Pat Rhodes Accounting, Inc.

03/31/2026

The deadline to file a return or an extension is closer. Please call our office so we can get that done. 904-781-1040.

Deadline to file extensions or tax returns is April 15! We are open Mon-Fri: 9am-5pm, Sat: 9am-2pm. We stay late for appointments so please call to schedule yours: 904-781-1040.

03/16/2026

Beautiful sunrise as we prepare for todays filing deadline.
All S Corporations and Partnerships with year ending December 31st, must file a return, or an extension by this evening.
If not filed, late filing penalties per shareholder will be assessed.
Hope to see you soon.

02/24/2026

Refunds on 2025 tax returns filed with refundable credits like Earned Income Credit, Additional Child Tax Credit, and American Opportunity Tax Credit rolled out earlier than expected. Returns filed before February 15th with those credits began getting refunds from IRS Friday 2/20/2026. Looks like a great tax season.
If you haven't yet filed, call 904-781-1040 for an appointment to file your return. Be sure to bring the last paystub of 2025 for each W2 job you received payment of overtime or tips from, so we can calculate your deductions. If you purchased a new car with final assembly in U.S. that was financed, bring us your total interest paid in 2025, and the VIN to get that deduction. See you soon.

01/23/2026

If you received the $1776 bonus for military.
The "BAH bonus" refers to the recent, one-time "$1,776 Warrior Dividend" payment, not a permanent bonus. Payment was announced by President Trump 12/17/2025, funded partly from extra Congressional funds for Basic Allowance for Housing (BAH) to help with service member quality of life.
The payment is not taxable.
Eligible recipients are active-duty (O-6 and below) and some Guard/Reserve members, receiving funds outside regular pay.
BAH is a standard, tax-free monthly allowance for housing costs in the civilian market, based on rank, location, and dependents, not a bonus.
The payment of "BAH Bonus" also called Warrior Dividend, is a one-time payment of $1,776 for eligible service members. This was funded from supplemental funds approved by Congress for BAH. Paid 12/20/2025, outside the normal pay cycle.
Eligibility: Active duty (O-1 to O-6) and Reserve/National Guard on orders for 31+ days as of 11/30/2025.
Standard BAH (Basic Allowance for Housing)
purpose is to help service members pay for housing (rent/mortgage) and utilities in the civilian market when government housing isn't available. It's based on pay grade, duty station location, dependency status, and local housing/utility costs. While it is referred to as a dividend, it is not taxable, it is tax-free. Congress approved this supplement for troops not getting BAH, or as an ADDITION to their existing allowance.
If you have questions or are ready to have your tax return prepared, please call us at 904-781-1040 to schedule an appointment. Current tax season hours:
Weekdays 9am-5pm, Saturdays 9am-2pm. After April 15th we are open Mon-Fri 9am-4pm. Look forward to seeing you soon.

01/20/2026

We've had a lot of people ask:
If I apply for my child to get the $1,000 federal grant to a Trump Account, will my child get the $250 Dell money too?
This is what we know:
Trump Accounts $1,000:
For a child born between 1/1/25 to 12/31/28, who is a U.S. citizen with valid social security number. We can file form 4547 with your return requesting the grant go straight to your childs account, or you can apply online later this year when their website opens. The account is in the childs name with you as sole custodian till they turn 18. Additional contributions aren't required, but you can deposit up to $5,000/yr to increase growth. Any contribution to the childs account will require filing a Gift Tax Return-Form 709 (even if contribution is only $25). The funds will be invested in stocks so you and your child can watch and learn the stock market. Funds cannot be accessed until the child turns 18, when they can withdraw funds tax free for their education, or to buy a home, like a traditional IRA. After electing to get an account, information will be sent in May, to the person filing the election for the account, showing how to complete an authentication process to open the initial Trump Account.
The $250 "Dell Money For Kids":
For children ages 10 and under, born before 1/1/25, living in a zip code with median household income of $150,000 or less. Dell accounts can be requested by filing form 4547 with your return, or on their website which is in progress. The Dells have stated that if they have money leftover they may expand age range for children under age 18.
No matter which of the above you open, there may be additional funds deposited to these accounts from wealthy individuals over the years.
We hope this helps, and we look forward to seeing you soon.
We are currently open 9am-4pm, with extended hours beginning this Saturday 1/24: Mon-Fri 9am-5pm, Sat 9am-2pm.
After hour appointments available. IRS start accepting returns 1/26/26.
Get your forms together and schedule an appointment soon.

