Melissa M Medlock CPA PA

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Are you eligible for mileage deductions? Whether you’re filing your 2025 individual income tax return or planning for 20...
04/02/2026

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.

How you capitalize your C corporation isn’t just an accounting matter — it’s a tax-saving opportunity. You can set up fu...
03/30/2026

How you capitalize your C corporation isn’t just an accounting matter — it’s a tax-saving opportunity. You can set up funds supplied by shareholders as either capital contributions (equity) or loans (debt).

Future withdrawals by equity investors may result in double taxation. Conversely, repayments of shareholder loans are generally tax-free, while interest payments are taxable to the shareholder and deductible by the corporation. This setup provides a more tax-efficient way to get money out of your company. However, the IRS may reclassify shareholder loans as equity if not properly structured and documented. Contact us to evaluate your options and determine what’s right for your situation.

Each year, you may be able to contribute up to the annual limit to a traditional or Roth IRA (or a combination of the tw...
03/26/2026

Each year, you may be able to contribute up to the annual limit to a traditional or Roth IRA (or a combination of the two). The deadline for 2025 IRA contributions is April 15, 2026 — even if you file for an extension on your 2025 return.

You may be eligible to deduct all or part of your traditional IRA contribution and save taxes on your 2025 return. Roth IRA contributions aren’t deductible, but qualified withdrawals are tax-free. If you’re ineligible to make Roth IRA contributions or deduct traditional ones due to income-based phaseouts, a nondeductible traditional IRA contribution can be beneficial.

Have questions about making 2025 IRA contributions? Contact us.

Most businesses close their books on December 31 because it aligns with the calendar year. And it may seem easier for ta...
03/23/2026

Most businesses close their books on December 31 because it aligns with the calendar year. And it may seem easier for tax filing purposes.

But this approach isn’t right for every business. Some entities — such as construction companies, accounting firms and snowplowing operations — may have valid reasons for adopting fiscal year ends. Aligning a company’s tax year with its operating cycle can streamline reporting and support better planning.

If you’re thinking about changing your business’s year end, contact us to discuss your options. We can also guide you through the IRS approval process.

Some businesses may claim tax deductions for animals that perform a legitimate business function. Guard dogs that protec...
03/18/2026

Some businesses may claim tax deductions for animals that perform a legitimate business function. Guard dogs that protect property or cats that control rodents in warehouses are common examples of “working animals.” If an animal provides a clear and direct business benefit, certain expenses (such as food, veterinary care, training and supplies) may qualify as ordinary and necessary business expense deductions. However, the IRS draws a clear line between bona fide working animals and household pets. Contact us to discuss your situation. We can explain the tax rules and documentation needed to support animal-related business deductions.

Last year’s One Big Beautiful Bill Act (OBBBA) terminated several clean energy tax incentives earlier than previously sc...
03/18/2026

Last year’s One Big Beautiful Bill Act (OBBBA) terminated several clean energy tax incentives earlier than previously scheduled. But if you bought an electric vehicle or made certain green home improvements last year, you might be eligible for a tax credit on your 2025 individual income tax return. Possible credits include ones for purchasing a new or used clean vehicle (if done by Sept. 30, 2025), making energy-efficient home improvements, or installing renewable energy systems or electric vehicle charging ports at your home. But various rules and limits apply. If you’re wondering whether you might qualify for one or more of these credits, contact us.

Many businesses offer flexible spending accounts (FSAs) for health care and dependent care. One potential drawback is th...
03/11/2026

Many businesses offer flexible spending accounts (FSAs) for health care and dependent care. One potential drawback is the use-it-or-lose-it rule. Under IRS cafeteria plan rules, unused amounts generally are forfeited after any applicable grace period or permitted health care FSA carryover. Employers may retain forfeitures, often to offset plan costs. If not retained, the funds may be used to reduce the employee contributions that would be required to reach certain FSA balances for the next plan year or returned to employees, provided these amounts are allocated on a reasonable and uniform basis. Contact us to for help reviewing your plan and ensuring forfeitures are handled properly.

You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline? ...
03/10/2026

You know your 2025 federal income tax return is due April 15, 2026. But do you know what else has an April 15 deadline? If you don’t, you could miss out on valuable tax-saving opportunities or become subject to interest and even penalties. The April 15 deadline also generally applies to 1) making 2025 IRA contributions, 2) making 2025 SEP contributions, 3) paying the first installment of 2026 estimated taxes, 4) filing a 2025 income tax return for a trust or estate, 5) filing a 2025 gift tax return, and 6) filing a Report of Foreign Bank and Financial Accounts (FBAR). An extension is available in some cases, but not for the payment of tax due. Contact us to discuss which deadlines apply to you.

If your business uses the accrual method of accounting and received advance payments in 2025, you may be able to defer r...
03/07/2026

If your business uses the accrual method of accounting and received advance payments in 2025, you may be able to defer reporting some or all of that income until 2026 for federal tax purposes. An advance payment is one received by a business before it provides whatever is being paid for. Examples of advance payments that may be eligible for this favorable tax treatment include payments for services, the sale of goods, gift cards, the use of intellectual property, the sale or use of computer software, warranty contracts and subscriptions. But complicated rules apply. Contact us for help determining if your business is eligible to defer 2025 advance payments.

If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2...
03/07/2026

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.

Personal interest expense generally can’t be deducted for federal tax purposes. But there are exceptions. You probably k...
03/07/2026

Personal interest expense generally can’t be deducted for federal tax purposes. But there are exceptions. You probably know that home mortgage interest may be deductible if you itemize deductions rather than claiming the standard deduction. New for 2025 through 2028, you may be eligible to deduct up to $10,000 of car loan interest if the vehicle’s “final assembly” was in the U.S. and other requirements are met. But the deduction phases out starting at $100,000 of modified adjusted gross income ($200,000 for married couples filing jointly). Other potential interest expense deductions are student loan interest and investment interest. Contact us with any questions.

Claiming the maximum depreciation deductions you can on your 2025 income tax return will generally provide the greatest ...
02/19/2026

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

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3885 20th Street
Vero Beach, FL
32960

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