Profound Financial, PLLC

Now is the perfect time to tidy up your QuickBooks files. Unreconciled accounts, uncategorized transactions and outdated records can distort your cash flow and profitability. Even with QuickBooks’ automation tools and AI-enabled features, consistent review and oversight are essential. Don’t forget your chart of accounts! An outdated or cluttered chart can muddy your results, making it harder to understand your true performance. Clean books support better financial decisions and smoother tax filings. Call us at (623) 566-9821 to help get your bookkeeping in top shape.

Fringe benefits offer multiple business advantages. They can boost morale, attract and retain top talent, and qualify for potential tax breaks. That’s why it’s smart to review which ones you sponsor and what you may be missing. Of course, you don’t want to spend time and resources sponsoring benefits your employees don’t value. And you must follow specific rules and documentation requirements to be eligible for tax-advantaged treatment. Contact us at (623) 566-9821 for help choosing the right fringe benefits for your business and managing the tax impact.

📌 Is your business structure costing you money?

Most business owners choose an entity when they start — and never revisit it. But as your income grows, your structure should evolve too.

An S-Corp election at the right income level can lead to significant self-employment tax savings — but only when done correctly.

Switching structures could be the most impactful financial decision you make this year.

At Profound Financial, we do a comprehensive review of your structure as part of our tax planning process.

💬 What structure is your business currently operating under?
⬜ Sole Prop
⬜ LLC
⬜ S-Corp
⬜ Not Sure

Drop your answer in the comments — we might have some insight for you!

📞 (623) 566-9821
📅 Book your consultation: https://calendly.com/schedule-consultation-profoundfinancial

The IRS has issued final regulations on the tax deduction for qualified cash tips. The legislation commonly known as the “One Big Beautiful Bill Act” created the deduction of up to $25,000 per year for 2025 through 2028. Qualified tips generally refer to cash tips received by an individual in an occupation that “customarily and regularly” received tips on or before Dec. 31, 2024. The final regs list more than 70 eligible occupations. In addition to occupations previously listed in the proposed regs, the final regs add visual artists, floral designers and gas pump attendants. The final regs also provide clarifications to the definition of a qualified cash tip. For more details, call us at (623) 566-9821.

If you have unfiled tax returns, getting back on track may be easier than you think. But the longer you wait, the more costly it becomes. The IRS charges a failure-to-file penalty of 5% per month (up to 25%) of the unpaid tax. There’s also a separate failure-to-pay penalty of 0.5% per month (up to 25%) of the unpaid tax. If both apply in the same month, the combined penalty is generally 5% per month. Returns over 60 days late are subject to a minimum penalty. Filing, even if you can’t pay in full, can reduce penalties and open the door to payment plans or other relief options. Call us at (623) 566-9821 for help.