Tax Preparation Services

07/31/2025

New temporary provisions good for 4 years
No taxes on tips or overtime. The new law caps deductions on tipped income of up to $25,000 and overtime income of $12,500 ($25,000 for joint filers). The deduction would begin to phase out for single filers with income over $150,000 and $300,000 for joint filers.

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07/24/2025

Tax Changes for EV and Clean Energy Credits

The tax act ends the $7,500 tax credit for households that buy or lease a new electric vehicle as well as the $4,000 tax credit for buyers of used EVs. These tax credits will disappear after Sept. 30, 2025. Additionally, it eliminates tax credits for consumers who add energy-efficient improvements to their homes, such as rooftop solar, electric heat pumps, or efficient windows and doors. These credits will end after Dec. 31, 2025.

If you are considering EVs or energy-efficient home improvements, do it before September 30th, 2025.

12/24/2024

Are you a self employed with a minor child at home? If your child is between ages 6 and 17 years old, you can hire your children to help you with your business and pay him or her directly from your business to their personal bank account each week or month. Use excel to record all the work they do each time they work, date, task, hours, pay rate and take some pictures each month as a proof of their work. Minor children do not pay Federal taxes, SS or Medicare or state taxes or Federal unemployment.
Most states do not charge state unemployment on wages paid to minors.

12/05/2024

Strategies for gifting!

Funding education. One common gifting strategy is funding a child's education through a Section 529 college savings plan. The IRS permits front-loading contributions, allowing you to contribute more in a single year without affecting your lifetime gift tax exemption. You can “superfund” a 529 plan with up to five years' worth of contributions at once. This means an individual can contribute up to $90,000 in 2024 (or $95,000 in 2025) to a single 529 plan. However, any additional gifts to that beneficiary during the five-year period may trigger gift tax implications.

12/05/2024

Gifting to individuals this year.
Understanding gift tax rules is fundamental. These rules prevent taxpayers from sidestepping federal estate taxes by gifting assets before death. In 2024, individuals can gift up to $18,000 per person annually, or $36,000 for married couples, without needing to file a gift tax return. In 2025, the gift tax exclusion rises to $19,000 for individuals and $38,000 for married couples. Amounts above these thresholds are reportable and reduce your lifetime gift and estate tax exclusion and will require you to file a Gift Tax Return.

07/03/2024

With Trump-era tax cuts set to expire next year, now might be the best time to take advantage of a Roth IRA by converting your 401K or IRA account.

01/11/2024

If you are planning on buying an electric or hybrid car this year, please be aware!

In accordance with new IRS regulations, beginning January 1, 2024, Clean Vehicle Tax Credits must be initiated and approved at the time of sale.

Buyers are advised to obtain a copy of the IRS’s confirmation that a “time-of-sale” report was submitted successfully by the dealer.

Go to IRS publication 5900 to learn more!

09/17/2023

https://apple.news/AChHylVY3Q46Utkrwc0dInQ

Tax planning season starts in the fall for financially savvy people. Millions of these families will find that next spring’s annual slog through tax return preparation is going to get a lot worse for them even though they did nothing more than sell old baby clothes on Meta’s Facebook Marketplace...

01/12/2023

Tax filing season starts January 23, IRS says

12/26/2022

Take 15 minutes to set up an online account on the IRS website so you don’t have to go digging through desk drawers or calling your former employer for a replacement copy of your W-2 at the last minute.
While you can’t actually file taxes from your account, you can access digital transcripts of your past four years of tax returns and income documents, pay a balance, make an estimated quarterly payment, set up a payment plan, and get a deadline extension.
To make an account, you need to have a passport, driver’s license, or state ID on hand. The IRS uses the ID.me platform for identity verification, so the process will also require either taking a selfie with facial recognition software or recording a short video chat with an agent.

ID.me Wallet simplifies how individuals discover and access benefits and services through a single login and verified identity.

12/23/2022

Don’t let scammers ruin your festive cheer. The encourages all taxpayers to sign up for an IPPIN. An IPPIN can block thieves from filing fraudulent tax returns with your personal information. If you would like to learn more, click here:

Find out what an IRS-issued Identity Protection PIN is and how to get one if you are eligible.

12/23/2022

Before the end of the year, check FSA spending and HSA contributions.

Often, the money in flexible spending accounts (FSA) is money you either use or lose — meaning those funds won't roll over into 2023. If you have any money remaining in your FSA, use it up during the final weeks of the year on qualified medical expenses.