IRS Regulation

Understanding the Costs of Missing Tax Deadlines: What You Need to Know

Summary of What This Blog Covers:

  • 💡The Pitfalls of DIY Tax Software for Entrepreneurs – Tax software like TurboTax Free and TaxAct may be great for simple returns, but they often fail to account for the complexities of business deductions, multi-state filings, and tax strategies that can save entrepreneurs thousands.
  • 💡How Tax Laws Keep Changing and Why It Matters – With tax regulations constantly evolving (like upcoming changes from the Tax Cuts and Jobs Act in 2025), staying compliant and maximizing deductions without professional guidance can lead to overpayments, misclassified expenses, and IRS penalties.
  • 💡Why a CPA Is More Than Just a Tax Preparer – Unlike DIY software, a CPA doesn’t just file forms; they help optimize your business structure, provide year-round tax planning, and ensure seamless integration with accounting software like QuickBooks Online Accountant and ZohoBooks.
  • 💡The Insogna CPA Advantage: Strategic, Future-Focused Tax Solutions – By working with Insogna CPA, business owners get proactive planning, clear communication, and expert guidance that goes beyond tax season, helping them navigate audits, maximize deductions, and build long-term financial success.

Hey there! Remember when our biggest challenge was deciding which local café had the best Wi-Fi for our brainstorming sessions? Now, as seasoned entrepreneurs, we’ve traded those simple dilemmas for the intricate maze of tax codes and IRS forms. Let’s dive into why partnering with a professional can transform your tax season from a stress-inducing ordeal to a seamless experience.

The DIY Tax Saga: A Comedy of Errors

We’ve all been there—sitting in front of tax software like TurboTax Free or TaxAct, eyes glazing over as we attempt to distinguish between a W-2 form and a 1099 form USD. It’s akin to assembling furniture without instructions—possible, but not without a few leftover screws and a lot of frustration.

Why DIY Tax Software Isn’t Built for Business Mavericks Like Us

  1. Complex Returns Are Their Kryptonite

     Our entrepreneurial ventures come with a tapestry of income streams, deductions, and credits. DIY platforms are designed for simplicity, often missing the nuances of:

  • Business deductions for the self-employed: Are we capturing all eligible expenses?
  • Multi-state tax filings: Operating across state lines can be a labyrinth.
  • **Integrations with accounting software like QuickBooks Online Accountant or ZohoBooks: Ensuring seamless data flow is crucial.
  • **Navigating complex forms like the IRS Form 1040, 1065, or 1120: Each with its own set of rules and potential pitfalls.
  1. The Ever-Changing Tax Landscape

     Tax laws evolve faster than fashion trends. For instance, the Tax Cuts and Jobs Act (TCJA) introduced significant changes, many of which are set to expire in 2025, potentially altering deductions and tax rates.

     Keeping up with these shifts is a full-time job. Without a certified public accountant (CPA) by our side, we risk:

  • Overpaying taxes: Missing out on new deductions or credits.
  • Misclassifying expenses: Leading to potential audits.
  • Non-compliance: Facing penalties due to overlooked regulation changes.
  1. Lack of Tailored Guidance

     Tax software offers generic advice, but our businesses are anything but generic. We need insights on:

  • Self-employment tax calculators: Ensuring accurate quarterly payments.
  • Depreciation schedules for assets: Maximizing deductions over time.
  • **Navigating forms like the 1099-NEC or Form 2553 for S-corp elections: Each decision impacts our tax liabilities.

Envisioning a Stress-Free Tax Season

Imagine this: handing over your tax concerns to someone who not only understands the intricacies of tax law but also the unique challenges of entrepreneurship. That’s where Insogna CPA steps in.

