McCrate, DeLaet & Company

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.

05/25/2026

05/22/2026

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

05/21/2026

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.

05/20/2026

Small business owners, beware: Tax identity theft is a costly, ongoing threat. Criminals may file fraudulent returns using a business’s EIN, impersonate executives to steal employee W-2 data, or use forged IRS documents to pose as a business for financial or tax-related activity.

Protect your organization by implementing a cybersecurity plan, securing sensitive data, training employees and using technology tools such as encryption and multi-factor authentication. Working with a trusted tax professional is also critical. We can review your risks, recommend safeguards and determine the next steps if something looks suspicious. Contact us to learn more.

05/19/2026

If you receive a letter from the IRS, don’t discard it! Most IRS letters or notices relate to federal tax returns or tax accounts. A letter may reference changes to your account, taxes owed, a payment request, or a specific issue or credit on a tax return. You don’t need to respond unless the notice specifically instructs you to do so, but keep a copy for your records. If you need to call the IRS, use the number in the upper right corner of the notice and have the letter and a copy of your tax return on hand. If you have questions, contact us. We can help you understand the notice and determine whether any action is needed. For more information from the IRS: https://bit.ly/4nv6ZQJ

05/10/2026

Wishing all our moms a Happy Mothers Day!

05/08/2026

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.

05/07/2026

Confusion about IRS CP53E notices is growing — and scammers are taking advantage. CP53E is an official IRS notice related to tax refunds and bank account information. As the IRS shifts from paper checks to direct deposit, it’s mailing these notices to taxpayers who may need to add or update their banking details. The IRS warns that fraudsters are sending fake versions of the notice in an attempt to steal taxpayers’ sensitive information. If you receive one, verify its authenticity before acting. Do not click links or scan QR codes. The IRS communicates by mail, not digitally. Visit irs.gov to verify and respond. Have questions? We can help.

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.

04/23/2026

If you filed your federal income tax return by April 15 and expect a refund, you can track its progress. The established tracking methods are to call the IRS’s automated hotline at 800-829-1954 or use “Where’s My Refund?” at irs.gov. Refund information is usually available within 24 hours of e-filing and four weeks after filing a paper return. The IRS also offers a new tool for taxpayers who’ve set up individual online accounts. You can opt to receive email notifications about status changes (for example, when your refund is approved). Just know that refunds can be delayed if you make errors, file an amended return or claim certain credits. Contact us with questions.