M James Accounting & Tax

04/16/2026

As another busy tax season comes to a close, we want to take a moment to sincerely thank all of our amazing clients for trusting us with your tax needs. Your support means everything to us, and we are truly grateful for the opportunity to serve you each year.

Remember, our commitment to you doesn’t end when tax season does! We’re here year-round to assist with your tax planning, bookkeeping, accounting, and any financial questions you may have.

If you need guidance or support at any time, don’t hesitate to reach out—we’re always happy to help!

Thank you again for your business!

04/13/2026

📢 Office Announcement 📢

Please note that our office will be closing early at 12:00 PM on Wednesday, April 15th and will remain closed for the rest of the week.

We will reopen on Monday, April 20th with normal business hours.

Beginning that same week, our office will return to being closed on Fridays.

Thank you for your understanding, and we appreciate your continued support!

03/31/2026

Our office with be closed Friday, April 3rd for Good Friday.

02/05/2026

Important Tax Update for Clients Who Gamble — Changes Effective for 2026 Tax Year

Please be aware of a significant change to how gambling losses will be treated on your federal tax return for the 2026 tax year (returns filed in 2027).

🔹 New Limitation on Deducting Gambling Losses
Under federal tax law beginning January 1, 2026, you will only be able to deduct up to 90% of your documented gambling losses against your gambling winnings — even if your losses equal or exceed your winnings. This is a departure from the previous rule, which allowed you to deduct 100% of your losses up to the amount of your winnings when itemizing.

🔹 What This Means for You
👉 If you’ve historically broken even (e.g., $50,000 in winnings and $50,000 in losses), you may now have taxable income despite not actually profiting — because you can only deduct $45,000 of those losses.
👉 Losses still cannot exceed winnings for the deduction, and you must itemize to claim gambling loss deductions.

As always, be sure to maintain detailed documentation of all your gambling activity — including winnings, losses, and supporting records (e.g., tickets, statements, receipts) — if you plan to itemize and claim these deductions.

🔹 What’s Not Changed
This limitation only applies to the federal deduction for gambling losses; it does not change how winnings are reported as taxable income. Always report all gambling winnings on your federal tax return.

02/05/2026

Overtime Deduction Clarification

We’ve had a few questions about overtime and deductions, so here’s a quick explanation.

When you work time and a half, not all the overtime shown on your paystub qualifies for the overtime deduction.

Only the “half” portion qualifies.
That means the extra 0.5 you earn on top of your regularly hourly rate.

Example:
If your regular rate is $20/hour
*Regular pay = $20
*Overtime rate = $30 (time and a half)
*Qualified portion = $10 (the “half”)

The full overtime amount on your paystub may look bigger, but for deduction purposes, only that additional half counts.

If you have any questions about your specific situation , feel free to reach out – we’re happy to help!

01/09/2026

01/08/2026

Tax Season Office Hours:

Mondays, Tuesdays, Thursdays, & Fridays: 8:30 - 4:30 (closed for lunch from 12-1)

Wednesdays: 8:30 to noon

12/23/2025

Merry Christmas from M James Accounting! We hope your Christmas is filled with wonderful memories and the New Year brings many blessings!

09/10/2025

The has assessed more than $162 million in penalties over false tax credit claims linked to fraudulent tax advice promoted on social media.

Read the agency’s alert: https://ow.ly/kbSS50WTrjw

08/05/2025

🚨 NEW IRS Form Alert: 1099-DA for Digital Assets 🚨

Heads up, everyone — starting with the 2025 tax year, the IRS is introducing a new form: Form 1099-DA 🧾💻

📌 What is it?
Form 1099-DA (Digital Assets) is designed to report crypto and other digital asset transactions — similar to how Form 1099-B reports stock trades.

📬 Who will receive it?
If you sell, exchange, or get paid in crypto, NFTs, or other digital assets, your crypto broker or exchange will be required to send you this form — starting January 2026 for your 2025 taxes.

🧐 What’s on it?

*Gross proceeds from digital asset sales
*Dates of acquisition and sale
*Cost basis
*Type of digital asset

Gain/loss info

⚠️ Important note for 2025:
Cost basis reporting is not required for tax year 2025, even if the broker has the information. That part will come in future years.

✅ Why this matters:
This form is part of the IRS's effort to standardize and simplify crypto tax reporting — and ensure nothing slips through the cracks.

💡 Tip: Start keeping good records now if you use platforms like Coinbase, Kraken, or Robinhood Crypto — it’ll make tax time much easier.

Got questions? Contact us at 337-462-0522.

08/05/2025

Did you know you can easily manage your taxes online with a secure IRS.gov account?

Creating your IRS Online Account gives you 24/7 access to:
✅ View your tax balances
✅ Access past returns and transcripts
✅ Make or track payments
✅ Update personal info
✅ Receive IRS notices digitally

🔐 It’s safe, fast, and puts you in control of your tax info!

👉 Visit https://www.irs.gov/payments/your-online-account to get started today!

Need help setting it up? We're here to assist! 💬📞

Sign in or create an online account. Review the amount you owe, balance for each tax year, payment history, tax records and more.

07/10/2025

📢 Let’s Clear Up Some Confusion About Overtime and Taxes 🇺🇸

There’s been a lot of talk lately about overtime wages and the new One Big Beautiful Bill Act, so let’s set the record straight — especially about what’s taxable and what’s deductible.

🧾 Here’s the key point:
Overtime pay is still considered taxable income — you’ll continue to see taxes withheld on your paycheck just like before.

BUT — under the new law, starting this tax year, eligible workers can deduct up to $12,500 ($25,000 for a joint return) of overtime compensation on their federal tax return. 💸

🧮 How it works:

The deduction applies only to wages earned for hours worked beyond 40 per week.

You can deduct up to $12,500 ($25,000 for a joint return) of those overtime earnings.

This deduction reduces taxable income and is not an itemized deduction.

🚫 Phase-out limits:

The deduction begins to phase out when modified adjusted gross income is over $150,000 for single files and $300,000 for joint filers.

📌 Bottom line:
Overtime pay is still taxed on your paycheck — but when tax season rolls around, you may qualify to deduct up to $12,500 ($25,000 on joint return), depending on your income.

💡 What to do now:

Track your overtime hours carefully

Save those pay stubs

Have questions, call our office at 337-462-0522.