2026 individual quarterly estimated Federal tax payments are due June 15, 2026, September 15, 2026, and January 15, 2027 for the remainder of the tax year. The extended S corporation and partnership business tax deadline is September 15, 2026 and the extended individual and C corporation tax deadline is October 15, 2026. In order to […]
Important Tax Deadlines
How the OBBBA’s New Rules Can Slash Your Capital Gains Tax in 2027
Qualified Charitable Distributions (QCDs) are a highly effective tool in the tax planning toolkit, particularly for retirees who must take Required Minimum Distributions (RMDs) from their Individual Retirement Accounts (IRAs). By directing a portion or all of an RMD directly to a charity, taxpayers can potentially reduce their taxable income significantly, yielding multiple tax advantages.
Do you Qualify for Sports Expenses and Deductions for Your Child?
Qualified Charitable Distributions (QCDs) are a highly effective tool in the tax planning toolkit, particularly for retirees who must take Required Minimum Distributions (RMDs) from their Individual Retirement Accounts (IRAs). By directing a portion or all of an RMD directly to a charity, taxpayers can potentially reduce their taxable income significantly, yielding multiple tax advantages.
As the IRS Updates Their Technology and Procedures, Taxpayers May See an Increase in Notices Issued
For a period of time, IRS activity felt quieter. Response times were longer. Enforcement felt less visible. Fewer taxpayers were hearing from the IRS directly. Many people got used to that environment. Now things are shifting. Not all at once, but steadily. More notices are being issued. More requests for clarification are being sent. More […]
Potential Tax Benefits From Medically Related Home Improvements
The year 2025 marked a significant milestone in the United States. Why? Because a record number of people reached the age of 65. On average about 11,400 Americans turned 65 every day of the year 2025. This demographic shift, largely driven by the baby boomer generation, has implications for retirement planning, healthcare, and the economy […]
Step-by-Step Guide on How to Tidy Up Your QuickBooks
This January, the Social Security Fairness Act (SSFA) was signed into law, repealing the Windfall Elimination Provision (WEP) and the Government Pension Offset (GPO). These repealed provisions had previously reduced Social Security benefits for some public-sector…
Updegrove, McDaniel, McMullen & Chiccehitto, PLC, Celebrates 50 Years of Trusted Service
Updegrove, McDaniel, McMullen & Chiccehitto, PLC, (UMMC) with offices in Leesburg and Warrenton, Virginia, proudly celebrates its 50th anniversary of delivering excellence in accounting, tax, audit, and advisory services.
3 Financial Habits to Track Growth as a Business Owner
Most business owners know their revenue.
But ask them this:
How long could your business survive without new revenue?
What’s your margin after delivering your work?
What percentage do you truly keep?
That’s where the pause happens. Because revenue feels like progress. But these three numbers? They tell you if your business is actually working.