March 15: Business tax deadline for partnerships, multi-member LLCs, and S-corporations April 15: Personal tax deadline and business tax deadline for all other businesses September 15: Extended business tax deadline for partnerships, multi-member LLCs, and Scorporations October 15: Extended personal tax deadline and business tax deadline for all other businesses NOTE: Make sure you inform your clients: Extendions only extend the date to file, not the date to pay. 😕 Quarterly Estimated Tax Deadlines April 15—For 1st quarter June 15—For 2nd quarter September 15—For 3rd quarter January 15—For 4th quarter

Quick question for business owners here. Do you find tax compliance or tax planning more challenging when running your business? I'm interested to hear how others approach it.

- New deduction: Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000. This new deduction is in addition to the current additional standard deduction for seniors under existing law.The $6,000 senior deduction is per eligible individual (i.e., $12,000 total for a married couple where both spouses qualify).Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers). - Qualifying taxpayers: To qualify for the additional deduction, a taxpayer must attain age 65 on or before the last day of the taxable year. - Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers. Taxpayers must: include the Social Security Number of the qualifying individual(s) on the return, and file jointly if married, to claim the deduction.

Q2. Is there a threshold amount that must be met before I would receive a Form 1099-K? (updated Oct. 23, 2025) A2. There is no threshold amount that must be met to receive a Form 1099-K due to payments received through a payment card transaction. Therefore, if you received $0.01 of payments from a payment card transaction, you should receive a Form 1099-K for those payments. There is a threshold for payments received through a TPSO. TPSOs are required to report when total gross payments for goods or services exceed $20,000 and there are more than 200 transactions for a payee. Your state may have a lower reporting threshold for TPSOs, which could result in you receiving a Form 1099-K, even if the total gross payments and transactions did not exceed the federal reporting threshold.

Q1. What is Form 1099-K and why would I receive one? (updated Oct. 23, 2025) A1. Form 1099-K is an information return used to report payments you received during the year from: • Credit cards, debit cards or stored-value cards such as gift cards (payment cards) • Payment apps or online marketplaces for goods or services (TPSOs) You should receive a Form 1099-K if you sold a good or provided a service, you were paid through a payment app or online marketplace, and your gross payments and transactions are in excess of the reporting threshold, or you accepted a payment from a payment card for any amount. You may have a tax obligation if you had a gain on the sale of goods or received payment for services you provided. Form 1099-K is an information return that payment apps and online marketplaces provide when you use them for selling goods or providing a service. You can use the information on the Form 1099-K with your other tax records to determine your correct tax owed. See Understanding Your Form 1099-K for more information. Third party information reporting for certain payments is required by law and has been shown to increase voluntary tax compliance, improve tax collections and assessments within the IRS, and thereby reduce the tax gap.