One of the biggest problems that I have seen with those new to building a business is the need to properly do the paperwork involved.  I've seen people co-mingle their funds in their personal bank account instead of having a separate business bank account.  I've had people bring me a bunch of receipts in a box where they had personal and business expenses on the same receipts.  Another no-no.  Some never even balance their checkbooks.  I could go on and on.

The IRS will soon implement a new process that automatically provides penalty relief for taxpayers with a history of filing returns and paying tax dues on time. This new relief system is expected to be phased in this summer.

The new Automatic Exemption from Penalty will replace the long-standing First Time Abate administrative relief and is designed to simplify the process and reduce burden for those with a timely compliance history.

Taxpayers have been told for years that the IRS never sends a text message. But under the 2026 digital rules, they can reach out for three specific reasons.

Summer can be one of the busiest—and most challenging—times of the year for small businesses. Whether you're managing seasonal demand, coordinating employee vacations, or keeping a close eye on cash flow, staying organized is essential to maintaining profitability. That's where QuickBooks can make a significant difference.

Here are three ways QuickBooks helps small businesses stay on top of their finances and operations during the summer months.

President Donald Trump ordered the end of circulating penny production late last year to save taxpayers an estimated $56 million annually.  However, a special "dual-date" penny has returned exclusively for America’s 250th anniversary.   You won't find these in everyday cash transactions. These are a  one-year-only design upgrade.  (The only other time the U.S. has done this on such a widespread scale was during the 1976 bicentennial.) 

One of the most often questions I get from clients is how long to keep their tax returns and records.  Most people think the proper answer is seven years.  But, it is a little more complicated than that.  That is because those forms, receipts, canceled checks, and other documents could be needed later. The IRS generally has three years after the due date of your return (or the date you file it, if later) to initiate an audit — that hasn't changed.

One of the common problems I face helping people with there taxes is helping them get their withholding correct so they don't end up owning the IRS at the end of the year.  So how can you fine-tune your withholding and estimated tax payments for 2026?

With the approach to the summer season, all of those summer activities come out to delve into our time.   When you are building a small business, it usually means that you have to steal that extra time from somewhere and it usually comes from that paperwork you should be taking care of. After all, summer is prime time for vacations and a slower pace, but that often means finances take a back seat too.

In recent surveys, it has been found that over 70% of households are looking for ways to make extra income. A second income is not always a luxury anymore - it is often a lifeline to make ends meet.  Yet, not every opportunity is worth the cost of your time and money.

The business meal deduction has been around for a long time.  However, businesses should be aware of significant changes that are scheduled to take effect after December 31, 2025, which affects the deductibility of certain meals.  These include:

Great News Today!  I received a review on my newest publication, Mastering Business Basics, from the Readers's Favorite Book Review website.  Here's what they had to say: 

Review #1: Review by Stephen Christopher

Reviewed by:

Stephen Christopher

Review Rating:

5 Stars - Congratulations on your 5-star review!

Reviewed by Stephen Christopher for Readers’ Favorite