Jesse Raynor, Tax & Consulting, Inc

10/31/2025

Being prepared for disasters is always important. But the IRS warns that you should also be on the alert for an uptick in scams aimed both at survivors and those who donate to help them. Scammers often sweep in after a disaster to solicit donations. They may pose as employees of federal agencies or legitimate charities. In many cases, they ask for donations by gift cards, cash or wire transfers. Scammers may also set up bogus websites with names similar to real charities and make false claims that your donations are tax-deductible. Contact us at (208) 290-8061 with questions about charitable gifts. Use the IRS's Tax Exempt Organization Search tool to verify a charity’s status and learn more details here: https://bit.ly/4pgYYiS

10/31/2025

10/29/2025

Sponsoring a qualified retirement plan is a tried-and-true way to help attract and retain employees. Among the most popular options is a 401(k). Your business’s contributions are tax deductible, and you may be able to use matching and a vesting schedule to encourage employees to stay with your company. But 401(k)s come in many varieties. Please contact us at (208) 290-8061 for help choosing the right one for your business (or another type of retirement plan).

10/28/2025

Estate tax laws are complex, and failing to plan could mean leaving your loved ones with less than what you’d expected. Now is the time to take action by reviewing your estate plan, updating beneficiary designations, and exploring strategies such as gifting or establishing trusts that may help minimize tax exposure. Every situation is unique, and the right approach depends on your family’s needs, assets and long-term goals. Contact us at (208) 290-8061 to ensure that your estate is structured in the most tax-efficient way possible.

10/27/2025

Thinking of buying equipment, vehicles or other fixed assets to claim recently expanded tax breaks? Deducting the full cost is smart for tax purposes, but different rules apply under accrual-basis accounting. Fixed assets generate revenue for many years, so they should be reported on your balance sheet and gradually depreciated over their useful lives. This matches depreciation (an expense) to the revenue it generates, resulting in consistent, reliable profits on your income statement. Contact us at (208) 290-8061 for help reporting these assets accurately.

10/24/2025

Does your business incur research and experimentation (R&E) expenses? The One, Big, Beautiful Bill Act reinstates the immediate deduction for research activities conducted in the United States, beginning in 2025. Before the new law was enacted, R&E expenses had to be capitalized and amortized over five years, beginning on or after Jan. 1, 2022. What if you began to amortize R&E expenses in 2022, 2023 and/or 2024? You can deduct the remaining amount on your 2025 return or split it between your 2025 and 2026 returns, rather than continuing to amortize over what remains of the five-year period. Contact us at (208) 290-8061 with questions.

10/22/2025

We’re more than just tax and accounting professionals. We’re your partners in business growth. Beyond preparing your tax returns and keeping your books in order, we can help you improve cash flow, safely plan for expansion and make smarter financial decisions. Let’s talk about how our advisory services can strengthen your strategic planning, streamline operations, and uncover new opportunities for long-term growth and success. Call us today at (208) 290-8061 to schedule a consultation.

10/21/2025

Did you celebrate your 73rd birthday in 2025? If you have money in an IRA, 401(k), SEP or SIMPLE plan, you must take your first required minimum distribution (RMD) by Dec. 31 (or, potentially, by April 1, 2026). RMDs are annual withdrawals of specified amounts based on your age and the account’s value at the end of the last tax year. For more information about managing retirement income, contact us at (208) 290-8061.

10/20/2025

With major tax law changes taking effect this year and next, tax planning is more important than ever. Don’t wait to talk with us until it’s time to prepare your tax return! Let’s review your situation, find opportunities and boost your tax confidence now. Call us at (208) 290-8061.

10/17/2025

Adopting a child is expensive, but adoptive parents may qualify for a tax break to offset some of the costs. Under the One, Big, Beautiful Bill Act (OBBBA), the tax break got better for some parents. For 2025, the maximum adoption credit is $17,280 of qualified expenses, with phaseouts for higher-income parents. Under prior law, the credit was nonrefundable, meaning that it was limited to the taxpayer’s federal tax liability. However, under the OBBBA, up to $5,000 of the adoption credit is refundable, starting in 2025. After 2025, the refundable amount will be indexed for inflation. Any nonrefundable amount can be carried forward. There may also be state tax benefits. Questions? Contact us at (208) 290-8061.

10/15/2025

Businesses involved in some clean energy projects and products are hurt by the One Big Beautiful Bill Act. That’s because it accelerates the phaseout of certain tax credits and adds new restrictions to tax breaks related to solar, wind, and hydrogen power and electric vehicle charging stations. The dates that clean energy tax breaks end vary. Some may be available until 2026 or 2027. Contact us at (208) 290-8061 if you have questions about your situation. The date that projects begin construction is critical.

10/14/2025

If you own a life insurance policy, a portion of its proceeds could be lost to estate tax if your estate exceeds the gift and estate tax exemption amount. If you don’t own the policy, the proceeds won’t be included in your taxable estate. Using an irrevocable life insurance trust (ILIT) can keep life insurance policies out of your estate. An ILIT owns one or more policies on your life, and it manages and distributes policy proceeds according to your wishes. You aren’t allowed to retain any powers over the policy, such as the right to change the beneficiary. Contact us at (208) 290-8061 for details.