Stacy Hammond CPA, PLLC

04/28/2026

⚠ The IRS is sending an erroneous letter, sample below. ⚠

Several clients have receive these notices. In some cases, the letters are being sent to taxpayers who had a balance due, rather than a refund.

If you receive letter from a tax agency, please upload all pages on the portal or bring it to the office so we can take a peek at it for you.

🔒With the increase in identity theft attempts, please use extreme caution when personal or banking information is involved.

01/05/2026

If you are sending time sensitive correspondence to a tax agency, use certified mail or take your letters inside the Post Office and ask that it be hand stamped. The burden of proof for timely mailing falls on the taxpayer.

07/24/2025

We're highlighting a few items from the newly passed tax bill:
No Tax on Tips

When: Tax years 2025 - 2028
Who: employees and self-employed individuals

Deduction: Qualified tips* received in occupations** (customarily and regularly receiving tips) reported on W-2.
*Qualified tips are voluntary cash or charged tips received from customers or through tip sharing.
**IRS will provide additional information on occupations by October. Specified Service Trade or Businesses (SSTB) are not eligible.

Amount: Maximum annual deduction is $25,000.

If self-employed, may not exceed individual’s net income.

Phaseout: taxpayers with modified adjusted gross income over $150K ($300K for joint filers).

Reporting: Employers must furnish statements to taxpayers showing certain cash tips received and the occupation of the tip recipient.

07/16/2025

We're highlighting a few items from the newly passed tax bill:
No Tax on Overtime

When: Tax Years 2025 - 2028
Who: Individuals

Deduction: Overtime pay (but only the “half” portion of “time-and-a-half”) reported on your W2.

Amount: Maximum annual deduction is $12,500 ($25,000 for joint filers).

Phaseout: Taxpayers with modified adjusted gross income over $150K ($300K for joint filers).

Reporting: Employers will be required to furnish statements to taxpayers showing the total amount of qualified overtime pay.

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07/15/2025

We're highlighting a few items from the newly passed tax bill:
No Tax on Car Loan Interest

When: Tax Years 2025 - 2028
Who: Individuals

Deduction: Interest paid on a loan used to purchase a qualified personal use vehicle. Must meet other eligibility criteria. (Lease payments do not qualify.)

Amount: Maximum annual deduction is $10,000.

Phaseout: Taxpayers with modified adjusted gross income over $100K ($200K for joint filers).

Qualified interest: To qualify for the deduction, the interest must be paid on a loan that is
- originated after December 31, 2024,
- new vehicle (not used)
- personal use (not for business or commercial use)
- secured by a lien on the vehicle.

Qualified vehicle: A qualified vehicle is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds, and that has undergone FINAL ASSEMBLY IN THE U.S.

The taxpayer must include the Vehicle Identification Number (VIN) of the qualified vehicle on the tax return for any year in which the deduction is claimed.

Reporting: Lenders or other recipients of qualified interest must file information returns with the IRS and furnish statements to taxpayers showing the total amount of interest received during the taxable year.

Send a message to learn more