Elm Tax & Advisory, LLC

Elm Tax & Advisory, LLC Helping small business owners and families simplify taxes, bookkeeping, and finances—stress-free, year-round. Our goal?

At Elm Tax & Advisory, LLC, we’re more than just number crunchers—we’re your trusted financial partner. Based in Massachusetts and woman-owned, our firm is dedicated to helping small business owners simplify their finances, minimize taxes, and make confident decisions year-round. We specialize in tax preparation, tax planning, bookkeeping, and advisory services tailored to entrepreneurs and growin

g businesses. Whether you're launching your first venture or scaling your operations, we’re here to make the financial side of things less overwhelming and more empowering. With a friendly approach and a deep understanding of the real challenges small businesses face, we break down complex financial concepts so they're clear and easy to understand. To help you understand your numbers, stay compliant, and focus on what you do best—running your business.

05/08/2026

Cash flow gaps happen to the best of us. Aside from a bank loan, what’s the most creative way you’ve ever bridged a financial gap?

Let’s share some ideas for the community.

𝙃𝙤𝙬 𝙙𝙤 𝙄 𝙩𝙧𝙖𝙘𝙠 𝙢𝙮 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙢𝙞𝙡𝙚𝙨 𝙩𝙝𝙚 𝙧𝙞𝙜𝙝𝙩 𝙬𝙖𝙮?For 2026, the mileage rate is 𝟳𝟮.𝟱 𝗰𝗲𝗻𝘁𝘀 𝗽𝗲𝗿 𝗺𝗶𝗹𝗲. So if you drove 12,000...
05/07/2026

𝙃𝙤𝙬 𝙙𝙤 𝙄 𝙩𝙧𝙖𝙘𝙠 𝙢𝙮 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙢𝙞𝙡𝙚𝙨 𝙩𝙝𝙚 𝙧𝙞𝙜𝙝𝙩 𝙬𝙖𝙮?

For 2026, the mileage rate is 𝟳𝟮.𝟱 𝗰𝗲𝗻𝘁𝘀 𝗽𝗲𝗿 𝗺𝗶𝗹𝗲. So if you drove 12,000 business miles, that’s an $8,700 deduction.

But to claim it, you have to keep a log that proves it. Your log must include:
• Date of the trip
• Where you went
• Business purpose
• Miles driven

And make sure you track this as you go rather than trying to rebuild it later.

Also worth knowing:
• Commuting from home to your regular office isn’t deductible…
• Driving between work locations or to client meetings is!

Comment MILEAGE below if you want help figuring out the right mileage tracking method for your business.

𝙄𝙛 𝙄 𝙨𝙩𝙖𝙧𝙩 𝙢𝙮 𝙤𝙬𝙣 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨, 𝙖𝙢 𝙄 𝙩𝙖𝙭𝙚𝙙 𝙤𝙣 𝙚𝙫𝙚𝙧𝙮𝙩𝙝𝙞𝙣𝙜 𝙩𝙝𝙚 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙗𝙧𝙞𝙣𝙜𝙨 𝙞𝙣?If you do make the leap to leave your 9-to-5...
05/06/2026

𝙄𝙛 𝙄 𝙨𝙩𝙖𝙧𝙩 𝙢𝙮 𝙤𝙬𝙣 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨, 𝙖𝙢 𝙄 𝙩𝙖𝙭𝙚𝙙 𝙤𝙣 𝙚𝙫𝙚𝙧𝙮𝙩𝙝𝙞𝙣𝙜 𝙩𝙝𝙚 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙗𝙧𝙞𝙣𝙜𝙨 𝙞𝙣?

If you do make the leap to leave your 9-to-5 and start your own business, tax obligations do change. Though you’re not taxed on EVERYTHING, you are taxed on your net profit (your revenue minus deductible business expenses).

So if you earn $100,000 and have $20,000 in valid expenses, you’re taxed on $80,000…but only if those expenses are actually tracked.

That means filing:
• Receipts
• Business bank and credit card statements
• Mileage logs, if you drive for business
• Records that show the business purpose

When you’re self-employed, the burden of proof is on you.

If you can’t show it, it’s much harder to claim it.

If you want a tax consultation for setting up your business in a tax smart way so you're compliant with the IRS's requirements, DM us.

