Strube CPA PC

03/16/2026

Trump Accounts, yay or nay?

See my detailed write-up here: https://strubecpa.com/trump-accounts-yay-or-nay/

TLDR: I'm generally a fan. What I really like is the trifecta 1) that these would not create a *federal* income tax filing requirement for minor children, 2) that there is no earned income requirement to contribute, and 3) that there are no restrictions on how the funds can be used.

Trump Accounts fit in that space that none of the other current options for kid accounts offer.

So I’ve opened them for my kids. TBD on how much, if anything, I’ll deposit. You can do the same either through filing Form 4547 with your tax returns or by going to the website linked in my blog post above.

Photo credit: Taylor Davidson Photography

03/13/2026

Investors, consolidate your taxable brokerage accounts! I keep getting prospects that claim they have a "simple" return, yet they have nine brokerage accounts spread across seven custodians!

1) This muddies your true picture of how you are or aren't diversified. 2) This increases your tax prep fee. Each of these requires more error-checking and data validation. 3) This increases your risk of error, whether you pay a tax pro or DIY your taxes.

For people with , a separate brokerage account may make sense or even be required for your and holdings.

But for the rest of your taxable investments, you don't need more than one or two other accounts. Use a third-party app if you want a way to bucket different investment goals.

I love sign-up bonuses myself, so I get the allure of a new account and free money. But have a plan to pick the brokerage you want to stay with, and close out the other accounts. You can transfer positions so that you don't incur a taxable event by selling.

Do the work, start the transfer process. Eat the elephant one bite at a time.

03/08/2026

This is a fantastic writeup in layperson terms by my friend Kelly that outlines why extending your tax returns is a normal, safe and good thing.

Tax season can be busy. Here’s what taxpayers should know about filing for extension, making payments and planning for the unexpected.

01/03/2026

One of the best things you can do to get ahead on your is to have a place to put things before you need a place to put things. Make your 2026 tax folder (a physical one and a virtual one) NOW.

A handful of tax documents or tax related things might come in during the year (vehicle renewal notices, Goodwill drop off receipts, etc.), way before the end of the year. Have your folders ready so that you always know where to put those things ahead of time.

01/01/2026

Happy New Year! Here's your annual reminder: if you track and deduct mileage for any reason related to your taxes, go take a cell phone picture of your odometer for each vehicle.

Your tax pro needs not just your business miles per car, but ALSO the TOTAL miles driven on each car. It's part of the reporting requirements.

So make this an annual recurring calendar reminder. If you have these photos in your Google/Apple photos every Jan 1, total mileage becomes an easy subtraction problem and you can stop guessing. 😜

01/01/2026

Here's your quick peek at the mileage rates for 2026:

09/10/2025

All right , here's your requested selfie. Looking forward to this

07/23/2025

One Big Beautiful Bill Act: Social Security Deduction or Senior Deduction?

I mentioned in my last post to watch out for misinformation regarding the One Big Beautiful Bill Act (I'm calling it OB3). Let's talk about one of the bigger ones (in my opinion): the supposed deduction that makes payments nontaxable.

This one really irritates me because the Social Security Administration sent out an e-mail shortly after the passage of the bill with some misleading information:

1) "The bill ensures that nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits..." - possibly true, but misleading

2) "The new law includes a provision that eliminates federal income taxes on Social Security benefits for most beneficiaries..." - FALSE

3) "Additionally, it provides an enhanced deduction for taxpayers aged 65 and older..." - the "enhanced deduction" part is true, but that's not "[in addition]" to any other related tax break or change.

First off, the calculation of whether or not your Social Security benefit payments are taxable has NOT changed. Social Security is taxed based on your "provisional income." This means that Social Security "looks" for and at any OTHER income on your tax returns to determine if there's a tax bill on those Social Security benefits payments. If you have little-to-no other income and more modest SS, there will be little-to-no tax on your SS. But if you have higher income (dividends, 401k withdrawals, IRA withdrawals, etc.) and/or higher SS, some-to-most of your Social Security benefits will likely be taxed.

The new law created a new deduction (actually a LOT of new deductions), and one specifically for citizens over 65 years old. This set of deductions has a unique spot in the tax calculation. I am proposing we call this type of deductions "midline" deductions, because they are neither "above-the-line" or "below-the-line" in the way we've historically come to understand income tax breaks.

If a taxpayer is 65 years old or older at the end of the tax year, and is below the Modified Adjusted Gross Income (MAGI) threshold of $150K for married filing joint ($75K for all other filing stati), there is a $6K deduction ($12K is spouses are filing joint and both 65+ and under the income limits). There is a phase out calculation starting at that income threshold.

So here's how this plays out to contradict the myth that Social Security benefits payments are nontaxable:

1) Married taxpayers start taking Social Security retirement at age 62. No deduction because they aren't old enough.

2) A single taxpayer, age 67 is waiting to collect Social Security until benefits max out at 70. MAGI of $60K, this taxpayer will get a $6K "midline" deduction even though there is no Social Security income received.

This is currently applicable only for tax years 2025 through 2028.

If you receive Social Security benefits payments, you should get an SSA-1099 tax form in January. You still need to include this form on your tax return! Don't skip it, thinking it's nontaxable.

If you need help and want to walk through the implications of this in your tax situation, please reach out to book a planning meeting. https://go.oncehub.com/KarlStrubeCPA

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