Gordon Keeter Nichols CPAs

06/10/2026

The IRS has expanded its guidance on abusive conservation easement transactions. It says promoter-driven conservation easement arrangements often rely on inflated property valuations, generating improper charitable deductions. A conservation easement is an agreement, usually with a government agency or land trust, to permanently restrict the use of real property. If an easement meets certain conservation goals and other requirements, the owner is entitled to claim a charitable tax deduction based on the easement’s value. The IRS has long warned taxpayers of abusive arrangements that could result in disallowed deductions, back taxes, interest and penalties. For details: https://bit.ly/4dbByGu

06/09/2026

Rebalancing your investment portfolio periodically is necessary to maintain your desired asset allocation, which can help manage risk and achieve your goals. Here are some tips for tax-smart rebalancing.

Rebalance your investment portfolio wisely with tax-efficient strategies. Learn how to minimize capital gains taxes, optimize asset allocation, and make smarter decisions across taxable and retirement accounts.

06/08/2026

Volunteering for a qualified charity can benefit more than your community — it may also provide tax savings. The time you spend volunteering for charity isn’t tax-deductible. However, some of your unreimbursed expenses directly related to volunteer work may qualify, including travel expenses (such as airfare, auto mileage, tolls, parking, lodging and meals), uniforms and supplies. To claim these deductions, you must itemize deductions on your tax return and maintain proper documentation, such as receipts and mileage logs. It’s also important to confirm that both the organization and the expenses qualify under IRS guidelines before claiming a deduction. Contact us for help.

06/05/2026

How important are family businesses to the U.S. economy and its culture?

06/04/2026

Small business owners: If you think your income is too high for you to qualify to make Roth IRA contributions, think again. Many self-employed individuals are eligible for contributions without realizing it.

Discover how a Roth IRA can benefit self-employed individuals, even with higher income. Learn about 2026 contribution limits, MAGI phaseouts, tax-free retirement withdrawals, and smart retirement planning strategies.

06/03/2026

If you operate a sole proprietorship or a partnership where you and your spouse are the only partners, you might want to consider employing your child this summer. In addition to providing valuable work experience and enabling your child to start contributing to a tax-advantaged IRA, you can save payroll taxes. Wages you pay to your children under age 21 are exempt from FUTA tax. If they’re under age 18, their wages are also exempt from F**A tax. In addition, because wages paid to your child are considered a business expense, you can reduce your self-employment income (and, thus, reduce your income tax). Your child will likely be subject to less (if any) income tax.

06/02/2026

Thinking about donating a painting, sculpture or other work of art to charity? Read this first to help ensure your tax deduction will be what you expect.

Learn how donating artwork to charity can impact your tax deduction. Discover IRS rules on appraisals, AGI limits, related-use requirements, and documentation needed to maximize your charitable contribution benefits.

06/01/2026

Home renovations can improve a residence’s comfort, functionality, aesthetics and resale value. They might also provide tax benefits. You may be able to deduct mortgage interest on debt used to substantially improve your home. Certain improvements can also increase your tax basis, potentially reducing taxable gain when you sell. Medically necessary modifications may qualify as deductible medical expenses, subject to limits. And if you overlooked claiming now-expired credits for qualifying energy-efficient home improvements you made in 2025, an amended return may be worth considering. Contact us to talk taxes before or after a home renovation.

05/29/2026

Hold on to tax records this long in the event the IRS audits you.

05/29/2026

Infographic: Are you liable for the alternative minimum tax?