  1. Customized Tax Strategies

     No two businesses are alike. Whether you’re a startup in Round Rock or an established entity in South Austin, we offer:

  • Proactive tax planning: Identifying opportunities to minimize liabilities.
  • Entity structuring: Ensuring your business setup aligns with tax efficiency goals.
  • Software integration support: Seamlessly connecting with platforms like QuickBooks Self-Employed, FreshBooks, and Wave Accounting.
  1. Forward-Thinking Preparation

     We believe in staying ahead. Our approach includes:

  • Eliminating surprise tax bills: Through meticulous planning.
  • Maximizing deductions year-round: Not just at tax time.
  • Providing clear financial forecasts: Empowering informed decision-making.
  1. Clear Communication

     Say goodbye to jargon. We ensure:

  • Straightforward advice: Making complex topics accessible.
  • Concierge-level support: Delivering a premium experience.
  • Proactive updates: Keeping you informed about relevant tax changes.
  1. Comprehensive Detail Management

     From multi-state filings to IRS audits, we’ve got it covered. Our services include:

  • Assistance with non-resident alien tax filings: Navigating international complexities.
  • Audit representation: Standing by you during IRS inquiries.
  • Quarterly tax optimization: Ensuring accurate and timely payments.

Why Entrepreneurs Choose Insogna CPA

In the sea of CPA firms, Insogna CPA stands out because we do more than file taxes—we empower business owners with actionable financial insights.

Here’s what sets us apart:

  • Clear Communication: We make taxes easy to understand so you always know where you stand.
  • Uncompromising Excellence: We provide high-level strategic insights beyond basic tax preparation.
  • A Modern Approach: We use cutting-edge tools and proactive planning to save you time and money.
  • Future-Ready Strategies: We don’t just look at this year’s return—we help you plan for long-term financial success.

Let’s Transform Your Tax Experience

If you’re weary of DIY tools and yearn for a partner who understands the entrepreneurial journey, it’s time to experience taxes done differently.

Partnering with Insogna CPA means:

  • Less stress
  • More savings
  • Expert guidance you can rely on

Why Settle for Guesswork? Work with Experts Who Get It Right

At the end of the day, taxes aren’t just about numbers on a form—they’re about maximizing every dollar your business earns, minimizing risks, and keeping more of your hard-earned profits. Whether you’re a self-employed entrepreneur, a growing business, or an established company navigating complex tax laws, the difference between a DIY approach and working with an expert CPA is night and day. The reality? Software like TurboTax Free, TaxAct, and QuickBooks Self-Employed can only take you so far. They can’t strategize, optimize, or anticipate potential IRS red flags. They won’t help you plan ahead for capital gains tax, a 1031 exchange, or your next business expansion. And they certainly won’t represent you in an audit or ensure your deductions are rock-solid in case the IRS comes knocking. But we will.

At Insogna CPA, we don’t just plug numbers into forms—we act as your financial guide, your tax strategist, and your partner in success. With decades of experience and an uncompromising commitment to helping entrepreneurs thrive, we make sure that your business operates in the most tax-efficient way possible. From filing your 1040 tax form and structuring your S-corporation correctly to ensuring your account payable and account receivable processes are optimized for cash flow, we take care of everything—so you can focus on growing your business. And we do it all with clear communication, a modern approach, and future-focused strategies designed to keep you ahead of tax law changes, financial risks, and unnecessary tax burdens.

Don’t spend another year guessing your way through IRS forms, hoping you didn’t miss a deduction, or scrambling at the last minute to file. Instead, let’s make this your smoothest tax season yet. Schedule a consultation today, and let’s talk about how Insogna CPA can save you money, eliminate your tax stress, and become the financial partner your business deserves. You’ve worked hard for your success—it’s time to work just as smart when it comes to your taxes. Reach out today and see how a strategic CPA can make all the difference.

The Beginner’s Guide to BOI Filings: What Business Owners Need to Know

Hi there, business owner! Have you heard about BOI filings but aren’t quite sure what they mean? Don’t worry—you’re not alone. Navigating legal and compliance requirements like these can feel overwhelming, especially when you’re busy running your business. But here’s the good news: understanding BOI filings isn’t as complicated as it sounds, and you don’t have to go it alone.

