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Wilks & Associates During my time serving the Navy I received the Bravo Zulu award for my contribution and exceptional work in finance.

Our team has a combined experience of over 19 years in accounting, finances, and more. Let us assist you in your financial decisions.

This disaster relief act can provide you some relief too:The now-extended relief allows eligible disaster victims — gene...
10/17/2026

This disaster relief act can provide you some relief too:

The now-extended relief allows eligible disaster victims — generally for disasters starting December 28, 2019, through December 31, 2026 — to deduct qualified losses above $500 without itemizing and removes the 10% of AGI threshold for those losses. The law also extends the exclusion of qualified wildfire relief payments from taxable gross income. Contact the office for details.

New Law Expands Disaster Tax Relief:The Doug LaMalfa Federal Disaster Tax Relief Certainty Act was signed into law in Se...
10/16/2026

New Law Expands Disaster Tax Relief:

The Doug LaMalfa Federal Disaster Tax Relief Certainty Act was signed into law in September. It extends expanded personal deductions for disaster-related losses temporarily available under the Federal Disaster Tax Relief Act. Without the relief, victims of a federally declared disaster can deduct personal casualty losses only if they itemize deductions and only to the extent those losses exceeded 10% of their adjusted gross income (AGI).

So please be kind, if not to people then at least your wallet:If you expect to claim the standard deduction, you may wan...
10/16/2026

So please be kind, if not to people then at least your wallet:

If you expect to claim the standard deduction, you may want to make qualifying charitable gifts before December 31. Doing so could reduce your taxable income while supporting causes that are important to you. Keep records supporting any deduction claimed. Contact the office with any questions.

There's more than one reason to be charitable this year!:Beginning in 2026, taxpayers who take the standard deduction ma...
10/16/2026

There's more than one reason to be charitable this year!:

Beginning in 2026, taxpayers who take the standard deduction may deduct up to $1,000 of qualifying charitable contributions, or up to $2,000 for married couples filing jointly. Only cash contributions qualify, such as gifts made by check, debit or credit card, payment app or payroll deduction. Contributions of property, such as clothing, household items or securities, don’t qualify.

Evaluate all your expenses now, if you'd please:Expenditures that don’t qualify for the safe harbor may still be current...
10/16/2026

Evaluate all your expenses now, if you'd please:

Expenditures that don’t qualify for the safe harbor may still be currently deductible, but you must evaluate them under the general tangible property regulations. Under those rules, costs that result in a betterment, restoration or adaptation to a new or different use generally must be capitalized.

Review! REView! REVIEW! Please:Before authorizing additional work, review how much you’ve already spent. If you’re close...
10/15/2026

Review! REView! REVIEW! Please:

Before authorizing additional work, review how much you’ve already spent. If you’re close to the limit, another project before year end could push you over the threshold. It may make sense to postpone nonessential work until the following year.

Watch the Annual Limit:The annual limit makes tracking building expenditures important. If total costs exceed the applic...
10/15/2026

Watch the Annual Limit:

The annual limit makes tracking building expenditures important. If total costs exceed the applicable threshold, the safe harbor doesn’t apply to any of the expenditures for that building.

Now there are a few things that need to happen first:For the safe harbor to apply, the total amount paid during the tax ...
10/15/2026

Now there are a few things that need to happen first:

For the safe harbor to apply, the total amount paid during the tax year for repairs, maintenance, improvements and similar activities on the building must not exceed the lesser of:

$10,000, or
2% of the building’s unadjusted basis.
For example, for an eligible building with a $400,000 unadjusted basis, the safe harbor limit is $8,000. If your total qualifying expenditures stay within that amount, you may be able to deduct them currently rather than capitalize them.

The safe harbour takes abit of doing to get to:The safe harbor is generally available to businesses with average annual ...
10/15/2026

The safe harbour takes abit of doing to get to:

The safe harbor is generally available to businesses with average annual gross receipts of $10 million or less for the three preceding tax years. It applies to an eligible building that the business owns or leases and that has an unadjusted basis of $1 million or less.

Could you qualify for your building improvements?:Normally, a business that has performed repairs or maintenance on a bu...
10/14/2026

Could you qualify for your building improvements?:

Normally, a business that has performed repairs or maintenance on a building can expense those costs and take an immediate deduction. But costs incurred to improve a building must be depreciated over several years. The safe harbor for small businesses allows costs that might be considered improvements to be currently deducted up to certain limits.

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140 Yellowstone Drive Ste 140
Chico, CA
95973

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Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm
Saturday 10am - 1pm

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