Lillian's Professional Services

08/10/2026

𝗪𝗵𝗮𝘁 𝗰𝗮𝗻 𝗜 𝗱𝗼 𝗯𝗲𝗳𝗼𝗿𝗲 𝘆𝗲𝗮𝗿-𝗲𝗻𝗱 𝘁𝗼 𝗽𝗿𝗼𝘁𝗲𝗰𝘁 𝗺𝘆 𝗦𝗔𝗟𝗧 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗳𝗿𝗼𝗺 𝘁𝗵𝗲 𝗽𝗵𝗮𝘀𝗲𝗼𝘂𝘁?

Here are four moves to make before December 31st to protect your tax savings:

1. Check your income projection. If your income falls between $505,000 and $606,333, every extra dollar costs you $0.30 in write-offs. Lowering your gross income through pre-tax contributions or capital loss harvesting keeps those savings intact. Over $606,333, switch your focus to business-level deduction options.
2. Look into a PTE election. If you own an S Corp, LLC, or partnership, a Pass-Through Entity election bypasses the personal SALT cap entirely. Just keep an eye on your state's quarterly deadlines.
3. Test for Alternative Minimum Tax (AMT). High state and property taxes can trigger AMT. Running this test early keeps you from relying on Schedule A write-offs that won't work under parallel tax calculations.
4. Time your deductions across multiple years. Combine two or three years of charitable giving into one year using a Donor-Advised Fund to beat the $32,200 joint standard deduction, or pay property taxes in your highest-income years.

If you pay heavy state or property taxes, DM us to set up a time to review your projected income before year-end.

08/07/2026

𝗪𝗵𝘆 𝗱𝗶𝗱𝗻'𝘁 𝗜 𝗴𝗲𝘁 𝘁𝗵𝗲 𝗳𝘂𝗹𝗹 𝘀𝘁𝗮𝘁𝗲 𝘁𝗮𝘅 𝗱𝗲𝗱𝘂𝗰𝘁𝗶𝗼𝗻 𝗶𝗳 𝘁𝗵𝗲 𝗹𝗶𝗺𝗶𝘁 𝘄𝗲𝗻𝘁 𝘂𝗽?

The short answer: Income phaseouts.

While the 2026 SALT cap jumped to $40,400, once your income passes $505,000, the IRS gradually scales that write-off back down to $10,000.

3 quick ways to keep your write-offs:
1. Max out pre-tax retirement contributions before Dec 31.
2. Harvest capital losses to offset gains and trim your adjusted income.
3. Map out a strategy before this higher cap resets in 2030.

Want to see if itemizing makes sense for you this year?
Comment 𝗣𝗟𝗔𝗡 below to get something scheduled.

08/06/2026

How many of your receipts are currently:

👜 In your wallet
🚗 In your car
📦 In a random drawer
📱 Or buried in your camera roll?

No judgment, we've seen it all!

What if we told you there's an easy way to keep track of those?

08/05/2026

How Does the SALT Deduction Work For New York/New Jersey Metro High Earners?

How does the SALT deduction work for high earners in 2026? Explore the $40,400 cap, the $505k phase-out trap, and smart tax strategies to save.

08/05/2026

𝗛𝗼𝘄 𝗰𝗮𝗻 𝗜 𝗮𝗰𝘁𝘂𝗮𝗹𝗹𝘆 𝘂𝘀𝗲 𝗔𝗜 𝗶𝗻 𝗺𝘆 𝗯𝘂𝘀𝗶𝗻𝗲𝘀𝘀 𝘄𝗶𝘁𝗵𝗼𝘂𝘁 𝗿𝗶𝘀𝗸𝗶𝗻𝗴 𝗺𝘆 𝗰𝗮𝘀𝗵 𝗳𝗹𝗼𝘄?

First, know where AI's capabilities end and where human oversight needs to take over. AI can be a great tool for improving efficiency, but it's best used to generate ideas.

