This checklist outlines the key records and information your business should have in place before filing begins. Staying organized upfront can reduce stress, avoid last-minute surprises, and help your CPA file an accurate return that reflects the full picture of your business.

Essential #1 – Books that actually add up.

Accurate books aren’t just helpful, they’re the foundation of a reliable return.

• Reconcile accounts before filing begins
• Make sure income and expenses are recorded consistently
• Confirm your accounting software matches your bank records
• Review prior year adjustments or corrections

Essential #2 – Payroll that matches the paperwork.

Payroll accuracy isn’t just about timeliness, it’s about making sure every number tells the right story.

• Double-check W-2s and 1099s for accuracy
• Verify all payroll tax deposits have been filed
• Keep records of bonuses, commissions, and benefit payments
• Confirm year-end payroll summaries match reported figures

Essential #3 – Look back to file forward.

What you reported last year matters because it sets the stage for this year’s return.

• Review deductions and credits from the prior year
• Carry forward losses, depreciation, or credits if applicable
• Ensure consistency in how income and expenses are reported
• Compare net income trends to flag unusual changes

Essential #4 – Gather evidence that backs every claim.

Every deduction should come with backup.

• Keep receipts, invoices, and logs for every deduction
• Organize digital records in one place
• Separate personal and business expenses clearly
• Maintain mileage logs for vehicle-related deductions

Essential #5 – The right papers for the right structure.

Your filing should reflect your business structure, down to the details.

• Make sure incorporation or partnership documents are current
• Verify ownership percentages and agreements
• Keep a record of major business decisions
• Review changes in entity type or tax election status

Essential #6 – Confirm what you’ve already paid.

Before finalizing anything, make sure your estimated tax payments are accounted for.

• Gather records of quarterly payments
• Check totals against what’s reported on the return
• Correct any discrepancies early
• Verify any prior overpayments or credits applied

Essential #7 – Update your list of fixed assets.

Your fixed asset schedule can become cluttered with equipment you no longer use.

• Update depreciation schedules for all business assets
• Make sure new asset purchases are recorded with correct start dates
• Confirm depreciation methods (e.g., straight-line vs. accelerated) match your filing strategy
• Review Section 179 or bonus depreciation opportunities

Essential #8 – Review credits you may qualify for.

Tax credits can be powerful, but only if you’re eligible and prepared to prove it.

• Review current-year tax credits available for your business type or industry
• Confirm documentation for each credit (e.g., R&D, energy efficiency, hiring incentives)
• Make sure you haven’t double-counted expenses used for credits and deductions
• Track carryforward credits from previous years

Tax credits and depreciation rules change frequently, making year-over-year review especially important.

Partner with an Alloy Silverstein Business Advisor

Filing your 2025 business tax return doesn’t have to be a scramble. This checklist can help you stay organized, identify gaps early, and approach tax season with confidence.

At Alloy Silverstein, we go beyond filing. Our CPAs and Client Advisory Services team help business owners keep their books accurate year-round, identify planning opportunities, and use financial data to make smarter decisions — not just meet deadlines.

If you’d like help preparing your records, cleaning up your books, or building a more proactive tax and accounting strategy, contact Alloy Silverstein today. We’re here to help your business stay compliant, informed, and positioned for growth.

The post Your Business’s Essential Tax Return Filing Checklist appeared first on Alloy Silverstein.

Your business’s tax return is more than a compliance document—it’s a snapshot of your financial performance and a guide to smarter decision-making for the year ahead. By reviewing key numbers from your return, you can identify opportunities to improve efficiency, optimize your tax strategy, and better plan for cash flow needs.

Here are several ratios and metrics to pull from your business’s most recent tax return and track over time. Comparing these numbers year over year can help highlight trends, potential risks, and areas for growth.

Effective tax rate = Total tax liability / Total income

Take your total tax liability from your most recent tax return and divide it by your gross income from that return. Do this calculation for your three most recent tax returns and compare the results.

If your effective tax rate increased, it may mean certain deductions dropped off, income grew faster than expected, or your business structure is no longer a good fit. A decrease could be a sign of one-time factors that may not repeat, like the purchase of expensive equipment.

(Note: Remember if you have a pass-through entity, your business’s tax liability will be found on your individual tax return.)

