Required Minimum Distributions and QCDs: Your December 31, 2026 Checklist
RMD rules for 2026: who must withdraw, how to calculate it, the December 31 deadline, and how a QCD can turn your RMD into a tax-free charitable gift.
John C Thompson, EA
Tag: Tax Planning
25 posts
Year-End Tax Planning for Business Owners: Strategic Moves Before December 31, 2026
Year-end tax planning for small business owners in 2026: expense timing, retirement contribution deadlines, bad debt write-offs, and more before Dec. 31.
John C Thompson, EA
Backdoor Roth IRA: The High-Income Workaround (And the Trap to Avoid)
High earners can't contribute directly to a Roth IRA — but the backdoor strategy offers a legal workaround. Learn the steps, Form 8606, and the pro-rata trap.
John C Thompson, EA
Inherited IRA: What the 10-Year Rule Means for You
The SECURE Act changed inherited IRA rules for most beneficiaries. Learn the 10-year rule, who still qualifies for the stretch, and why tax planning matters.
John C Thompson, EA
Rental Property Taxation Basics: What Landlords Need to Know
A complete guide to rental property taxes: Schedule E, deductions, depreciation, passive loss rules, and short-term rental tax treatment.
John C Thompson, EA
AI Bookkeeping Tools: What They Do Well and Where You Still Need Human Eyes
AI bookkeeping tools save time on data entry — but they can't read intent. Learn where automation helps and where human review protects your books.
John C Thompson, EA
Which Business Entity Is Right for You? A Decision Framework
Sole prop, partnership, S Corp, or C Corp? Here's a practical framework to help you choose the right business structure for your situation.
John C Thompson, EA
Your Business Numbers: What to Track, When to Review, and What the Ratios Mean
Most business owners only look at their numbers at tax time. Here's why that's too late — and a practical review cadence plus realistic financial benchmarks to actually use.
John C Thompson, EA
Quarterly Estimated Taxes: What They Are, Who Owes Them, and How to Calculate Yours
If you're self-employed, a freelancer, or have income without withholding, quarterly estimated payments are how you stay current with the IRS. Here's a practical guide to calculating and paying them.
John C Thompson, EA
New Business Tax Obligations: Your First-Year Checklist
Starting a business in Minnesota? This complete first-year tax checklist covers EIN, entity structure, estimated taxes, bookkeeping, and every obligation you need to know.
John C Thompson, EA
5 Ways to Reduce Your Taxes Before You File
Still haven't filed? There are smart last-minute moves that can reduce your tax bill. Here are 5 things to check before you submit your 2025 return.
John C Thompson, EA
Schedule C Deep Dive: Self-Employment Income and Deductions
Complete guide to Schedule C for self-employed individuals. Learn how to report income, maximize deductions, and understand self-employment tax calculations.
John C Thompson, EA