Belyue Tax & Associates

08/31/2025

Be in the Know;

The tax advice that follows is General tax advise that may not apply in All situations. The following tax advice is focused on tax-payers who earn $100,000.00 or under annually. Those whose income is over the amount listed should contact their EA, Accountant, or, Tax Attorney to determine how this new legislation will affect their specific situation.

Section 70201 of the Big Beautiful Bill (BBB) applies to the paying of taxes on “tip” income. Employees and self-employed individuals may deduct “qualified” tip income that are reported on form W2 or individuals directly reporting tip income to the IRS on form 4137, may deduct up to $25,000.00 of “tip” income on their income tax return.

The maximum 25,000.00 deduction begins to phase out (reduce) for income beginning on income exceeding:
* Single Individuals - $150,000.00
* Married filing joint - 300,000.0
This deduction is available for those taking both itemized and standard deductions.
*** This deduction is Not available for those filing Married Filinf Seperate or
Those who are self-employed and are eligible to take a section 199A deduction.

More tax advice on how the Big Beautiful Bill will affect those whose income does not exceed $100,000,00. Will be posted soon.
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The One, Big, Beautiful Bill Act has a significant effect on your taxes, credits and deductions.

10/31/2024

Be in the Know;

As we near the end of yet another year it may be time to consider how the past years decisions will affect our tax standings. Certain events can land us into unclear waters where taxes are concerned. Now is the time to consider whether events of the past year will have negative effects on the upcoming tax season. Some events we should consider are,

1. Did you sell or otherwise dispose of stocks, or exercise any stock options?
2. Did you retire and begin taking rmd’s (required minimum distributions).
3. Did you sell your primary residence, or rental property.
4. Did you receive any lump sum payments ( depending on the type of payment this could have tax consequences).
5. Did you receive state unemployment benefits, if so did you have taxes withheld.
Now is the time to review your situation and determine if you may need to set aside a little money to ease your 2024 tax burden.

08/22/2024

It’s time to get those extensions filled

As a former employee of the Internal Revenue Service, I have gained the knowledge and expertise needed to represent Taxpayers as a Practitioner. I use these skills to give clients the greatest advantage available. Belyue Tax Associates d.b.a. BTA

08/22/2024

Be In the Know;

We hear the word inflation often, but very few really understand what it is. Inflation occurs when the prices of goods is inflated or increased. When the cost of goods are increased to facilitate an increase in operations ( or to grow ) which is incremental this inflating of prices does not hurt the economy. When large corporations inflate prices of goods and services just because they can or (Greed) this causes a rippling effect and related goods and services has to inflate their goods and services as well. Basically inflation is the alarm that says , ok now your being too greedy and your beginning to affect the monetary system as devaluation begin. There is good inflation which allows for growth but there a thin line between good and bad.

06/05/2024

Be in the Know;

During the 2023 Income tax season our firm has seen an increase of inherited retirement plan distributions. While each situation differs according to the type of beneficiary the results may be similiar. If the individual beneficiary opts to take a lump sum payment , they may be required to include the payment in the current years income and pay ordinary income taxes on the distribution, which could range into thousands of dollars. There are ways to avoid a huge tax bill during the tax filing season. To view options for inherited IRA retirement account distribution view article listed

Information on retirement account or traditional IRA inheritance and reporting taxable distributions as part of your gross income.

01/05/2024

Be In The Know;

For Taxpayers who expect to owe taxes in excess of $1,000.00 for tax year 2023, you are required to pay quarterly estimated tax payments. One clear way to determine that you may have a tax liability for the 2023 tax year that exceeds $1,000.00 , would be to check the 2022 return. If you did owe at least $1,000.00 then you would be required to make quarterly estimated tax payments for tax year 2023. We are approaching the due date for the 4th quarter estimated tax payment which is due by January 16, 2024 to avoid penalties and interest. If you have not made payments for quarters 1-4 pay as much as possible before 1/16/2024 to avoid as much interest as possible.

12/31/2023

It’s that time of the year, as the 2023 tax return season begins let’s start getting those w2’s, 1099’s, 1095’s, K1’s, investment and retirement distributions together. At BTA we are here to assist you in getting the maximum refund available to you. Let’s talk about your specific tax situation. Click on the link below to schedule your personal 1on1 session with a Tax Expert today.

Looking for a trusted tax preparer in Columbus, Georgia - 31903? Meet Miran Belyue Sr., a tax preparer with 10 years of experience. Get expert tax help near you!

12/26/2023

Be In The Know;
Some Taxpayers may receive a waiver for the failure-to-pay penalty for tax years 2020,and 2021. The IRS is currently taking steps to waive the failure to pay penalty for millions of taxpayers who did not fully pay their tax bills in response to the initial balance notice for tax years 2020 and 2021. Due to COVID collection notices were suspended, however penalties continued to accrue. The IRS will automatically apply relief and in cases where the tax bill was paid which included the failure-to-pay penalty, a refund will be issued in the amount of eligible failure-to-pay penalties that meets the requirements to be waived. If you paid these penalties for tax year 2020 or 2021 and have yet to be contacted by the IRS contact Belyue Tax Associates(BTA).