Here are some other practical ways to safely use AI in your business:
• Brainstorm service offerings, campaign ideas, and meeting agendas
• Outline processes and identify operational inefficiencies
• Draft marketing content, emails, and client communications
• Streamline routine administrative tasks

𝘞𝘩𝘢𝘵 𝘣𝘶𝘴𝘪𝘯𝘦𝘴𝘴 𝘵𝘢𝘴𝘬 𝘩𝘢𝘴 𝘈𝘐 𝘴𝘢𝘷𝘦𝘥 𝘺𝘰𝘶 𝘵𝘩𝘦 𝘮𝘰𝘴𝘵 𝘵𝘪𝘮𝘦 𝘰𝘯?

08/04/2026

𝗔 𝗹𝗼𝘁 𝗰𝗮𝗻 𝗰𝗵𝗮𝗻𝗴𝗲 𝗯𝗲𝘁𝘄𝗲𝗲𝗻 𝘁𝗮𝘅 𝘀𝗲𝗮𝘀𝗼𝗻𝘀. 𝗛𝗮𝘀 𝗮𝗻𝘆𝘁𝗵𝗶𝗻𝗴 𝗰𝗵𝗮𝗻𝗴𝗲𝗱 𝗳𝗼𝗿 𝘆𝗼𝘂?

If you've had a major life or financial change since we last talked, let's reconnect. We want to make sure you're still on track and help you prepare for any new tax changes before it catches you off guard.

08/03/2026

𝗪𝗵𝗮𝘁 𝗵𝗮𝗽𝗽𝗲𝗻𝘀 𝘁𝗼 𝗺𝘆 𝟱𝟮𝟵 𝗽𝗹𝗮𝗻 𝗶𝗳 𝗺𝘆 𝗰𝗵𝗶𝗹𝗱 𝗱𝗼𝗲𝘀 𝗻𝗼𝘁 𝗴𝗼 𝘁𝗼 𝗰𝗼𝗹𝗹𝗲𝗴𝗲?

You can roll over up to $35,000 of unused 529 funds directly into a Roth IRA for your child without paying federal taxes or penalties.

To qualify, the rollover has to meet several IRS rules:
• The 529 account must be open for at least 15 years
• The total lifetime rollover cap is $35,000 per beneficiary
• The annual rollover is limited by the yearly IRA contribution cap, which is $7,500 in 2026 for someone under age 50
• The beneficiary must have taxable compensation at least equal to the amount rolled over
• Contributions made during the previous five years, along with the earnings on them, can’t be rolled over

We get it, tax rules are a lot to digest when you're trying to plan for your child’s future. Every family’s picture is a little different, and I’d love to help you figure out if a 529 plan actually makes sense for your specific goals.

𝘞𝘩𝘢𝘵 𝘦𝘭𝘴𝘦 𝘸𝘰𝘶𝘭𝘥 𝘺𝘰𝘶 𝘸𝘢𝘯𝘵 𝘵𝘰 𝘬𝘯𝘰𝘸 𝘢𝘣𝘰𝘶𝘵 𝘴𝘦𝘵𝘵𝘪𝘯𝘨 𝘶𝘱 𝘢 529 𝘱𝘭𝘢𝘯? Ask your questions in the comments below.

07/31/2026

𝗛𝗼𝘄 𝗰𝗮𝗻 𝗜 𝗰𝗵𝗲𝗰𝗸 𝗺𝘆 𝘁𝗮𝘅 𝘀𝘁𝗮𝗻𝗱𝗶𝗻𝗴 𝗯𝗲𝗳𝗼𝗿𝗲 𝗳𝗶𝗹𝗶𝗻𝗴 𝘀𝗲𝗮𝘀𝗼𝗻?

Setting up an IRS Individual Online Account gives you direct access to your payment history, tax balances, and digital notices in one place.

Checking your account early lets you verify your estimated tax payments, catch surprise balances before interest builds up, and spot IRS notices weeks before they arrive in the mail.

We know this can be overwhelming, but you don't have to figure it out alone. Send us a DM and we can walk you through the process to help you manage your tax standing.

