MB Consultants, PLLC

03/30/2026

02/23/2026

For 2026, SIMPLE-IRA participants age 50 or older can take advantage of catch-up contributions that allow them to save more for retirement while potentially lowering their tax bills. The standard elective deferral limit is $17,000, with an additional $4,000 catch-up for those age 50 to 59 and 64 or older at the end of 2026. Participants who reach age 60, 61, 62 or 63 in 2026 may qualify for an enhanced “super” catch-up contribution of $5,250. Even higher limits may apply for SIMPLE-IRA participants who work for employers that meet certain requirements. Contact us for help determining which rules apply to you and how much you can contribute this year.

02/21/2026

Pass-through entities generally don’t owe federal income tax at the entity level, but they still must file federal income tax returns. These entities include partnerships, limited liability companies treated as partnerships for tax purposes and S corporations. If your pass-through entity uses the calendar year for tax purposes, as most do, the filing deadline for the 2025 tax year is March 16, 2026 (because March 15 is on a Sunday). The deadline can be extended to Sept. 15, 2026, by filing for an extension by March 16. If you do that, you (and any other owners) will also likely need to file an extension to Oct. 15, 2026, for your individual return. Contact us to get things rolling.

02/19/2026

If you itemize deductions on your 2025 individual income tax return, you potentially can deduct your 2025 donations to qualified charities. If you made a donation of $250 or more, you must substantiate it with a “contemporaneous written acknowledgment” from the charity. “Contemporaneous” means you receive it by the date you file your return (or the due date, including extensions, if earlier). If you haven’t yet received an acknowledgement for a 2025 gift (or filed your 2025 return), request it from the charity now. Additional substantiation rules apply to certain types of donations, such as noncash contributions. Contact us for help determining what you can deduct on your 2025 tax return.

02/18/2026

For 2026, the standard deduction, most retirement contribution limits and the gift and estate tax exemption are increasing. Other important tax figures for individuals are also changing. https://bit.ly/3MEAVfj

02/18/2026

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.

12/29/2025

Business owners: It’s not too late to reduce your 2025 taxes.