Baum, Smith & Clemens ClientLine Newsletter

Baum, Smith & Clemens, LLP

CERTIFIED PUBLIC ACCOUNTANTS AND BUSINESS ADVISORS

2060 Detwiler Road, Suite 125, Harleysville, PA 19438

Phone: 215-368-5755

Fax: 215-368-7038

Email: info@bsccpas.com

Website: www.bsccpas.com

July 2026

Tax Strategies for Self-Employed Business Owners

Just as larger corporations do, self-employed business owners, freelancers, and gig workers need to engage in strategic tax planning to minimize liability and maximize savings.

Mortgage Interest Deduction

Married taxpayers filing jointly may deduct interest on a mortgage of up to $750,000 in principal.

Cash Out or Keep Assets?

Retirement is a time to kick back and enjoy life. Years of hard work have likely left you with a diverse array of assets, including appreciated stocks, real estate, and luxury items such as RVs and sports cars. Before selling assets to fund your bucket-list dreams, consider both the financial and emotional implications.

July 2026 Client Profile

Emily, a high school senior, just landed a full-ride college scholarship covering every dollar of tuition, fees, books, and room and board. Her parents, Andrew and Leah, open the statement and see $75,000 still sitting in the 529 plan you started for Emily when she was born.

Signs You May Need a Postnuptial

You're familiar with prenuptial agreements. But what if you don't have one and your circumstances change? A postnuptial agreement may be in order. Here are signs you might need one.

Step Up in Basis

A new fair market value is established for assets received after a donor's death—a step-up in basis—but there is no step-up in basis for gifts received during a donor's life. The step-up in basis sets a new starting value for inherited assets, which can make a big difference if those assets have appreciated significantly.

July 2026 Q and A

Let's talk about expenses, specifically Section 179 Expensing under OBBBA.

Research and Development for Businesses

Previously, the R&D credit allowed businesses to write off qualifying R&D expenditures, but those costs had to be amortized over five years. Under OBBBA, full expensing of domestic R&D expenses is made permanent.

July 2026 Short Bits

What's one of the top priorities for discretionary income for those age 50 or older?

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