At Insogna CPA, we help entrepreneurs like you in Austin, Texas, and beyond simplify the compliance process, so let’s walk through what BOI filings are and why they matter to your business.

What Are BOI Filings, and Why Do They Matter?

BOI stands for Beneficial Ownership Information. It’s a filing requirement designed to improve transparency in business ownership and prevent financial crimes like money laundering. As a business owner, staying compliant with BOI filings protects you from fines and ensures your company stays in good standing.

Still wondering if this applies to you? Don’t worry; we’ll cover who needs to file, key deadlines, and how Austin CPA firms like ours can help you tackle this with ease.

Who Needs to File?

Let’s start with the basics. Do you own a business in Austin, Round Rock, or anywhere nearby? If so, your entity type will determine whether you need to file BOI forms. Here’s the breakdown:

  • LLCs: Most Limited Liability Companies need to file unless they’re exempt.
  • Corporations: Same goes for corporations—filing is usually required unless specific exemption rules apply.
  • Other Entities: Partnerships and trusts may also fall under BOI filing requirements, depending on your structure.

Sound like a lot to figure out? This is where an experienced small business CPA in Austin can step in to help clarify your obligations.

Don’t Miss Deadlines—They Matter!

Deadlines are critical for BOI filings. Depending on when your business was established, you may need to file shortly after forming your entity. Missing a deadline isn’t just a small hiccup—it can result in:

  • Daily Fines: Non-compliance leads to penalties that stack up fast.
  • Increased Regulatory Scrutiny: Late filings can attract unwanted attention.

Partnering with Austin’s accounting services means you’ll never miss a critical date.

What Information Do You Need to File?

Here’s what you’ll need to gather for BOI compliance:

  1. Owner Information: Names, addresses, and Social Security Numbers (SSNs) or Taxpayer Identification Numbers (TINs).
  2. Ownership Details: How much control or ownership each person has in the business.
  3. Entity Details: Your business’s name, address, and EIN (Employer Identification Number).

Sounds tedious? We get it. That’s why many business owners turn to CPA firms in Austin, TX, like Insogna CPA, to handle these details.

How We Simplify BOI Filings for You

We understand you’ve got plenty on your plate, from growing your business to managing daily operations. The last thing you need is the stress of BOI filings. At Insogna CPA, we offer a streamlined process to make compliance effortless:

  • Stay Ahead of Deadlines: We monitor key dates so you don’t have to.
  • Avoid Errors: Accuracy is everything. As one of the best CPA firms in Austin, we ensure your filings are completed without mistakes.
  • Save Time: Why spend hours deciphering forms when a trusted CPA in South Austin can handle it for you?

We’re here to help, no matter if you’re a small business owner in Round Rock or managing a growing enterprise in Austin, Texas.

Why Insogna CPA?

When it comes to accounting firms in Austin, Texas, Insogna CPA is more than just a service provider—we’re your partner. From compliance to tax strategy, we offer personalized solutions tailored to your business’s needs. We know how to handle the details so you can focus on what you do best: building a successful business.

Let’s Tackle BOI Filings Together

Feeling overwhelmed by BOI filings? You don’t have to handle them on your own. At Insogna CPA, we specialize in accounting services in Austin that simplify compliance while empowering business owners like you.

Call to Action: Let’s get started! Contact Insogna CPA today and let one of the best CPAs in Austin, Texas handle your filings while you focus on growing your business. Whether you’re in Round Rock, South Austin, or anywhere else in the area, we’re here to help.

Why Timely Tax Planning Matters More Than You Think

Does tax planning feel like something you can put off until later? You’re not alone—but waiting until the last minute to prepare your taxes can cost you more than you realize. Whether you’re a small business owner, an investor, or part of a partnership, delaying your tax planning could mean higher costs, missed opportunities, and strained relationships with your stakeholders.

