Reid Financial Assets

01/11/2026

IRS official date is January 26th when they start accepting the returns

11/15/2025

Fast Cash Advance starts January 2nd you can get up to $7000 of your refund

07/31/2025

What Changes to Expect in 2025
U.S. tax policy is expected to undergo significant changes in 2025, with key reforms likely to affect individuals, businesses, and corporations. One of the primary focuses of tax reform will be addressing income inequality and ensuring that high earners and large corporations pay their fair share. As the government seeks to fund infrastructure projects, social programs, and education initiatives, increased taxes on the wealthy and corporations may become a central aspect of the 2025 tax landscape. The Biden administration has already proposed increasing corporate tax rates and raising taxes on high-income earners, and these proposals may gain traction in the coming year.

For individuals, the 2025 tax reforms could bring adjustments to income tax brackets, which would affect how much people pay in federal income taxes. While the goal is to make the tax code more progressive, some middle-income earners may see an increase in their tax bills, particularly if corporate tax hikes lead to higher prices on goods and services. However, some of the changes may include tax credits or deductions designed to ease the burden on low- and middle-income families, such as expanded child tax credits or affordable healthcare subsidies.

Businesses are likely to face higher tax rates in 2025 as the government works to increase revenue for public services. One of the main changes could be a hike in the corporate tax rate, which was reduced under the previous administration. Additionally, there may be reforms aimed at closing loopholes that allow multinational companies to avoid taxes by shifting profits to countries with lower tax rates. These changes are intended to ensure that large corporations contribute more to the U.S. economy, leveling the playing field for small businesses.

07/08/2025

The One Big Beautiful Bill Act (HR 1), Signed Into Law On July 4, 2025, Includes A Wide Range Of Tax Provisions That Affect Both Individuals And Families. Below Is A Summary Of The Most Impactful Provisions That Take Effect Beginning In 2025 And 2026, Along With Details On Provisions That Have Been Extended Or Made Permanent.
The One Big Beautiful Bill Act (HR 1), signed into law on July 4, 2025, includes a wide range of tax provisions that affect both individuals and families. Below is a summary of the most impactful provisions that take effect beginning in 2025 and 2026, along with details on provisions that have been extended or made permanent.

Provisions Effective Beginning in 2025

Child Tax Credit

The Child Tax Credit has been increased to $2,200 per qualifying child. The refundable portion is set at $1,400 for 2025 and will be adjusted annually based on inflation.

Standard Deduction

The increased standard deduction from the Tax Cuts and Jobs Act has been made permanent. Additionally, the Act provides for an extra increase in the standard deduction:

$1,500 for Married Filing Joint (MFJ)
$1,125 for Head of Household
$750 for all other filers
As a result, the 2025 standard deduction amounts are:

$15,750 – Single
$31,500 – Married Filing Joint
$23,625 – Head of Household
Tip Income Deduction (2025–2028)

A new deduction for tip income is available up to $25,000 of qualified tip income. Key features:

Deduction phases out at $150,000 AGI ($300,000 for MFJ)
Applies to individuals working in specified service trades or businesses
Tip income must be cash and received in an occupation traditionally tipped as of December 31, 2024
Tip income remains subject to Social Security and Medicare taxes
Overtime Pay Deduction (2025–2028)

Taxpayers may deduct up to $12,500 ($25,000 for MFJ) of qualified overtime pay. The deduction applies to the premium portion of overtime pay. For example, if a worker is paid $20/hour regularly and $30/hour for overtime, the $10 premium qualifies. The deduction phases out at $150,000 AGI ($300,000 for MFJ) and remains subject to payroll taxes.

Senior Deduction (2025–2028)

A $6,000 deduction is available for each taxpayer age 65 or older. This deduction begins to phase out at $75,000 AGI ($150,000 for MFJ) and requires the taxpayer to have a valid Social Security Number.

