Schroeder & Co., CPA's, LLC

05/25/2026

05/07/2026

If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2025 income tax return. But the rules are complicated, and your deductions may be affected by factors such as the vehicle’s weight and business vs. personal use. The year you place a car, SUV, van, pickup or panel truck in service, you can choose to deduct the actual expenses (such as gas, insurance, repairs and registration fees) and depreciation attributable to your business use of the vehicle or claim the cents-per-mile deduction (with a depreciation allowance built into it). Heavier vehicles may be eligible for larger deductions. Contact us if you have questions. For full article click here: https://www.schroedercocpas.com/index.jsp?page=blog&postId=30758

05/04/2026

New for 2025, 100% first-year depreciation is available for nonresidential real estate classified as qualified production property (QPP). QPP generally means factory buildings. Normally, nonresidential buildings must be depreciated over 39 years. QPP 100% first-year depreciation is available for property whose construction begins after Jan. 19, 2025, and before 2029. The property generally must be placed in service in the U.S. or a possession before 2031. Also, the original use of the property generally must commence with the taxpayer. Additional rules and limits, as well as some exceptions, apply. IRS guidance is expected. Contact us with questions and to learn about the latest developments. For full article click here: https://www.schroedercocpas.com/index.jsp?page=blog&postId=30757

04/30/2026

Are you eligible for mileage deductions? Whether you’re filing your 2025 individual income tax return or planning for 2026, it’s important to know. Employees can’t deduct business mileage, but the self-employed can. And vehicle expense deductions may also be available to individuals who drive for medical, moving or charitable purposes. But many rules and limits apply. The standard business mileage rate is 70 cents for 2025 and 72.5 cents for 2026. The rate for medical or moving mileage is 21 cents for 2025 and 20.5 cents for 2026. The charitable mileage rate is 14 cents for both 2025 and 2026. Or you can claim certain actual expenses. If you’re not sure whether you’re eligible, contact us. For full article click here; https://www.schroedercocpas.com/index.jsp?page=blog&postId=30756

04/27/2026

Here are a few key tax-related deadlines for individuals for the rest of 2026. JUNE 15: Pay the second installment of 2026 estimated taxes, if applicable. SEPT. 15: Pay the third installment of 2026 estimated taxes, if applicable. OCT. 15: File a 2025 income tax return and pay any tax, interest and penalties due if an automatic six-month extension was filed. DEC. 31: Incur various expenses that potentially can be deducted on your 2026 tax return. Contact us for more information about the filing requirements and to help ensure you meet all deadlines that apply to you. For full article click here: https://www.schroedercocpas.com/index.jsp?page=blog&postId=30755

02/25/2026

Eligible medical expenses are deductible 1) if they weren’t reimbursable by insurance or paid via tax-advantaged accounts, 2) to the extent that, in aggregate, they exceed 7.5% of your adjusted gross income, and 3) if you itemize deductions. Now is a good time to review your medical expenses for 2025 and see if you had enough so you can claim the medical expense deduction. Eligible expenses include many costs besides hospital and doctor bills, such as prescription drugs and certain costs related to transportation, insurance, therapy, dental and vision care, smoking cessation, and weight loss. Contact us to determine if you can benefit from the medical expense deduction on your 2025 return. For full article click here: https://www.schroedercocpas.com/index.jsp?page=blog&postId=30754

02/23/2026

Changes to charitable donation deductions are on the horizon. Beginning in 2026, if you itemize deductions, your otherwise allowable charitable deductions will be limited to the amount that exceeds 0.5% of your 2026 adjusted gross income. In addition, if you’ll be in the 37% income tax bracket, your tax benefit generally will be as if you were in the 35% bracket. If you’ll be affected, you may want to accelerate donations into 2025 and then bunch donations into alternating years. But if you claim the standard deduction, in 2026 you can potentially benefit from a new charitable deduction for nonitemizers of up to $1,000 ($2,000 for married couples filing jointly). Contact us to learn more. For full article click here: https://www.schroedercocpas.com/index.jsp?page=blog&postId=30753

02/20/2026

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. For full article click here: https://www.schroedercocpas.com/index.jsp?page=blog&postId=30752

02/18/2026

Claiming the maximum depreciation deductions you can on your 2025 income tax return will generally provide the greatest 2025 tax savings. But sometimes it may be better to depreciate business assets over a period of years, such as if you expect to become subject to higher tax rates. If you claim 100% bonus depreciation or Sec. 179 expensing today, you’re eliminating future depreciation deductions for those assets. And deductions save more tax when tax rates are higher. We can identify which depreciation breaks you’re eligible for, review your overall tax situation and help determine whether you should maximize depreciation-related breaks on your 2025 return. Contact us to get started. For full article click here: https://www.schroedercocpas.com/index.jsp?page=blog&postId=30751

02/12/2026

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. For full article click here: https://www.schroedercocpas.com/index.jsp?page=blog&postId=30750