Element Ledger

This is a way for farmers and ranchers to save on capital gains tax for involuntary conversions due to drought. (IRC 1033) There are exclusions of course.

IRS announces extension of tax relief for farmers and ranchers affected by drought in 49 states, other regions | Internal Revenue Service IR-2026-110, Sept. 15, 2026 — The Internal Revenue Service today issued guidance that provides an extension of tax relief for farmers and ranchers in most states and other regions who sold or exchanged livestock because of drought conditions.

Let's tackle this together. Tax season is coming!

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Good to have this done! Ready for tax season!

Element Ledger is an authorized eFile Provider.

Be aware

Dirty Dozen tax scams for 2026: IRS reminds taxpayers to watch out for dangerous threats | Internal Revenue Service IR-2026-30, March 5, 2026 — The Internal Revenue Service today announced its annual Dirty Dozen list of tax scams for 2026 that threaten the tax and financial information of taxpayers, businesses, and tax professionals.

September 15th third-quarter estimated tax are due. 😉

One thing that surprises some business owners is that income taxes are actually a pay-as-you-go system. If you're self-employed or own a business and aren't having enough tax withheld elsewhere, you may need to make estimated payments during the year.

And waiting until you file your return next April doesn't necessarily solve the problem—you can owe an underpayment penalty even if you pay the entire balance with the return.

So if you haven't looked at where you stand for 2026, September is a good time to do it.

🚗 Big News for Small Business Owners: The IRS Just Dropped a Midyear Mileage Rate Increase!

If you or your team use personal vehicles for business trips, pay close attention. Driven by surging fuel costs, the IRS has made a rare midyear pivot—and it directly changes your tax strategy and payroll tracking for the rest of the year.

Here is what you need to know to keep your business compliant and maximize your write-offs:

🔹 The Split-Year Rates:
Jan 1 – June 30: 72.5 cents per mile
July 1 – Dec 31: 76 cents per mile (An extra $35 per 1,000 miles!)

🔹 What This Means For Your Business:
1️⃣ Bigger Deductions: Self-employed business owners get a larger tax write-off on year-end returns.
2️⃣ Audit-Proof Tracking: You cannot just apply one rate to the whole year. Your logs must separate trips by exact dates to survive an IRS review.
3️⃣ Tax-Free Reimbursements: The cap for tax-free employee vehicle reimbursements has officially bumped up to 76 cents.

Keeping track of midyear regulatory shifts like this is exactly where small businesses stumble—and where a broken tracking system can cost you thousands in missed deductions or audit penalties.

At Element Ledger, we don't just balance your books; we actively safeguard your bottom line against shifting tax landscapes. 💼✨

👉 Is your mileage tracking software updated for the July 1 shift? Drop a comment below or send us a DM if you need help restructuring your expense logs for the second half of the year!