Starting a Small Business

Tax Preparation 2026: What Individuals & Small Business Owners Need to Know

by
Jennifer Aracena
on
2/27/2026
Tax Preparation 2026: What Individuals & Small Business Owners Need to Know

Tax season 2026 is approaching, and proper preparation is key to avoiding delays, penalties, and missed deductions. Whether you are an individual taxpayer, self-employed professional, or small business owner, understanding your tax responsibilities early can make a significant difference.

For Individuals and Families

W-2 employees should gather all income documents including W-2s, 1099 forms, and records of deductible expenses. Credits such as the Child Tax Credit, education credits, and dependent care expenses may reduce your overall tax liability when properly documented.

For Self-Employed & Schedule C Filers

If you operate as a sole proprietor, independent contractor, freelancer, or gig worker, your Schedule C filing requires careful reporting of income and business expenses. Proper tracking of mileage, supplies, home office expenses, and equipment purchases can significantly impact your taxable income.

Quarterly estimated tax payments are also critical for self-employed individuals to avoid IRS penalties.

For Small Business Owners

LLCs and small business owners must ensure accurate bookkeeping throughout the year. Organized financial records allow for strategic tax planning and deduction maximization. Business owners should also review:

• Business expense deductions • Payroll compliance • 1099 contractor filings • Estimated tax planning • Entity structure review

Year-Round Tax Planning Matters

Tax preparation should not only happen during filing season. Strategic planning throughout the year helps reduce surprises and improve financial positioning. Reviewing income, expenses, and projected liabilities early provides better control over your tax outcome.

Work With a Professional

Working with a qualified tax professional ensures accuracy, compliance, and peace of mind. Proper filing minimizes audit risks and helps maximize eligible deductions.

If you are located in Long Island, New York, or need remote tax services nationwide, professional guidance can help you navigate the complexities of tax season 2026 with confidence.

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Jennifer Aracena

Jennifer Aracena

SkyTax & Notary Slutions
2 reviews

New York

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