Planning tip: Use this rate to estimate future tax liability more accurately, so you can set aside the right amount of cash to make estimated tax payments throughout the year. It can also be used to evaluate whether changes to compensation, retirement contributions, or entity type are worth exploring in 2026.

Owner tax burden = Total tax liability / Total owner compensation (or distributions)

Owner tax burden looks at how much of the cash an owner takes out of the business that ultimately goes to taxes. A high owner tax burden may signal that compensation is structured inefficiently, estimated payments are off, or the entity type is creating unnecessary tax friction.

Planning tip: This number can guide changes to how you pay yourself (salary vs. distributions), timing of bonuses, retirement contributions, and even whether a different business structure would leave more cash in your hands.

Operating expense ratio = Total operating expenses / Total revenue

This ratio gives a clear view of how efficiently the business runs day-to-day. A rising ratio often signals creeping overhead. Expenses may be increasing faster than revenue, even if total profit still looks acceptable. A falling ratio usually points to improved efficiency, better pricing, or stronger cost control. Neither is good or bad on its own, but comparing ratios over time matter.

Planning tip: Remember this ratio is outside of your gross margin percent (Cost of Goods Sold/Net sales). Use this ratio as a guardrail to control against creeping overhead expenses. Try to make the percent of sales go down every year. If the number starts creeping up, it’s often a sign to slow hiring, reduce other expenses, or adjust pricing before margins erode. A common culprit outside of payroll is annuity billing and outside consulting expense.

Putting It All Together

By tracking your effective tax rate, owner tax burden, and operating expense ratio, you gain actionable insights into how your business is performing and where adjustments may be needed. These metrics are simple to calculate but powerful in helping you make informed decisions about compensation, expenses, pricing, and long-term planning.

How Alloy Silverstein Can Help

At Alloy Silverstein, we work with business owners to turn tax data into actionable insights. Our CPAs and tax advisors can help you interpret these numbers, plan for 2026, and implement strategies to maximize efficiency, reduce tax friction, and keep more cash in your business.

If you’re ready to make your tax return work harder for you, contact us today.

The post Numbers to Know From Your Business’s Tax Return appeared first on Alloy Silverstein.

Both qualified overtime and qualified tips must be reported separately on the W-2, using new codes in box 12 and a new box 14b for the tipped occupation code.

Track overtime accurately

• Record employee hours carefully, including overtime worked beyond 40 hours per week.
• Calculate the extra “half-time” above the regular rate correctly.
• Separate overtime pay from bonuses or other discretionary pay.

Track tips carefully

• Record qualified tips such as cash, credit, debit, or gift card tips.
• Exclude service charges, mandatory gratuities, and non-cash items.
• Ensure employees report tips promptly and keep documentation.

Best practices for business owners

• Reconcile payroll data each pay period.
• Audit overtime and tip records regularly.
• Maintain clear documentation for all deductions.

Partner with experts

Working with a trusted payroll provider simplifies compliance. Abacus Payroll can help set up reporting codes, generate accurate payroll and tax reports, and ensure your business and employees fully benefit from available deductions. The key to a smooth year ahead is clear: track carefully, report accurately, and rely on a trusted advisory team.

The post Stay Compliant in 2026: Tracking Overtime and Tips appeared first on Alloy Silverstein.

March 16, 2026

• Deadline to file partnership and S-corporation tax returns.

April 15, 2026

• Deadline to file individual, trust, gift and calendar-year C-corporation returns.

• Deadline for making 2025 IRA contributions.

• First installment of 2026 individual estimated tax is due.

May 15, 2026

• Deadline for calendar-year non-profit organizations to file annual reporting returns.

What the IRS is Up To

How the USPS Postmark Update Affects Your Tax Return

The USPS now applies postmarks at processing facilities rather than at local post offices. The mail may be received by the processing center on a different day than it was dropped off, which could affect paper tax returns, extensions, or payments. Because the IRS uses postmark dates to determine timeliness, this could trigger penalties, interest, or rejected filings. Electronic filing remains the safest option whenever possible.

