Integrated Accounting and Tax

Integrated Accounting and Tax Small business bookkeeping, payroll processing, financial statements, income tax preparation

Important Update! There is a change to the USPS policy on when they apply postmarks. Be sure to mail any income tax retu...
12/30/2025

Important Update! There is a change to the USPS policy on when they apply postmarks. Be sure to mail any income tax returns, income tax payments or estimates, and property tax payments early to account for this!!

10/27/2025

Updates / Clarifications on the OB3 (One Big Beautiful Bill)
Update #10 Forms 1099-NEC and 1099-K

For 2024 and 2025, if you make payments over a $600 threshold to a subcontractor, you are required to issue a 1099-NEC. Starting in 2026, that threshold will increase to $2,000.
For 2024, Third Party payment processers (ie Square, PayPay) were required to issue a 1099-K for payments exceeding $5,000. For 2025, that threshold will be lowered to $2,500

Important Note—regardless of what that threshold is, and regardless of whether or not you receive a Form 1099-NEC or 1099-K, the taxpayer is still required to claim all of the revenue earned. There are no exceptions made as to whether or not you received a 1099 form.

10/24/2025

Updates / Clarifications on the OB3 (One Big Beautiful Bill)
Update #9 Green Tax Credits

The previous credits for a New Clean Vehicle and for Previously Owned Clean Vehicles both are terminated after September 30, 2025. There is no special transition rule for any binding contracts (but not yet shipped/completed) prior to that date

The previous credits for Energy Efficient Home Improvement credits and for the Residential Clean Energy credits for property placed in service after December 31, 2025.

The previous credits for a Commercial Clean Vehicle are terminated after September 30, 2025

The previous credits for Alternative Fuel Refueling Property credit terminates after June 30, 2026

The previous Energy Efficient Commercial Buildings deduction terminates for any property whose construction begins after June 30, 2026

10/21/2025

Updates / Clarifications on the OB3 (One Big Beautiful Bill)
Update #8 Adoption Credit

In 2024, this credit was for $16,810 per eligible child, but would only reduce the Federal tax, not create a refund. If the credit could not be fully used in the calendar year, the remaining portion would roll forward to the following year. Under the new tax act, up to $5,000 of this can now be refundable.

10/18/2025

Updates / Clarifications on the OB3 (One Big Beautiful Bill)
Update #7 Car Interest Deduction

This is not an Itemized Deduction, but rather is deducted after your AGI and lowers your Taxable Income.

*Starting with loans after Dec 31, 2024, you can deduct up to $10,000/year in care loan interest without iteming.
*Applies to new passenger vehicles (2+ wheels, for public roads, original use by you)
*Must be reported on a form similar to 1098-INT (exact form # TBD), and include your VIN on your return.
*Not eligible: leases, commercial vehicles, salvage titles, scrap/parts vehicles, or on loans from family members

10/16/2025

Updates / Clarifications on the OB3 (One Big Beautiful Bill)
Update #6 No Tax on Overtime

The claims made that this bill grants “NO TAX ON OVERTIME” are not entirely accurate!

This deduction offers eligible filers a deduction up to $12,500 (Single) or $25,000 (MFJ) for the tax years of 2025, 2026, 2027, and 2028. The deduction phases out for earnings over $150,000 (Single) and $300,000 (MFJ). Similar to the TIPS provision, this item is only exempted from the calculation of Federal tax. The key to this provision is the calculation of “overtime pay”. Overtime pay is 1.5 times the normal rate of pay, so a worker earning $20/hr would earn $30/hr for overtime hours. ONLY the pay differential of $10/hr is what this tax credit is based on. You will need your final paystub paid in 2025 to document this reduction.

10/14/2025

Updates / Clarifications on the OB3 (One Big Beautiful Bill)
Update #5 No Tax on Tips

The claims made that this bill grants “NO TAX ON TIPS” are not entirely accurate.

* The new deduction only applies to voluntarily tipped income (like servers, beauty, and cleaning services) — not automatic gratuities. IRS will clarify which jobs qualify.
*Gratuities automatically added to your tab based on group size (ie not voluntary) are not included
* This is a temporary deduction (2025–2028), allowing up to $25,000 of tips (from W-2 income) to be excluded from federal taxable income. It appears that Michigan will allow that deduction as well. For City tax returns, their standard practice is to disallow federal adjustments, so it is likely the tip deduction will be added back into the City return calculations
* Phase-outs apply: income over $150k (Single) or $300k (Married) may not qualify.
*If you already owe no federal income tax, this deduction won’t benefit you.

10/12/2025

Updates / Clarifications on the OB3 (One Big Beautiful Bill)
Update #4 SALT (Sales and Local Tax) Deduction

IF you had enough deductions in order to Itemize on Schedule A, there was a cap of $10,000 that you could claim for the portion that was State and Local taxes, property taxes, and personal use vehicles (your license plate tab renewals). For those whose income was higher or for those with high property taxes and/or more than one property, there would often be expenses that surpassed that $10,000 cap that they could NOT claim on their Schedule A. This cap for 2025 will now be $40,000. The cap will be increased in future years, but there is also an income phase-out. This will only affect those who have enough expenses to Itemize.

10/10/2025

Updates / Clarifications on the OB3 (One Big Beautiful Bill)
Update #3 Child Tax Credit

The Child tax credit will be permanently increased to $2,200 per child (up from $2,000 in 2024), while the refundable component will be $1,400 (lower than the previous max. of $1,700 in 2024) with a phase-out based on income. These amounts are to be inflation-adjusted in future years.

10/08/2025

Updates / Clarifications on the OB3 (One Big Beautiful Bill)
Update #2 Social Security
The claims made that this bill grants “NO TAX ON SOCIAL SECURITY” are not accurate!

Here is what the bill actually does--
*Applies only to tax years: 2025, 2026, 2027, and 2028
*In addition to the Std Deduction ($15,750 for Single, $31,500 for MFJ), seniors aged 65 or older may deduct up to an additional $6,000 from their earned income

Here is what the bill does NOT do--
*Does NOT eliminate taxes on Social Security benefits
*ONLY helps if you have enough earned income to benefit from the addl $6,000 deduction
*If you already owe $0 in taxes, this deduction does nothing for you
*Starts to phase out for higher-income seniors (phase out starts at $75,000+ for Single, $150,000+ for MFJ)
*Is not available to you if you file as MFS (Married Filing Separate)

10/07/2025

Updates / Clarifications on the OB3 (One Big Beautiful Bill)
Update #1 Increased Standard Deduction amounts

a. Single/MFS: from $15,000 to $15,750
b. Head of Household: from $22,500 to $23,625
c. MFJ (Married Filing Joint)/Qual.Survivor: from $30,000 to $31,500

10/07/2025

Updates / Clarifications on the OB3 (One Big Beautiful Bill)

There are so many things to unpack from this bill. We will try to outline some of the main ones that pertain to the 2025 tax filing year. Watch this page for a series of updates. Just know that there may continue to be clarifications coming from IRS.

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