Tax Preparation Checklists

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Selling a Rental Property? Don’t Forget Depreciation Recapture
Bysmall-business-tax-solutions February 26, 2026March 1, 2026

Depreciation recapture can be a complex tax consideration for real estate investors. Understanding how it works is crucial when selling rental properties. Investors must calculate both the depreciation recapture portion and the capital gains portion of their gains. The recapture portion is taxed at up to 25%, depending on their income, while long-term capital gains may be taxed at 0%, 15%, or 20%. High earners might also owe an additional 3.8% Net Investment Income Tax.

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Self Employed Tax Payers | tax credits | Tax Deductions | Tax Preparation Checklists

7 Mistakes You’re Making with Small Business Tax Preparation (and How to Fix Them)
Bysmall-business-tax-solutions February 24, 2026March 1, 2026

Mixing personal and business finances can lead to tax surprises and missed deadlines. Keeping accurate records using the shoebox method is essential to avoid errors like reporting income inaccurately or misclassifying workers. Failing to file on time or not filing at all can result in penalties and missed deductions. Industry-specific deductions are crucial to maximizing your tax savings.

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Self Employed Tax Payers | Tax Preparation Checklists | Tax savings strategies

The Ultimate Small Business Tax Preparation Guide for Busy Owners
Bysmall-business-tax-solutions February 23, 2026February 16, 2026

Navigating the intricacies of your business structure is the first step toward effective tax preparation. Ensure you have all essential documents, including financial records like last year’s tax return, EINs, and bank statements, alongside income documentation such as 1099-NEC and 1099-K forms. Expense records must include receipts for purchases and mileage logs, especially if you drive for business. Don’t overlook deductions like home office expenses or business mileage, as they can significantly lower your taxable income. Keeping meticulous records of payroll and state taxes is crucial, and understanding how to leverage every deduction you’re entitled to will optimize your financial position.

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Gig Workers | paying taxes | Self Employed Tax Payers | Tax Preparation Checklists

Tax Deductions for Freelancers: Everything You Need to Know Before April
Bysmall-business-tax-solutions February 19, 2026February 16, 2026

The 2026 tax landscape is set to transform with three significant new deductions, including the 20% Qualified Business Income (QBI) Deduction and the Self-Employment Tax Deduction. These changes could significantly reduce the tax burden for freelancers and small business owners. Staying on top of everyday business expenses and tracking retirement contributions will be crucial as well. Don’t miss out on these essential deductions. Don’t wait until April 15th, June 15th, September 15th, or January 15th, 2027, to ensure you’re optimizing your tax strategy.

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Tax Forms | Tax Preparation Checklists | w2

Receipts, Records, and Reality: Your February Tax Prep To-Do List
Bysmall-business-tax-solutions February 15, 2026February 16, 2026

February is an ideal month for small business owners and gig workers to prepare for taxes. Gather W-2s, 1099s, and deduction documentation like receipts and mileage logs. Organize your business records and set aside weekly time for sorting new documents. For assistance, consider consulting professionals to ease the process.

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Self Employed Tax Payers | tax credits | Tax Deductions | Tax Preparation Checklists | taxes and homeownership | Taxes for Real Estate Agents | Taxes for Realtors

Home Office Deduction for Realtors: Is It Worth the Risk?
Bysmall-business-tax-solutions February 11, 2026February 16, 2026

The home office deduction is often feared by Realtors due to outdated myths, but many may be entitled to significant savings. Claiming the deduction is feasible if there’s exclusive, regular use of the space for business. Realtors can choose between a simplified or actual expense method, both IRS-approved. Proper documentation is essential.

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