The Deductibles // February 2026

⚠️ Upcoming Deadlines to Know

These dates are coming faster than you think. Don't get caught scrambling.

📅 March 17 — S-Corp & Partnership Returns Due If you own an S-Corp or Partnership, your business return (Form 1120-S or 1065) is due. Not ready? File an extension — but remember, an extension to file is not an extension to pay.

📅 April 15 — Individual Returns Due (Form 1040) The big one. File your return or extend by this date. If you expect to owe, plan ahead so there are no surprises.

📅 April 15 — Q1 Estimated Tax Payment Due If you're self-employed or earn income outside of a W-2, your first estimated tax payment for 2025 is due. Don't skip this — underpaying can trigger penalties.

📅 April 15 — Last Day to Fund Your IRA or HSA for 2024 Still looking to lower your 2024 tax bill? You have until April 15 to contribute to a Traditional IRA or HSA and have it count toward last year. Every. dollar. counts.

Not sure where you stand heading into these deadlines? That's exactly what a Gelt tax strategist can help you figure out — before it's too late. Schedule a call →

⏳ Countdown to Tax Day

The business owners who end up with surprise tax bills in April almost always share one thing in common: they waited too long.

In the latest episode of Tax Talk Unfiltered, Spencer Carroll sits down with Julie Susskind and Adam Bolitho from our tax team to break down what procrastination actually costs, what moves are still available before the deadline, and how Gelt clients set themselves up for a cleaner year ahead.

Here's what's still on the table before March 15 or April 15:

• Fund your retirement accounts — IRA, HSA, and certain employer plan contributions are still available before the filing deadline

• Capture overlooked deductions — home office, vehicle mileage, and health insurance premiums run through the business

• Use extensions strategically — an extension is a legitimate IRS tool, not a red flag. As Julie puts it: "I would put an amendment much higher up there than an extension."

• Forecast your cash flow now — surprise tax bills come from a lack of planning, not bad luck

Gelt clients don't have to figure this out alone — their tax team is already on it. If you're not a Gelt client yet, now is exactly the right time to change that.

👉 Watch the full episode + read the breakdown →

💰 Pass-Through Strategy to Save Tens of Thousands

PTE tax is one of the most powerful tools available to S corp and partnership owners, and one of the most misunderstood.

The SALT cap recently changed, but not for everyone. Married couples filing jointly under $500k now get a $40,000 deduction. Above that, you're still capped at $10,000. Singles get even less.

PTE works around this. The business pays state income tax at the entity level and deducts it federally. You get a state credit. The savings can be significant.

A few things worth knowing:

• It works even if you take the standard deduction. PTE is a business-level deduction, not a Schedule A item

• State rules and deadlines vary. In California, missing the June 15th opt-in payment by a single day forfeits the entire year's election

• The numbers add up fast. On $800,000 of business profit with $100,000 of PTE paid, your federal taxable income drops to $700,000. That gap is where the savings live

• Multi-state and multi-partner situations add complexity that requires careful modeling before electing

This is the kind of strategy that rarely comes up if you're working with a generalist CPA or filing on your own. At Gelt, it's part of every client conversation.

👉 Read the full breakdown →

🏥 Health Insurance: Deductions & Mistakes to Avoid

Health insurance for business owners touches three systems at once: payroll, bookkeeping, and taxes. When those systems aren't aligned, you can pay the premium and still lose the deduction — and most people never know it happened.

The most common mistakes we see:

• S-Corp owners have a specific W-2 reporting requirement. If premiums are not handled correctly through payroll, the deduction can be lost entirely

• Out-of-pocket costs are rarely deductible. Co-pays, prescriptions, and coinsurance generally only become deductible once they exceed 7.5% of your AGI — which wipes out the benefit for most high earners

• Marketplace subsidy reconciliation catches people off guard. If your income came in higher than expected, you may owe some of that subsidy back at filing

• HSAs are one of the most underused tax tools available. Triple tax advantage, and you can reimburse yourself for past medical expenses years later

These aren't obscure edge cases — they're mistakes we see regularly, even from people who thought they had it covered. The fix is coordination between payroll, bookkeeping, and tax prep. That's exactly what Gelt provides.

👉 Read the full breakdown →

📰 Gelt in the News

The Gelt team has been busy. A few recent features worth checking out:

• The Independent — Rachel Richards, CPA on why tax software misses context and strategy for business owners, investors, and those with multiple income streams

• Fox 32 Chicago — Rachel Richards, CPA joined Fox 32 to break down new tax breaks and what most people don't know about how they apply

• Fox 19 — Gelt featured in a segment on understanding tax break changes heading into filing season

• Realtor.com — Spencer Carroll, CPA was featured twice this month:

  • How filing taxes changes when you go from renting to owning a home →

  • What tax savings really look like when buying in America's hottest ZIP codes →

📱 Gelt on Social Media

We've been active on Instagram this month with some great content from partners and creators in the finance space:

• @socialcapofficial — Tyler Gardner shared "3 Tax Mistakes That Cost My Business $40,000" in partnership with Gelt. A reminder that what you don't know about taxes can be expensive.

• @salarydr_ — SalaryDr broke down how much doctors actually pay in taxes, comparing W-2 vs. private practice orthopedic surgeons in partnership with Gelt.

• @salarydr_ — A second feature from SalaryDr covering how much an Anesthesiologist pays in taxes in partnership with Gelt.

• @geltaxes — Our latest reel breaks down why filing an extension can actually help you, especially if you have a more complex return. Worth a watch before you rush to file.

Follow us for more tax insights and strategy content → @geltaxes

💬 Quick Question

Who are your favorite wealth-focused Instagram influencers?

We're always looking to connect with creators and voices in the personal finance and wealth space. If you follow anyone on Instagram who consistently puts out great content on money, investing, taxes, or building wealth, we'd love to know who you're watching.

👉 Tell us here →

Stop Guessing. Start Saving.

Tax season is short. The window to make meaningful moves is even shorter.

Gelt works with founders, investors, and business owners who are done leaving money on the table. If you're still piecing together your tax strategy on your own — or relying on software that doesn't know your situation — this is your sign to make a change.

Here's what working with Gelt looks like:

• ✅ A proactive tax team that reaches out to you — not the other way around

• ✅ Strategies like PTE, Augusta Rule, and S-Corp optimization built into your plan

• ✅ Payroll, bookkeeping, and tax all coordinated so nothing falls through the cracks

• ✅ A team that understands founders, investors, and complex income — not just W-2s

Tax season won't wait. Neither should you.

Schedule a call with Gelt today →

The best time to get ahead of your taxes was last year. The second best time is right now.

All the best,

The Gelt Team