In the Know with BSCO: Keep up with the latest updates from Brinker Simpson & Company through our monthly e-newsletter. Discover industry insights, company news, and upcoming events. Check out our blog here, and click here for the newest firm-wide updates.
Tax season is in full swing. Here's what to submit by March 20, smart deduction strategies for business owners, and a few introductions to the people behind the work we do for you.
Your Tax Documents Are Due March 20
Please submit all tax documents, including your signed engagement letter, by March 20. Due to recent tax law changes and our transition to new tax software, preparation times are longer this year. If we don't receive your documents by March 20, an extension will be required.
Launching a business means big decisions and fast-moving priorities, and financial fundamentals can take a back seat. From blurring the line between personal and company finances to misclassifying workers to being unprepared for tax obligations, these are missteps we see all the time.
The One Big Beautiful Bill Act restored 100% first-year bonus depreciation for qualifying assets acquired after January 19, 2025. That could mean significant tax savings, but maximizing deductions isn't always the smartest move. If you're a pass-through business owner, big first-year deductions could actually reduce your QBI deduction.
If you own a business or are self-employed and don't have a retirement plan in place, a SEP is worth a look. It can be established as late as your tax return due date (including extensions), contributions are discretionary, and the 2025 limit is up to $70,000.
Brady brings five years of public accounting experience from a national firm, spanning audit and assurance and tax services across a diverse client portfolio.
At Brinker Simpson, our people are at the heart of everything we do. Each month, we highlight team members who reflect our core principle: Work Hard. Have Fun. Help Others.
Spotlight: Andrew Terry, Audit Associate
Andrew brings a team-first mentality and eagerness to learn to every engagement, supporting our Audit and Assurance team in delivering quality services to clients. He earned his B.S. in Accounting and Finance from Wilmington University in 2023.
Shannon brings over 24 years of experience in financial operations and compliance, overseeing clients' bookkeeping systems and financial reporting, from accounts receivable and payroll to bank reconciliations.
This e-newsletter is intended for general informational purposes only and does not constitute legal, tax, accounting, investment, or professional advice. It should not replace consultation with qualified professionals. Always seek advice from experts before making any decisions. The tax information provided is not meant to be used to avoid penalties. We do not guarantee the accuracy or completeness of this information and disclaim all warranties, express or implied.