IRS Releases Initial Guidance on ‘Trump Accounts’

‘Trump Accounts’ are a new tax-advantaged savings program for children under the OBBBA. Contributions are not expected to start until July 2026, but taxpayers can elect to enroll using IRS Form 4547 when filing 2025 tax return. Families should monitor IRS guidance and consult their CPA or financial advisor to see if a Trump Account is right for their situation.

Mileage Rates for 2026

Beginning Jan. 1, 2026, the standard mileage rates for the use of a car, van, pickup or panel truck (gas, diesel, electric, or hybrid) will be:

The post Spring 2026 Tax Deadlines and IRS News appeared first on Alloy Silverstein.

The post The March Tax Deadline Is Approaching: Late Filings Can Trigger Costly IRS Penalties appeared first on Alloy Silverstein.

If you paid $600 or more in 2025 to vendors such as freelancers, attorneys, or other service providers, it’s time to get those forms filed. Form 1099-NEC must be submitted to both the IRS and your contractors by the deadline to stay compliant and avoid penalties.

See More Upcoming Tax Deadlines→

Credit Card Payments Excluded

Keep in mind that payments made by credit card are excluded from your 1099 reporting. That’s because payment processors are responsible for issuing their own forms (typically Form 1099-K).

If you’re considering a change in 2026, paying vendors by credit card could mean earning points and simplifying next year’s 1099 season.

Obtain From W9 from Contractors

Be sure to obtain a Form W-9 from each vendor to ensure you have accurate information when preparing 1099s. Double-check all details — even a small mistake can create unnecessary delays or IRS notices.

Good news: if a vendor’s W-9 shows they’re a corporation, you typically don’t need to issue a 1099. One important exception: corporations must receive a 1099 for legal services.

Proofread for Accuracy

Before filing, verify every detail on your 1099 forms. Errors like misspelled names or incorrect EINs or Social Security numbers can cause IRS rejections, trigger notices, and create headaches for both you and your contractors.

More 1099 Compliance Tips

Remember, there are different types of 1099 forms, each with its own rules and thresholds. Make sure you’re using the correct form for each situation. For full details, visit IRS.gov or connect with your trusted tax advisor.

Still have questions? Alloy Silverstein has got you covered. Head to the Resources section of our website for more tips and tools to stay compliant.

Start this tax season stress-free and ahead of the game. Get those 1099s filed on time — your business will thank you later.

Related Form 1099 Resources:

• Acing 1099 Compliance [Webinar Recording] →
• What’s the difference between a Form W-2, Form 1099-MISC, & Form 1099-NEC? (Video) →
• Check Those 1099s →
• What To Do if Your 1099 Form Is Wrong →
• Do I Really Need to File 1099s? →
• Smooth Sailing for Your Business’s Tax Return →
• Employee or Contractor? It Pays to Know the Difference →
• Alloy Silverstein Group Payroll Tax Alert [PDF]→
• What Do Business Owners Need to Know About 1099s? [VIDEO] →

The post 1099-NEC Deadline Approaching: What Businesses Need to Know for 2026 appeared first on Alloy Silverstein.

2026 Mileage Rates

The new standard mileage rate for business travel will be 72.5¢ per mile. The rate for deductible medical travel and moving expenses for active-duty military members will be 20.5¢ per mile. The rate of 14¢ per mile for charitable organizations will remain the same for 2026.

To utilize the standard mileage rate for a car you own, you have to choose to use this method in the first year the car is available for business use. If you want to use the standard mileage rate for a car you are leasing, you must use it for the entire lease period.

While these changes will be helpful for many, it is important to note that taxpayers always have the option of calculating the actual costs of using their vehicle instead of using the standard mileage rates.

Too often this deduction is overlooked because proper documentation was not followed. Check out Tips to Maximize Your Mileage Deduction for a few tips to ensure you receive the full benefit of this tax deduction.

If you have any questions, contact an Alloy Silverstein advisor today!

Read More:

• Taxes and Mileage 101: What Can I Deduct on My Tax Return?
• Make the Most of Your Vehicle Expense Deduction
• Tips to Maximize Your Mileage Deduction

The post 2026: New IRS Mileage Update appeared first on Alloy Silverstein.

At Alloy Silverstein, we help business owners not only navigate these changes but also strategically apply them to financial planning and growth strategies, ensuring tax savings translate into tangible business outcomes. Here’s how to leverage OBBBA for maximum impact.