𝙒𝙝𝙮 𝙙𝙤𝙚𝙨 𝙢𝙮 𝙩𝙖𝙭 𝙗𝙞𝙡𝙡 𝙛𝙚𝙚𝙡 𝙨𝙤 𝙢𝙪𝙘𝙝 𝙝𝙞𝙜𝙝𝙚𝙧 𝙣𝙤𝙬 𝙩𝙝𝙖𝙩 𝙄’𝙢 𝙨𝙚𝙡𝙛-𝙚𝙢𝙥𝙡𝙤𝙮𝙚𝙙?Because you’re paying both sides of Social Security ...
05/05/2026

𝙒𝙝𝙮 𝙙𝙤𝙚𝙨 𝙢𝙮 𝙩𝙖𝙭 𝙗𝙞𝙡𝙡 𝙛𝙚𝙚𝙡 𝙨𝙤 𝙢𝙪𝙘𝙝 𝙝𝙞𝙜𝙝𝙚𝙧 𝙣𝙤𝙬 𝙩𝙝𝙖𝙩 𝙄’𝙢 𝙨𝙚𝙡𝙛-𝙚𝙢𝙥𝙡𝙤𝙮𝙚𝙙?

Because you’re paying both sides of Social Security and Medicare now.

At a W-2 job, you pay 7.65%, and your employer matches it.

When you’re self-employed, you pay the full 15.3%.

On top of that, you’re also responsible for:
• Paying tax on your profit, not revenue
• Making quarterly tax payments
• Tracking your income and expenses yourself

You can typically deduct half of your self-employment tax, which helps lower your taxable income.

But no one is withholding taxes for you anymore.

That’s the shift that catches people off guard.

A practical next step: estimate your monthly tax set-aside based on your last few months of income, then automate that transfer before the money gets absorbed into everything else.

"Remember, diamonds are only lumps of coal that stuck to their jobs." -B.C. ForbesWhether you're trying to stick to a bu...
05/04/2026

"Remember, diamonds are only lumps of coal that stuck to their jobs." -B.C. Forbes

Whether you're trying to stick to a budget, a business plan, a parenting strategy, or an exercise plan, envision the end result and keep at it.

𝗪𝗵𝘆 𝗶𝘀 𝗴𝗲𝘁𝘁𝗶𝗻𝗴 𝗮 𝗯𝗶𝗴 𝘁𝗮𝘅 𝗿𝗲𝗳𝘂𝗻𝗱 𝗯𝗮𝗱?Because it means you gave the government too much of your paycheck all year.We get i...
05/01/2026

𝗪𝗵𝘆 𝗶𝘀 𝗴𝗲𝘁𝘁𝗶𝗻𝗴 𝗮 𝗯𝗶𝗴 𝘁𝗮𝘅 𝗿𝗲𝗳𝘂𝗻𝗱 𝗯𝗮𝗱?

Because it means you gave the government too much of your paycheck all year.

We get it. A refund feels good when it hits your account.

But that money was yours the whole time! So, with a few adjustments, you could make that money work for you now.

1. 𝗬𝗼𝘂𝗿 𝘄𝗶𝘁𝗵𝗵𝗼𝗹𝗱𝗶𝗻𝗴
This is the amount your employer takes out of each paycheck for taxes. If too much is coming out, updating your W-4 can help bring that number closer to what you actually owe.

2. 𝗬𝗼𝘂𝗿 𝘀𝗶𝗱𝗲 𝗶𝗻𝗰𝗼𝗺𝗲
If you freelance, drive for an app, sell online, or earn income outside your W-2 job, it’s better to plan for those taxes during the year instead of being surprised later.

3. 𝗬𝗼𝘂𝗿 𝗲𝘅𝘁𝗿𝗮 𝗰𝗮𝘀𝗵
Money sitting with the IRS all year could have been in a savings account, retirement account, HSA, or another place where it had a chance to work for you.

True or false: I’d rather get a smaller refund if it meant keeping more money in my paycheck each month.

04/30/2026

𝘿𝙤 𝙮𝙤𝙪𝙧 𝙗𝙤𝙤𝙠𝙨 𝙢𝙖𝙩𝙘𝙝 𝙮𝙤𝙪𝙧 𝙗𝙖𝙣𝙠 𝙖𝙘𝙘𝙤𝙪𝙣𝙩 𝙧𝙞𝙜𝙝𝙩 𝙣𝙤𝙬?