01/09/2026

IRS begins accepting individual tax returns 1/26/2026!
We are accepting appointments now, call 904-781-1040 as soon as you get your tax forms together. Please save a copy of your last pay stub from each job you were paid tips and/or overtime from since it may not be shown on your W2 and there are deductions for both.
We have already had come clients drop information off for corporate returns to be completed and look forward to seeing you soon.

11/27/2025

Happy Thanksgiving from the Pat Rhodes Accounting family! From our hearts to yours... Thank you. Hope you enjoy the day.
We open Monday at 9am.

11/19/2025

The Holidays are near, and our office is closed the following dates:
Thanksgiving: Closed Noon 11/26, reopen 9am on 12/1.
Christmas: Closed Noon 12/24, reopen 9am on 12/29.
New Years: Closed Noon 12/31, reopen 9am on 1/5.
IRS stops accepting efile returns midnight 12/26/2025, but our office closes at Noon on 12/24, so that is our last date to efile.
IRS should reopen efile late January or at least by mid-February.
Peace to you and yours as you enjoy time with those you love. 💞

10/01/2025

Our last government shutdown was in 2019. So here's a refresher:
Essential federal employees continue working (many without pay till the gov't reopens).
The following continues: U.S. Postal Svc, V.A. Medical Ctrs, Air Traffic Ctrl, Service Members & Border Protection.
Social Security payments, veterans’ benefits, disaster aid, Medicare and Medicaid payouts all will be paid, with some experiencing interruptions.
Programs temporarily unavailable are: Some Nat'l Park Service, Possible pause on Head Start early learning for children. Brief end for disbursement of some Temporary Assistance for Needy Families.
EMPLOYERS: E-Verify is unavailable, and some religious worker visas may pause. Dept of Labor-PERM, LCA, and FLAG system filings stop. Though E-Verify is out, Form I-9 compliance is still required. You must: Have employees complete Section 1 by day one of employment. Review original documents & complete Section 2 within 3 business days. Retain all completed I-9s in secure storage. E-Verify does not replace Form I-9, it supplements it.
I hope the above information is helpful. If you have any questions please call our office at 904-781-1040.

09/11/2025

We will always remember the horror, shock, revulsion, and grief we felt as events unfolded on September 11, 2001. Hopefully we will all remember just as vividly the feeling of unity and pride that engulfed us all. Flags flying, patriotic colors worn, lines of people helping however possible, if not in direct service, then at blood banks. Our actions gave true meaning to the United States of America.

07/05/2025

There has been a lot of talk and questions regarding the One Big Beautiful Bill Act (OBBBA) that passed the Senate with 51-50 vote, the House with 218-214 vote, and is now law. It began quite differently than where it is now, so I'm breaking down the impact here:
First, the Tax Cuts and Jobs Act (TCJA) was signed into law in 2017, and is what we've been working under. TCJA was set to expire the end of 2025. With the passing of OBBBA, TCJA is permanent, (some tax cuts set to expire after the current administration leaves office) with these additional changes made which I'm highlighting below.

NO TAX ON SOCIAL SECURITY: Not really no tax, but an increase to the additional deduction for those over age 65 in 2025 which was $1,600 ($2,000 for Single taxpayers) and is temporarily increased to $6,000 from 2025 to 2028. This decreases 6% for taxpayers with income from $150,000-$250,000 for married filing joint, or income from $75,000-$125,000 for other taxpayers (zero if income above those thresholds). 64% of seniors haven't paid tax on social security, and this raises that to 88%.