At Insogna CPA, we’ve seen firsthand how proactive tax planning can save money, reduce stress, and build trust. Let’s dive into why starting early is so important and how working with an experienced Austin, Texas CPA can help you get ahead.

The Real Cost of Delayed Tax Planning

Have you ever scrambled to file taxes at the last minute? It’s not just stressful—it’s expensive and can create ripple effects beyond your immediate finances.

1. Higher Costs for Last-Minute Filing

Waiting until the last minute often means paying extra for rush services. Accountants and tax preparers charge more during peak tax season, and mistakes made during a rush could lead to amendments or penalties later.

How We Can Help: At Insogna CPA, we offer year-round tax support so you can avoid last-minute fees and ensure accuracy.

2. Late K-1 Filings Can Damage Relationships

If your business issues K-1 forms—for partnerships or S Corporations—delays in filing can hold up tax returns for your partners or investors.

Think About This: Imagine telling an investor they can’t file their taxes because their K-1 wasn’t ready. That’s not the impression you want to leave.

Our Solution: Insogna CPA’s proactive approach ensures K-1s are filed on time, strengthening trust and professionalism with your stakeholders.

3. Missed Tax-Saving Opportunities

When you wait until the last minute, you lose the chance to take advantage of tax-saving strategies that require early action, such as:

  • Accelerated Depreciation: Deduct the full cost of qualifying business equipment.
  • Retirement Contributions: Maximize your savings before the year ends.
  • Entity Restructuring: Shift to a more tax-efficient structure.

How We Help: As one of the most trusted CPA firms in Austin, TX, we identify these opportunities well in advance so you don’t leave money on the table.

4. Higher Risk of an IRS Audit

When you rush your tax preparation, errors and missing documentation become more likely. These red flags increase your risk of being audited by the IRS.

How We Protect You: Insogna CPA offers comprehensive Austin accounting services to ensure your tax filings are accurate, complete, and audit-proof.

Why Early Tax Planning Saves You Money

Timely tax planning isn’t just about meeting deadlines—it’s about putting yourself in a stronger financial position. Here’s how starting early helps:

1. Maximize Every Deduction

When you start planning early, you can identify and document every eligible deduction, from business expenses to charitable donations.

Example: A local small business owner in South Austin saved thousands by tracking expenses earlier in the year with Insogna CPA’s guidance.

2. Avoid Penalties and Interest

The IRS doesn’t take kindly to late filings or underpayments. Starting early ensures you meet every deadline and avoid unnecessary penalties.

Pro Tip: Let us manage your deadlines. As one of the top CPA firms Austin, Texas businesses trust, we’ll make sure you’re never late.

3. Plan for Cash Flow

Knowing your tax obligations early means you can budget for payments instead of scrambling to find funds at the last minute.

How We Help: Insogna CPA’s Austin accounting services include tax forecasting to help you stay ahead.

4. Build Trust with Investors and Partners

Delivering tax documents like K-1s on time demonstrates professionalism and reliability—key traits that build confidence with your stakeholders.

What We Do: Our team ensures accurate and timely filing of partnership and corporate tax documents, helping you maintain trust and credibility.

How Insogna CPA Simplifies Tax Planning

At Insogna CPA, we know tax planning can feel overwhelming. That’s why we offer proactive, customized support for businesses, partnerships, and investors throughout Austin and beyond.

Here’s How We Make Tax Planning Easy:

  1. Thorough Tax Reviews: We assess your current financials and identify opportunities for savings.
  2. Advanced Tools: Using the latest technology, we forecast your tax liability and help you plan accordingly.
  3. Customized Strategies: Every business is unique. We tailor our recommendations to align with your goals.
  4. On-Time Filings: From K-1s to corporate returns, we handle all filings promptly to avoid penalties and delays.

