McCrate, DeLaet & Company

06/15/2026

06/14/2026

Celebrating Flag Day today! It's a day to honor the stars and stripes and everything they represent: unity, history, and national pride. Let's commemorate this day with respect and gratitude for our beautiful flag.

06/11/2026

Thinking about buying a home this summer? Some costs may be deductible while others aren’t. To claim homeownership tax benefits, you must itemize deductions — which will save tax only if your total itemized deductions exceed your standard deduction. Deductible expenses generally include state and local property taxes and qualified mortgage interest (both subject to limits). But many common costs aren’t deductible. These include most closing costs, mortgage principal payments, homeowners insurance, homeowners association fees, utilities, repairs and improvements. Contact us to discuss your situation and how to maximize your available tax benefits.

06/10/2026

Self-employed individuals often miss legitimate tax savings because they fail to keep adequate records or misunderstand the rules. Don’t let this happen to you.

Follow this golden rule: Business expenses must be ordinary (common in your industry) and necessary (helpful and appropriate for the business). Of course, you can deduct supplies, materials, and employee payroll and benefits. But don’t overlook other deductible costs — such as for your home office, education, business meals and travel, and business vehicles.

We can help you identify qualifying business expense deductions and establish recordkeeping practices that support them. Contact us to learn more.

06/08/2026

If you’re covered by a high-deductible health plan (HDHP), you can contribute pretax income to a Health Savings Account (HSA). Funds can be withdrawn tax-free to pay qualified medical expenses. The IRS annually adjusts various HSA and HDHP limits for inflation. For 2027, the maximum HSA contribution amount will be $4,500 for individuals (vs. $4,400 for 2026) and $9,000 for family coverage (vs. $8,750 for 2026). The minimum HDHP deductible will be $1,750 for individuals (vs. $1,700 for 2026) and $3,500 for family coverage (vs. $3,400 for 2026). The maximum HDHP out-of-pocket cost will be $8,700 for individuals (vs. $8,500 for 2026) and $17,400 for family coverage (vs. $17,000 for 2026).

06/02/2026

Scammers continue to target taxpayers through email, text messages, phone calls and regular mail. They often try to create urgency or fear to trick victims into sharing sensitive information or sending money.

Remember, the IRS will never contact you by email or text about a tax bill or refund. It also won’t demand immediate payment over the phone. Most IRS communications are sent through regular mail — though fraudsters may send fake IRS notices by mail, often including QR codes.

Don’t click on links, open attachments or scan QR codes from unknown senders that might direct you to fraudulent websites designed to steal personal or financial information. Contact us if you have questions.

06/01/2026

Taxpayers can now access their Section 530A accounts (also known as “Trump Accounts”) and submit and view the status of Form 4547, “Trump Account Election(s),” through their IRS individual online accounts. A Sec. 530A account can be set up for any U.S. citizen who’ll be under age 18 at the end of the tax year and who has a Social Security number. Generally, annual contributions of up to $5,000 can be made until the year the beneficiary turns age 18. U.S.-citizen children born from Jan. 1, 2025, through Dec. 31, 2028, can potentially qualify for an initial $1,000 government-funded deposit. Contributions aren’t deductible, but earnings grow tax-deferred as long as they’re in the account. Contact us for details.

05/27/2026

Small business owners: If you think your income is too high for you to qualify to make Roth IRA contributions, think again. Many owners are eligible without realizing it because of various deductions for the self-employed.

A Roth IRA offers potential advantages over tax-deferred accounts. Although Roth contributions aren’t deductible, qualified withdrawals won’t be taxed. And you aren’t required to take withdrawals from your Roth IRA, meaning the account can continue to grow tax-free. Your heirs can also take tax-free withdrawals.

For help evaluating your Roth IRA eligibility and developing a long-term retirement strategy that aligns with your personal and financial goals, contact us.

05/22/2026

We will be closed on Monday, May 25, 2026 in honor of Memorial Day.