Accounting Solutions Ltd.

06/17/2026

Florida To Eliminate Most Property Taxes

The proposed Florida law, known as the "Save Our Homes from Excessive Property Taxes" plan, is a constitutional amendment headed to the November ballot. It seeks to shield primary residences from the majority of property taxes and sets a framework for their eventual total elimination.
The proposal includes...

1 - Massive Homestead Exemption Expansion

For all non-school district property levies, the amendment raises the homestead exemption over two years. It exempts the first $150,000 of a home's assessed value in 2027 and reaches $250,000 in 2028

2 - Path to Full Elimination

The amendment mandates that the legislature establish a general law laying out a schedule for the complete elimination of non-school property taxes on homesteaded properties

3 - Protection for Small Businesses

The annual cap on property tax assessment increases for non-school properties (which includes businesses and vacation homes) is lowered from 10% to 5%

4 - New Residency Requirements

To prevent out-of-state "tax tourism," individuals who become Florida residents on or after January 1, 2027, must reside in the state for five years before qualifying for the expanded exemption, receiving only a $50,000 exemption in the interim.

5 - Core Service Safeguards

To offset revenue losses for cities and counties, local governments are required to dedicate their remaining property tax revenues to essential services, such as public safety, infrastructure, and natural resources

Let me leave you with this...

It looks like Gov. Ron DeSantis is running for President again. This legislation, approved by both the Florida House and Senate, has national politics written all over it.

That being said, there's a couple of additional items worth considering...

1 - Voter Approval Required

Because this is a constitutional amendment, it requires at least 60% of the voter support on the November ballot to become law. I can't imagine this will have any difficulty passing.

2 - Local Government Concerns

Local officials have warned that completely eliminating non-school property taxes could create massive revenue shortfalls, potentially totaling upwards of $18B annually. To mitigate this, lawmakers and the Governor have proposed grant programs and state trust funds to assist local governments in maintaining critical public services.

The Governor probably isn't making any friends at the local level, but who couldn't possibly be excited about eliminating property taxes for long-term residents? Florida's middle class is having extreme difficulties paying their bills due to exorbitant increases in insurance costs following recent hurricanes.

I've had several clients sell off their Florida holdings for that specific reason. One might also ask a question like, "If they're going to eliminate property taxes, how will they pay their bills?"

I'm sure it's difficult for some of my readers to imagine, but reducing government spending is possible.

This is happening while our local politicians do nothing but raise taxes. Well, what else is new?

This will probably create a situation where many want to buy Florida properties prior to the January 1st, 2027 deadline to be included inside this law.

If you're having difficulties with your accounting and tax work, please contact us today.

We're all going to get through this. Let's get through it together...

Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300

www.AccountingSolutionsltd.com

Disclaimer: The content on our website or newsletter is provided solely for general informational purposes and should not be construed as tax, accounting, legal, investment, or professional advice of any kind. Accessing this information does not create, and is not intended to create, an accountant-client relationship. This information may not reflect the most current tax laws, accounting standards, or regulatory developments and may not apply to your specific jurisdiction or circumstances. It is not a substitute for consulting qualified professionals. Before making any decisions or taking any actions, you should seek advice from a professional who is fully informed of all relevant facts pertaining to your situation.

Tax-related content on this site is not intended, nor may it be used by any taxpayer, to avoid penalties that may be imposed under applicable tax laws. To comply with IRS requirements, we inform you that any U.S. federal tax advice contained herein is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties or promoting, marketing, or recommending any transaction or matter addressed herein.

All information is provided “as is,” without any guarantee of completeness, accuracy, or timeliness, and without any warranty, express or implied, including but not limited to warranties of performance, merchantability, or fitness for a particular purpose. We disclaim all liability for any loss or damage arising from reliance on this information.

Links to third-party websites are provided for convenience only; we do not endorse or assume responsibility for their content. All materials are the property of our firm and may not be reproduced without prior written consent.

We are a professional Chicago CPA and accountant specializing in small business accounting services such as tax preparation and filing, bookkeeping, and audits. Call us today to get started at 773-267-7500 or 888-310-0300.

06/12/2026

Three Sundays Ago, I Saved A Man's Life

I went to church in Lincoln Park, and then to Belmont Harbor where my 30' sailboat sits in a slip on D Dock. I took her out by myself for about three and a half hours.