Real-Life Example: Why Timing Matters

Case Study:
 A partnership in Austin came to us after years of late K-1 filings and disorganized financials. By their decision to work with Insogna CPA, they now implement better recordkeeping, file their documents early, and save over $12,000 in penalties and missed deductions.

Don’t Wait—Start Tax Planning Today

You don’t have to let tax season overwhelm you. With proactive planning, you can save money, reduce stress, and focus on what matters most: growing your business.

👉 Ready to get ahead of your taxes? Schedule your consultation with Insogna CPA today—your trusted partner for proactive tax planning and one of the most reliable Austin, TX CPA firms.

The 6 Biggest Tax Mistakes New C Corporations Make (and How to Avoid Them)

Starting a C Corporation is a big step for your business. You’ve taken the leap, but did you know that simple tax mistakes could be costing you thousands of dollars?

Running a successful C Corp means more than just growing your revenue—it’s about protecting your profits too. And that starts with understanding how to avoid costly tax errors many business owners make.

At Insogna CPA, a trusted Austin, Texas CPA, we specialize in helping businesses like yours avoid tax traps, stay compliant, and maximize every possible deduction. Let’s break down the most common tax mistakes new C Corps make and how you can avoid them.

1. Missing Key Tax Elections – Are You Leaving Money on the Table?

Did you know missing a tax election could cost you tens of thousands in extra taxes?

Key tax elections like the Qualified Small Business Stock (QSBS) and 83(b) offer massive tax benefits—but they must be filed correctly and on time.

Why It Matters:

  • QSBS Election: Could exclude up to 100% of capital gains when selling eligible shares held for 5+ years.
  • 83(b) Election: Lets founders pay taxes upfront on restricted stock, often reducing long-term tax liability.

How to Fix It:
 Don’t let missed deadlines cost you thousands. Work with an Austin accounting service like Insogna CPA to ensure your elections are filed on time and correctly.

2. Lending Money to Yourself Without Proper Paperwork

Have you ever borrowed money from your business—or loaned it to a shareholder?

Unstructured loans to business owners or shareholders can quickly trigger taxable dividend reclassification and IRS scrutiny.

Why It Matters:

  • If the IRS suspects a loan is a disguised dividend, it becomes taxable income.
  • Missing documentation can lead to penalties and back taxes.

How to Fix It:
 Keep it official. If you’re lending from the company or borrowing from it, document it properly with a loan agreement and repayment schedule. A small business CPA in Austin TX can help you get the paperwork right.

3. Filing Taxes Late (or Not at All)

Let’s be honest—staying on top of tax deadlines while managing your business can feel overwhelming. But missing a deadline could be a costly mistake.

Common Missed Forms:

  • Form 1120: The C Corporation income tax return.
  • State Franchise Tax Returns: Required in Texas and other states where you operate.
  • Form 5471: For foreign interests in your business.

Why It Matters:

  • Penalties can reach $10,000+ per form for late filings.
  • Missed filings increase your audit risk.

How to Fix It:
 Partner with a proactive CPA firm in Austin, Texas like Insogna CPA. We track all deadlines for you, so you never have to stress about missing a filing again.

4. Paying Yourself the Wrong Salary

Wondering how much you should pay yourself as a business owner? It’s a tricky balance—and getting it wrong could trigger IRS scrutiny.

Why It Matters:

  • Underpaying Yourself: Could result in penalties for avoiding payroll taxes.
  • Overpaying Yourself: Might lead to higher payroll taxes unnecessarily.

How to Fix It:
 You need a reasonable compensation strategy. We can help you determine the right balance between salary and profit distributions to reduce tax liability while staying compliant.

5. Not Planning for Passive Income Taxes

Does your C Corporation generate passive income—like rental property income or investment gains?

If so, you might face hidden taxes like:

  • Personal Holding Company (PHC) Tax: If passive income exceeds 60% of total income.
  • Accumulated Earnings Tax (AET): If profits are retained without a valid business purpose.