Qualified Car Loan Interest Deduction (2025–2028)

Taxpayers may deduct up to $10,000 in interest paid on qualified vehicle loans. Requirements include:

Vehicle must be new and for personal use
Final assembly must occur in the United States
Deduction is available even without itemizing
Phases out at $100,000 AGI ($200,000 for MFJ)
Vehicle Identification Number (VIN) must be reported on the tax return
State and Local Tax (SALT) Deduction Cap Increase (2025–2029)

Taxpayers may deduct up to $40,000 in state and local taxes as an itemized deduction. This cap begins phasing down at $500,000 AGI. Both the cap and phase-out threshold will increase by 1 percent annually.

Clean Vehicle Credits Expiration

The clean vehicle credit, used clean vehicle credit, and commercial clean vehicle credit will expire on September 30, 2025. Vehicles purchased after that date will not qualify for any of these credits.

Adoption Credit (2025–2028)

Up to $5,000 of the adoption credit will become refundable, making it more accessible to low- and middle-income families.

Bonus Depreciation

Taxpayers may now elect 100 percent bonus depreciation on qualified property acquired after January 19, 2025.

Provisions Effective Beginning in 2026

Charitable Deduction for Non-Itemizers

Taxpayers who do not itemize may deduct up to:

$1,000 – Single
$2,000 – Married Filing Joint
This applies to cash contributions only.
Expiration of Energy Credits

The Energy Efficient Home Improvement Credit and the Residential Energy Credit will expire at the end of 2025 and will no longer be available beginning in 2026.

Premium Tax Credit Repayment

All taxpayers who receive excess premium subsidies will be required to repay the full overpayment, regardless of income level.

Limitation on Itemized Deductions for High-Income Taxpayers

Itemized deductions will be limited for taxpayers in the highest income tax bracket starting in 2026.

Child and Dependent Care Credit Expansion

The percentage of eligible expenses used to calculate the Child and Dependent Care Credit is increased to 50 percent, with a minimum percentage of 35 percent, depending on the taxpayer’s income.

Introduction of Trump Accounts (2026 Onward)

A new tax-advantaged savings account for children under age 18 will be introduced in 2026. Details include:

Annual contribution limit: $5,000 per child
Funds must be used for higher education, credentialing, small business, or first-time homebuyer expenses
Distributions may begin after the child turns 18
The federal government will make a one-time $1,000 contribution for eligible children born between 2025 and 2028, if elected by the taxpayer
1099 Reporting Threshold Increase

The reporting threshold for Form 1099 will be increased to $2,000 starting in 2026. This amount will be adjusted annually for inflation.

Wagering Loss Deduction Changes

Beginning in 2026, taxpayers must first reduce their wagering losses by 10 percent before applying the limitation that restricts deductions to the amount of winnings.

Provisions Made Permanent

Several tax provisions that were set to expire at the end of 2025 have been made permanent:

Home Mortgage Interest Deduction remains capped at interest on $750,000 of mortgage debt
Casualty Losses are allowed only for federal or state-declared disasters
Miscellaneous Itemized Deductions are permanently eliminated
Moving Expense Deduction remains available only to:
Members of the Armed Forces
Starting in 2026, also available to certain intelligence community members
Increased ABLE Account Contribution Limits have been made permanent

12/28/2024

Here’s the list

12/12/2024

Georgia:

Flat Tax Rate: Georgia will adopt a flat tax of 5.39% for individuals.
Increased Personal Exemption: The personal exemption will increase to $4,000 for each dependent of the taxpayer.
Corporate Tax Rate: The corporate tax rate will be set at 5.39%.
New Standard Deduction: The personal exemption will be replaced by a new standard deduction.
Itemized vs. Standard Deduction: Taxpayers who itemize on their federal return can choose to either itemize or take the standard deduction on their Georgia return.
Nonrefundable Credit for Itemizers: Georgia taxpayers who itemize can claim a $300 nonrefundable credit to offset the loss of the Georgia personal exemption.

11/23/2024

Get your Refund 5 days early with Fast Forward

11/23/2024

Advances up to $7,000 available starting January 2 through March 14!

11/20/2024

Fast Cash Advances Start January 2nd

11/19/2024

11/11/2024

It’s getting close to that time of the year for the taxes and let Reid Financial Assets handle your tax needs 4042074867 give me a call