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At Fiorita Kornhaas & Company, we believe in empowering our clients and community with knowledge that helps them navigate the complexities of the financial landscape. Through our blog, we aim to share expertise, practical tips, and industry updates that can assist you in making informed decisions and achieving your financial goals. Whether you’re a business owner, individual taxpayer, or financial enthusiast, we invite you to explore our blog for informative articles and stay updated on the latest trends and developments in finance and accounting.”

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Filed an extension? How to use the time between now and October 15th

Filing a tax extension buys you time, but only if you use it wisely. From revisiting your April payment estimate to gathering missing documents and staying on top of current-year obligations, the months between now and October 15th are a valuable planning window. Read on to learn how to make the most of your extension and avoid a costly repeat of the same tax challenges next year.

Healthcare costs for the self-employed in 2026: strategies for rising premiums

With the expiration of expanded ACA subsidies in 2026, self-employed professionals are facing significant premium increases with no employer to share the burden. While healthcare costs are rising, strategic planning can help reduce your total cost. The key is treating healthcare like any other business expense - strategically, proactively, and with tax efficiency in mind.

A smarter way to manage your taxes: inside the IRS online account

The IRS Individual Online Account gives taxpayers secure, year-round access to tax records, balances, payments, and official notices all in one place. Read on to discover how this powerful tool works and how it can make staying on top of your taxes easier than ever.

Financial resilience: managing business performance and personal risk together

For business owners, financial decisions rarely stay within company walls - they extend into personal wealth and security. Financial resilience emerges when business health and personal protection are managed together, not in isolation. This article explores how owners can strengthen both through disciplined financial monitoring, strategic risk management, and intentional separation between enterprise and personal finances.

S-corporations 101: FAQs for business owners

S-corporations are one of the most frequently discussed (but often misunderstood) tax structures for small business owners. While they can offer real savings on self-employment taxes, the benefits aren't automatic - they depend on your income level, involvement in the business, and whether you're ready to manage the added compliance responsibilities. Here's what you need to know about how S-corps work, who they're right for, and what's required to maintain one.

Understanding the IRS’s new deduction for qualified overtime compensation

The IRS has introduced a new federal income tax deduction for qualified overtime compensation, effective for tax years 2025 through 2028. Eligible workers can deduct up to $12,500 (or $25,000 on joint returns) of the overtime premium they earn above their regular rate of pay. This deduction reduces is available to FLSA-covered employees who meet specific eligibility requirements, including valid Social Security numbers and certain filing status conditions.

The mega backdoor Roth: a straightforward strategy for high earners locked out of Roth IRAs

For high-income professionals locked out of traditional Roth contributions, mega Roth conversions offer a powerful alternative. By contributing after-tax dollars to fill unused space under the $72,000 annual 401(k) limit and immediately converting them to Roth, eligible savers can funnel tens of thousands annually into tax-free growth.

IRS clarifies 100% first-year bonus depreciation rules

The IRS recently issued new guidance clarifying how the permanent 100% bonus depreciation deduction will work moving forward. This allows businesses to fully deduct the cost of qualified property in the year it's placed in service, rather than depreciating it over several years.

Your 2026 tax season survival guide

For most people, tax season brings a quiet panic about what they might be forgetting and a last-minute rush to pull everything together before the deadline. But it doesn't have to be that way. With just a little preparation, you can avoid surprises, minimize your tax bill, and make the entire process smoother for both you and your advisor.

The One Big Beautiful Bill Act (OBBBA)

On July 4, 2025, President Trump signed into law a Reconciliation bill making permanent many of the provisions of the 2017 Tax Cuts and Jobs Act (TCJA).  We have summarized the provisions that have the most impact on individuals and small businesses.  INDIVIDUAL INCOME TAXES Income Tax Rates Under the OBBBA, current income tax rates […]

Top 7 QuickBooks Online Strategies for Business Success

Every profession has its own best practices but proper accounting and bookkeeping techniques are crucial across the board. Whether you’re a hospital administrator trying to write off equipment costs or a small online retail business with complicated multistate sales tax issues, knowing where you stand financially can help with every aspect of your business operations. […]

Essential Tax and Financial Planning Strategies for Boomers and Gen Xers Approaching Retirement

As Boomers and Gen Xers approach retirement, effective financial planning becomes crucial to ensure a comfortable and secure future. This article outlines essential tax and financial planning strategies tailored to the unique needs of individuals nearing retirement. By understanding and implementing these strategies, you can navigate the complexities of retirement planning with confidence. Understanding Retirement […]

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