Why It Matters:
 Ignoring these rules could result in extra taxes and penalties.

How to Fix It:
 A CPA South Austin expert can help you restructure your income to avoid triggering these taxes while staying within IRS guidelines.

6. Poor Recordkeeping (It’s Riskier Than You Think)

Messy financial records aren’t just inconvenient—they can cost you big time.

Signs of Poor Recordkeeping:

  • Missing or incomplete receipts.
  • Unreconciled bank statements.
  • Disorganized financial reports.

Why It Matters:

  • Poor records increase audit risk.
  • Missed documentation could lead to disallowed deductions.

How to Fix It:
 Let a professional CPA in Round Rock, TX set up a reliable bookkeeping system for you. From digital tools to monthly reconciliations, we’ll help you stay audit-proof.

How Insogna CPA Protects Your C Corporation from Costly Mistakes

At Insogna CPA, we get it—you’re focused on growing your business, not on tax forms and compliance checklists. That’s why we offer proactive tax planning for C Corporations like yours.

When You Work with Us, You’ll Get:

  • Comprehensive Tax Planning: We identify ways to reduce your tax liability through strategic elections and structuring.
  • Deadline Management: We track all tax deadlines so you stay compliant—no stress, no late penalties.
  • Audit-Ready Recordkeeping: Our Austin accounting services ensure your financials are organized and IRS-compliant.
  • Customized Compensation Plans: We’ll guide you on paying yourself properly while minimizing tax exposure.

Avoid Costly Mistakes—Partner with Insogna CPA Today

Running a C Corporation doesn’t have to feel overwhelming—especially when you have expert support. Avoid tax pitfalls, save money, and focus on what you do best: growing your business.

👉 Ready to take control of your business taxes? Schedule a consultation with Insogna CPA today—your trusted Austin, Texas CPA firm for proactive tax strategies that protect your profits.

Missed Tax Elections Could Cost You Thousands: What Every C Corp Needs to Know

Are you paying more in taxes than you need to? If you’ve recently converted your business to a C Corporation or issued stock to shareholders, you might be leaving thousands of dollars on the table without even realizing it.

It happens more often than you think—many business owners miss crucial tax-saving elections like the Qualified Small Business Stock (QSBS) and the 83(b) election. The result? Higher tax bills, missed deductions, and a bigger chunk of your hard-earned profits going straight to the IRS.

The good news? You can prevent these costly mistakes with proactive planning and expert support from a trusted Austin, Texas CPA. Let’s break it down and help you keep more of your money.

Are You Missing Tax Elections?

If you’ve recently made big business moves—like restructuring from an LLC to a C Corporation or issuing stock to founders—there’s a chance you’ve missed tax elections that could save you thousands.

Here’s Why It Happens:

  • You Didn’t Know About It: Many small business owners aren’t familiar with tax elections like QSBS or the 83(b) and how they reduce tax liability.
  • Tight IRS Deadlines: Some elections, like the 83(b) election, must be filed within 30 days of issuing stock.
  • It’s Complicated: The language around these elections is confusing, and missing one small step can disqualify you from tax benefits.

The result? Paying higher capital gains taxes and missing out on valuable deductions that could have protected your bottom line.

What Is a Tax Election, and Why Should You Care?

A tax election is a formal choice you make to reduce your tax liability under certain conditions. For C Corporations, two of the most commonly missed elections are:

1. Qualified Small Business Stock (QSBS)

QSBS allows you to exclude up to 100% of capital gains when you sell eligible stock after holding it for five years. This can be a game-changer for long-term tax savings.

Example: If you sell $1 million of eligible QSBS stock, you could pay zero in capital gains taxes.

2. 83(b) Election

If you issue stock or grant equity to founders or early employees, the 83(b) election lets you pay taxes upfront when the shares are issued instead of when they vest and increase in value.

