JIGS Professional Services LLC

01/25/2026

01/25/2026

Tax season opens January 26.

01/05/2026

This is what women do- complain about what the man did wrong with toilet yet the faucet counter and mirror is dominated with all kinds of stuff and the man has no space for his grooming kits.

You be the judge-who is being disrespectful and annoying?

01/04/2026

Did you buy and finance a New Car in 2025? Check out your Tax incentive. .

Personal Vehicle Interest Deduction (2025-2028)
A new provision in the "One Big Beautiful Bill Act," effective for tax years 2025 through 2028, allows eligible individuals to deduct up to $10,000 of interest paid on a qualifying car loan per year. This is an "above-the-line" deduction, meaning you can claim it even if you take the standard deduction.
Eligibility Requirements:
Vehicle Purchase Date: The vehicle must be new and purchased after December 31, 2024, and before January 1, 2029. Used vehicles do not qualify.
Final Assembly Location: The vehicle's final assembly must have occurred in the United States. You can check the final assembly location on the vehicle's window sticker or by using the NHTSA VIN Decoder.
Loan Requirements: The interest must be paid on a loan that is secured by a first lien on the vehicle. Interest on lease payments does not qualify.
Personal Use: The vehicle must be for personal use, not primarily for business or commercial purposes.
Income Limits: The deduction begins to phase out for taxpayers with a modified adjusted gross income (MAGI) over $100,000 for single filers and $200,000 for married couples filing jointly.
Reporting: You must include the vehicle's VIN on the new Schedule 1-A when filing your tax return (along with Form 1040). Your lender will provide a statement of interest paid, likely similar to a Form 1098, to help you with this process.
Business Vehicle Interest Deduction (General Rules)
For self-employed individuals or business owners, interest on a car loan has always been, and continues to be, deductible as a business expense, separate from the temporary personal use deduction.
Eligibility: You must be a business owner or self-employed individual using the vehicle for work purposes. Employees cannot claim this deduction.
Calculation: You can only deduct the portion of the interest that corresponds to the percentage of business use. For example, if you use your car 60% for business, you can deduct 60% of the interest paid.
Method: You can deduct the interest using the actual expense method (along with other costs like gas, insurance, and repairs) or you can opt for the standard mileage rate, which includes an allowance for interest as part of the rate.
Documentation: Detailed records, such as a mileage log and loan statements, are essential to prove business use in the event of an audit

11/17/2025

Military Combat Pay – Did You Know?

Members of the military may generally exclude combat pay from their taxable income up to a certain limit. However, if you receive military combat pay, including it as earned income may help you qualify for the Child Tax Credit or Earned Income Tax Credit. In some cases, this can even result in a larger tax refund.

11/10/2025

Injured Spouse Relief - Did You Know?

If you file a joint tax return and the IRS withholds your refund due to debts owed only by your spouse, you may be able to claim your share of the refund. This program, known as Injured Spouse Relief, may be available to you regardless of whether you live with your spouse.

11/03/2025

"No Tax on Car Loan Interest" Deduction – Did You Know?

The recently enacted One Big Beautiful Bill Act (OBBBA) created a new tax deduction for interest paid on certain car loans. Eligible people who initiate qualifying auto loans after December 31, 2024 may deduct up to $10,000 per year of loan interest, regardless of whether they itemize deductions on their tax returns.

Eligibility criteria for the deduction include income limits, and a requirement that the vehicle be purchased new for personal (not business) driving purposes. In general, to deduct car loan interest in full, a married couple filing a joint return must have a modified adjusted gross income (MAGI) under $200,000. For other filing statuses, the MAGI limit for the full deduction is $100,000. The deduction phases out at higher income levels. Other restrictions include a requirement that the vehicle underwent final assembly in the U.S.

If you qualify for the deduction, you will need to document the amount of auto loan interest you paid. You may receive a year-end tax form from the lender providing this information, but for this year, lenders may make the information available to borrowers in other ways. A tax professional can help you determine whether you qualify to deduct auto loan interest, and if so, help you properly report the interest you paid to get the largest deduction possible.

10/28/2025

2026 Healthcare Open Enrollment - Did You Know?

The 2026 open enrollment period for Marketplace health insurance begins this Saturday, November 1, 2025, and ends December 15, 2025 for plans starting January 1, 2026. During this period, you will be able to enroll in, renew, or change health plans for the coming year.

Once the Open Enrollment period is over, you will only be able to enroll if there's a qualifying life event for the Special Enrollment Period.

Enrollment can be done at https://healthcare.gov, and a simple checklist of documents you'll need can be found here: https://marketplace.cms.gov/outreach-and-education/marketplace-application-checklist.pdf.

10/21/2025

Flexible Spending Arrangements - Did You Know?

Changing jobs? Before leaving your current position, check the balance in your flexible spending arrangement (FSA). FSAs are generally not transferable to a new employer, and unused funds are often forfeited when you leave your job. Some employers may offer a short grace period or allow a small rollover amount, but many do not. To make the most of your pre-tax dollars, use any remaining FSA balance before your last day, such as by scheduling medical appointments or purchasing eligible health items.

10/15/2025

Qualified Dividends - Did You Know?

If you earn dividend income, take a close look at your year-end Form 1099-DIV to see whether any of your dividends are reported as “qualified dividends.” Qualified dividends meet certain IRS criteria, such as being paid by a U.S. corporation or qualifying foreign company and meeting specific holding-period requirements. These dividends are taxed at the lower long-term capital gains rates instead of ordinary income rates, which can reduce your overall tax bill.

10/06/2025

October 15th Filing Extension Deadlines

Taxpayers who requested an extension to file their 2024 federal income tax returns should do so by next Wednesday, October 15, 2025. The same deadline applies to C corporations that received an extension to file their 2024 corporate returns (Form 1120).

In addition, taxpayers with foreign financial accounts exceeding $10,000 at any point in 2024 who are required to file a Report of Foreign Bank and Financial Accounts (FBAR) should also do so by the extension deadline of October 15.

09/29/2025

IRS Issues New Warning About Tax Credit Scams

The IRS recently warned all Americans about the growing number of tax scams getting promoted on the internet and social media. Many of the scams involve fraudulently claiming tax credits like the Fuel Tax Credit and Sick and Family Leave Credit. In reality, the vast majority of people are not eligible for these credits, which can only be claimed by businesses and self-employed people under very specific circumstances.

The consequences of filing a return with improper credit claims may include denial of a refund, a $5,000 civil penalty, and additional tax penalties and interest charges. Over the last few years, IRS penalties assessed in connection with tax credit scams have totaled over $162 million.

Common traits of these scams include claims that "everyone qualifies" for a tax credit, promises of a rapid refund with little or no paperwork, advice to amend past tax returns by adding unusual credit claims, and encouragement to ignore or falsely respond to IRS notices. In reality, no one can determine whether you qualify for a tax credit without reviewing your circumstances. Anyone who says otherwise is almost certainly peddling a scam.

If you receive an IRS letter about a tax credit you claimed, or believe you may have been misled by one of these scams, seek guidance from a reliable source immediately such as a trusted tax professional.