Scott West Accounting And Tax Service LLC

06/18/2026

Trump Accounts launch July 4 — eligible newborns get a $1,000 federal seed, but quick activation and tax steps matter. Filing 2025 Form 4547 can speed verification; restricted funds may even trigger gift‑tax filing. Check it out to avoid delays and surprises.

Essential guide to Trump Account activation. Learn about the $1,000 seed, Form 4547 benefits, ID.me verification, and gift tax filing requirements for 2026.

06/17/2026

Did you know a healthy P&L can still hide cash problems? Learn which expense ratios (payroll, overhead, marketing) quietly squeeze your margins and how to stop the leak — reclaim real cash and protect growth. Find out.

Discover why a profitable P&L doesn't always mean positive cash flow. Learn how to use expense ratios to identify margin leaks and improve business health.

06/16/2026

Turning a rental into your home can unlock big tax breaks — but depreciation recapture and “nonqualified use” can still leave you with a surprise tax bill. Want to know how to time the move and protect your equity? Find out.

Understand the tax implications of converting a rental into a primary residence, including depreciation recapture and the Section 121 exclusion rules.

06/15/2026

Don't let years of premiums go to waste—your life insurance might be worth more than you think. Life settlements can pay more than surrender value (even for some term policies). See how taxes affect your payout. Find out.

Surrendering, selling, or transferring a life insurance policy can lead to different tax implications. Watch this video for a brief overview.

06/15/2026

Surrendering, selling, or transferring a life insurance policy can lead to different tax implications. Watch this video for a brief overview.

06/12/2026

Think a few Venmo or Cash App payments are "off the books"? Think again. Platforms — and some states — can report your income, and mixing business with personal can cost you at tax time. Want to avoid surprises and keep more of your earnings? Find out how. Read now.

Payment apps like Venmo, PayPal, Cash App, and Stripe can trigger tax reporting. Learn Form 1099-K rules and how to stay compliant.

06/11/2026

Youth sports can cost a fortune — but some expenses may be tax-savvy. From day-camp credits and volunteer write-offs to rare medical deductions and NIL tax rules, learn what might lower your bill. Surprised that mileage can be deductible unless your child rides with you? Find out.

Learn how to navigate tax deductions for youth sports, including child care credits, volunteer expenses, NIL income for athletes, and medical exceptions.

06/10/2026

Making money on TikTok, Etsy, or freelance? Treat it like a business—or face a tax surprise. Self‑employment tax (15.3%) can kick in at just $400 of net earnings. Find out how to stay compliant and keep more of your cash.

Many Gen Z earners are blindsided by taxes on creator and gig income. Learn about self-employment tax thresholds and how to stay compliant.

06/09/2026

New tax break for tip earners (2025–2028): a below-the-line deduction up to $25,000 — great relief, but tight eligibility, MAGI phaseouts, and tougher 2026 reporting rules mean you’ll need careful records. Surprise: crypto tips don’t qualify. Find out how.

Learn how the new federal tips deduction works. Covers eligibility, TTOC codes, the $25,000 cap, and reporting requirements for service workers and freelancers.

06/08/2026

Rolled gains into a Qualified Opportunity Fund? The QOF deferral ends Dec 31, 2026 — meaning a “phantom” tax bill could arrive with no cash to pay it. Start liquidity and tax planning now to avoid panic-selling. Find out how.

Capital gains deferred in Qualified Opportunity Funds will be taxable in 2026. Learn how to plan for liquidity and offset your incoming tax liability.