Elevated Tax & Accounting

Elevated Tax & Accounting The Missoula Accountants You’ll Love Working With

Which expenses can you deduct in 2026? 🧾This is one of those things most business owners don’t think about… until they s...
06/02/2026

Which expenses can you deduct in 2026? 🧾

This is one of those things most business owners don’t think about… until they see their profit and realize their tax bill is higher than expected.

The reality is, a lot of expenses are deductible, but only if they’re:
➡️ ordinary (common in your industry)
➡️ and necessary (actually tied to running your business)

That includes things like:
– rent, utilities, and office expenses
– professional services (accounting, legal, etc.)
– payroll and contractor payments
– software, insurance, and marketing

And one big update to keep in mind 👇
Meals are no longer fully deductible. Most are back to 50%.

If you want a full breakdown (including things people commonly miss), we put it all together here:
https://elevatedtax.com/deductible-business-expenses-in-montana/

LLC vs S-Corp in 20 seconds 👇LLC:You make $100k→ the full $100k is subject to self-employment tax (~15.3%)S-Corp:You mak...
05/28/2026

LLC vs S-Corp in 20 seconds 👇

LLC:
You make $100k
→ the full $100k is subject to self-employment tax (~15.3%)

S-Corp:
You make $100k
→ you split it
→ part salary (taxed)
→ part distributions (not subject to that 15.3%)

That’s the whole difference.

✔️ Same business
✔️ Same income
❌ Different tax treatment

The catch?

S-Corp = more admin
Payroll, filings, compliance

So the question isn’t “is it better?”

It’s “does it make sense for your numbers?”

You don’t have to pay it all at once 💡A lot of people assume that if they owe back taxes, the only option is to come up ...
05/26/2026

You don’t have to pay it all at once 💡

A lot of people assume that if they owe back taxes, the only option is to come up with one big payment.

That’s usually not the case.

In many situations, you can set up a payment plan where:
– your total balance is split into monthly payments
– the amount is based on what you can realistically afford

Once you’re on a plan, it shows you’re actively working to resolve it, which can help avoid things escalating into liens or levies.

A couple things to keep in mind:

➡️ Interest and penalties may still continue while you’re paying it down
➡️ And you typically need to have all your tax returns filed before you can set one up

It’s not ideal, but it turns a stressful situation into something structured and manageable.

Are you underpaying yourself? 😅If you’re running an S-Corp and trying to keep your salary as low as possible… there’s a ...
05/20/2026

Are you underpaying yourself? 😅

If you’re running an S-Corp and trying to keep your salary as low as possible… there’s a good chance you are.

And that’s where people get into trouble.

Because if the IRS looks at your setup and your salary doesn’t match the work you’re doing, they can reclassify your income.

Translation:
You don’t avoid the taxes… you just delay them (with penalties).

The fix isn’t complicated.

Your salary should reflect:

✔️ what you actually do in the business
✔️ how involved you are
✔️ what someone in your role would earn

There’s a range. But it has to make sense.

S-Corp salary myth 👇 😅“My accountant said just pay yourself 30% and you’re fine”Reality:There is no percentage rule.The ...
05/18/2026

S-Corp salary myth 👇 😅

“My accountant said just pay yourself 30% and you’re fine”

Reality:
There is no percentage rule.

The IRS doesn’t care about a formula. They care about whether your salary actually makes sense for the work you do.

A better way to think about it:
If you had to hire someone to replace you tomorrow… what would you pay them?

That’s your starting point.

From there, you adjust based on:
– how involved you are
– your experience
– how much the business depends on you

Too low? You risk reclassification + penalties
Too high? You lose the tax benefit

It’s not a hack. It’s a judgment call you need to back up.

If you were starting over today, would your current entity still be the one you choose?We’ve seen business owners choose...
04/28/2026

If you were starting over today, would your current entity still be the one you choose?

We’ve seen business owners choose an LLC because it was “easy.”
We’ve seen others rush into an S Corp because TikTok said it saves on self-employment tax.

❌ Both were optimizing for simplicity.
❌ Neither was optimizing for strategy.

The belief that trips people up?
That you can “fix it later” without cost.

Restructuring midstream is expensive. Payroll corrections are messy.
And once profits scale, small structural decisions compound fast.

🚫 The best move is not chasing deductions.
✅ It’s aligning your entity with how you plan to pay yourself, reinvest, and grow.

Structure should follow strategy, not internet advice.

If this is a decision you’re facing right now, I unpack the strategic lens behind entity selection in the blog ➡️ https://elevatedtax.com/entity-selection-how-to-structure-your-business-from-day-one/

04/23/2026

TurboTax can only work with what you tell it.

Here in Montana, we see plenty of returns that are technically correct. They’re filed on time. The numbers tie out.

But no one stepped back to ask bigger questions.
❓ Should estimated payments have been adjusted?
❓ Is that rental property being depreciated properly?
❓ Does that growing side income need a different structure next year?

If you’re weighing your options this season, we unpack this more in the blog. ⬇️
https://elevatedtax.com/turbotax-or-hire-a-montana-cpa/

This decision isn’t about preference. It’s about complexity.Most people don’t outgrow TurboTax because they want to. The...
04/21/2026

This decision isn’t about preference. It’s about complexity.

Most people don’t outgrow TurboTax because they want to. They outgrow it because their life changed.

Which of those three areas changed for you this year?

We walk through this decision in more detail in the blog. 👇

https://elevatedtax.com/turbotax-or-hire-a-montana-cpa/

Owe back taxes and not sure what to do next? 😅Here’s the actual game plan we walk clients through:First, figure out what...
04/16/2026

Owe back taxes and not sure what to do next? 😅

Here’s the actual game plan we walk clients through:

First, figure out what you really owe.
Not just the tax. Look at the full breakdown including penalties and interest. That number is usually higher than expected, but at least now you’re working with something real.

Next, file anything that’s missing.
If you have unfiled returns, this is step one. You can’t set up a payment plan or fully resolve things until everything is filed. Even if you can’t pay yet, filing moves you forward.

Then, look at payment plan options.
You usually don’t need to pay everything upfront. Most states allow installment agreements where you can pay monthly based on what’s realistic for you. Interest may continue, but it keeps things manageable and avoids more aggressive collection action.

And one thing to keep in mind… ignoring it is what makes it worse.

That’s when penalties grow and things like liens or levies can come into play.

Most situations feel overwhelming at first, but once you break it into steps, it’s actually pretty manageable.

If you’re self-employed or earning income outside of a traditional paycheck, this is your friendly reminder 👇Estimated t...
04/13/2026

If you’re self-employed or earning income outside of a traditional paycheck, this is your friendly reminder 👇

Estimated tax payments are due April 15th.

We see it every year. This deadline sneaks up, and suddenly there’s a scramble to figure out what’s owed and how to pay it. The earlier you plan, the easier it is to stay on track and avoid surprises.

If you’re unsure what you should be paying or whether you’re on pace for the year, it’s worth taking a look now instead of waiting.

At Elevated Tax here in Missoula, we help our clients stay ahead of deadlines like this so there are no last-minute headaches.

Have questions about your estimated payments? Drop them below or send us a message. We’re happy to help.

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