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
August 2026
Volume I · Issue 11
A New Type of Tax-Advantaged Account for Children
Families looking for another way to save for a child's future may want to consider Section 530A accounts. Created by the 2025 tax legislation commonly referred to as the One Big Beautiful Bill Act, these tax-advantaged savings accounts, also known as Trump Accounts, are designed to help children build long-term assets. The ability to contribute became available on July 4, 2026, and some children may be eligible for a $1,000 government-funded deposit.
Choosing the Right Business Funding Solution
Access to capital helps small businesses succeed and grow. Whether you need to cover cash flow gaps, fund expansion plans or invest in long-term assets, it's important to understand all your financing options. This will help you make informed decisions and select funding that aligns with your goals.
Plan Now for Deferring Tax on Advance Payments
With year-end fast approaching, now is a good time to review strategies that could affect your business's 2026 tax liability. One area that may deserve attention is the tax treatment of advance payments. Some accrual-basis businesses may be able to defer recognizing a portion of that income.
Tax Tips
Single? You Still Need an Estate Plan
Unmarried individuals have no automatic spousal default to fall back on, so without a will, state intestacy law decides who inherits. A basic plan — will, healthcare proxy, durable power of attorney and current beneficiary designations — keeps those decisions in your hands.
Higher IRS Mileage Rates Take Effect
The IRS raised the optional standard mileage rate mid-year: business travel is 76 cents per mile from July 1 through December 31, 2026, up from 72.5 cents for the first half of the year. Medical and qualified military moving mileage rose to 23.5 cents. Because two rates apply to 2026, keep mileage records that show when each trip occurred.
Lending to Family or Friends? Know the Tax Rules
Loans made below market interest rates can trigger imputed interest, meaning the IRS may treat you as having received interest income you never collected. Documenting the loan and charging at least the applicable federal rate helps avoid an unintended gift-tax result.
QuickBooks
Save Time with QuickBooks Online Automation
QuickBooks Online can handle routine bookkeeping on its own — recurring transactions for predictable bills and invoices, bank rules that categorize downloaded transactions automatically, and scheduled reports delivered by email — cutting down repetitive monthly data entry.
Upcoming Tax Due Dates
Employers: Deposit nonpayroll withheld income tax for July if the monthly deposit rule applies
Employers: Deposit Social Security, Medicare and withheld income tax for July if the monthly deposit rule applies
Individuals: Report August tip income of $20 or more to employers (Form 4070)
Archive
Past Issues
July
2026
- Simple Retirement Solutions for Small Business Owners
- How Renting Out Your Vacation Home Affects Your Taxes
- Revisit Your Emergency Fund Goals
- Backup Withholding: What Businesses Should Know
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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