NEWS & UPDATES

At Shifflett & Philips, we are always looking for practical ways to reduce taxes without adding risk or complexity. One of the most effective and most underutilized strategies for closely held businesses is the accountable plan. When properly structured, an accountable plan allows a business to reimburse employees (including owner-employees) for business expenses in a way that is fully deductible to the company and tax-free to the employee. No income tax. No payroll tax. Just

Charitable giving is one of the most powerful and most misunderstood areas of tax planning. When done intentionally, charitable contributions can support causes you care about and significantly reduce your tax liability. When done without planning, you may leave valuable deductions and long-term strategies on the table. Below is a comprehensive overview of the most effective charitable giving strategies we help clients evaluate, from simple cash donations to advanced plannin

If you have children, or plan to in the future, there is a new federal program that deserves your attention. Known as a Trump Account, this newly created tax-deferred investment account has the potential to become one of the most impactful long-term wealth-building tools ever made available for children. The IRS has released extensive guidance explaining how these accounts will operate, making now an ideal time for families and advisors to understand how they work and how the

Most small business owners are missing out on thousands in legal tax savings every year. These strategies aren’t complicated, they just take a little know-how and consistency. After decades of working with thousands of clients, I can tell you the difference between those who build wealth and those who don’t often comes down to one thing: using these 10 basic tax strategies. 1. Maximize FICA Savings with the S Corporation Election The first move every small business owner shou

With the passage of the One Big Beautiful Bill (OBBB), business owners have a powerful new year-end tax planning opportunity: 100% bonus depreciation is back—and that means buying a business vehicle before December 31 could deliver a significant deduction on your 2025 tax return.   At Shifflett & Philips CPA, we’re spending a lot of time helping clients understand how these new rules impact their year-end planning. Here’s what business owners need to know.   100% Bonus Deprec

Divorce is not only an emotional process but also a financial one, with significant tax implications. From dividing assets to handling...

Real estate can provide excellent opportunities for cash flow and tax savings, but not all rental properties are treated the same under...

FBAR Reporting Requirements: What You Need to Know For U.S. taxpayers with foreign financial accounts, compliance with the Foreign Bank...

When it comes to saving money on your taxes, education tax credits can be an incredible benefit for families and students. These credits...

If you own your own business and have children, there’s a legitimate and often overlooked tax strategy that can help you lower your...

Section 1202 of the Internal Revenue Code provides one of the most powerful tax incentives available to entrepreneurs, investors, and...

Choosing the right business entity is one of the first—and most important—decisions for any business owner or real estate investor....

Don’t Miss This Valuable Tax Write-Off During Renovations: What to Know About Partial Dispositions When it comes to real estate...

What High-Income Taxpayers and Property Owners Need to Know With the signing of the One Big Beautiful Bill Act (OBBBA) on July 4, 2025,...

On July 4th, the One Big Beautiful Bill  was officially signed into law, ushering in one of the most substantial overhauls to the tax...

What the “One Big Beautiful Bill Act” Means for Your Taxes - An In-Depth Summary for Clients of Shifflett & Philips CPA – July 2025  ...