Unlocking Cash Flow Through Tax Deductions

New and expanded tax deductions within the new OBBBA tax law can act as cash flow management tools for your business, not just tax-saving tactics.

• Section 179 & Bonus Depreciation: Deduct the full cost of qualifying equipment and property in 2025 to free up cash for operations.

• SALT Deduction Expansion: For pass-through owners, the $40,000 cap on state and local taxes increases itemized deductions, leaving more cash available for reinvestment.

• Strategic Timing: Plan expenditures to coincide with tax benefits, boosting near-term liquidity.

Leveraging Tax Credits to Support Growth

• R&D Tax Credit: Offset taxes while funding innovation or process improvements.

• Energy & Investment Credits (179D, 45L): Apply credits to energy-efficient building investments, saving money and supporting sustainable growth.

• Work Opportunity Tax Credit (WOTC): Reduce federal taxes while incentivizing hiring from targeted groups.

Strategic Use of PTET to Free Cash

• Pass-Through Entity Tax (PTET): Paying state taxes at the business level can bypass SALT limits, lowering federal taxable income.

• Impact: Frees additional cash that can be reinvested in payroll, marketing, or expansion.

• Action: Evaluate eligibility, timing, and state-specific deadlines to maximize cash flow benefits.

Integrating Tax Planning with Business Growth Strategy

Tax planning is a strategic lever for operational and financial decisions, not just compliance. By taking steps for effective and proactive tax planning, it’s a key differentiator that you are working with an advisor, not just a tax preparer.

OBBBA: Timing & Proactive Planning

• Start now.  Review your business’s 2025 numbers and projected expenses for 2026.

• Align tax planning with quarterly cash flow forecasting.

• Consult with an Alloy Silverstein advisor to integrate tax savings into broader financial and business planning.

Infographic: How the New Tax Law Can Help Boost Your Cash Flow

Connect with an Alloy Silverstein Tax Advisor

OBBBA 2025 isn’t just about new limits or credits—it’s a chance to unlock cash flow and invest in your business’s future. Small business owners who act strategically now can maximize deductions, leverage credits, and optimize PTET elections to fuel growth and strengthen financial health. Alloy Silverstein’s team of CPAs and business advisors in Cherry Hill and Hammonton, NJ, is here to help you turn tax planning into a growth engine. Contact us today or visit our Tax Reform Resource Center to schedule a consultation and start planning your strategy.

Related Resources:

• One Big Beautiful Bill Highlights: Key Tax Incentives for 2025-2030 [Webinar Recording]
• Employer Compliance: Navigating OBBBA’s Tip & Overtime Changes [Webinar Recording]
• New Tax Incentives and Compliance Relief for Small Businesses in 2025
• Maximizing Tax Savings Under the New SALT Cap: What Small Business Owners Need to Know
• Now Is the Time to Revisit Your Business Tax Strategy
• What Business Tax Changes are in the One Big Beautiful Bill?

The post Using the New Tax Law to Maximize Cash Flow and Fuel Business Growth appeared first on Alloy Silverstein.

Here are key questions to ask your CPA now:

1. How does this new tax law affect my business?

With new opportunities like 100% bonus depreciation and immediate expensing for domestic R&D, timing is everything.

WITH Client Advisory Services: Cloud platforms give you real-time financial dashboards, helping you and your advisor model scenarios and decide whether it makes sense to accelerate investments, delay purchases, or restructure spending.

2. Are we audit-ready?

More deductions typically mean more documentation.

WITH Client Advisory Services: Automated expense categorization and digital recordkeeping build an audit trail inside your accounting platform. That means less time chasing receipts and more time focusing on growth.

3. Can we streamline our accounting processes?

If tax season feels chaotic, the issue isn’t the return — it’s the workflow.

WITH Client Advisory Services: Cloud-based automation reduces manual tasks, eliminates paper, and keeps your books current year-round.

4. How do I turn tax planning into strategy?

Your CPA shouldn’t just look backward at what happened.

WITH Client Advisory Services: You get proactive planning including insight into cash flow, spending, and growth opportunities before year-end.

