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A smart gifting strategy: why the annual gift tax exclusion matters more than you think
When we talk about gifting as part of a tax strategy, many people assume it's something only the ultra-wealthy need to worry about. But gifting is actually one of the simplest and most powerful financial planning tools available - and a thoughtful gifting strategy can make a meaningful difference for your family, both now and in the long run.
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.
Understanding Trump Accounts: what parents need to know about the new child-focused IRA
Trump Accounts are a new type of tax-advantaged retirement account for children, created under 2025 legislation and clarified by recent IRS guidance. While contributions can't begin until mid-2026, families can begin preparing now. This article explains what is currently known, what remains uncertain, and how Trump Accounts compare to other common savings tools like Roth IRAs and 529 plans.
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.
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.
1099 Season Is Here: What Employers Need To Know
Businesses must prepare 1099s for contractors and vendors by February 2, 2026. Understanding which forms to use and getting organized now can help you stay on track and avoid costly IRS penalties.
It’s time! What to prepare for tax year 2025 filing
Whether you’re an individual taxpayer or business owner, preparing early for tax time can reduce delays, minimize errors, and help your tax pros do their best work on your behalf. Our team has put together a practical guide to get you started on the right foot this tax season, including key deadlines, commonly required documents, and planning considerations.
New year, new rules: What to know about IRS changes taking effect this month
The IRS and Congress have enacted tax law changes and regulatory updates that take effect this month and will impact individual taxpayers, employers, retirement plan sponsors, and businesses of all sizes. From tax filing to retirement planning, here are a few key things you should know about what’s new this year.
Crisis-Proofing Your Business: Strategic Response Tactics
Learn how to prepare for and respond to a business crisis with proven strategies. This guide covers real-world missteps, leadership tactics, and financial planning tips to help your business recover and thrive.
The Capital Gains Tax Traps Even Savvy Investors Miss
Think you know how capital gains work? Think again. Here are 4 surprising capital gains mistakes investors make—and how to avoid a surprise tax bill.
Revocable vs. Irrevocable Trusts: What’s the Difference?
Trusts are powerful estate planning tools, but not all trusts are created equal. In this video, we break down the key differences between revocable and irrevocable trusts, including control, tax treatment, creditor protection, and long-term planning implications. Whether you're building a basic estate plan or preserving multigenerational wealth, understanding these two foundational trust structures is essential.
Employer’s Guide to Year-End and 2026 Payroll Tax Changes
Stay current on 2025 year-end and 2026 payroll tax updates: SUI, FUTA credit reductions, social security limits, paid leave, and OBBB changes.
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Johnson & Sheldon, PLLC
Amarillo Location
500 S Taylor St Suite 200
Amarillo, TX 79101
Phone: 806-371-7661
Fax: 806-371-0529
Email: ebaten@amacpas.com
Johnson & Sheldon, PLLC
Pampa Location
2004 N. Hobart
Pampa, TX 79065
Johnson & Sheldon, PLLC
Hereford Location
119 E 4th St
Hereford TX 79045
Phone: 806-364-4686
Fax: 806-364-0826
Email: khollingsworth@amacpas.com
Johnson & Sheldon, PLLC, is proud to be part of Aprio Alliance — a national association created by accounting professionals to help collaborative, growth-minded CPA firms thrive. This affiliation gives us access to leading expertise, resources, and best practices, while preserving what matters most: the personalized service and local insight you expect from an independent firm. Joining Aprio Alliance reinforces our commitment to exceptional client service and staying ahead of industry trends. While we leverage the strength of a national firm, we remain fully independent—maintaining our name, client relationships, and service approach.