We don’t mean “close enough”… Do they actually match?

Because if they don’t, expenses never make it into your books, income can get counted twice, your profit ends up looking higher (or lower) than it really is, and you wind up paying taxes based on the wrong number.

We see this more than you’d think. It comes down to having regular reconciliation.

A simple monthly check fixes most of this, so…
• Do it the same day each month
• Match your bank balance to your software
• Review anything that hasn’t cleared
• Clean up old or duplicate transactions

If you waited until tax time to sort things out this year, this is your chance to stay ahead of it for next year.

04/28/2026

𝗛𝗼𝘄 𝗰𝗼𝘂𝗹𝗱 𝗜 𝗵𝗮𝘃𝗲 𝗽𝗮𝗶𝗱 𝗹𝗲𝘀𝘀 𝗶𝗻 𝘁𝗮𝘅𝗲𝘀 𝗹𝗮𝘀𝘁 𝘆𝗲𝗮𝗿?

To answer that, you have to look at the return you just filed. It’s the primary place where you can see exactly how your financial decisions translated into your tax bill.

Here are the two areas you should audit immediately:

1. Your Effective Tax Rate -- This is the actual percentage you paid after credits and deductions were applied. If this number is higher than you expected, you likely aren't utilizing the right tax-shifting strategies or accounts to protect your income.

2. Your Refund Amount -- If you received a large check, you essentially gave the IRS an interest-free loan for up to twelve months. That is capital you could have been deploying into your own investments or savings every single month.

If you want us to review your 2024 or 2025 return and identify exactly where you can keep more of what you earn in 2026, comment 𝗥𝗘𝗩𝗜𝗘𝗪 below.

04/27/2026

𝙒𝙝𝙖𝙩 𝙞𝙛 𝙄 𝙘𝙖𝙣’𝙩 𝙥𝙖𝙮 𝙢𝙮 𝙩𝙖𝙭 𝙗𝙞𝙡𝙡 𝙞𝙣 𝙛𝙪𝙡𝙡?

First, and most important, don’t ignore it. It’s easy to put off a tax bill when you know you can’t pay it. But that usually makes the problem more expensive.

Here’s what we generally recommend to our clients:
1. Pay as much as you can right now. Even a partial payment helps reduce the interest and penalties that continue to accrue.
2. Look at short-term IRS payment relief. In some cases, the IRS may allow additional time to pay in full.
3. Set up an installment agreement.
4. If paying would keep you from covering basic living expenses, see if you qualify for Currently Not Collectible status.
5. See if an Offer in Compromise is an option for you.
6. Avoid using credit cards, private loans, or home equity to pay the IRS, as this can put you in a much more difficult (and higher interest) position.
7. If necessary, consider selling assets you no longer need.

If you want help sorting through the options, comment 𝗣𝗔𝗬 below.

𝙄𝙨 𝙨𝙚𝙫𝙚𝙣 𝙮𝙚𝙖𝙧𝙨 𝙡𝙤𝙣𝙜 𝙚𝙣𝙤𝙪𝙜𝙝 𝙩𝙤 𝙠𝙚𝙚𝙥 𝙚𝙢𝙥𝙡𝙤𝙮𝙚𝙚 𝙧𝙚𝙘𝙤𝙧𝙙𝙨?Sometimes. But it’s not a complete retention policy.Some employee re...
04/24/2026

𝙄𝙨 𝙨𝙚𝙫𝙚𝙣 𝙮𝙚𝙖𝙧𝙨 𝙡𝙤𝙣𝙜 𝙚𝙣𝙤𝙪𝙜𝙝 𝙩𝙤 𝙠𝙚𝙚𝙥 𝙚𝙢𝙥𝙡𝙤𝙮𝙚𝙚 𝙧𝙚𝙘𝙤𝙧𝙙𝙨?

Sometimes. But it’s not a complete retention policy.

Some employee records can be cleaned up sooner. Others need to be kept much longer. That’s why using one general rule for everything can create risk.

The better approach is to sort records by type and apply the right timeline to each one.

Worth a quick review if your retention system has been running on autopilot.

Address

Pembroke, MA
02359

Opening Hours

Monday 9am - 4pm
Tuesday 9am - 4pm
Wednesday 9am - 4pm
Thursday 9am - 4pm
Friday 9am - 4pm

Telephone

+17817959536

Website

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