Angell Accounting Associates

12/24/2025

Trump accounts for children. There will be a portal opening in 2026 or form 4457 to open the accounts. They will have a lot of attributes of Ira’s with distinctive differences. Children born in 2025 thru 2029 get $1,000 from the government. Up to $5,000 a year can be added until age 18 and employers can contribute $2,500 tax free by a parent or child’s employer. Children up to age 10 in certain zip codes of which southeastern Ohio mostly qualifies will be eligible for $250 from the Dell computer family. Nice programs

11/20/2025

Anyone with Medicare. IRMA kicks in at $212,000 for married couples $106,000 for singles. If your agi on your tax return is over that amount. Your Medicare will cost you extra in 2027. It is always a surprise when u get the notice so I am trying to get a heads up for the clients this year

11/19/2025

Starting in 2026 filed in 2027 we can deduct $1,000 in charity without itemizing. Save your receipts next year. Has to be a real church or charity not a go fund me to help a specific family.

11/02/2025

11/02/2025

Workers comp has an equipment grant program. If u r an employer you are eligible

10/17/2025

Not an exciting post today. The IRS will no longer issue paper checks after September 30 2025. You must either do a direct deposit or prepaid debit cards and digital wallets will be available. Scares me my prepaid card could be stolen and drained. Remember when that happened during COVID. I would recommend doing the direct deposit if at all possible

09/30/2025

One more piece of information on 529 plans if you have unused 529 tuition funds for a child up to $10,000 can be paid on student loans tax free from the funds. This is a lifetime limit. So if your child got a scholarship and didn’t need their funds and their sibling did not funds can be transferred between plans and payments made on the siblings student loans tax free

09/05/2025

The IRS is stating that the 2025 w2s will have a box for overtime wages on it. I have not seen this and many employers have not anticipated this change so save proof of your overtime just in case

09/01/2025

Here’s a regular question we get. Amounts paid in a lawsuit for physical injury or illness are no taxable but money for emotional distress is taxed unless the mental anguish is caused by physical injury or there is medical treatment that is reimbursed

08/09/2025

Short and simple today as I am on the way to have pancakes at the high school to support the volleyball team. Child tax credit increases from $2,000 to $2,200 for children under the age of 17. There will be adjustments for inflation starting in 2026.

08/08/2025

I have finally seen an official set of rules as to social security being tax free. Our existing on the books laws would not allow social security to be tax free. But what could be done is every filer over the age of 65 gets a deduction of $6,000 if they make less than $75,000. Over that is gets phased out. The nice part is this should help those who get state and federal pensions also not just those who get social security.