We had winds out of the Southeast at five to ten knots and waves less than a foot once I was five or six miles out. When I brought my sailboat, Gray Nights, back to the slip I tied her back up to the dock, plugged in the battery charger, and was tying down my sails when I heard...

"Help!"

I was standing on the top of my cabin, so I looked around, but nothing out of the ordinary came to mind other than a boat four slips down at the extreme western end of the dock being at a 45-degree angle in its slip. It was taking up both spaces where two boats normally rest, rather than being on one side. Again I heard...

"Help!"

So I hopped onto the dock, ran over to the boat, and again didn't see anything out of the ordinary until I looked into the water. Her Captain was holding himself out of the water by clinging to life on a cleat anchored to the dock.

He said, "I fell in and don't have the strength to pull myself out." The dock doesn't have swim ladders so a person can easily get out and I was the only one on that side of the dock that late afternoon.

But he had a swim ladder on the stern of his sailboat, so I unlocked it from it's position, let it down, and said, "Swim over here. We can get you out with your boat's ladder."

He said, "I just had a hip replacement, but I'll try."

The swim wasn't easy for him, but he made it, and I got him onto the dock and out of harm's way. I checked his vitals, made sure he didn't need any medical attention, and that was it. He looked at me and said, "You know, you just saved my life."

I said, "Let's just thank God that I was here to help." And that was it. I buttoned up my boat and went home.

I'm not telling you this story to brag, but to explain something about myself and my profession.

I work in a business of secrets. Confidentiality isn't just a rule in Public Accounting.

It's a way of life for those of us who take the business seriously. Once we leave our offices, we can't talk about what happened during the day to anyone...ever.

What I did three Sundays ago wasn't about recognition. I don't want medals, plaques, or any of the rest of that.

It was about one Sailor helping another. It was about doing the right thing.

The same is true for my professional life and how I run Accounting Solutions.

I could tell you stories about the $75M company that I took through an audit. The IRS came in like Hatchet Men expecting to walk away with a huge check.

Instead, they left with their tails between their legs after giving me a "No Change" Letter.

I could tell you about the 17-year-old girl who walked into my office six years ago without an appointment. Her mother was a ju**ie who had run up a $300K tax bill on old payroll taxes from a beauty salon she'd owned a decade before.

Her mother had gone into a Methadone Program so the IRS had finally found her and were trying to put her in jail. If she'd gone into the slammer, her daughter would have ended up in the Foster Care System.

The daughter had a 4.2 GPA at Lane Tech after accounting for her advanced placement grades and had already received a full scholarship to Princeton. I could tell you how I ensured she didn't go into Foster Care, graduated with Honors, and is now in Medical School.

But I can't provide any particulars...ever.

Or I could tell you about the day-to-day business of running a premier accounting and tax firm where most of my clients are perfect audit targets putting $300K to $400K on their 1040s. I haven't had even one of them audited at the Federal Level in 12 years. Why?

Because our work is that good, the Service has no reason to knock on their doors. My clients sleep like babies at night.

But just like what I did three Sundays ago, it's not about recognition. Its about one person helping another.

It's simply about doing the right thing. And after all, isn't that what being an American is supposed to be about?

As always, if you're having difficulties with your accounting and tax work. I'd love to help.

Please contact me today, and I'll do the right thing.

We're all going to get through this. Let's get through it together...

Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300

www.AccountingSolutionsLtd.com

Disclaimer: The content on our website or newsletter is provided solely for general informational purposes and should not be construed as tax, accounting, legal, investment, or professional advice of any kind. Accessing this information does not create, and is not intended to create, an accountant-client relationship. This information may not reflect the most current tax laws, accounting standards, or regulatory developments and may not apply to your specific jurisdiction or circumstances. It is not a substitute for consulting qualified professionals. Before making any decisions or taking any actions, you should seek advice from a professional who is fully informed of all relevant facts pertaining to your situation.

Tax-related content on this site is not intended, nor may it be used by any taxpayer, to avoid penalties that may be imposed under applicable tax laws. To comply with IRS requirements, we inform you that any U.S. federal tax advice contained herein is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties or promoting, marketing, or recommending any transaction or matter addressed herein.

All information is provided “as is,” without any guarantee of completeness, accuracy, or timeliness, and without any warranty, express or implied, including but not limited to warranties of performance, merchantability, or fitness for a particular purpose. We disclaim all liability for any loss or damage arising from reliance on this information.

Links to third-party websites are provided for convenience only; we do not endorse or assume responsibility for their content. All materials are the property of our firm and may not be reproduced without prior written consent.

