Rayman Financial Solutions, Inc.

07/22/2025

A few of the new 2025 tax laws, courtesy of Fidelity:

Higher Standard Deduction (Plus a Bonus for Seniors)
The standard deduction remains high:
$15,750 for individuals
$31,500 for married couples filing jointly1

New senior deduction:
People 65 and older may be eligible for an additional deduction of up to $6,000 (or $12,000 for couples).
This bonus phases out at incomes above $75,000 (single) or $150,000 (joint), and it’s available through 2028.2

Expanded Child Tax Credit
The credit rises from $2,000 to $2,200 per child
It is now indexed for inflation, meaning it may increase gradually over time3

Even if you no longer claim children, your children or grandchildren might benefit from this change.

Temporary Deductions for Tips, Overtime & Auto Loans (2025–2028)
Up to $25,000 in deductions for tips and overtime income
Up to $10,000 in deductible interest on auto loans, but only for U.S.-assembled vehicles4

Higher Cap on State & Local Tax Deductions (SALT)
The deduction cap for state and local taxes increases to $40,000
Available for households with less than $500,000 in annual income
The expanded cap is temporary and expires in 5 years5

“Trump Accounts” for Newborns (2025–2028)
Parents of newborns will receive a $1,000 deposit in a new tax-deferred account
Additional contributions of up to $5,000 per year are allowed
Funds can grow tax-deferred and be used for education, home buying, or life milestones6

In Summary:
This bill introduces several meaningful tax updates, especially for:
Retirees and seniors
Working individuals earning tips or overtime
Families supporting children or grandchildren
Most of these changes expire after 2028, so now might be the time to plan ahead.

This does not cover all the changes but is an initial brief summary. As always, some deductions/credits are based upon income and if your personal income exceeds the limit, no tax deduction benefit.

06/07/2023

It's happening again for 2022 Tax. If you filed your 2022 tax return for GA: Georgia Residents, Refund check is coming due to a tax surplus in Georgia, $250 per taxpayer. If your married and receive a $500 check in the mail from the Georgia Department of Revenue, enjoy it- as it is yours to keep and/or spend!

05/25/2023

Car Extended Warranties - should I buy?

Well that depends on price and number of miles under warranty from original manufacturing warranty. In my experience, it is best to turn down all extended warranties offered at the original time of purchase. You can find a much better deal, sometimes half as much from another dealership in the US (not a third party) if you shop around.

For example, a Jeep dealership recently offered me 60,000 miles 6 year warranty for $2,400 at time of purchase. I declined. I called a Jeep dealership in Indiana, they offered an 8 year, 100,000 warranty for $2,100, same bumper to bumper, transferable to private party sales as well if I don't keep that vehicle that long. This type of process occurred with a Cadillac offering an additional 48,000/4 years to take the car to 98,000 miles. The Dealership in GA quoted $3,800, the Cadillac dealer in Michigan was $2,100 for the same policy, platinum bumper to bumper.

My best advice, always turn down at point of sale, of skip extended warranty all together, or buy a car that already covers 100,000 miles like the Kia/Hyundai, or shop around and get a much better deal. The dealer at point of purchase will be the highest price with the lowest time/miles covered, because you can roll into the loan. Don't do it, hardly adds any miles/time and cost twice as much!

12/06/2022

Georgians, don't forget to vote today!

05/23/2022

Please remember to Vote 5/24/22

05/23/2022

Georgia Residents, Refund check is coming due to a tax surplus in Georgia, $250 per taxpayer. If your married and receive a $500 check in the mail from the Georgia Department of Revenue, enjoy it- as it is yours to keep and/or spend!
https://www.americustimesrecorder.com/2022/05/16/gov-kemp-georgia-department-of-revenue-to-begin-issuing-special-one-time-tax-refunds/ #:~:text=This%20initiative%20is%20a%20result,state%20experiencing%20a%20revenue%20surplus.

Atlanta, GA – Governor Brian P. Kemp and the Department of Revenue (DOR) announced May 11, 2022 that DOR will begin issuing special, one-time tax refunds this week. This initiative is a result of House Bill 1302, which the Georgia General Assembly recently passed, and Governor Kemp signed into law...

