My son has had an investment account since he was about 18 months old. Years later, conversations about custodial accounts, Trump Accounts, and investing for children are becoming more mainstream, but in our household, starting early has always been the plan.

The 1099-NEC reporting threshold increased for 2026. Learn who must file, the February 1, 2027 deadline, and what businesses should do to prepare.

One of the biggest misconceptions about retirement is that taxes simply go away.

"I'm collecting Social Security now. Do I still have to pay self-employment tax on my business income?"

The primary advantage is reducing self-employment taxes.

As an entrepreneur, tax season can either be an opportunity or a headache. The truth is, most business owners overpay in taxes simply because they didn’t plan ahead. The key is knowing how to structure your finances, take advantage of deductions, and implement year-round tax strategies, not waiting until filing season to scramble for last-minute write-offs. Here’s a practical guide to help you avoid unnecessary taxes this coming season: 1️⃣ Start with Year-Round Bookkeeping T

Running a small business means wearing a lot of hats. One minute you’re serving customers, the next you’re answering emails, paying vendors, or trying to figure out where all the money went at the end of the month. One of the biggest mistakes small business owners make is waiting until tax season to get organized. The truth is: bookkeeping is not just about taxes. It’s about protecting your business, proving your income, tracking your expenses, and building a financially heal

When most people think about taxes, they think about January through April. But the truth is, by the time tax season arrives, many of the biggest opportunities to reduce your tax bill have already passed. At TaxCity Advisors, we believe tax planning should be proactive, not reactive. Tax preparation is about reporting what already happened. Tax planning is about strategically preparing before the year ends so you can potentially save money, reduce surprises, and make smarter

Running a business comes with a lot of moving parts, and for many small business owners, contractors, and entrepreneurs, 1099 season tends to sneak up fast. Then suddenly January arrives, deadlines are approaching, and everyone is scrambling to gather information, track payments, and figure out who needs a form. At TaxCity Advisors, we always encourage business owners to stay proactive instead of reactive when it comes to taxes and financial organization. One of the easiest w

Politics aside, one thing that cannot be ignored is that Donald Trump has pushed several tax changes focused on working-class Americans. One of the most talked-about changes from the “One Big Beautiful Bill Act” is the temporary federal tax deductions for qualified tips and overtime pay. At Tax City Advisors, we’ve already helped qualifying clients apply these deductions during the 2025 tax filing season, and many workers were surprised to learn they may qualify. So… Is It Re

Love him or hate him, one thing about Donald Trump is that he keeps people talking. Politics aside, at Tax City Advisors, we believe it’s important to pay attention to financial opportunities that could positively impact families, especially when it comes to building wealth for future generations. One criticism often discussed in America is that many families were never taught how to invest, build assets, or create long-term wealth for their children. Most people grow up lear

Let’s get straight to it! If your LLC is making money and you’re still paying self-employment tax on every single dollar, you’re probably giving the government more than it deserves. An S-Corp election isn’t a flex—it’s a strategy. And when done right, it keeps more money in your pocket. This isn’t TikTok tax advice. This is grown-business talk. First Things First: What an S-Corp Actually Is An S-Corp is not a new business entity. It’s a tax election made with the Internal Re

If you're filing back taxe and all you have is your IRS Wage and Income Transcript, you might notice something is missing

One thing became crystal clear this season: too many people are leaving money on the table simply because they are not prepared.

Bitcoin isn't just a buzzword anymore—it's part of a financial revolution.

Are you a small business owner facing challenges or exploring new opportunities?

The business structure you select impacts things like your taxes and liability.

For many businesses, cash flow is the lifeblood of operations. But what happens when revenue is tied up in unpaid invoices?

Owner-operators structured as S-Corps can legally take distributions in addition to their salary, but it must be done correctly to avoid IRS

When it comes to claiming dependents on a tax return, multiple people sometimes qualify to claim the same child.