06/10/2026

Inflation Jumps To Three-Year High

Consumer prices rose 4.2% in May from a year earlier. This was an increase from 3.8% in April.

That was the highest year-over-year reading since April 2023. It's a sign that high energy costs stemming from the war with Iran continue to accelerate pricing pressures.

However the month-over-month rate cooled slightly compared to April. This is a sign that the sharp rise in energy prices may have peaked and begun to soften.

Core inflation, which excludes food and energy categories, rose 2.9% from a year earlier. That was in line with forecasts and was slightly hotter than 2.8% in the previous month.

The economy is facing overlapping inflationary shocks from tariffs, energy costs and the investment boom in artificial intelligence. Pain at the pump has forced many small businesses to raise their prices to maintain their margins.

Let me leave you with this...

Everyone is wondering what this will do to interest rates. Inflation is the main issue for the Fed as it gears up for its first meeting under new Chairman Kevin Warsh next week.

Today’s report marks yet another month in which the Fed has made no visible progress toward its 2% inflation goal. The debate ranges from holding rates steady for longer to whether a rate increase belongs back on the table.

Highlights of today's report include..

1 - Average gasoline prices rose to a four-year high of $4.56 a gallon in late May, according to AAA, although they have since cooled to about $4.15.

2 - Airline tickets were up 2.7% from April.

3 - But prices for food, housing and clothing rose more slowly

4 - Other categories posted outright declines such as car insurance decreasing 1.7% in May from April, prescription drugs dropping 0.9% and new vehicle prices declining 0.3%.

One thing we all need to watch is how this affects our employees. Inflation-adjusted hourly earnings declined 0.7% year-over-year in May after dropping 0.3% in April.

That means that households’ purchasing power isn’t keeping up with increases in the cost of things like rent, groceries and gasoline. Be careful.

You don't need to lose staff members as your competitors start poaching your best employees. A mid-year raise may become necessary, depending on how the rest of this year unfolds.

But most of all we need to be ultra-conservative in managing our businesses. Watch your financial statements like a hawk, trim any fat on your payrolls, and put new projects on hold.

Periods of pricing instability like this force many inexperienced business owners into bankruptcy. Manage your margins and raise your prices when necessary.

If your business has excess personnel, you'll need to do what's best for everyone. Running lean and mean is the only way in difficult economies.

Not knowing where the economy is headed and worrying about interest rates means this isn't the time for new projects. You don't want to be left without a chair if the music stops.

This isn't fun, but it's the job. It's what you signed on for. This is Entrepreneuring 101. Leadership is about guiding your business through difficult times. Any idiot can do it in the easy times.

So dig your hole, shoulder your weapon, and get it done already. But do so knowing that you aren't alone. I'm right there with you and am here when you need me.

If you need to talk, you know my number.

And if you're having problems with your accounting and tax work, what are you waiting for? Contact us today.

We're all going to get through this. Let's get through it together...

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, Accounting and Tax Work, Tax Planning, or Tax Representation, you have but to ask. I'm here and I remain,

Sincerely yours,

Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300

www.SalarySolutions.net

www.AccountingSolutionsLtd.com

Disclaimer: The content on our website or newsletter is provided solely for general informational purposes and should not be construed as tax, accounting, legal, investment, or professional advice of any kind. Accessing this information does not create, and is not intended to create, an accountant-client relationship. This information may not reflect the most current tax laws, accounting standards, or regulatory developments and may not apply to your specific jurisdiction or circumstances. It is not a substitute for consulting qualified professionals. Before making any decisions or taking any actions, you should seek advice from a professional who is fully informed of all relevant facts pertaining to your situation.

Tax-related content on this site is not intended, nor may it be used by any taxpayer, to avoid penalties that may be imposed under applicable tax laws. To comply with IRS requirements, we inform you that any U.S. federal tax advice contained herein is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties or promoting, marketing, or recommending any transaction or matter addressed herein.

All information is provided “as is,” without any guarantee of completeness, accuracy, or timeliness, and without any warranty, express or implied, including but not limited to warranties of performance, merchantability, or fitness for a particular purpose. We disclaim all liability for any loss or damage arising from reliance on this information.

Links to third-party websites are provided for convenience only; we do not endorse or assume responsibility for their content. All materials are the property of our firm and may not be reproduced without prior written consent.

