Matthews, Panariello P.C.

06/01/2026

If you’re thinking about relocating, don’t choose a new state based only on climate, cost of living or proximity to family. Also review the tax implications.

For example, some states don’t have a personal income tax, and some that do have one offer tax breaks for pension payments, retirement plan distributions and Social Security payments. Also be aware that a state with no personal income tax may impose high property, sales or estate taxes.

Before making a move, contact us to review the potential income, property, sales and estate tax implications. We can help you minimize potential negative tax consequences and make the most of any tax advantages offered by the new state.

05/28/2026

Many taxpayers discover at filing time that their tax payments during the year didn’t align with their actual liability — either too much or too little was withheld from their paychecks. Keeping withholding aligned with expected tax liability can help you enjoy better cash flow during the year and avoid unwelcome surprises at filing time.

If you received a large refund or owed a lot of tax when you filed your 2025 return, it may be beneficial to fine-tune your withholding for 2026. Adjustments may also be a good idea if you experience a major life event, such as having a child.

We can help you review your withholding (and estimated tax payments, if applicable) and make any needed changes.

05/25/2026

05/04/2026

Large stock market gains in recent years, coupled with volatility in 2026, may have left you with a portfolio that’s out of balance with your desired asset allocation. If you haven’t rebalanced recently, it may be time. Careful planning can minimize the tax cost.

Say your portfolio is overweighted in large-cap U.S. stocks. You can save 2026 taxes if you sell some of this appreciated stock from a retirement account because the gain won’t be taxed. If you need to sell the stock from a taxable account, see whether there are assets in the account you can sell at a loss. The recognized loss can offset some or all of your capital gains.

Contact us to discuss other tax-smart strategies.

05/01/2026

C corporation shareholders usually owe tax on gains from selling stock. But qualified small business (QSB) stock sales may qualify for a special gain exclusion. To be eligible for this break, certain requirements must be met.

QSB stock acquired after Sept. 27, 2010, may be eligible for a 100% gain exclusion if it’s held for at least five years. Under recent tax law changes, QSB stock acquired after July 4, 2025, may be eligible for a partial gain exclusion if it’s held for at least three years.

Contact us to learn whether this tax-saving strategy is right for your business. We can help structure your business to unlock the potential tax savings and navigate the complex rules.

04/29/2026

LLC and LLP owners: Can you deduct your business losses this year? The answer may depend on whether your activity is considered passive according to the IRS’s passive activity loss rules.

Under these rules, you generally can use passive losses only to offset income from other passive activities. If you meet certain “material participation” criteria, however, you may be able to offset LLC or LLP losses against nonpassive income, such as wages, interest, dividends and capital gains — but the rules can be complex, especially for limited partners.

Contact us for guidance on tracking your participation hours, applying the material participation test and maximizing business loss deductions.

04/27/2026

Growing small businesses may trigger the ACA’s play-or-pay provisions. These rules apply to applicable large employers (ALEs), which are those with 50 or more full-time employees, including full-time equivalents (FTEs).

ALEs must offer full-time employees and their dependents minimum essential coverage that’s affordable and provides certain minimum value. For 2026, the penalties for noncompliance generally are 1) $3,340 per full-time employee, excluding the first 30, for not offering coverage, and 2) $5,010 per full-time employee who receives a premium tax credit, for offering coverage that doesn’t meet the affordability and minimum value requirements.

Contact us to discuss your obligations.

04/24/2026

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.

04/22/2026

After you’ve filed your 2025 tax return, what’s next? Here are a few to-dos: 1) Check your refund status by going to irs.gov and either logging into your IRS account or using the refund tracker. 2) If you forgot to report some deductible 2025 expenses (or anything else), file an amended tax return to claim those deductions and potentially increase your refund. 3) Store your return and supporting documents in a secure place where you’ll easily be able to find them if needed. 4) Turn your tax focus to 2026 planning. We can help project your income, deductions and credits for the year and propose strategies you can implement in the coming months to reduce your taxes. Contact us to get started.