Goldenthal & Suss Consulting PC
G&S Monthly
Tax insights, advisory updates, and regulatory guidance for our clients and friends. Delivered the first of each month.
Current Issue
July 2026
Volume I · Issue 10
Simple Retirement Solutions for Small Business Owners
Offering employees retirement options can be an effective way for small business owners to attract and retain talent. If you're concerned about cost and administrative complexity, you're not alone. Fortunately, several options are available, including a Simplified Employee Pension (SEP) plan.
How Renting Out Your Vacation Home Affects Your Taxes
When you're not using your vacation home, renting it out can generate extra income. But it can also affect your taxes, depending on how often you rent and use the property personally.
Revisit Your Emergency Fund Goals
An emergency fund is key to long-term financial security. Over time, changes in expenses, income, family needs and financial priorities can affect how much emergency savings you need.
Tax Tips
Backup Withholding: What Businesses Should Know
Backup withholding kicks in when a contractor fails to provide a correct Social Security or Employer ID number, or doesn't properly complete Form W-9 — requiring you to withhold 24% and remit it to the IRS via Form 945.
Can You Deduct Elder Care Costs?
Long-term care expenses for a parent or relative in a nursing home may qualify as an itemized medical deduction once combined medical costs exceed 7.5% of adjusted gross income, as long as the care is medical rather than solely custodial.
IRS Eases Partnership Sale Reporting Rules
New IRS regulations let partnerships report gain and loss information from unrealized receivables and inventory to selling partners on their normal year-end Schedule K-1 timeline, rather than the previous January 31 deadline.
QuickBooks
Creating a More Effective Budget in QuickBooks Online
QuickBooks Online's built-in budgeting tools — under Reports → Financial Planning → Budgets — let you build a Profit and Loss budget from scratch or pre-filled with past data, replacing manual spreadsheets for planning and tracking throughout the year.
Upcoming Tax Due Dates
Employers: Deposit Social Security, Medicare and withheld income taxes for June if the monthly deposit rule applies
Employers: Deposit nonpayroll withheld income tax for June if the monthly deposit rule applies
Employers: File a 2025 calendar-year retirement plan report (Form 5500 or Form 5500-EZ) or request an extension
Employers: Report Social Security and Medicare taxes and income tax withholding for Q2 2026 (Form 941) and pay any tax due if not fully deposited on time
Individuals: Report July tip income of $20 or more to employers (Form 4070)
Employers: Report Social Security and Medicare taxes and income tax withholding for Q2 2026 (Form 941), if all associated taxes were deposited on time and in full
Archive
Past Issues
June
2026
- Take Advantage of Expanded QSB Stock Tax Benefits
- Reducing IRS Audit Risk for Small Businesses
- How an Educational Assistance Program Can Strengthen Your Benefits Package
- Get Ahead With a Midyear Tax Review
May
2026
- Turn a Real Estate Sale Into a Tax-Smart Strategy
- Before You Shred: Know Which Tax Records to Keep
- Plan Carefully to Minimize Taxes on Your Inheritance
- How Hiring Your Child This Summer Can Reduce Taxes
April
2026
- What to Know If You Receive an IRS Notice
- The IRS Criteria for Distinguishing Hobbies From Businesses
- Common Growth Mistakes Small Businesses Make
- Are College Scholarships Really Tax-Free?
March
2026
- What's New for Retirement Catch-Up Contributions in 2026
- Businesses Regain Immediate Deduction for R&E Expenses
- IRS Expands Digital Asset Reporting with New Form 1099-DA
- Don't Let the AMT Catch You Off Guard
February
2026
- Unlock Bigger Deductions on Rental Real Estate
- Estate Planning for 2026 and Beyond
- Taking Control with Self-Directed IRAs
- 2026 Tax Law Changes for Businesses
January
2026
- Can You Claim a Tax Deduction for Tips or Overtime Income?
- Businesses: Act Soon for Clean Energy Tax Incentives
- Make Smart Choices With a Sudden Windfall
- 2026 Tax Law Changes for Individuals
December
2025
- How Does the New Tax Deduction for Car Loan Interest Work?
- NOL Deductions Can Ease the Pain of Business Losses
- The Tax Implications of Remote Work
- Simplify Expense Reporting With High-Low Travel Per Diem Rates
November
2025
- Bonus Depreciation and Other Year-End Tax-Saving Tools
- 5 Smart Tips for Individual Year-End Tax Planning
- Throwing a Party for Your Workforce? Know the Tax Rules
- Make Sure Every Donation Counts
October
2025
- Year-End Tax Planning Strategies
- Business Entity Selection and Tax Implications
- Retirement Plan Contribution Deadlines
- QuickBooks Year-End Checklist
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