01/06/2022

Business Meals 100% deductible for two years!!

As part of the Consolidated Appropriations Act (2021), the deductibility of business meals is changing. Food and beverages will be 100% deductible if purchased from a restaurant in 2021 and 2022. This temporary 100% deduction was designed to help restaurants, many of which have been hard-hit by the COVID-19 pandemic.

Entertainment expenses, like a sporting event or tickets to a show, are still non-deductible. However, team-building activities for employees are deductible.
Know what you can and cannot get a deduction on

Most of the rules are pretty cut and dry (see examples below). However, there are a few common scenarios that Senior Tax Research Manager Yunnice Chang receives questions about.

“Purchasing tickets to take a business client to a sporting event or other entertainment type event are not deductible. Also gone are charitable deductions for contributions to the right to purchase tickets to a college’s athletic events,” reminds Yunnice. “But you can deduct the meals consumed at these events, if you separate the receipts.”

However, team-building outings, including the purchase of tickets for your staff is allowed and 100% deductible. The tax code states that “expenses for recreational, social, or similar activities (including facilities therefor) primarily for the benefit of employees” qualify for the 100% deduction.

Yunnice reminds that high-end restaurants, beverages (including alcohol) are okay and still 100% deductible for business purposes. De minimis fringe benefits like in-office coffee and snacks do not fall into the category of meals and are still only 50% deductible. Cruise ship conferences that offer continued education have their own set of rules.

source: Cainwaters.com

01/05/2022

Direct from www.irs.gov

Here are some key items for taxpayers to consider before they file next year.
Check on advance Child Tax Credit payments

Families who received advance payments will need to compare the advance Child Tax Credit payments that they received in 2021 with the amount of the Child Tax Credit that they can properly claim on their 2021 tax return.

Taxpayers who received less than the amount for which they're eligible will claim a credit for the remaining amount of Child Tax Credit on their 2021 tax return. Taxpayers who received more than the amount for which they're eligible may need to repay some or all of the excess payment when they file.

In January 2022, the IRS will send Letter 6419 with the total amount of advance Child Tax Credit payments taxpayers received in 2021. People should keep this and any other IRS letters about advance Child Tax Credit payments with their tax records.

See Reconciling Your Advance Child Tax Credit Payments on Your 2021 Tax Return for more information.

Eligible families who did not get monthly advance payments in 2021 can still get a lump-sum payment by claiming the Child Tax Credit when they file a 2021 federal income tax return next year. This includes families who don't normally need to file a return.
Economic Impact Payments and claiming the Recovery Rebate Credit

Individuals who didn't qualify for the third Economic Impact Payment or did not receive the full amount may be eligible for the Recovery Rebate Credit based on their 2021 tax information. They'll need to file a 2021 tax return, even if they don't usually file, to claim the credit.

Individuals will also need the amount of their third Economic Impact Payment and any Plus-Up Payments received to calculate their correct 2021 Recovery Rebate Credit amount when they file their tax return. Ensuring they use the correct payment amounts will help them avoid a processing delay that may slow their refund.

In early 2022, the IRS will send Letter 6475 that contains the total amount of the third Economic Impact Payment and any Plus-Up Payments received. People should keep this and any other IRS letters about their stimulus payments with other tax records. Individuals can also log in to their IRS.gov Online Account to securely access their Economic Impact Payment amounts.

See IRS.gov/rrc for more information.
Charitable deduction changes

Taxpayers who don't itemize deductions may qualify to take a charitable deduction of up to $600 for married taxpayers filing joint returns and up to $300 for all other filers for cash contributions made in 2021 to qualifying organizations. For more information, read Publication 526, Charitable Contributions.

03/17/2021

The IRS moved the personal tax filing deadline to May 15, 2021 this year, most states are likely to follow suit. More time to find the deductions!

