Rainbow Accounting Services, LLC

04/14/2026

ATTENTION: Clients of Rainbow Accounting. Our office will be closing April 15th @ 1:00 pm. We will reopen with off season hours Monday, April 20th @ 9:00 am.

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04/09/2026

As April 15th approaches, tax professionals across the country are seeing some very innovative scams. A couple of tips for every person, whether you are young or old, work or are retired:
1. The IRS will never call you or email you.
2. If you receive a letter from IRS and you were not expecting it, have a tax professional look at it or call 800-829-1040 to verify it. There are a number of bogus letters and now even thumb drives being sent out that appear to be from IRS.

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04/07/2026

REMINDER: April 15th is the deadline to FILE taxes, not to PAY.

HOWEVER: It is always better to file a timely extension than to avoid the who situation entirely.

NEED HELP: Rainbow Accounting, 937.448.6159

01/25/2026

Rainbow Accounting will be closed on Monday, January 26th and will not open on Tuesday until late morning at the earliest. Feel free to email or leave a message. Stay warm and safe.

11/06/2025

Tax Return Tip: If you have received your refunds or paid your balances due via check in the past, you will no longer be able to do so. Here is the latest guidance from NATP:

The Taxpayer Advocate’s Office recommends that taxpayers should prepare now. Refunds may be deposited into checking, savings or retirement accounts, as well as prepaid card or mobile app accounts, to offer the fastest and safest options. To pay taxes electronically, taxpayers can use Direct Pay from a bank account, a debit/credit card, a digital wallet (note that fees may apply) an online IRS account, the Electronic Federal Tax Payment System (EFTPS) or electronic funds withdrawal when filing.

Please be prepared when you meet with your tax professional or if you do your taxes own your own.

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10/08/2025

It's Wednesday, not Tax Tip Tuesday, I know. However, if you are currently dealing with an IRS issue and have a professional working with you on it, PLEASE, do not take your frustrations out on the professional. Once a tax professional electronically files your tax return and receives the acknowledgement, our job is complete. Resolving any processing issues, balance due, refunds or other situations that require IRS contact will be on hold until the government reopens. As of today, IRS employees are furloughed and there are no answers to be had (or at least very few). Also, if you are someone that normally receives a large refund and plans for it to be here in February to pay real estate taxes, catch up on bills or anything else; let me caution you now, the chances of delays are very high, so you might want to plan for ahead for that as well.

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09/10/2025

Please, please use reputable sites and/or professionals when looking for not only tax advice but financial advice also. Do you homework before using any source. Don't let this happen to you.

The Internal Revenue Service has hit taxpayers with over $162 million in penalties for claiming fraudulent tax credits touted on social media.

09/09/2025

Tax Tip Tuesday: Understanding the basics surrounding your taxes is always a good idea. Today, we wanted to explain the fundamental difference between a Tax Credit and a Tax Deduction. A Tax Credit is a dollar-for-dollar reduction of your tax liability (the taxes you owe). A Tax Deduction reduces the amount of income that is subject to income tax. A Tax Credit is almost always more valuable than a deduction. Keep in mind, Tax Pros favorite phrase is "It Depends" and it usually does😉

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08/05/2025

Tax Tip Tuesday: Let's talk about Health Savings Accounts (HSA). These tax exempt accounts are often underutilized and misunderstood. Many employers use these as a way to help employees with medical expenses. Here are some things to know:
1. The dollars into a HSA are tax exempt - both the employee and employer contributions.
2. The dollars in an HSA can build and carry forward from year to year.
3. Even simple medical related items can qualify, ie. tylenol, bandages, cold medicines, eye drops, and many more.
4. Beginning in 2026, a lot more Healthcare.gov (Marketplace) plans will be allowed HSA accounts.
5. If you are close to retirement, HSA dollars can pay for your supplemental insurance premiums even if you are fully retired.

BOTTOM LINE: HSA's are an incredible way to reduce your income taxes. If you want to learn more, call the office and we can schedule a time to look at your personal situation so you get the best 'bang' for your hard earned dollars! Rainbow Accounting, 937.448.6159.

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07/22/2025

Tax Tip Tuesday: as a Tax Professional, I understand how terrifying it is for the average taxpayer to get a letter from IRS or one of their state or local taxing agencies. Please, please don't ignore it. If you can't bring yourself to open it, take it to a tax professional and let us open it and explain what it is. Often, it is a simple fix. Ignoring the envelope will only create a bigger issue. If you already have a stck of these envelopes, please stop by the office and let us help.

07/04/2025

One Big Beautiful Bill Information.

OB3, as the tax professional world is calling it, is expected to be signed into law later today.

We, as the tax industry, have pages and pages of a tax bill to read and classes to take then we will TRY to answer questions. Be patient with your Tax Pros, us, as we digest, read, and comprehend this bill. The information just doesn’t get downloaded into our brains.

REMEMBER: Just because you heard or read it online, in the news, etc, doesn't make it true or as simple as people make it sound. This is especially true regarding the No Taxes on Tips or Overtime.

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