12/26/2023

Marginal Tax brackets for “Single” status filers
For taxable income of;
$22,000 or less~ 10% of taxable income
$11,001 to $44,725~tax is $1,100(base) +12% of amounts over $11,000.
$44,726 to $95,375~tax is $5,147(base)+22% of amounts over $ 44,725.
$95,376 to $182,100~tax is $16,290(base)+24% of amounts over $95,375.
$182,101 to $231,250~tax is $37,104(base)+32% of amounts over$182,100.
$231,251 to $578,125~tax is $52,832(base)+35%of amounts over $231,250.
$578,126 or more ~ tax is $174,238.25(base) +37% of amounts over $578,125.

12/26/2023

Be In The Know;
As the 2023 Tax Return season approaches we at BTA would like Taxpayers to understand the marginal tax brackets for tax year 2023. Basically there is a base tax and then a percentage due for amounts over a specific amount of income.

If your filing status is Married Filing Joint then,

Income of $22,000 or less ~tax is 10% of taxable income (no base tax)
Income of $22,001 to $89,450 ~tax is $2,200 (base)+ 12% of amounts over $22,000.
Income of $89,451 to $190,750 ~tax is $10,294(base) +22% of amounts over $89,450.
Income of $190,751 to $364,200 ~tax is $32,580(base) + 24% of amounts over $190,750.
Income of $364,201 to $462,500~tax is $74,208(base) + 32% of amounts over $364,200.
Income of $462,501 to $693,750~tax is $105,664(base) +35% of amounts over $462,500.
Income of $693,751 or more~ $186,601.50(base) +37% of amounts over $693,750.
Marginal rates for Single filing status will follow.

11/08/2023

Be In The Know;

What happens when a child is eligible to be a Qualifying Child of more than one person for Head of Household status and certain credits?

In a situation where the parents are Not filing a joint return or the child has lived with both parents at different times during the year, the IRS will apply the “Tie Breaker Rule”.

The Tie Breaker Rule is used to determine which parent or non-parent may claim the child as a qualifying child. The child will be considered the Qualifying Child of the person who is:

-The parent if only one (1) of the persons is the child’s parent.
-The parent with whom the child lived the longest during the tax year. I like to say the parent with whom the child live at least six (6) months and one (1) day, If the two persons is the child’s parents and they are not filing a joint return.
-If the child lived with both parents the same number of days during the tax year and they are not filing a joint return,then eligibility goes to the parent with highest A.G.I.
-A non-parent if no parent claims the child as a Qualifying Child a non-parent may claim the child as a Qualifying Child if the non-parent’s A.G.I. Is higher than any parent who may be eligible to claim the child.
- The person with the highest A.G.I. If non of the persons is the child’s parent.

If a Taxpayer believes they are eligible to claim a Qualifying Child after the child has been claimed by someone else as a qualifying child on another return. The Taxpayer must complete their return with the child’s information and submit the return to the IRS who will apply the Tie Breaker Rules and determine who can use the child as a Qualifying Child for the tax year. If the child was claimed on a return that was e filed, any other returns listing that child will be ineligible for e file and a paper return must be filed.

11/06/2023

Be In The Know;

What is the EV Tax Credit, and what’s in store for 2024?

The EV Credit (Electric Vehicle) is currently a credit that is available after the purchase of a qualified Electric Vehicle. For new vehicles taxpayers may be eligible to receive a credit up to $7,500, and for previously owned vehicles up to a $4,000 credit may be available.
To receive this credit income must not exceed the following:
- $300,000. For filing status Married Filing Married.
- $ 225,000. For Head of Household.
- $150,000. For all other filing statuses.
For additional qualifications please see link at bottom of post.

Changes for 2024
There is one noticeable change for the year beginning January 1,2024. The Department of Treasury stated on October 6, 2023, “Due to a provision within the Inflation Reduction Act, consumers will be allowed to transfer the Clean Energy Tax Credit to the car dealer”. This means that if the dealer is registered with the IRS, they will have the ability to transfer the credit to the dealership and the consumer will have the ability to immediately use the credit as a rebate in which the eligible amount can be used as a down payment or redeemed for cash.

The provision to immediately use the Clean Energy Tax Credit is not available until January 1, 2024. As this fairly new guidance on the provision to give immediate access to the Clean Energy Credit, this post should NOT be considered a full or final understanding on the credit. For a full report on the Credit and revisions please see

Starting in January Inflation Reduction Act Provision Will Allow Consumers to Transfer Credit to Car Dealer, Reducing Purchase Price of New and Previously Owned Clean Vehicles at Time of SaleWASHINGTON – As part of Bidenomics and the Biden-Harris Administration’s Investing in America agenda, t.....