to tax income without apportioning it among the states — laying the foundation for the federal income tax system we know today.

And Labor Day still matters for taxes today:

📅 If certain federal tax deadlines fall on Labor Day, the deadline generally moves to the next business day.

So while Labor Day is about honoring American workers, it also happens to share a fascinating chapter of history with the evolution of America’s tax system.

Happy Labor Day from McPhee Accounting! 🇺🇸

09/05/2026

🇺🇸 Can a U.S. Citizen Own a Business Abroad Without Tax Issues?

Yes — owning a business in another country is completely legal for U.S. citizens.But there’s one important catch:** The U.S. generally taxes its citizens on worldwide income — even when the business, clients, and bank accounts are outside the United States.**

Here’s what you should know:

🌍 Foreign income still matters in the U.S.
Operating a business abroad doesn’t automatically remove your U.S. tax obligations.

💰 Paying tax abroad doesn’t always mean paying tax twice.
The Foreign Tax Credit may help reduce U.S. tax when qualifying income taxes were already paid to another country.

🏢 Your business structure matters — a lot.
Depending on how the foreign company is classified for U.S. tax purposes, you may have additional reporting requirements.

Common international forms can include:

• Form 5471 — certain foreign corporations
• Form 8865 — certain foreign partnerships
• Form 8858 — certain foreign disregarded entities

⚠️ And these aren’t forms you want to accidentally ignore.

For example, failure to properly file certain required Form 5471 information can trigger a $10,000 penalty.

🏦 Have foreign bank accounts?

You may also need to file an FBAR if the combined value of your foreign financial accounts exceeds $10,000 at any point during the year.And depending on the value of your foreign financial assets, Form 8938 (FATCA) may also apply.

✈️ **Living abroad doesn’t automatically eliminate U.S. taxes either.**Some Americans living overseas may qualify for the Foreign Earned Income Exclusion or Foreign Tax Credit — but eligibility depends on the circumstances, and special rules can still apply to business owners.

Bottom line:

You absolutely CAN own a business abroad as a U.S. citizen.

Foreign business ≠ foreign to the IRS.

The biggest problem often isn’t owning the business — it’s choosing the wrong structure or missing required U.S. reporting.

Before opening or investing in a foreign company, understand the U.S. tax consequences first.

📌 International tax rules are highly fact-specific. This post is for general educational purposes and is not individualized tax advice.

McPhee Accounting
mcpheeaccounting.com

09/03/2026

Looking for a local accounting team that actually knows your business?

McPhee Accounting is currently welcoming new clients across the Tampa Bay area.

We work with small business owners who want more than numbers entered into QuickBooks — they want accurate books, clear answers, and someone they can reach when questions come up.

Whether you need ongoing bookkeeping, a QuickBooks cleanup, accounting support, or tax services, we can help you get organized and stay that way.

📍 Based in Clearwater. Serving businesses throughout Tampa Bay.

Ready to talk? Send us a message 727-644-6306 or schedule a free consultation at mcpheeaccounting.com.

09/02/2026

Health insurance in the U.S. can be confusing — especially when subsidies and taxes get involved.

An ACA Marketplace subsidy can significantly reduce your monthly premium, but the amount you receive is based on your estimated annual household income.

And that matters at tax time.

For 2026, the enhanced ACA subsidies have expired, and the standard income eligibility rules have returned. Depending on your household income, family size, location, and access to employer-sponsored coverage, you may qualify for a Premium Tax Credit (PTC).

Lower-income households may also qualify for Cost-Sharing Reductions (CSR), which can reduce deductibles, copays, coinsurance, and out-of-pocket costs when enrolled in an eligible Silver Marketplace plan.

⚠️ One important tax consideration:
Your advance subsidy is reconciled when you file your federal tax return using Form 1095-A and Form 8962. If your actual income ends up higher than what you estimated, you may have to repay some—or potentially all—of the excess subsidy.

That’s why choosing health insurance isn’t only about finding the lowest monthly premium.

Your income, tax household, insurance coverage, and taxes are all connected.

Have questions about how your Marketplace subsidy may affect your taxes?
McPhee Accounting

08/31/2026

⭐ A decade of trust speaks for itself.
We’re grateful for clients who continue to trust McPhee Accounting with both their personal and business taxes year after year.
For us, tax preparation isn’t just about filing forms. It’s about understanding the numbers, identifying opportunities, and helping clients make smarter financial decisions.
Thank you, James, for the incredible review and for trusting us for 10 years!
Looking for experienced help with your taxes or business accounting?
Schedule a consultation: mcpheeaccounting.com

08/30/2026

Can You Earn Tax-Free Investment Income in the U.S.? 💰
Yes — in certain situations.
Most investment income is taxable, but the U.S. tax code provides several legitimate ways to earn income or investment gains with little or no federal income tax.
1️⃣ Roth IRA
Investments inside a Roth IRA can grow without annual federal tax on the earnings. If IRS requirements are met, qualified withdrawals — including earnings — are tax-free.
2️⃣ Municipal Bonds
Interest from many bonds issued by states and local governments is exempt from federal income tax. Depending on the bond and where you live, state tax treatment may also be favorable.
3️⃣ 0% Long-Term Capital Gains Rate
Here’s the surprising one: your federal tax rate on certain long-term capital gains can actually be 0% if your taxable income falls within the applicable IRS limits.
But remember: tax-free doesn’t mean rule-free.
Income limits, holding periods, account rules, and the type of investment all matter. Smart tax planning isn’t only about reducing taxes today — it’s also about choosing where and how your money grows.