Streetman Tax Services

12/31/2025

The IRS announced the 2026 standard mileage rates for 2026. Beginning January 1, 2026, the business standard mileage rate increases to 72.5 cents per mile, up 2.5 cents from 2025. The standard mileage rate for medical travel decreases to 20.5 cents per mile, down 0.5 cents, while the charitable mileage rate remains 14 cents per mile because it is set by statute.The mileage rate for qualified moving expenses is 20.5 cents per mile. (Those who qualify-see your tax professional).

Remember, you must choose between the standard mileage rate and the actual vehicle expenses, but both require proper documentation. As always, see your tax professional to determine which one is best for you.

12/10/2025

Giving cash, check or cash equivalent bonuses out to your employees this year? That's great, you are a wonderful boss! Just a reminder that those type bonuses are considered taxable income and will be taxed as such. Happy gifting!

12/02/2025

It's so what does that mean for taxes? For tax year 2025 charitable cash contributions as an itemized deduction are limited to 60% of the taxpayers AGI (normally). Charitable contributions made to a qualifying organization are not limited to this percentage. As always, there are conditions to qualify the contribution as deductible and you should seek guidance from your tax professional. The big changes take effect for tax year 2026.

Be diligent when donating cash and assets to charitable organizations. A quick search to see if the organization is legit can save you a lot of headache later on

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11/26/2025

Streetman Tax Services will be closed Wednesday, November 26,2025 through Friday, November 28, 2025. Hope you all have a wonderful Thanksgiving holiday!

10/30/2025

Charitable deductions will be permanently reinstated as a below the line deduction for nonitemizers for up to $1,000 ($2,000 on a joint return), but not until 2026. Of course it comes with stipulations, so call or email your tax professional for details and to start tax planning for 2026.

10/02/2025

Individual tax returns that filed extensions are due October 15, 2025. While the IRS has plans in place during a government shutdown, none of them (I do not care what you heard on TikTok) include a further extension of time to file your return. the prevailing tax law remains in effect as of now.

09/10/2025

This is your reminder that not only are tax returns due for extensions filers of S Corps, Partnerships and Multi-member LLCs, third quarter estimated tax payments are due on September 15, 2025 also. Monday is right around the corner......

08/22/2025

Which energy credits and deductions are expiring under OBBB (One Big Beautiful Bill), and what are their new termination dates?

Energy efficient home improvement credit-December 31, 2025

Residential clean energy credit-December 31, 2025

Previously-owned clean vehicles credit-September 30, 2025

Alternative fuel vehicle refueling property credit-June 30, 2026

New clean vehicle credit-September 30, 2025

New energy efficient home credit-June 30, 2026

Qualified commercial clean vehicle credit-September 30, 2025

Energy efficient commercial buildings deduction-June 30, 2026

For detailed information you can go to the IRS FAQ page. As always, you should reach out to your professional tax professional for more information and to see if any of these credits and/or deductions apply to you.

FS-2025-05, Aug. 21, 2025 — This fact sheet provides answers to frequently asked questions (FAQs) related to § 45Z of the Internal Revenue Code.

08/12/2025

The qualified business income (QBI) deduction has had some changes. The 20% QBI deduction is now permanent. Starting in 2026, there is also a new minimum deduction of $400 for active business income if your total active QBI is at least $1,000. The phase-in threshold for wage and property limitations is increased to $75,000 ($150,000 for joint filers), indexed for inflation.

You should reach out to your professional tax professional for more information and to see if this applies to your business.

07/29/2025

Does your business have an IRS business tax account? If so, today is the last day for business officials to validate those accounts. After July 29, 2025, officials will need a Form W-2 (for verification purposes) to reactivate or establish a new account. Business tax accounts are useful for paying taxes, viewing records and receiving messages from the IRS about business returns.

07/17/2025

I know more than a few individuals that were ecstatic to hear the words "No Tax On Overtime". What does this mean as of the current guidelines? As of January 1, 2025 through 2028 the premium portion of overtime pay is deductible even if you do not itemize. So, if regular pay is $20/hr. and overtime is $30/hr., then $10/hr. × overtime hours = qualified overtime. There is a cap of $12,500 for individuals/$25,000 for joint filers, and married filing separate can not take the deduction.

Are there more rules and guidelines? Of course there are, so seek the guidance of your qualified tax professional.