Why it Matters: Paying taxes early often results in lower rates since the value of the shares may be minimal at the time of grant.

Missing These Elections Can Mean:

  • Paying thousands more in capital gains taxes.
  • Being taxed at higher rates on shares as they grow in value.
  • Losing out on tax-saving strategies built for long-term wealth.

How to Fix Missed Tax Elections (or Prevent Them Altogether)

The good news? It’s not too late to take control of your tax situation. Here’s how you can avoid costly mistakes moving forward:

1. Identify Which Tax Elections Apply to You

Not all tax elections are relevant for every business. A trusted small business CPA in Austin, TX can help you figure out which elections make the most sense for your business structure.

Common Elections You Might Need:

  • QSBS Election: Ideal for startups and growing businesses planning to sell stock in the future.
  • 83(b) Election: Best for founders and early-stage employees receiving equity grants.
  • S-Corp Election: If you’re considering moving to a pass-through structure to avoid double taxation.

Pro Tip: Insogna CPA can review your entity structure to identify any missed tax-saving opportunities.

2. Act Fast—IRS Deadlines Are Tight

The IRS doesn’t offer much flexibility when it comes to tax elections.

  • 83(b) Election: Must be filed within 30 days of issuing stock.
  • QSBS Eligibility: Must be documented at the time of share issuance.

Miss the deadline? Without expert support, your business could lose the ability to claim these benefits permanently.

Pro Tip: Insogna CPA, a top CPA firm in Austin, Texas, can help you stay on track by managing filing deadlines and keeping your records organized.

3. Keep Your Financial Records Clean and Clear

Accurate record-keeping helps you stay compliant and ready for tax-saving opportunities.

  • Document all share issuances and entity conversions.
  • Track all filing dates and tax elections made.
  • Store financial records securely and accessibly.

Pro Tip: Partner with a CPA South Austin professional for bookkeeping and compliance services to avoid costly oversights.

4. Work with a CPA Who Understands Tax Elections

Trying to navigate tax elections alone can feel overwhelming. The rules are complex, and missing one step could cost you thousands. This is where working with a CPA firm in Austin, TX makes all the difference.

At Insogna CPA, we help you:

  • Identify Missed Elections: If you’ve already restructured your business or issued stock, we’ll assess if you missed any elections.
  • File on Time: We track IRS deadlines and ensure all forms are filed correctly.
  • Maximize Your Savings: Our proactive tax strategies help you legally reduce your tax bill while staying compliant.

Real Results: How Insogna CPA Helped a C Corp Save Big

Case Study: A local business owner in Austin converted their LLC to a C Corporation but didn’t file the QSBS election. After reviewing their structure, our team identified the missed election and corrected it in time for their upcoming stock sale—saving them over $75,000 in capital gains taxes.

Why Choose Insogna CPA?

At Insogna CPA, we specialize in helping small businesses and C Corporations stay compliant while maximizing tax savings. Whether you’re restructuring your business or issuing founder shares, we ensure you’re protected against costly tax mistakes.

Top-Rated CPA Firm in Austin Texas
Proactive Tax Planning for Small Businesses
Expertise in Entity Conversions & Tax Elections

Don’t Leave Money on the Table—Act Now

Missing tax elections doesn’t have to cost you thousands. With proactive planning and expert guidance, you can stay compliant, reduce your tax bill, and protect your profits.

👉 Let Insogna CPA, your trusted Austin, TX CPA firm, help you protect your hard-earned money with expert tax strategies.

📞 Schedule a consultation today to take control of your taxes!

Struggling with Sales Tax Compliance in E-Commerce? Here’s How to Stay on Top of It

Being a 1099 contractor gives you freedom—freedom to manage your schedule, choose your clients, and grow your business on your terms. But that freedom also means you’re responsible for your own taxes, and missing valuable deductions could mean overpaying the IRS.