Alloy Silverstein’s Client Advisory Services help you plan for what’s next. Ask us about adding CAS for strategic financial guidance all year long.

The post Client Advisory Services: Questions to Ask Your CPA This Tax Season appeared first on Alloy Silverstein.

The One Big Beautiful Bill Act of 2025 (OBBBA) has created an important tax planning opportunity for small business owners: the federal cap on state and local tax (SALT) deductions has increased from $10,000 to $40,000 for the 2025 tax year. This significant change could reduce taxable income for many owners of pass-through businesses, including S corporations, partnerships, and sole proprietorships.

At Alloy Silverstein, we advise our clients to review their 2024 tax returns and forecast 2025 results now to determine whether itemizing deductions makes more sense than taking the standard deduction. Strategic planning around charitable contributions, capital expenditures, and the pass-through entity tax (PTET) can help business owners maximize these benefits and minimize their tax liability.

Here’s what you need to know, and what you should do now to prepare.

Expanded SALT Deduction Means More Opportunities for Itemizing

If you own a business structured as a pass-through entity (like an S corporation, partnership, or sole proprietorship), your business income is taxed on your individual return. With the expanded SALT deduction limit, you may now benefit more from itemizing instead of taking the standard deduction.

In 2024, many small business owners were stuck with using the standard deduction because they couldn’t break past the $10,000 SALT cap. But an extra $30,000 in potential deductions changes the math. Now’s the time to run a 2025 tax forecast using your 2024 return numbers – just plug in the higher deduction cap and see where you land.

If it looks like you’ll be itemizing in 2025, plan accordingly.

Maximize Deductions with Charitable Giving and Section 179

With this new opportunity, you should re-evaluate certain financial decisions for your business and personal finances:

• Charitable giving. Consider bundling two or more years’ worth of charitable donations into one year. This strategy, often called bunching, can help you cross the itemization threshold more easily and boost your deductions even further.
• Section 179 expenses. Review your plans for capital expenditures. If you’re buying equipment or other qualified assets, Section 179 lets you deduct the full cost in the year of purchase. Timing these purchases could help increase your total deductions on your personal tax return and maximize the benefit of itemizing.

Review the pass-through entity tax (PTET)

Another angle to either consider OR review is the pass-through entity tax (PTET), an option now available in over 34 states. It allows your business to pay your tax on a state business tax return versus your personal tax return. Why does this matter? Because business-paid taxes are fully deductible at the federal level, bypassing the SALT deduction limit altogether.

This strategy can work alongside the new $40,000 SALT cap, potentially saving you thousands more. But if you’re already using the PTET, it may now be a lot less favorable to you and your business.

But PTET isn’t automatic. You need to make a formal election to use it, and each state has its own deadline and requirements. Miss the deadline and you can’t use the PTET for that year and many states don’t let you change your mind. So planning is now key!

Plan Early to Adjust Quarterly Estimated Taxes

Also consider if you need to plan and potentially adjust how you pay your quarterly estimated taxes. If you usually pay estimated state taxes personally, you may need to change this approach. Once you elect PTET, your business pays the estimated state tax. That means deciding early in the tax year is important to determine how you’ll handle those payments.

Take Action Now to Maximize Tax Savings

The expanded SALT deduction under the OBBBA provides a rare opportunity for small business owners to lower their tax liability—but only if you plan proactively. Review your 2024 numbers, evaluate charitable contributions, time capital purchases strategically, and assess whether the PTET election benefits your business.

Alloy Silverstein’s team of CPAs and tax advisors in South Jersey is here to guide you through these decisions and ensure you take full advantage of the new law. Visit our Tax Reform Resource Center or contact us today to start planning your 2025 tax strategy.

Related Resources:

• Now Is the Time to Revisit Your Business Tax Strategy
• What the One Big Beautiful Bill Act Means for You
• Will Your Business Still Be Able to Deduct Employee Meal Expenses After 2025? [VIDEO]
• What Business Tax Changes are in the One Big Beautiful Bill?
• Webinar: OBBBA Business Tax Incentives for 2025-2030
• New Tax Incentives and Compliance Relief for Small Businesses in 2025

The post Maximizing Tax Savings Under the New SALT Cap: What Small Business Owners Need to Know appeared first on Alloy Silverstein.