Jones & Fry CPA

Jones & Fry CPA Since its inception in 1949, our accounting firm has served this community with a combination of pro

According to the U.S. Treasury Dept., 98% of taxpayers receive their IRS refunds electronically. In 2026, direct deposit...
06/18/2026

According to the U.S. Treasury Dept., 98% of taxpayers receive their IRS refunds electronically. In 2026, direct deposit refunds increased by 14% over 2025, likely due to the IRS’s paperless initiative. Yet not all taxpayers can receive electronic refunds. The Federal Deposit Insurance Corporation has reported that 4% of U.S. households lack a bank account. Those who request paper checks include the elderly, members of certain religious groups and domestic violence victims. Some taxpayers reportedly wait more than 10 weeks to receive checks. Recently, Treasury Secretary Scott Bessent answered lawmakers’ questions about the issue in a U.S. House Ways and Means Committee hearing.

Many parents don’t know that the “kiddie tax” exists. Others assume it affects only minor children. But it also can appl...
06/17/2026

Many parents don’t know that the “kiddie tax” exists. Others assume it affects only minor children. But it also can apply to full-time students through age 23 and 18-year-olds even if they aren’t full-time students. When it applies, the child’s unearned income in excess of $2,700 (for 2026) is taxed at the parent’s tax rate, if higher.

If your child has investment income from custodial accounts, consider reviewing the types of investments in those accounts. Growth-oriented investments that generate little current income may help reduce exposure to the kiddie tax until your child is old enough that the tax no longer applies.

If you’d like help evaluating your family’s situation, contact us.

Employers: A qualified adoption assistance program is a family-friendly benefit worth looking into. It can help your emp...
06/16/2026

Employers: A qualified adoption assistance program is a family-friendly benefit worth looking into. It can help your employees manage adoption costs by allowing qualifying employer-provided payments or reimbursements to be excluded from federal taxable income. You can fund the program yourself or, in some cases, through pretax employee salary reductions under a Section 125 cafeteria plan. To qualify for tax advantages, a program must have a written plan and comply with other IRS rules — including nondiscrimination, substantiation, payroll tax and reporting requirements. Contact us to discuss whether an adoption assistance program would make sense for your business.

Self-employed individuals often miss legitimate tax savings because they fail to keep adequate records or misunderstand ...
06/15/2026

Self-employed individuals often miss legitimate tax savings because they fail to keep adequate records or misunderstand the rules. Don’t let this happen to you.

Follow this golden rule: Business expenses must be ordinary (common in your industry) and necessary (helpful and appropriate for the business). Of course, you can deduct supplies, materials, and employee payroll and benefits. But don’t overlook other deductible costs — such as for your home office, education, business meals and travel, and business vehicles.

We can help you identify qualifying business expense deductions and establish recordkeeping practices that support them. Contact us to learn more.

An F reorganization can help some companies restructure tax efficiently during succession planning or before a business ...
06/11/2026

An F reorganization can help some companies restructure tax efficiently during succession planning or before a business sale. This type of restructuring is generally available only to businesses treated as corporations for federal income tax purposes, including C corporations and S corporations. F reorganizations may preserve tax attributes, support administrative continuity, and help balance buyer and seller goals in certain transactions. But they must satisfy detailed IRS requirements and can create tax risks if mishandled. Professional legal and tax guidance is critical. Contact us to discuss whether this strategy could be a good fit for your business.

If you participate in a company 401(k) plan, there may be an option to add to your retirement nest egg that you’re not a...
06/10/2026

If you participate in a company 401(k) plan, there may be an option to add to your retirement nest egg that you’re not aware of: after-tax, non-Roth contributions. These contributions aren’t subject to the annual elective deferral limit ($24,500 for 2026, plus catch-up contributions if you’re age 50 or older). So, if your plan allows, you can make them after you’ve maxed out your deferral limit, including catch-up contributions, if applicable. They create tax basis in your account that can eventually be withdrawn tax-free. And growth on the money won’t be taxed until you start taking withdrawals. We can review your situation and help you determine whether you might benefit.

Thinking about buying a home this summer? Some costs may be deductible while others aren’t. To claim homeownership tax b...
06/09/2026

Thinking about buying a home this summer? Some costs may be deductible while others aren’t. To claim homeownership tax benefits, you must itemize deductions — which will save tax only if your total itemized deductions exceed your standard deduction. Deductible expenses generally include state and local property taxes and qualified mortgage interest (both subject to limits). But many common costs aren’t deductible. These include most closing costs, mortgage principal payments, homeowners insurance, homeowners association fees, utilities, repairs and improvements. Contact us to discuss your situation and how to maximize your available tax benefits.

Complex federal income tax rules apply to self-created intangible assets. Sales of self-created intangibles that qualify...
06/08/2026

Complex federal income tax rules apply to self-created intangible assets. Sales of self-created intangibles that qualify as capital assets — such as goodwill and customer lists — generate capital gains or losses (with gains typically taxed at 15% or 20%).

However, sales of noncapital self-created intangibles — such as certain patents and copyrights — may be subject to ordinary income tax rates, which can be as high as 37%. In short, the type of asset, who created it and who owns it can matter.

If you’re planning to sell or transfer intangible assets, we can help you understand the federal tax implications before your deal is finalized. Contact us to learn more.

It can be tough for small businesses to borrow money at favorable terms. But the U.S. Small Business Administration (SBA...
06/05/2026

It can be tough for small businesses to borrow money at favorable terms. But the U.S. Small Business Administration (SBA) offers several loan programs to help small businesses grow and create jobs. SBA loans of up to $5.5 million may be available and typically offer competitive interest rates and terms. Applying and qualifying for an SBA loan may also be easier than for conventional loans. The most popular type is the 7(a) loan, which can be used for most business purposes, including asset purchases and debt refinancing. The microloan program offers loans of up to $50,000. Contact us to help determine the right option for your business.

Scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to crea...
06/04/2026

Scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money.

Remember, the IRS will never contact you by email or text about a tax bill or refund. It also won’t demand immediate payment over the phone. Most IRS communications are sent through regular mail — though fraudsters may send fake IRS notices by mail, often including QR codes.

Don’t click on links, open attachments or scan QR codes from unknown senders that might direct you to fraudulent websites designed to steal personal or financial information. Contact us if you have questions.

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300 W Main Street
Greenville, OH
45331

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

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(937) 548-3106

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