Gaslin Accounting LLC

02/03/2026

Tax Season is in full swing. Let me know how I can help you.

12/01/2025

New scam: claims you have relief money waiting

They tell you to visit www.myreliefcheck.com and to search your name and collect it before it's returned." The BBB warns that you should not visit that website.

11/17/2025

2025 Tax Newsletter

Listed are some of the changes that IRS & WI made & items to bring to your appt.

Federal
Standard deduction: 2025 Single & MFS $15,750 HOH $23,625 & MFJ $31,500. Age 65+ addl $6,000.00 (phase out applies)

Child Tax & Additional Child Tax Credit: up to $2200.00 per qualifying child. Up to $1700 refundable for each child as additional child tax credit.

Earned Income Max credits 2022: No children $649, 1 Child $4,328, 2 children $7,152 & 3 or more $8,046

Tip credit up to $25,000 and Overtime credit up to $12,500 (please bring in last paystub of the year)

Auto loan interest deduction - up o $10,000 on new , us assembled vehicle

Section 179 - $2.5 million & Bonus Depreciation of 100% (after Jan 19 2025)

IRA contribution 2025 $7,000 & 401(k) contribution limit $23,500 plus catch up

Mileage Rates – business .70, Medical .21, charity .14 & moving .21 (active-duty military)

Annual exclusion for gifts $19,000.00. Liftetime $13.99 million ( per Individual )

Charitable Contributions - can take up to $1000.(single) $2000 (jointly) for non-itemizing taxpayers

State & Local Tax (SALT) deduction cap increased from $10,000 to $40,000

WI:
Retirement Exclusion: Filers 67 and older up to $24,000.00 (raised from $5,000.00 & eliminated FAGI requirement)

3.5% Single or HOH $0 to $14,320 - MFS $0 to $9,550 - MFJ $0 to $19,090

4.4% Single or HOH $14,320 to $28,640 = $501.20 + 4.4% -/MFS $9,550 to $19,090 = $334.25 + 4.4% - MFJ $19,090 to $38,190 = $668.15 + 4.4%

5.3% Single or HOH $28,6400 to $315,310 = $1,131.28 + 5.3% - MFS $19,090 to $210,210 = $754.01 + 5.37% - MFJ $38,190 to $420,420 = $1,508.55 + 5.3%

7.65% Single or HOH over $315,310 = $16,324.79 + 7.65% over $304,170 – MFS over $2210,210 = $10,883.37 + 7.65% over $202,780 – MFJ over $420,420 = $21,766.74 + 7.65% over $405,550

Carolyn Gaslin
Gaslin Accounting LLC
PO Box 898 Ellsworth, WI 54011
(715) 307-2736

This notice is required by IRS Circular 230, which regulates written communications about federal tax matters between tax advisors and their clients. To the extent the preceding correspondence is a written tax advice communication, it is not full “covered opinion.” Accordingly, this advice is not intended and cannot be used for the purpose of avoiding penalties that may be imposed by the IRS

09/18/2025

The latest news, weather, traffic, sports stories and events in the Twin Cities and around greater Minnesota from 5 Eyewitness News.

12/05/2024

HALT to BOI reporting for Jan 1 2025

A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA's accompanying regulations.

The injunction, which applies nationally, was issued in Texas Top Cop Shop, Inc. vs. Garland, No. 4:24-CV-478 (E.D. Texas 12/3/24).

Under the injunction, the CTA and the BOI reporting rule cannot be enforced, and reporting companies need not comply with the CTA's Jan. 1, 2025, BOI reporting deadline pending a further order of the court.

Send a message to learn more

10/10/2024

New Federal Reporting Requirement for Beneficial Ownership Information (BOI)

As of January 1, 2024, many companies in the United States have to report information about their beneficial owners - the persons who ultimately own or control the company - to the United States
Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN). This filing is free and can be completed online at www.fincen.gov/boi.

DO YOU NEED TO REPORT?

Your company may need to report information about its beneficial owners if it is:
1. A corporation, a limited liability company (LLC), or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or
Indian tribe; or
2. A foreign company and was registered to do business in any U.S. state or Indian tribe by such a filing.

23 types of entities are exempt from the beneficial ownership information reporting requirements. FinCEN’s Small Entity Compliance Guide includes checklists for each of the 23 exemptions that may help determine whether your company qualifies for an exemption. Visit www.fincen.gov/boi to access the guide and check if your company is exempt.

HOW AND WHEN DO I REPORT?

Small Entity Compliance Guide
Reporting companies will have to report beneficial ownership information electronically through FinCEN’s website: www.fincen.gov/boi. FinCEN began accepting reports on January 1, 2024.
• If your company was created or registered prior to January 1, 2024, you will have until January 1, 2025 to report BOI.
• If your company is created or registered on or after January 1, 2024, you must report BOI within 90 days of notice of creation or registration. Beginning in 2025, that reporting window is 30 days.
• Any updates or corrections to beneficial ownership information that you previously filed with FinCEN must be submitted within 30 days.

Send a message to learn more

09/20/2024

I just did an update on my phone and it's sending out random old messages. Sorry for any confusion

08/30/2024

Just a reminder that S Corp and Partnership extension due date is Sept 16th. C Corp and individuals are Oct. 15th.

Send a message to learn more

04/14/2024

Just a reminder that April 15th is tomorrow. If you still need an extension filed. Make sure to contact me

02/15/2024

For persons with the EITC or ACTC credits. Refunds won't be issued till late FebuUnder the federal Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before late February. In anticipation of a large funding file from the IRS in a few days, please note the following:

A majority of refund funding should be seen beginning Thursday, February 22nd, depending on the disbursement method. You may see refund funding come in earlier, or later depending on other variables.ary.

Under the federal Protecting Americans from Tax Hikes (PATH) Act, the IRS cannot issue Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC) refunds before late February. In anticipation of a large funding file from the IRS in a few days, please note the following:

A majority of refund funding should be seen beginning Thursday, February 22nd, depending on the disbursement method. You may see refund funding come in earlier, or later depending on other variables.

01/18/2024

Hard to believe it's Jan 18th already. Less then 2 weeks to get your W2's and 1099's out. Please contact me if you need help filing those.

01/15/2024

Just a reminder for businesses, the new Beneficial Ownership Information filing requirement has started. If you want help with this, please let me know.