The good news? You might be sitting on tax savings without even realizing it. At Insogna CPA, a trusted Austin, Texas CPA, we help contractors like you maximize deductions, stay compliant, and keep more of your hard-earned income. Let’s break down the top seven deductions many contractors overlook—and how you can start capturing them today.

1. Mileage and Vehicle Expenses

If you’re driving to client meetings, job sites, or running business errands, you’re probably entitled to a mileage deduction—but only if you track it properly.

You Can Deduct:

  • Mileage driven for business-related trips (65.5 cents per mile in 2023).
  • Parking fees and tolls.
  • Vehicle maintenance related to business use.

Quick Tip: Use apps like MileIQ to track mileage automatically. Need help applying this correctly? Our small business CPA in Austin can guide you through the process.

2. Home Office Deduction

Do you work from home? If you have a dedicated workspace used exclusively for business, you can claim the home office deduction.

You Can Deduct:

  • A portion of your rent or mortgage.
  • Utilities like electricity, water, and the internet.
  • Office furniture, repairs, and maintenance.

Quick Tip: The simplified method allows a flat $5 per square foot, up to $1,500. Need help figuring out the best method for your business? Our Austin accounting services can help you maximize this deduction.

3. Continuing Education and Certifications

Investing in your skills isn’t just good for business—it’s tax-deductible too.

You Can Deduct:

  • Online courses and professional certifications.
  • Industry conferences and seminars.
  • Books and educational materials related to your work.

Quick Tip: Save receipts and document how the course relates to your business. Our CPA firm in Austin, TX can help ensure you stay compliant while claiming these expenses.

4. Professional Tools and Equipment

Buying tools and equipment for your work? You can deduct them—but many contractors forget to.

You Can Deduct:

  • Laptops, software, and office equipment.
  • Job-specific tools and machinery.
  • Repairs and maintenance for business-use items.

Quick Tip: For large equipment purchases over $2,500, you may need to spread the deduction over multiple years. Let our CPA in Round Rock, TX help you determine the best tax strategy.

5. Business Meals and Networking Events

Grabbing lunch with a client or attending a business event? Some meal expenses are deductible—but the IRS has rules.

You Can Deduct:

  • Meals with clients, partners, or prospects for business discussions.
  • Meals during business-related travel.
  • Networking event expenses where business was discussed.

Quick Tip: Keep itemized receipts and note the business purpose to stay IRS-compliant. Our Austin CPA firm can help you understand what qualifies for a deduction.

6. Software Subscriptions and Business Tools

Do you use software to manage your business? It’s a deductible expense that often gets overlooked.

You Can Deduct:

  • Accounting software like QuickBooks.
  • Project management tools like Trello and Asana.
  • Creative software like Adobe Creative Cloud.

Quick Tip: Track your monthly subscription fees carefully. Our Austin, TX CPA firms help contractors manage digital expenses for maximum tax benefits.

7. Retirement Contributions

Saving for your future can also help reduce your taxable income.

You Can Deduct:

  • Contributions to a SEP IRA or Solo 401(k).
  • Traditional IRA contributions (if eligible).

Quick Tip: Contributions can lower your taxable income while building long-term wealth. Our CPA South Austin experts can help you set up the right retirement plan for your goals.

Why Work with Insogna CPA?

Navigating self-employment taxes can feel overwhelming—but you don’t have to do it alone. At Insogna CPA, one of the best CPA firms in Austin, we specialize in helping 1099 contractors:

Maximize Deductions: Stop leaving money on the table.
Stay IRS Compliant: Avoid penalties with proper record-keeping.
Proactive Tax Planning: Plan ahead, not just during tax season.

Stop Missing Deductions—Start Saving Money Today

You work hard—don’t let the IRS take more than its fair share. Partner with Insogna CPA, your trusted Austin accounting firm, and let us help you keep more of what you earn.

👉 Contact Insogna CPA today and let us ensure you’re capturing every deduction you deserve.