Allegiant Tax Services

09/03/2026

A bigger refund does not mean your tax preparer did a better job. In fact, a very large refund can be a sign that something was off during the year.

Here is why. When you get a big refund, it usually means your employer withheld more from your paychecks than you actually owed. Had your Form W-4 been filled out to match your situation more closely, that money could have been in your bank account all year instead.

A large refund is really just the return of your own money, given to the IRS interest-free. It also means you missed whatever that cash could have earned or covered for you during the year.

In practice, owing a small amount at filing time, or receiving a modest refund, is often the healthier outcome. It usually means your withholding was close to right.

If you want to check whether your withholding is on track before year-end, we can help. 727.312.6999

09/02/2026

Small financial moves can pay off for years. Discover tax breaks for education, simple tax-planning strategies, ways to make banks compete for you, and how to avoid the technology upgrade tax.

College and trade schools are investments that can pay dividends for years. The same can be true of a few smart tax habits repeated year after year. In this month’s newsletter, we take a closer look at tax breaks for post-secondary education along with practical tax planning moves that can del...

09/01/2026

The September 15 deadline is here, and between quarterly estimates and extended business returns, most people have something on the calendar this month. Here is what is due:

→ Individuals: the third installment of your 2026 estimated taxes
→ Partnerships: extended Form 1065, plus K-1s and K-3s if applicable
→ S corporations: extended Form 1120-S, plus K-1s and K-3s if applicable
→ Corporations: the third installment of your 2026 estimated taxes

The extended partnership and S corporation returns are for the 2025 tax year, filed on the six-month extension requested back in the spring. And for anyone whose income does not have taxes withheld, the estimated payment is how you stay current through the year rather than facing it all at filing time.

If you are not sure what applies to you, or you need help getting it filed, we can help. 727.312.6999

08/30/2026

Earning side gig income this year? Here is something that saves people from a rough surprise at tax time.

Income from a side gig, whether it is driving, freelancing, selling products online, or picking up extra work, is taxable, and unlike a regular paycheck, no one is withholding taxes from it for you. That responsibility falls on you, and it is easy to overlook when the money is coming in.

The simplest safeguard is to set money aside as you earn it. A common starting point is 20 to 30 percent of what you take in, moved into a separate account so it is there when the bill comes. The right figure depends on your overall income and tax bracket, so treat that range as a guide rather than a fixed rule.

Two things commonly catch side gig earners off guard. The first is self-employment tax, which applies on top of ordinary income tax and can be a meaningful amount. The second is that if you expect to owe 1,000 dollars or more for the year, you may be required to make quarterly estimated payments during the year rather than settling up all at once in April.

If you would like help estimating how much to set aside or deciding whether quarterly payments apply to you, we are glad to talk it through. 727.312.6999

08/28/2026

Charitable deductions are frequently challenged or denied during an IRS review. Protect your deduction by understanding the documentation and requirements before making a donation.

Too often a charitable tax deduction is disallowed upon review by the IRS. Don't let this happen to you. Here is what you need to know.

08/28/2026

If your business has fallen behind on its taxes, the fear of losing everything can be paralyzing. It is worth stepping back from that fear, because owing the IRS, even a significant amount, is a situation with defined options rather than a dead end.

The IRS maintains several structured programs for businesses that cannot pay in full immediately. An installment agreement lets you pay the balance over time. An Offer in Compromise can, in specific circumstances, settle a debt for less than the full amount, though it is approved only when the numbers support it and is declined far more often than people expect. Currently Not Collectible status can temporarily pause collection when paying would create genuine hardship. In some cases, penalties can be reduced through abatement.

There is one prerequisite that applies to all of them. The IRS will not approve any resolution until every required return has been filed. Getting current on filing is the first step, not the last.

Payroll taxes deserve special mention. Unpaid employment taxes are among the most serious liabilities a business can carry, because the responsible people can be held personally liable for part of them, even if the business later closes. That is a reason to address them sooner rather than later.

This is also where the right representation makes a difference. An Enrolled Agent is federally authorized to represent taxpayers before the IRS at every level, including collections and appeals. No one can honestly promise a particular outcome, but a knowledgeable advocate can make sure your situation is presented accurately and that you are considered for every option you may qualify for.

If your business is behind and you are not sure where to begin, we are glad to talk it through with you. 727.312.6999

08/27/2026

There is a common misunderstanding about extensions, and August is a good time to clear it up.

Filing Form 4868 in April gave you until October 15 to file your return. It did not give you more time to pay. Any balance owed was due April 15.

If a balance went unpaid, two things have been running since then.

Interest accrues on the unpaid tax, compounded daily, at a rate the IRS resets quarterly.

A failure to pay penalty may also apply, generally a small percentage of the unpaid balance for each month or partial month it remains outstanding, up to a cap. It is a separate charge from the failure to file penalty, which is considerably larger.

That last part matters more than most people realize. The extension is doing real work. It protects you from the more expensive of the two penalties, but only if the return is actually filed by October 15.

We are not sharing this to create urgency. We are sharing it because a balance that grows quietly is easier to handle when you know it exists and know roughly what it costs. Payment arrangements exist for people who cannot pay in full, and they are more available than most people assume.

Every balance is different, and none of this is advice about yours. If you want to understand where your return stands, we are glad to look at it with you.

08/25/2026

If an envelope from the IRS has ever changed the shape of your afternoon, this one is for you.

An IRS notice is not a verdict. It is a starting point.

The large majority of notices are automated. A computer compared information reported by third parties, an employer, a brokerage, a client who issued a 1099, against what appeared on the return, and flagged a difference. Sometimes the return was wrong. Sometimes the third party was wrong. Sometimes nothing was wrong and the matching simply failed.

What a notice always has is a deadline. Ignoring it does not make it quieter. It moves the matter forward without your input, which is the one outcome nobody wants.

There is also a distinction worth knowing. Not every tax preparer can represent you before the IRS. An Enrolled Agent can. The EA credential is the highest the IRS awards, and it carries federal authorization to represent clients at every level, including audits, collections, and appeals. If a matter escalates, that authority determines who is able to stand in the room.

We cannot promise an outcome. Nobody honestly can. What we can say is that a notice is a document with a process behind it, and a process can be responded to.

If one arrives, you do not have to open it alone.

08/21/2026

When an interest rate matters. This is what you need to know.

The IRS often sees the transfer of funds as a loan, whether there is a loan agreement or not. This also means there is an implied term and interest payment. When the IRS says a transaction is a loan, what interest rate do they use? Enter AFRs. Here is what you need to know.

08/21/2026

Working from home and self-employed? The home office deduction is one of the most valuable write-offs available to you, and also one of the most misunderstood, so here is the plain-language version.

The first thing to understand is the exclusive and regular use test. To qualify, a part of your home has to be used regularly and only for business. A spare room set up as your office fits. A corner of the living room that doubles as family space generally does not, and that is the detail that disqualifies most people who assume they qualify.

From there, you have two ways to calculate the deduction. The simplified method gives you 5 dollars per square foot of qualifying office space, up to 300 square feet, for a maximum of 1,500 dollars, with very little recordkeeping. The regular method uses the business-use percentage of your actual home expenses, such as rent or mortgage interest, utilities, and insurance. It often produces a larger deduction but requires more documentation.

One key limit: this deduction is for self-employed individuals. Employees who receive a W-2 currently cannot claim it on their federal return, even if they work from home every day. For sole proprietors, though, it can reduce both income tax and self-employment tax.

If you would like help deciding whether your space qualifies and which method serves you best, we are glad to help. 727.312.6999