SFW Partners, LLC

02/27/2026

With 2025 in the rear view mirror and the tax filing deadline on the road ahead, it’s a good time for businesses to start gathering information about their deductible expenses for 2025. But what’s deductible (and what’s not) might not be as clear-cut as you think. Most business deductions aren’t specifically listed in the Internal Revenue Code (IRC). The general rule is what’s stated in the first sentence of IRC Section 162, that you can write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.” In addition, you must be able to substantiate the expenses. We can help you determine what you can deduct on your 2025 tax return.

02/26/2026

Married couples have a choice when filing their 2025 federal income tax returns. They can file jointly or separately. What you choose will affect your standard deduction, eligibility for certain tax breaks, tax bracket and, ultimately, your tax liability. Typically, filing jointly saves tax compared to filing separately. This is especially true when the spouses have different income levels. Combining two incomes can bring some of the higher-earning spouse’s income into a lower tax bracket. Also, some tax breaks aren’t available to separate filers. But filing separately may save tax when one spouse has significant medical expenses. Contact us to discuss your particular situation.

02/26/2026

Last year’s One Big Beautiful Bill Act placed a new floor under the deductibility of charitable contributions. Beginning in 2026, if you itemize, you may deduct only the amount of donations that, in aggregate, exceeds 0.5% of your adjusted gross income. The new rule may make donor-advised funds (DAFs) more attractive. You claim a charitable deduction in the year you make gifts to your DAF. You generally can recommend awarding grants to selected charities at your own pace, even if the grants aren’t released for years. A DAF can help you execute a “bunching” strategy, donating in alternating years to reduce the impact of the floor. Contact us to learn more.

02/24/2026

The IRS is reminding taxpayers of new deductions available this tax season. If you’re 65 or older, you potentially can claim an additional $6,000 deduction. Depending on your occupation, you may be able to deduct up to $25,000 in qualified tips. You may also be able to deduct up to $12,500 in qualified overtime ($25,000 if you’re married and file jointly). If you took out a vehicle loan in 2025, you possibly can deduct up to $10,000 in interest paid. But all these breaks are subject to additional rules, and they phase out when income exceeds applicable limits. If you’re eligible, you can claim these deductions whether you itemize or take the standard deduction. Contact us with questions.

02/20/2026

When it comes to filing your federal tax return, mistakes can happen. The IRS encourages taxpayers to carefully review their return before filing it to make sure it’s correct and complete. A common mistake is choosing the incorrect filing status. To determine your filing status, use the IRS’s “What is my filing status?” online tool at https://bit.ly/4rVr4km. Also, be sure to sign and date your return. Generally, an unsigned return is considered invalid. If it’s a joint return, both you and your spouse must sign and date it. Contact us if you need help preparing your tax return.

02/18/2026

National Taxpayer Advocate Erin Collins is asking the U.S. Congress to protect taxpayers following a U.S. Supreme Court ruling on the Collection Due Process (CDP). Congress established the CDP in 1998 to enable taxpayers to contest proposed IRS levies and Notices of Federal Tax Lien. Collins contends that the Court’s recent decision may result in some taxpayers never receiving final determinations on what they owe, as demonstrated in a subsequent U.S. Tax Court ruling. She says Congress should create an exception to the “one hearing” limitation so that taxpayers can request additional hearings and, if necessary, petition the Tax Court. Read more: https://bit.ly/4aHbhPe

02/13/2026

Look at us! No, literally look at us - our new space and our growth as a firm is being featured in the St. Louis Business Journal. We are proud of our growth and our commitment to St. Louis as an independent firm. Want to learn more? Click on the link below and get in touch if you are looking for a top-notch CPA and Advisory firm!

CPA firm moves to Creve Coeur amid growth, independence

12/18/2025

SFW had a little friendly competition in our new office space with an Ugly Sweater Contest. There were a variety of ugly sweater entries, but Stacy Lenzner won 1st place with a fireplace inspired sweater, complete with a fire and all! Happy Holidays to you all from your friends at SFW Partners!

11/03/2025

Recently, the American Institute of Certified Public Accountants (AICPA) asked the IRS to clarify reporting and substantiation requirements for deducting qualified tips and overtime pay. These deductions were made available by the One Big Beautiful Bill Act beginning in 2025. But the IRS has stated it won’t be updating Forms W-2 or 1099 for the 2025 tax year. As the AICPA explained, this makes it hard for taxpayers to meet required information-reporting standards for the deductions. It suggests that the IRS implement a safe harbor so that businesses, workers and tax professionals can use alternative reporting methods and documentation for 2025.

10/30/2025

Businesses must regularly reevaluate their pricing strategies to protect margins, stay competitive and support long-term growth. Begin by crunching some numbers. Examine direct and indirect costs, calculate your breakeven point and compare your prices to those of competitors. Customer feedback and segmentation can also reveal when adjustments may be necessary. Whether you raise or lower prices, clearly communicate with your customers. Focus on value, highlighting strengths such as quality, expertise and service to maintain trust. Interested in some objective guidance? We can help you analyze costs, apply the right metrics and optimize prices based on current market dynamics.

10/28/2025

Small businesses need a winning strategy in today’s competitive marketplace. Your financial statements contain three useful reports to help the company stay at the top of its game. First, the income statement shows revenue, expenses and earnings over a given period. It tells whether your business is growing and profitable. Second, the balance sheet tallies assets, liabilities and net worth to create a snapshot of your business’s financial health. Third, the statement of cash flows breaks down cash flows among operating, investing and financing activities. Contact us to help you keep score, analyze results and devise a game plan to gain a competitive edge.