Ratcliff CPA & Consultants
August 2026 Tax & Business Newsletter
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Finish the Summer Financially Strong
August is an ideal time to review your income, expenses, payroll and
estimated tax payments. A midyear financial checkup can help prevent
surprises, identify tax-saving opportunities and give you time to make
adjustments before the end of 2026.
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Important Upcoming Tax Deadline
September 15, 2026
The third-quarter federal estimated tax payment is due for
self-employed individuals, business owners, investors and others
who do not have enough taxes withheld from their income.
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Is It Time for a Midyear Tax Checkup?
Your tax situation may have changed since the beginning of the year.
Consider scheduling a tax review if you have experienced any of the
following:
- A new job, raise, bonus or change in household income
- Marriage, divorce, birth or adoption
- Self-employment or business income
- Sale or purchase of real estate
- Retirement, investment or rental income
- Significant deductible business expenses
- An expected tax balance or unusually large refund
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Review Your Federal Tax Withholding
Employees and retirees should review their federal withholding after a
major income or family change. The IRS Tax Withholding Estimator has
been updated to reflect current 2026 deductions and tax provisions.
When an adjustment is needed, employees can submit an updated Form W-4
to their employer. Reviewing withholding now provides more time to
correct a potential shortage before year-end.
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August Checklist for Business Owners
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Reconcile all bank and credit card accounts through July.
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Review year-to-date profit and loss statements.
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Confirm payroll taxes and sales tax filings are current.
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Collect missing receipts and vendor documentation.
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Review cash flow and upcoming seasonal expenses.
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Estimate your third-quarter federal and state tax payments.
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Filed an Extension? Do Not Wait Until October
Individual taxpayers who timely requested an extension generally
have until October 15, 2026, to file their federal
income tax return. An extension provides additional time to file,
but it does not provide additional time to pay taxes that were due
in April. Filing sooner may help reduce additional penalties and
interest when a balance remains unpaid.
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2026 Standard Deduction Amounts
The federal standard deduction has increased for the 2026 tax year:
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Filing Status
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2026 Amount
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Single or Married Filing Separately
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$16,100
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Married Filing Jointly
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$32,200
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Head of Household
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$24,150
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Protect Your Tax Information
An IRS Identity Protection PIN is a six-digit number that helps prevent
someone else from filing a fraudulent federal tax return using your
Social Security number or Individual Taxpayer Identification Number.
Never provide personal or banking information in response to an
unexpected email, text message or social media request claiming to be
from the IRS. Contact our office before responding to a suspicious tax
notice or message.
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Back-to-School Recordkeeping
As the school year begins, keep receipts and documentation for eligible
education expenses, dependent care, tuition payments and student loan
interest. Not every school expense is deductible, but good records will
help us determine which credits or deductions may apply when preparing
your return.
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Contact Ratcliff CPA & Consultants for assistance with tax planning,
bookkeeping, payroll, business consulting and tax preparation.
985-674-3455
ratcliffcpas.com
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Ratcliff CPA & Consultants
This newsletter is provided for general informational purposes and
should not be considered individualized tax, legal or financial advice.
Please contact our office regarding your specific circumstances.
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