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

June 2026

Summer Tax Planning For Small Businesses

Tax planning isn't just for the end of the year or your review at the beginning of a new year. Being proactive and reviewing your tax strategy mid-year can give you a competitive edge and prepare you for success during the 2026 tax season.

Higher Contribution Limits

The IRS has raised 401(k) contribution limits for 2026, giving savers more room to grow retirement funds. The new elective deferral limit is $24,500, letting employees contribute an extra $1,000 pre-tax or Roth — perfect for maximizing tax-advantaged growth.

Tax-Saving College Funding Options

If you meet income and other requirements, a variety of grants and tax breaks can help you reduce higher education costs. Examples include:

June 2026 Client Profile

Meet Sarah Jones, a 55-yearold marketing director in New York. Her employer (a mid-sized tech firm) paid her $165,000 in salary and reported it on her 2025 Form W-2. This exceeds the IRSadjusted threshold of $150,000 for the prior year.

Compare The Credits

Let's compare the American Opportunity Tax Credit and the Lifetime Learning Credit.

Combining Business and Personal Travel

If you run your own company and travel for business, you might be tempted to mix work with pleasure. That's fine as long as you follow tax rules. Your tax professional can advise you on what you can or cannot do.

June 2026 Q and A

Let's discuss estimated tax payments that are paid to the IRS.

Mid-Year Tax Checkup

June is the ideal time to review your year-to-date (YTD) financial performance, allowing proactive adjustments that prevent unpleasant tax surprises next spring.

Estate Strategies If You Have No Apparent Heirs

Whether your family is small or you simply lack direct descendants, with a bit of creativity and careful planning, you can ensure your wealth is allocated according to your wishes and has a lasting impact.

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