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Yes, it is time to prepare your 2024 tax return. However, your future tax situation is becoming more uncertain—and not in your favor. As tax law currently stands, we will experience major tax law changes on January 1, 2026, that will increase your tax bill.

Reflecting on 2024, the year brought several unexpected life events. There were more trips to Arizona than planned. The year began with my son John’s wedding to Alicia on December 31, 2023, in Peoria, Arizona—a beautiful evening of celebration.

To start KEEP GOOD RECORDS.  The best way to reduce your tax bill is to keep current financial records.  To verify their accuracy, monitor the information on a regular basis.

Growing up in the country, one of the earliest memories involved walking through my grandfather’s barn. As a child, a cow seemed so intimidating.

Are you starting a new business or revitalizing an existing one?  Think of the newly hatched sea turtle.  The egg is buried in the sand on the sea shore, far enough away from the ocean to be safe from the tide.

The days are getting shorter and the temperatures are getting colder. My garden is dying. Hummingbirds are migrating south. Kids are back in school. I already saw my first autumn red leaf that has fallen and football season is starting! Summer is disappearing and fall is peaking through.

RING, RING… I picked up the phone. “Mary, we can barely pay the bills. We haven’t gotten paid in three months. We have worked so hard and invested all our money into this business.

As the year is coming to a close, it is time to think about taxes. As a Business Owner, you put blood, sweat and tears into your business every day. Now is the time to understand your unique tax situation and how to minimize your tax bill.

There are the common fears – fear of failure, fear of acceptance, fear of dying, fear of public speaking. Then there are the phobias of flying, heights, snakes, bugs, etc. that list is endless.

I just came back from a two-week vacation in Kenya. I was out of contact, exposed to wild animals, faced COVID and was flying half way around the world. This poses a risk to my business. What happens if I got sick or had an accident?