02/14/2021

Timeline for Biden’s Third $1,400 per Tax Payer Stimulus Check

February 2, 2021: Senate Democrats vote unanimously to start the budget reconciliation process, which opens up a path to pass President Biden’s relief plan with just 51 votes.
February 3, 2021: President Biden discusses targeting the third stimulus checks with House Democrats. The White House later confirms during a press briefing that Democrats may consider changing income limit requirements, which Republicans want to lower, but maintain $1,400 payments.
February 5, 2021: Vice President Harris casts her first tie-breaking Senate vote just after 5:30 am to approve a budget plan that includes President Biden’s coronavirus stimulus proposal.
February 5, 2021: House Speaker Pelosi says that the House aims to pass a coronavirus relief bill within two weeks and send it over to the Senate “long before the due date”. Federal unemployment benefits included in former President Donald Trump’s $900 billion relief bill will expire on March 14.
February 8, 2021: The House Ways and Means Committee announces that it will review nine proposals, including a third round of stimulus checks, under the budget reconciliation process from February 10 to February 12.

The new Democrat plan proposes stimulus payments for individual taxpayers earning up to $75,000 and joint filers making up to $150,000. But whereas the first and second rounds of stimulus payments phased out checks on a sliding scale of $5 for every $100 over the income limit, the new plan cuts off high earners at $100,000 for individuals and $200,000 for couples.

Source: www.smartasset.com

SmartAsset's free and interactive tools help you make smarter decisions on home buying, refinance, retirement, life insurance, taxes, investing, personal loans, and more

01/05/2021

If you live in Georgia, don't forget to vote today!

01/04/2021

A new round of Paycheck Protection Program (PPP) lending will soon be available
New federal legislation, signed into law on December 27, 2020, provides nearly $900 billion in emergency coronavirus relief to families, workers, small businesses and organizations impacted by the health crisis.

This new legislation authorizes the Small Business Administration (SBA) to approve Paycheck Protection Program (PPP) loans up to the $284.5 billion in allocated PPP funding.

We are awaiting guidance from the Small Business Administration (SBA) and plan to begin accepting new PPP loan applications in the coming weeks. Be sure to visit our Small Business Assistance site often for the latest information.

New PPP loans

• According to the legislation, PPP loans will be available to businesses with 500 or fewer employees that have not previously received a PPP loan to help with payroll, rent, utilities, healthcare costs and more.
• In addition to providing for new PPP loans for first-time borrowers, the legislation also allows certain existing PPP borrowers to receive a "second draw" PPP loan if they have used all of their first loan (or will have by the time of disbursement of the second loan), have no more than 300 employees and can demonstrate a year-over-year quarterly revenue reduction of at least 25%.
• For details on eligibility and requirements for this new round of PPP lending, please visit the SBA website.

To apply for a PPP loan at Bank of America

You must have met one of the following criteria as of December 21, 2020:

• Have a Small Business or Business checking and Small Business or Business credit relationship with Bank of America (including commercial or corporate credit cards, conventional business loans or leases, business lines of credit, business auto loans, practice solutions loans and trade- and asset-based loans).

Or
• Have a Small Business or Business checking relationship with us and do not have a business credit or borrowing relationship with another bank.

How to prepare for the application process

• We are awaiting guidance from the federal government regarding documentation requirements for this round of PPP lending, which may include income and/or payroll documents. To help you prepare for the application process, we recommend you review and familiarize yourself with the SBA’s documentation requirements for previous rounds of PPP lending found on the SBA website.

Our PPP loan program is digital only

• All applications, information and correspondence about the PPP through Bank of America will occur online and through email, including the application process, submission of required documents and follow-up correspondence. Please ensure we have your correct and up-to-date email on file.
• To apply, you must sign in to your Business Advantage 360 account, our Small Business online banking solution. If you do not currently have a Business Advantage 360 username and password, you must enroll as soon as possible.

As a reminder, the PPP, including PPP loan forgiveness, is governed by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, the Paycheck Protection Program Flexibility Act of 2020, Title III of the Consolidated Appropriations Act of 2021, and the rules and guidance issued by the U.S. Treasury and SBA. Other terms and conditions under applicable law and Bank of America policy may apply.