06/08/2026

Illinois' New Social Media Tax Is A Nightmare For All

This tax which was signed into law with the new budget is a tax on “the number of Illinois users from whom the social media platform collects data within a month.” This is based on a monthly report showing the “average number of monthly users of the platform located in the State of Illinois.” My first question is...

1 - What exactly is the average number of monthly users?

How does anyone determine this in a given month? Over a longer period such as a year there might be an average number, but there can’t be an average inside a specific month.

2 - What's a user?

Is this a person or an account? If a person has multiple accounts on the same social media platform, does each account constitute a separate user?

If someone has accounts across multiple services operated by a single company like Facebook and Instagram, is each taxed separately? If an account is shared by multiple people, such as family members or a business, does that count as one user or more than one?

Is an account even required? If someone reads a Reddit thread without an account, do they count as a user?

3 - What is an "Illinois" user?

Is this someone who lives inside the state? What happens if an Illinois resident is vacationing in Wisconsin and they access their account? What about a non-resident who accessed their social media accounts during a layover at O’Hare or while in Chicago for a convention?

4 - How would their Illinois connection be determined for tax purposes?

A paid account would have a billing address on record, but most social media accounts are free and don't require one. Others are completely anonymous.

5 - What constitutes a social media platform?

According to the law, a social media platform is a website or internet medium that “permits a person to become a registered user, establish an account, or create a profile,” and something that “primarily serves as a medium for users to interact with content generated by other users of the medium.”

This captures Facebook, X, LinkedIn, Instagram, YouTube, and Reddit. But what about Yelp, Substack, or WhatsApp? The language is vague.

The tax is $6 per user per year, or $0.50 per user per month for large social media platforms,. There are lesser amounts per user for smaller platforms. Starting in 2028, these amounts are annually adjusted for inflation.

6 - What happens if you don't comply?

There are, of course, penalties. The law states, “If a social media platform fails or refuses to pay the monthly fee to the Secretary of State, there shall be added to the fee an amount equal to 100% of the unpaid fee and any penalties each month until the fee is paid.”

If the unpaid fees and penalties compound monthly, the penalties for nonpayment would become astronomical in no time at all. Who could possibly afford the penalties if they decided to audit you five or ten years in the future?

And does this only apply if a company fails to file, or would it apply if the Secretary of State’s office objected to how they calculated “Illinois users” and believes that they failed to pay the monthly fee for some number of users?

Let me leave you with this...

How does anyone capable of cognition sign this into law? I've read lousy tax law before, but this one has the word "incompetence" written all over it.

Take a moment and imagine the legal challenges this will cause. If you were one of the lawyers in Facebook's legal department, wouldn't you be chomping at the bit to file this suit?

How could you possibly lose?

Further complicating matters is the fact that it's structured as a fee even though it’s clearly a tax, and it’s run through the Secretary of State’s office rather than the Department of Revenue. This new tax is a legal minefield, forcing the state to defend itself against what will probably become strong constitutional challenges on multiple fronts.

The concept of a social media platform tax has been in the governor’s budget proposal for months, but the language was only provided with the enactment of the budget early on the morning of June 1st. Lawmakers and the public had no time to review the text before the vote.

And while the Governor’s Team had months to work on it, they seem to have completely dropped the ball. It's hard to take any of this seriously, except that it’s now Illinois law, and we need to try to comply.

Exactly how we'll do that is beyond imagination.

If you have problems with your accounting and tax work, please contact us today.

We're all going to get through this. Let's get through it together...

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, Accounting and Tax Work, Tax Planning, or Tax Representation, you have but to ask. I'm here and I remain,

Sincerely yours,

Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300

www.SalarySolutions.net

www.AccountingSolutionsLtd.com

Disclaimer: The content on our website or newsletter is provided solely for general informational purposes and should not be construed as tax, accounting, legal, investment, or professional advice of any kind. Accessing this information does not create, and is not intended to create, an accountant-client relationship. This information may not reflect the most current tax laws, accounting standards, or regulatory developments and may not apply to your specific jurisdiction or circumstances. It is not a substitute for consulting qualified professionals. Before making any decisions or taking any actions, you should seek advice from a professional who is fully informed of all relevant facts pertaining to your situation.

Tax-related content on this site is not intended, nor may it be used by any taxpayer, to avoid penalties that may be imposed under applicable tax laws. To comply with IRS requirements, we inform you that any U.S. federal tax advice contained herein is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties or promoting, marketing, or recommending any transaction or matter addressed herein.

