Bokesch & Tipton, LLC Certified Public Accountants

09/12/2025

The has assessed more than $162 million in penalties over false tax credit claims linked to fraudulent tax advice promoted on social media.

Read the agency’s alert: https://ow.ly/kbSS50WTrjw

09/12/2025

reminder: Your next quarterly estimated tax payment is due September 15. Pay electronically at www.irs.gov/directpay

06/02/2025

Vote for Bokesch & Tipton for Best Accounting Firm!

🗳️Voting is now open for The State's Best! Vote once per day every day for the best of the Columbia area at votethestate.com now through Friday, June 20! 🌟

Good luck to all the nominees! 🍀

Share this post with your customers, friends, and family!

01/01/2025

09/23/2024

Thank you for voting for us!

SHOW THE WINNERS SOME LOVE! 🍾

Results for 2024 The State's Best are officially announced! Congratulations to all the winners, and thank you to our incredible audience for voting your favorites! 🎉

Visit votedthestatesbest.com right now to see all the winners! 🏆

08/09/2024

The upcoming elections may significantly alter the tax landscape of U.S. businesses. The reason has to do with provisions of the Tax Cuts and Jobs Act (TCJA) that are set to expire on Dec. 31, 2025. One significant change is the scheduled expiration of the qualified business income (QBI) deduction. This write-off is for up to 20% of QBI from noncorporate entities. What will happen to your taxes depends on different possible outcomes: For example, all expiring TCJA provisions could expire. Or some provisions could expire and others could be extended or made permanent. New laws could also be enacted to provide different tax breaks and/or rates. We’ll keep you informed so stay tuned.

08/08/2024

Federal estimated tax payments ensure that certain individuals pay their taxes throughout the year. You may have to make estimated payments if you receive interest, dividends, self-employment income, capital gains, a pension or other income. If you don’t pay enough during the year through withholding and estimated payments, you may be liable for a penalty on top of the tax due. Individuals must generally pay 25% of their required annual tax four times annually with Form 1040-ES. The next payment is due Sept. 16 (because the usual Sept. 15 due date falls on a Sunday). You may be able to use the annualized income method to make smaller payments if your income isn’t uniform over the year.

07/11/2024

If you’re selling property used in your trade or business, you should understand the tax implications. Many rules may apply. Let’s assume you want to sell land or depreciable property used in your business and held for more than a year. Gains and losses from sales of business property are netted against each other. The net gain or loss qualifies for tax treatment as follows: 1) If the netting of gains and losses results in a net gain, long-term capital gain treatment results, subject to “recapture” rules. Long-term capital gain is generally more favorable than ordinary income. 2) If the netting of gains and losses results in a net loss, the loss is fully deductible against ordinary income.