Tax Action Group

TRUE OR FALSE: Company parties are not tax deductible.

❌ FALSE.

While most entertainment expenses are no longer deductible, company holiday parties, picnics, and appreciation events held primarily for employees may still qualify for a 100% tax deduction when they meet IRS requirements.

But here's the bigger takeaway...

Most tax savings don't come from finding deductions after the fact—they come from making informed decisions before you spend the money.

That's the difference between tax preparation and tax planning.

At Tax Action Group, we work with business owners throughout the year to uncover opportunities, reduce surprises, and help them keep more of what they earn.

What business expense have you always wondered whether you could deduct? Let us know in the comments.

📞 417-719-4069
📧 [email protected]
🌐 https://taxactiongroup.com

Hire Your Kids. Get a tax deduction. Compounded savings for your child.

Is it really too good to be true?!

Did you know that if your children legitimately work in your business, you may be able to:

✅ Shift income into a lower tax bracket

✅ Deduct their wages as a business expense

✅ Teach valuable work skills and financial responsibility

Things to consider: Children must perform real, age-appropriate work, be paid reasonable compensation, and payroll records should be properly maintained.

Even better...

Help Them Build Wealth Early

Instead of spending their paycheck, consider contributing some or all of their earned income to a Roth IRA.

Because children often have little or no taxable income, a Roth IRA allows their investments to grow tax-free for decades. Even relatively small contributions made during childhood can grow substantially over time through compound growth.

Even if hiring your kids and setting money aside in a Roth IRA doesn't fit your scenario, you should definitely consider other savings account for children that could have preferential tax treatment, such as:

📚 Trump Accounts
📚 529 Plans
📚 Coverdell ESA

Want to know if hiring your children makes sense for your business or curious about the tax advantages of other child savings accounts? We'd be happy to help you evaluate the tax savings and ensure everything is set up correctly.

Tax Action Group
📱 417-719-4069
🌐 https://taxactiongroup.com

Mid-Year Tax Checkup: Is Your Business on Track for 2026?

We're halfway through the year, which makes now the perfect time to review your financials and tax strategy before year-end arrives.

Waiting until tax season often means missed opportunities. A mid-year review can help identify tax-saving strategies, improve cash flow, and prevent surprises when it's time to file.

Mid-Year Tax Planning Checklist for Business Owners

1. Review Year-to-Date Profitability
☐ Compare actual results to your budget and projections
☐ Identify unexpected increases or decreases in income

2. Evaluate Estimated Tax Payments
☐ Confirm quarterly tax payments are sufficient
☐ Avoid underpayment penalties and cash flow issues

3. Analyze Business Expenses
☐ Ensure deductible expenses are properly tracked
☐ Review subscriptions, software, travel, and vehicle expenses

4. Check Payroll & Owner Compensation
☐ Verify payroll tax compliance
☐ Review owner salary and distributions for tax efficiency

5. Assess Equipment & Capital Purchases
☐ Determine if planned purchases should be accelerated
☐ Evaluate Section 179 and bonus depreciation opportunities

6. Review Retirement Contributions
☐ Confirm you're on track to maximize retirement plan contributions
☐ Consider additional tax-advantaged savings options

7. Monitor Cash Flow
☐ Review accounts receivable and outstanding liabilities
☐ Prepare for upcoming tax obligations

8. Update Tax Projections
☐ Estimate year-end taxable income
☐ Identify opportunities before December 31 deadlines

Don't Wait Until Year-End
The most effective tax strategies are implemented before December—not after. A mid-year tax planning session can help uncover opportunities to reduce taxes, improve profitability, and strengthen your financial position.

Contact our team to schedule a Mid-Year Tax Planning Review and finish the year strong.

We’re excited to share some big news with you! You've known us as Affordable Financial Services (AFS), but we have refreshed our brand identity to better reflect who we are today and are proud to announce our new name: Tax Action Group!

To start tax planning now, call to schedule a comprehensive consultation to start saving taxes and building wealth.

Thank you for your continued trust and partnership — we’re energized for this next chapter, and grateful to have you with us along the way.