All information is provided “as is,” without any guarantee of completeness, accuracy, or timeliness, and without any warranty, express or implied, including but not limited to warranties of performance, merchantability, or fitness for a particular purpose. We disclaim all liability for any loss or damage arising from reliance on this information.

Links to third-party websites are provided for convenience only; we do not endorse or assume responsibility for their content. All materials are the property of our firm and may not be reproduced without prior written consent.

06/05/2026

Firings At The IRS And Treasury To Continue

It's very difficult to fire a Federal Employee because of the unions. Federal Union Contracts classify employees into personnel categories. Depending on their category, the contracts make it either easier or more difficult to terminate a Federal Employee.

The President signed an Executive Order on June 3rd, where thirteen IRS positions have been grouped into a new personnel category that makes it easier to fire individuals in those roles. The positions, including human resources specialists, senior advisers, program managers, and attorney-advisers, have been reclassified into Schedule Policy/Career, along with thousands of other positions across the federal government.

The order finalizes the lengthy implementation process of the new service category, which is designed to strip the typical protections afforded to civil servants from employees deemed “policy-determining, policy-making, and policy-advocating.” Other reclassified positions include senior-level counselors to the commissioner, counselors to the general counsel, and senior legal advisers for regulatory affairs in the Office of Chief Counsel.

Treasury also reclassified a host of positions across its subdivisions, including the Alcohol and To***co Tax and Trade Bureau and the Financial Crimes Enforcement Network. No positions in the Office of Tax Policy were moved.

Federal unions, including the National Treasury Employees Union have opposed the reclassification, viewing it as a way to fire career staff and replace them with political loyalists. The President said the move aims to make it easier to fire employees for misconduct or poor performance.

Since the new administration took office, the IRS has lost over 25 percent of its employees to the deferred resignation program and other workforce reductions. The Office of Personnel Management gave agencies the green light to begin reclassifying employees under a final rule published in February, pending final approval from the White House.

Let me leave you with this...

Wanna guess what this means? That's right. You guessed it.

They're going to fire even more people at the IRS. It also means that machines will handle more of the Service's regular day-to-day operations.

For grins, I just called the Practitioner Priority Line. This special telephone number allows practitioners like me to skip the line and immediately reach someone at the Service.

Before all of this began, my wait times were less than 5 minutes. I just received a recorded message stating that no one was available and that I should try my call later.

Most of the time, to resolve even the simplest issues, we'll need to write a letter and wait three to six months for a response.

This also means that the ridiculous machine-written IRS letters making no logical sense, which our clients have been receiving for no reason, will probably continue and even increase. If there's ever been a time in recent history when electronically filing a return is a bad idea, it's certainly now.

They only began allowing electronic filing fifteen years ago so they wouldn't have to pay someone to type the numbers we put on returns into the system for checking. If we're going to have even more machines checking our work, mailing it in makes more sense.

If you're having problems with your accounting and tax work, we'd love to help. Please contact us today.

We're all going to get through this. Let's get through it together...

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, Accounting and Tax Work, Tax Planning, or Tax Representation, you have but to ask. I'm here and I remain,

Sincerely yours,

Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300

www.SalarySolutions.net

www.AccountingSolutionsLtd.com

Disclaimer: The content on our website or newsletter is provided solely for general informational purposes and should not be construed as tax, accounting, legal, investment, or professional advice of any kind. Accessing this information does not create, and is not intended to create, an accountant-client relationship. This information may not reflect the most current tax laws, accounting standards, or regulatory developments and may not apply to your specific jurisdiction or circumstances. It is not a substitute for consulting qualified professionals. Before making any decisions or taking any actions, you should seek advice from a professional who is fully informed of all relevant facts pertaining to your situation.

Tax-related content on this site is not intended, nor may it be used by any taxpayer, to avoid penalties that may be imposed under applicable tax laws. To comply with IRS requirements, we inform you that any U.S. federal tax advice contained herein is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties or promoting, marketing, or recommending any transaction or matter addressed herein.

All information is provided “as is,” without any guarantee of completeness, accuracy, or timeliness, and without any warranty, express or implied, including but not limited to warranties of performance, merchantability, or fitness for a particular purpose. We disclaim all liability for any loss or damage arising from reliance on this information.

Links to third-party websites are provided for convenience only; we do not endorse or assume responsibility for their content. All materials are the property of our firm and may not be reproduced without prior written consent.