𝘏𝘢𝘷𝘦 𝘺𝘰𝘶 𝘴𝘦𝘵 𝘶𝘱 𝘺𝘰𝘶𝘳 𝘐𝘙𝘚 𝘐𝘯𝘥𝘪𝘷𝘪𝘥𝘶𝘢𝘭 𝘖𝘯𝘭𝘪𝘯𝘦 𝘈𝘤𝘤𝘰𝘶𝘯𝘵 𝘺𝘦𝘵?
𝘈) 𝘠𝘦𝘴
𝘉) 𝘕𝘰𝘵 𝘺𝘦𝘵
𝘊) 𝘐 𝘥𝘪𝘥𝘯’𝘵 𝘬𝘯𝘰𝘸 𝘵𝘩𝘪𝘴 𝘸𝘢𝘴 𝘢𝘷𝘢𝘪𝘭𝘢𝘣𝘭𝘦

👇 Here’s the official IRS guide for setting up your account:
[ https://www.irs.gov/newsroom/irs-individual-online-accounts-an-easy-tool-for-taxpayers ]

07/30/2026

𝗛𝗼𝘄 𝗱𝗼 𝗜 𝗲𝗹𝗲𝗰𝘁 𝗦 𝗰𝗼𝗿𝗽 𝘀𝘁𝗮𝘁𝘂𝘀 𝗳𝗼𝗿 𝗺𝘆 𝗟𝗟𝗖?

If your annual net profit is over $60,000 and your cash flow is steady, an S corporation election can make sense for your business. Here are the main steps to get started:
1. File IRS Form 2553. Submit this within 75 days of the start of the tax year (March 15 for calendar-year businesses) or within 75 days of forming a new LLC. All owners must sign.
2. Set up W-2 payroll. Document a reasonable salary based on the work you perform, your responsibilities, and relevant pay data. Set up payroll to withhold the required income and payroll taxes from your W-2 salary.
3. Separate your accounting ledgers. Keep strict records separating W-2 wages from shareholder distributions.
4. Track your new filing requirements. A calendar-year S corporation generally files Form 1120-S by March 15 and provides each shareholder with a Schedule K-1.

Missed the deadline? You can qualify for late-election relief if you had reasonable cause and meet the IRS requirements, including filing within three years and 75 days of the intended effective date.

Comment S CORP below if you want help figuring out whether the election makes sense and what you’d need to set up.

07/29/2026

𝗪𝗵𝘆 𝘀𝗵𝗼𝘂𝗹𝗱 𝗜 𝘂𝘀𝗲 𝗮 𝟱𝟮𝟵 𝗽𝗹𝗮𝗻 𝗶𝗻𝘀𝘁𝗲𝗮𝗱 𝗼𝗳 𝗮 𝘀𝘁𝗮𝗻𝗱𝗮𝗿𝗱 𝗶𝗻𝘃𝗲𝘀𝘁𝗺𝗲𝗻𝘁 𝗮𝗰𝗰𝗼𝘂𝗻𝘁 𝗳𝗼𝗿 𝗰𝗼𝗹𝗹𝗲𝗴𝗲 𝘀𝗮𝘃𝗶𝗻𝗴𝘀?

A 529 plan can protect your college savings from annual taxes on dividends and capital gains, with tax-free withdrawals for qualified education expenses.

In a standard brokerage account, dividends and realized capital gains can create a tax bill along the way. Those taxes leave less money in the account to keep growing.

A 529 plan handles your growth differently:
• You contribute money that has already been taxed, so there’s no federal deduction on your return.
• The money can grow without annual federal taxes on dividends or capital gains.
• Withdrawals are tax-free when you use them for qualified education expenses.

Depending on your state, you may also qualify for a state income tax deduction or credit when you contribute.

𝘋𝘰 𝘺𝘰𝘶 𝘤𝘶𝘳𝘳𝘦𝘯𝘵𝘭𝘺 𝘩𝘢𝘷𝘦 𝘢 529 𝘱𝘭𝘢𝘯 𝘴𝘦𝘵 𝘶𝘱 𝘧𝘰𝘳 𝘺𝘰𝘶𝘳 𝘬𝘪𝘥𝘴?