March Means Tax Season

Thanks to all who entered the quiz!

Here are the Valentine’s Day Quiz answers:

1. What does XOXO stand for?

Kiss, Hug, Kiss, Hug

2. Frank Sinatra, Judy Garland and Elvis Presley all got married in what U.S. city?

Las Vegas

3. Approximately how many roses are produced for Valentine's Day each year?

250 million

4. How many calories are in a single strawberry?

3 calories

5. On average, how many times does the heart beat per day?

100,000 times

As we settle in for the March deadlines to make sure your business is in the best health it can be!

A strong March leads to the ability to breeze through tax day in April. Here are the deadlines to finish 2025 bookkeeping.

📌 Monday, March 2, 2026

1099s due to states (varies by state—worth double-checking)

📌 Monday, March 16, 2026

S-Corp (1120-S) & Partnership (1065) tax returns due

Extensions (Form 7004) due if not filing

*Year end cleanup of books completed by March 16. No vibes only accounting allowed!

📌 Wednesday, April 15, 2026

Individual tax returns (Form 1040) due

Single-member LLC & sole proprietor (Schedule C) returns due

Q1 Estimated Taxes due (Form 1040-ES)

C-Corp (1120) returns due

IRA & HSA contributions deadline for 2025

Extensions (Form 4868) due

*If cash flow feels tight here, it’s often a bookkeeping issue instead of a revenue issue.

One Big Beautiful Bill Act ( OBBBA )

Listed below are key terms to use while considering the impact of the big, beautiful bill. It’s worth taking

a few moments going to the bill and searching for these concepts.

https://www.congress.gov/119/bills/hr1/BILLS-119hr1eh.pdf

Terms:

Depreciation (qualified assets such as equipment, machinery, some real estate)

full deduction for domestic research and development (R&D)

State Tax Deduction (SALT) cap

Section 179 (raises cap on equipment and property expensing)

PTET (Pass-Through Entity Tax that allows business owners to deduct state tax at the business level)

Section 199A (20% deduction through qualified entities like LLC and S corps)

Interest Deduction Limit (163J)

Clean Energy Tax Credits going away

Standard Deduction (raised $15,750 for single tax filing, $31,500 for married couple filing)

No tax on tips and overtime (first $25,000 exempt from federal income tax)

Auto loan interest deduction ($10,000 deduction on interest as long as your salary is under $100,000

single person, $200,000 married couple)

1099-K Threshold ($20,000 and 2,000 transactions before payment platforms have to send tax forms –

think Venmo, Paypal)