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Published by Shutterfly Management LLC | October 2026 What Is a Trump Account? A new type of tax-advantaged investment account, known as a Trump Account, was established under the Working Families Tax Cuts legislation signed into law on July 4, 2025. These accounts are designed to help eligible children begin building long-term wealth through investments at an early age. Although the name may sound like a traditional retirement account, a Trump Account is specifically designe

Are you leaving money on the table because your bookkeeping and tax preparation are not working together? Many small-business owners think about bookkeeping and taxes as two separate responsibilities. Bookkeeping is something they handle throughout the year, while tax preparation is something they worry about when tax season arrives. But what if these two services worked together as part of one financial strategy? When bookkeeping and tax preparation are coordinated, your bus

Tax savings don't usually happen by accident. They happen because you plan ahead. If you own a business, one of the most important things you can do before the end of the year is have your books reviewed. At Shutterfly Management LLC, we believe bookkeeping should be more than simply recording transactions. Your financial records should help you make better business decisions—and, when properly coordinated with tax planning, may help you legally reduce your tax liability. Why

Are you a W-2 employee and wondering what you can deduct on your tax return? Many employees assume that if they spend money for work—such as mileage, a home office, a computer, professional clothing, or supplies—they can automatically deduct those expenses on their federal tax return. Unfortunately, that's generally not the case. For most W-2 employees, unreimbursed employee business expenses are not deductible on the federal tax return. However, there are still several impor

Many small business owners pay independent contractors in cash. It may be convenient. A contractor finishes a job, you hand them cash, and everyone goes home. But from a tax perspective, cash does not mean “off the books.” Whether you pay a contractor by cash, check, Zelle, Venmo, ACH, or another method, the payment may still need to be reported and documented. More importantly, you need to make sure the person you are paying is actually an independent contractor and not an e

By Alina Dumitrescu | Shutterfly Management / ProVanguard LLC / Golden Oaks Solutions For many horse owners, buying an equestrian property starts with a dream: more space for the horses, a beautiful barn, a riding arena, room to train, and the freedom to build the perfect equestrian lifestyle. But an equestrian property can be much more than a place to keep your horses. When purchased and managed strategically, the right horse property can become a significant real estate inv

Selling a horse isn't just about deciding what number to put in the advertisement. For a horse owner or equestrian business, the sale price can also create a tax liability. This is especially important if the horse has been used in a business for breeding, showing, training, racing, resale, or another profit-making activity. Before you put a "$30,000" price tag on your horse, you should ask two different questions: What is my horse worth to a buyer? and What will I actually k

Tax filing has changed dramatically in recent years—and the IRS is becoming increasingly sophisticated in the way it reviews tax returns. Many taxpayers assume that once a return is electronically filed and accepted, the IRS is finished with it. That is not necessarily the case. The IRS uses computerized screening, third-party information, data analytics, machine learning and artificial intelligence to identify potential errors, fraud, identity theft and areas of tax noncompl

Can you make a good living with horses? Absolutely. From horse training and boarding to breeding, lessons, horse sales, and equestrian services, there are many ways to turn your passion for horses into a profitable business. But making money with horses requires more than loving the animals. A successful horse business needs good planning, accurate bookkeeping, proper pricing, cost control, and a clear understanding of where your profits come from. If you're wondering how to

Real estate has long been one of the most popular ways to build and preserve wealth. Unlike many investments that generate returns primarily through appreciation, real estate can potentially provide multiple sources of income and wealth creation at the same time: Rental income Property appreciation Mortgage principal reduction Tax benefits Equity growth Potential inflation protection Long-term wealth accumulation But successful real estate investing is not simply about buying

Running a small business can be rewarding—but relying on one source of income, one service, or one market can also create unnecessary risk. Diversifying your business doesn't mean you need to start five different companies. It means finding complementary ways to create additional revenue and protect the business you've already built. When business is good, it may not seem like a problem. But what happens when the market changes? What happens when a major customer leaves? What

Choosing between an LLC and an S corp can feel more confusing than it should, mainly because the comparison is not perfectly equal. An LLC is a legal business structure. An S corp is a federal tax election that certain LLCs and corporations can choose if they qualify. That distinction matters. In many cases, the real question is not “Should I form an LLC or an S corp?” It is “Should I form an LLC and keep default tax treatment, or should my LLC elect S corp taxation?” The bet

If you own an S corporation, planning for retirement should be one of your top financial priorities. One of the biggest advantages of operating as an S Corp is the opportunity to build retirement savings while potentially reducing your current tax burden. However, the rules for IRA contributions differ from those for sole proprietors and partnerships, making it important to understand how they work. Here's what every S Corporation owner should know about IRA accounts. Can an

Offering health insurance through your business isn’t just a valuable perk—it’s one of the most effective tools for recruiting top talent, reducing employee turnover, and lowering your tax burden. Whether you’re a solo entrepreneur running an LLC or leading a growing team, setting up employer-sponsored health coverage is far simpler than it seems. Here is a clear guide on how to evaluate your options, choose a plan, and get covered. Step 1: Check Your Business Structure &

When most people think about retirement accounts, they imagine investing in stocks, mutual funds, or bonds. However, there is another option that offers significantly more flexibility: the Self-Directed Individual Retirement Account (Self-Directed IRA or SDIRA). A Self-Directed IRA allows you to diversify your retirement savings by investing in a much wider range of assets, including real estate, private businesses, precious metals, and even certain agricultural investments.

Owning rental property can be an excellent way to build long-term wealth and generate passive income. However, rental income comes with tax responsibilities that every property owner should understand. Whether you own one rental home or multiple investment properties, proper planning can help maximize your profits while staying compliant with IRS regulations. What Counts as Rental Income? Rental income includes more than just the monthly rent you collect. It may also include:

The hunter/jumper world is built on passion. Early mornings, countless hours at the barn, training, travel, entry fees, veterinary care, shoeing, tack, and horse purchases quickly become part of everyday life. But when tax season arrives, one important question can determine whether many of those expenses are deductible: Is your horse showing activity a hobby or a business? The answer isn’t based on how much you love your horses—it depends on how you operate your equestrian a

Owning a horse is a childhood dream that many of us carry straight into adulthood. But then reality hits: horses are expensive. Between the upfront purchase price and the never-ending monthly costs, it can feel like an impossible hobby if you aren't independently wealthy. But here is the open secret of the equestrian world: You don’t actually need thousands of dollars in cash to get a horse into your life. If you are short on funds but rich in time, effort, and passion, here