Economical Financial Services Tax Preparation

04/22/2026

As another tax season comes to a close, we want to take a moment to say thank you.

To our amazing clients — thank you for trusting us with your finances year after year. We truly appreciate your loyalty, patience, and confidence in our team. It’s an honor to serve you and be part of your financial journey.

To our hardworking team — your dedication, long hours, and commitment to excellence do not go unnoticed. This season wouldn’t be possible without your effort, teamwork, and professionalism. We are incredibly grateful for each and every one of you.

Tax season is always a busy and challenging time, but because of all of you, it was another successful one. We look forward to continuing to serve our community and supporting you in the months ahead.

Off-season hours: We are now open by appointment only. Please call to schedule an appointment or if you need any further assistance.

Thank you again for making this season such a success!

02/26/2026

I’ve had clients choosing checks to be mailed for their refunds receive letters from the IRS to provide direct deposit information on their IRS account. Digital payments are a more secure way to receive your refunds.

You may have seen that the IRS is moving away from paper checks. If you usually receive a tax refund by paper check, you might also be experiencing some confusion about how you will receive your refund this filing season.

If you claim a refund on your 2025 tax return, new rules may affect how the IRS issues the refund if you don’t provide direct deposit information or if your direct deposit is rejected. These changes are part of the IRS effort to modernize payments to and from America’s bank accounts. https://ow.ly/UNJ350YcfxL

01/28/2026

wants to help you avoid common tax processing or refund delivery delays this season. One way is to wait until you’ve received all of your final wage and income statements, such as Forms W-2 or 1099. https://ow.ly/Zor850XWa2c

01/09/2026

R-2026-02, Jan. 8, 2026

WASHINGTON — The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. This year, several new tax law provisions of the One, Big, Beautiful Bill become effective, which could impact federal taxes, credits and deductions.

Taxpayers have until Wednesday, April 15, 2026, to file their 2025 tax returns and pay any tax due. The IRS expects to receive about 164 million individual income tax returns this year, with most taxpayers filing electronically.

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

01/05/2026

Tax season is here! January 5th-11th we have limited hours, but our hours will extend beginning January 12th, 2026.

It’s time to start gathering and organizing your tax records.
Organized tax records make preparing a complete and accurate tax return easier. It helps you avoid errors that lead to processing delays that slow your refund and may also help you find overlooked deductions or credits.

Wait to file until you have your tax records including:

➡️Forms W-2 from your employer(s)
➡️Forms 1099 from banks
➡️unemployment compensation
➡️dividends
➡️distributions from a pension, annuity or retirement plan
➡️Form 1099-K, 1099-MISC, W-2 or other income statement if you worked in the gig economy
➡️Form 1099-INT if you were paid interest
➡️Other income documents and records of virtual currency transactions
➡️Form 1095-A, Health Insurance Marketplace Statement, to reconcile advance Premium Tax Credits for Marketplace coverage

Remember, MOST income is taxable.

We look forward to seeing you!

09/11/2025

NO TAX ON OVERTIME CLARIFICATION;

Starting with the 2025 tax year, the "No Tax on Overtime" provision allows eligible employees to take a federal tax deduction on a portion of their overtime income, but the deduction is capped and phases out at higher income levels. It does not make all overtime income tax-free.

Overtime deduction limits
Maximum deduction: Up to $12,500 for individual filers and $25,000 for those married filing jointly.
Income phase-out: The deduction begins to be reduced for taxpayers with a modified adjusted gross income over $150,000 for individuals and $300,000 for those filing jointly.
Benefit decreases gradually: The deduction is reduced by $100 for every $1,000 of income above the respective thresholds, and is eliminated entirely for the highest earners.

How the deduction works
Only the "premium" is deductible: The tax deduction applies only to the "half" portion of your time-and-a-half overtime pay.
For example, if your regular rate is $20 per hour and your overtime rate is $30 per hour, the $10 difference is the premium amount that may be deducted.
Not a direct paycheck change: Your employer is still required to withhold all applicable taxes from your overtime pay. The deduction is applied when you file your annual federal income tax return (Form 1040), potentially leading to a larger tax refund.
Above-the-line deduction: The deduction can be taken even if you use the standard deduction and do not itemize.

Who is eligible?
You must be a non-exempt employee who is eligible for overtime pay under the Fair Labor Standards Act (FLSA).
The benefit does not apply to salaried employees who are exempt from federal overtime rules.
The law is temporary and applies to qualifying overtime income earned between January 1, 2025, and December 31, 2028.

What is still taxed?
Federal payroll taxes: All of your overtime income is still subject to federal payroll taxes, including Social Security and Medicare.
Regular hourly pay: The base portion of your overtime pay is still taxed as normal income.
State and local taxes: The law only applies to federal income tax. Overtime is still subject to state and local income taxes, unless your state adopts similar legislation.

09/03/2025

REMINDER:
3rd quarter Estimated payments for IRS and states is September 15, 2025 (for June 1st -Aug 31st 2025 income tax).

The IRS announced interest rates will hold steady for the calendar quarter beginning Oct. 1. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of rates:

7% for overpayments (payments made in excess of the amount owed), 6% for corporations
5% for the portion of a corporate overpayment exceeding $10,000
7% for underpayments (taxes owed but not fully paid)
9% for large corporate underpayments.
These rates are based on the federal short-term rate determined in July 2025.

If you owe, try to pay as much as possible. If you’re due a refund and have been waiting…you will receive interest on the unpaid refund (also to be reported on the tax year you receive it on a 1099-INT).

It is important for you (the taxpayer) to be informed and up to date with tax law changes!