Jane L. Patton, CPA LLC

Jane L. Patton, CPA LLC Our firm is experienced in income tax preparation, IRS notice and audit resolution, estate and trust issues, new business formation, bookkeeping, and more.

Our firm believes that every business and individual needs a valued and trusted accounting partner in order to succeed in today’s economy. We will work with you to help you meet your business and personal goals while providing accurate and timely information so that you are able to make informed financial decisions. In addition to all types of income tax preparation, our seasoned tax professionals

are experienced in IRS notice and audit resolution, estate and trust issues, new business formation, bookkeeping, payroll, compilation and review services, and assist with financial planning. We can also assist you with the real estate and business sale transactions. For more information about our firm and how we can best serve you, visit our website or call us at 276-236-2781.

The One Big Beautiful Bill Act (OBBBA) brings major tax savings and planning opportunities for many businesses. Here are...
12/31/2025

The One Big Beautiful Bill Act (OBBBA) brings major tax savings and planning opportunities for many businesses. Here are four highlights: 1) 100% first-year bonus depreciation for qualified new and used assets and production property, 2) an enhanced research and experimentation deduction, 3) expanded gain exclusions for qualified small business stock. 4) permanent 20% qualified business income deduction for pass-through businesses and sole proprietorships. Contact us at (276) 236-2781 to review your tax strategies and lock in benefits under the OBBBA.

Severe weather and other threats to a business’s ability to operate can occur at any time. Although you can’t foresee ev...
12/30/2025

Severe weather and other threats to a business’s ability to operate can occur at any time. Although you can’t foresee every disaster, you can put together a comprehensive business continuity plan that addresses most potential threats. If you don’t have a plan in place, implement basic protections immediately, such as an evacuation strategy and insurance. But, from there, take your time to get it right. Contact us at (276) 236-2781 for help identifying and managing the costs associated with a business continuity plan.

Maximize your business tax deductions. Minimize your stress. Let us handle your company’s tax planning, return preparati...
12/29/2025

Maximize your business tax deductions. Minimize your stress. Let us handle your company’s tax planning, return preparation and strategy so you can focus on taking your business to the next level. Contact us at (276) 236-2781.

For cash-based businesses, meticulous recordkeeping is essential. Because cash transactions are harder to verify, they i...
12/24/2025

For cash-based businesses, meticulous recordkeeping is essential. Because cash transactions are harder to verify, they increase the risk of underreporting income and attracting IRS scrutiny. The IRS closely monitors such businesses, using tools like cash flow analysis, bank deposit comparisons and lifestyle audits to estimate actual income. If discrepancies arise, the IRS may calculate your income based on estimates, potentially resulting in higher taxes than necessary. Contact us for help with your business at (276) 236-2781.

With major tax law changes taking effect this year and next, tax planning is more important than ever. Don’t wait to tal...
12/23/2025

With major tax law changes taking effect this year and next, tax planning is more important than ever. Don’t wait to talk with us until it’s time to prepare your tax return! Let’s review your situation, find opportunities and boost your tax confidence now. Call us at (276) 236-2781.

Do you owe taxes you can’t pay? Don’t assume you’re out of options. We can negotiate with the IRS on your behalf to disc...
12/22/2025

Do you owe taxes you can’t pay? Don’t assume you’re out of options. We can negotiate with the IRS on your behalf to discuss the possibilities, such as a tax payment plan that works for you. Contact us at (276) 236-2781 for help.

The IRS has announced its annual inflation-adjusted income tax brackets and other amounts. For 2026, the highest rate (3...
12/19/2025

The IRS has announced its annual inflation-adjusted income tax brackets and other amounts. For 2026, the highest rate (37%) will apply to taxable income over $640,600 for singles and heads of households ($768,700 for married couples filing jointly and $384,350 for married taxpayers filing separately). The standard deduction is increasing to $16,100 for singles and married taxpayers filing separately ($32,200 for married couples filing jointly and $24,150 for heads of households). Single filers age 65 or older will be eligible to take an additional deduction of $2,050 ($1,650 per spouse for married filers). Alternative minimum tax exemptions and adoption credits are among the other items that have been adjusted for 2026. Contact us at (276) 236-2781 if you have questions about the impact of inflation adjustments on your tax situation.

Tax penalties can feel like dragging a ball and chain. They may happen even when you’ve done your best to comply with ta...
12/17/2025

Tax penalties can feel like dragging a ball and chain. They may happen even when you’ve done your best to comply with tax law. Don’t panic. Penalty relief may be available. For example, if you suffered a serious illness, were a victim of a natural disaster, or relied on bad advice from the IRS, you may qualify for penalty abatement. A penalty may arise from actions such as filing late, making a late tax payment or missing a deposit. If you receive an IRS notice that you think is incorrect or unjust, you don’t have to tackle it alone. Contact us at (276) 236-2781 for help with this matter.

Sponsoring a qualified retirement plan is a tried-and-true way to help attract and retain employees. Among the most popu...
12/16/2025

Sponsoring a qualified retirement plan is a tried-and-true way to help attract and retain employees. Among the most popular options is a 401(k). Your business’s contributions are tax deductible, and you may be able to use matching and a vesting schedule to encourage employees to stay with your company. But 401(k)s come in many varieties. Please contact us at (276) 236-2781 for help choosing the right one for your business (or another type of retirement plan).

It’s time to take control of your tax bill! As the year winds down, smart businesses ramp up tax planning. The 4th quart...
12/15/2025

It’s time to take control of your tax bill! As the year winds down, smart businesses ramp up tax planning. The 4th quarter is your chance to make moves to lower your 2025 tax bill. For example, buy qualifying equipment and put it into service before year-end to take advantage of depreciation deductions, which due to recent tax law changes are now even better. Accelerate or defer income depending on your projected tax bracket for this year and next. These are only a couple of the strategic steps you can take. Contact us at (276) 236-2781 to schedule a year-end tax planning session.

The IRS Business Tax Account (https://bit.ly/41olHi3) provides information to sole proprietors, partners of partnerships...
12/12/2025

The IRS Business Tax Account (https://bit.ly/41olHi3) provides information to sole proprietors, partners of partnerships, and shareholders of S corps and C corps. Eligible business taxpayers who set up an account can use the hub to make electronic payments, schedule or cancel future payments and access other tools. They can also view their current balances, payment history and other business tax records, as well as digital copies of select IRS notices. A newly added Income Verification Express Service enables lenders to easily access the income records of a business borrower (if authorized by the taxpayer). Contact us at (276) 236-2781 with any tax questions.

Your business can claim a tax credit for qualified expenses paid or incurred when providing child care for employees. Be...
12/10/2025

Your business can claim a tax credit for qualified expenses paid or incurred when providing child care for employees. Beginning in 2026, the One Big Beautiful Bill Act increases the percentage of qualified expenses that can be taken into account for purposes of claiming the employer-provided child care credit. It also increases the maximum credit. Contact us at (276) 236-2781 with questions.

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506 Meadow Street
Galax, VA
24333

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Monday 8am - 5pm
Tuesday 8am - 5pm
Wednesday 8am - 5pm
Thursday 8am - 5pm
Friday 8am - 5pm

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