Clark & Cassidy Inc.

01/27/2026

🚨 Overtime Pay Tax Deduction — 2025 Returns 🚨

If you earned overtime in 2025, here’s the part that matters:

✔️ Only the premium portion of overtime pay is deductible — the extra ½-time above your regular hourly rate (not the full time-and-a-half).
✔️ You must qualify as non-exempt under the Fair Labor Standards Act (FLSA).
✔️ Your W-2 should separately report overtime premium for the deduction to apply. If not, it's time to pull out your year to date paystubs.
✔️ Does not apply to salaried exempt employees or independent contractors.

💡 Translation: If your base rate is $20/hour, you’re still taxed on $20 — but the extra $10 premium may be deductible.

09/25/2025

Wisdom from another CPA I follow:

You're not paying taxes on what you made.

You're paying taxes on what you didn't deduct.

Every business meal you didn't write off costs you money.

Every piece of equipment you didn't depreciate costs you money.

Every entity optimization you didn't implement costs you money.

Your tax bill isn't what you owe. It's what you failed to legally avoid.

The government gives you the tools. Most people never open the toolbox.

I can help you with that…

07/15/2025

On to the NEW provisions! These are the ones making the news...

07/15/2025

04/08/2025

Stock Market Crashes:
In 1929, stocks crashed 89%
In 1974, stocks crashed 48%
In 1987, stocks crashed 23%
In 2002, stocks crashed 49%
In 2009, stocks crashed 57%
In 2020, stocks crashed 34%

EVERY crash felt like the end. None of them were.

And after every crash, there was an all time high. Now is not the time to jump ship...

04/07/2025

As of the close of US Markets on April 7th, 2025, many US Indices including the S&P and the Nasdaq are hovering nearly 20% off their previous all time highs.

The very first task with our financial management clients is to review the Risk Meter. How much of a market drawdown are you comfortable experiencing? Everyone wants the high returns, no one wants high risk. But one goes hand in hand with the other.

After the risk discussion, then we go thru goals, etc. We dial in that number so that when there is a market correction (because there will be at some point), they don't start freaking out and panicking.

If you are in panic mode, we should talk. You're likely invested in a way that is way outside your comfort zone.

12/23/2024

The 5th Circuit Court of Appeals has granted the government's emergency motion to stay a Texas district court's nationwide injunction against the Corporate Transparency Act (CTA). CTA requires nonexempt companies to report their beneficial owners. Before the Texas court's injunction, specified businesses formed prior to 2024 were required to file their initial beneficial ownership information (BOI) report with the Financial Crimes Enforcement Network (FinCEN) by Jan. 1, 2025, and new businesses were required to file within 30 days.

The stay means the CTA is now in effect. The court found that the government is likely to succeed on appeal, that leaving the injunction in place could cause significant harm, and that the public interest in preventing financial crimes outweighs any harm to the plaintiffs. The case will proceed quickly to the next available oral argument panel. FinCEN has yet to issue a response to the 5th Circuit's order.

In its budget discussions of last week, Congress did not extend the BOI compliance deadline for existing businesses to Jan. 1, 2026, so the original deadline of Jan. 1, 2025, remains in place.

12/23/2024

IRS releases 2025 optional standard mileage rates (12-19-24)

Beginning January 1, 2025, the standard mileage rates for the use of a car, van, pickup truck, or panel truck will be:

70 cents per mile driven for business use, up three cents from 2024;
21 cents per mile driven for medical purposes, unchanged from 2024;
21 cents per mile for moving purposes for qualified active-duty members of the Armed Forces, unchanged from 2024; and
14 cents per mile driven in service of charitable organizations, unchanged from 2024.
(IRS Notice 2020-5)
The rates apply to fully electric and hybrid automobiles, as well as gasoline and diesel-powered vehicles.

11/27/2024

The IRS is providing transition relief for third-party settlement organizations (TPSOs), also known as payment apps and online marketplaces (e.g., Venmo, Amazon, etc.), regarding transactions during calendar years 2024 and 2025. (IRS Notice 2024-85) Although the American Rescue Plan Act required that TPSOs file 1099-Ks for all amounts paid to a payee if they exceed $600 in aggregate beginning with the 2022 calendar year, the IRS has previously delayed implementation.

According to the IRS’s latest guidance, TPSOs must file 1099-Ks to report transactions when the amount of total payments for those transactions is more than:

$5,000 in 2024;
$2,500 in 2025; and
$600 in calendar year 2026 and after.

11/18/2024

This is your annual reminder that scammers will try to make you think this is a government request. They’ve done a fairly good job of making it look official. But read the fine print. It is a SOLICITATION.

09/24/2024

Many people don’t realize how vitally important it is to get their estate documents in order. The sooner the better!

Handling a deceased parent's estate can be complicated if there are surprises such as an uneven split of assets among children or a previously unknown heir.

08/19/2024

Was your SSN part of the data breach? If so, freeze it ASAP. With all three credit bureaus!

https://time.com/7011872/social-security-data-breach-information/?fbclid=IwZXh0bgNhZW0CMTEAAR0B8QMZQ0aJiVl5eTz7KYJ06jKdwSqitPwVuUo1xBBjLb0u9_ahFHR5Fd0_aem_blb98-W1jc0E8o8JUtNwjQ

After the confirmation of a significant data breach, here is how to know if your social security number has been compromised and how to protect your information.