06/03/2026

New Retirement Account Offers Interesting Tax Planning Advantage

For years, I've touted using IRAs to fund college savings for entrepreneurs' children. It's how I sent my daughter to DePaul basically for free.

Once your child is old enough to work at your company, give them a job answering phones, sweeping floors, or whatever it takes to generate a $7,500 W-2. At the end of the year, you generate the W-2 and pay the payroll taxes.

You then put that $7,500 every year into a Roth IRA. The money grows inside the Roth until it's time for them to go to college.

How does this benefit you? Stay with me...

1 - There's no 10% early withdrawal penalty for distributions from an IRA that go toward qualified college tuition, room, or board.

2. Since the money is in a Roth, you don't have to pay regular income tax when the distributions are withdrawn.

3 - If the only thing you're putting on a child's 1040 is a W-2 for $7,500, there's no federal income tax and only a very small tax from the State of Illinois.

In summary, what just happened?

You receive a deduction for the money you save for your kids' college expenses. The only cost is the excess payroll taxes and a small tax at the State of Illinois level. And when you take the distributions out of a Rath, it doesn't cost you a dime.

You're basically sending your kid to college for free.

There was only one wrinkle in the plan, which was the fact that you had to wait until your kid was old enough to actually do something at your company for this to work. But, to a lesser degree, this is no longer true.

The new Trump Retirement Accounts for children are the new option. These are the accounts that can be established for your children the day they're born, which the Treasury Department will initially fund with $1,000.

How does this solve part of the problem? I'm glad you asked.

1 - You don't have to wait until your child is old enough to do something at your company. You can begin contributing up to $5,000 per year from the day they're born.

2 - These accounts immediately become IRA accounts on your child's 18th birthday. Consequently, qualified distributions for college expenses do not incur the 10% early withdrawal penalty.

There are two drawbacks.

1 - You would need to pay regular income tax on the distributions when the account is converted to a Regular IRA.

2 - You would not get a deduction from a W-2. Deposits to these accounts are generally after tax contributions.

Let me leave you with this...

Determining how to pay for a child's education is one of the hardest challenges for most middle-class entrepreneurs. The house, the cars, the credit cards, and minuscule things like the payroll always seem to get in the way.

But every little bit helps. You should know that you'll never get this advice from a financial planner.

Why? Because financial planners can't legally receive commissions from IRAs.

This is one of the reasons they constantly tout 529 Plans. But there's only one problem with 529s.

You can't get a federal deduction for the money you deposit into them and state income tax savings are generally low. But if you put it into an IRA, you'll get a deduction for the W-2.

The only true benefit to a 529 Plan is the deposit limit which is $19K for a single taxpayer and $38K for Married Filing Joint Taxpayers in 2026—certainly higher than the limit for an IRA.

However, because these new Retirement Accounts automatically convert to IRAs when the recipient turns 18, they introduce a new consideration for tax planning that everyone should evaluate.

If you're having difficulties with your accounting and tax work, I'm waiting for you to contact me.

We're all going to get through this. Let's get through it together...

Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, Accounting and Tax Work, Tax Planning, or Tax Representation, you have but to ask. I'm here and I remain,

Sincerely yours,

Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300

www.SalarySolutions.net

www.AccountingSolutionsLtd.com

Disclaimer: The content on our website or newsletter is provided solely for general informational purposes and should not be construed as tax, accounting, legal, investment, or professional advice of any kind. Accessing this information does not create, and is not intended to create, an accountant-client relationship. This information may not reflect the most current tax laws, accounting standards, or regulatory developments and may not apply to your specific jurisdiction or circumstances. It is not a substitute for consulting qualified professionals. Before making any decisions or taking any actions, you should seek advice from a professional who is fully informed of all relevant facts pertaining to your situation.

Tax-related content on this site is not intended, nor may it be used by any taxpayer, to avoid penalties that may be imposed under applicable tax laws. To comply with IRS requirements, we inform you that any U.S. federal tax advice contained herein is not intended or written to be used, and cannot be used, for the purpose of avoiding tax penalties or promoting, marketing, or recommending any transaction or matter addressed herein.

All information is provided “as is,” without any guarantee of completeness, accuracy, or timeliness, and without any warranty, express or implied, including but not limited to warranties of performance, merchantability, or fitness for a particular purpose. We disclaim all liability for any loss or damage arising from reliance on this information.

Links to third-party websites are provided for convenience only; we do not endorse or assume responsibility for their content. All materials are the property of our firm and may not be reproduced without prior written consent.