MJM Income Tax

𝙎𝙝𝙤𝙪𝙡𝙙 𝙄 𝙪𝙥𝙙𝙖𝙩𝙚 𝙢𝙮 𝙒-4 𝙖𝙛𝙩𝙚𝙧 𝙛𝙞𝙡𝙞𝙣𝙜 𝙢𝙮 𝙩𝙖𝙭𝙚𝙨?

If any of these things happened in 2026, then you need to update your W-4:
• You got married or divorced
• You started a second job
• Your spouse started or stopped working
• You had a child
• You started a side hustle
• You bought a home

Those changes affect how much federal (and state) tax comes out of your paycheck each pay period.

For example, if your withholding is still designated as a single person but you recently got married, you may end up giving the Treasury more money than you need to.

If you’re not sure whether your withholding needs updating, DM us, and we can help you review and adapt to your circumstances.

𝙄𝙛 𝙄 𝙨𝙩𝙖𝙧𝙩 𝙢𝙮 𝙤𝙬𝙣 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨, 𝙖𝙢 𝙄 𝙩𝙖𝙭𝙚𝙙 𝙤𝙣 𝙚𝙫𝙚𝙧𝙮𝙩𝙝𝙞𝙣𝙜 𝙩𝙝𝙚 𝙗𝙪𝙨𝙞𝙣𝙚𝙨𝙨 𝙗𝙧𝙞𝙣𝙜𝙨 𝙞𝙣?

If you do make the leap to leave your 9-to-5 and start your own business, tax obligations do change. Though you’re not taxed on EVERYTHING, you are taxed on your net profit (your revenue minus deductible business expenses).

So if you earn $100,000 and have $20,000 in valid expenses, you’re taxed on $80,000…but only if those expenses are actually tracked.

That means filing:
• Receipts
• Business bank and credit card statements
• Mileage logs, if you drive for business
• Records that show the business purpose

When you’re self-employed, the burden of proof is on you.

If you can’t show it, it’s much harder to claim it.

If you want a tax consultation for setting up your business in a tax smart way so you're compliant with the IRS's requirements, DM us.