NO TAX ON TIPS: Tips deductible from 2025 thru 2028, only for those in traditional tipped industries who aren't itemizing deductions. Deduction limited to $25,000 of reported tips (no regard to payment by cash or credit card, but tips must be voluntary, so the tips added on by the establishment when a large group is dining won't count), highly compensated individuals with income over $160,000 are excluded. Treasury is creating a list of "Traditionally Tipped Industries" whose workers may qualify for the tip deduction.

NO TAX ON OVERTIME. Workers paid overtime are eligible for a deduction of qualified overtime pay (only the half, of time and a half) of $25,000 if married filing joint, $12,500 for others. Applies to those who don't itemize, for years 2025 thru 2028. Phases out for taxpayers with income over $300,000 married filing joint, $150,000 all others, no deduction for single taxpayer with income over $275,000. W2 forms must be re-designed to show overtime pay, employees may want to keep paystubs to verify.

NO TAX ON CAR LOAN INTEREST: Temporary deduction in years 2025 - 2028, for auto loan interest only for cars assembled in U.S. (excludes campers & Rvs) Deduction limit is $10,000 and phase out with income above $200,000 married filing joint ($100,000 single).

NO TAX ON CHARITABLE DONATIONS: Beginning in 2026, donations to qualified charites by cash, check, or credit card, allowed as above the line deductions up to $2,000 for married filing joint, $1,000 for others.

CHILD TAX CREDIT: Currently $2,000 per qualifying child, increases to $2,200 per qualified child (adj for inflation). Additional qualification - at least one parent of the child must have a valid social security number. This credit phases out (currently $400k for married filing joint, $200k for others).

STATE & LOCAL TAX DEDUCTION (SALT): Was capped at $10,000 for state and local property tax deduction, Increased to $40,000, with a 1% increase in the cap each year till 2029. Those with modified adjusted gross income over $500,000 will have a phasedown, meaning it will be reduced but not eliminated.

GAMBLING LOSSES: In the past taxpayers could deduct gambling losses up to the amount of their winnings. Under OBBBA gambling losses are limited to 90% of total winnings for the year. This is being challenged, gamblers want their deduction up to winnings.

SECTION 529 ACCOUNTS: This is a tax-advantaged savings plan to encourage saving for education and grows tax-free, and withdrawals for qualified education expenses are also tax-free. OBBBA allows tax-free distributions from Sec 529 plans for additional educational expenses at elementary or secondary schools (including private and religious schools). The bill also allows tax-free distribution for qualified higher education expenses, including post-secondary credentialing expenses,

MONEY ACCOUNT for GROWTH & ADVANCEMENT (MAGA Accounts): There is a new tax-favored account to benefit children under age 8. Parents can contribute up to $5,000/year to the account (adjusted for inflation). The money cannot be withdrawn before the beneficiary turns 18. After the child turns 18 money can be used to pay for college, a first-time home purchase, or to start a business - withdrawals will be taxed at favorable capital gains rates. Temporary plan allows the government to deposit $1,000 for qualifying children born between 12/1/2024 and 1/1/2029 for children who are U.S. citizens at birth.

LONG TERM CAPITAL GAINS RATES: Not changed, but a surtax can be imposed and tax brackets will be adjusted. Currently under review, not sure if it will be lower or higher than it currently is.

CLEAN ENERGY CREDITS: Eliminated Clean vehicle credits for cars, energy-efficient home improvement credit, residential clean energy credit, and new energy-efficient home credit. Repeal of this credit begins 180 days from date of bill, so 7/4/2025 =12/31/2025.

FEDERAL ESTATE TAX: For 2025 the exemption amount for decedents was $13,990,000 per person, $27,980,000 per married couple. Under OBBBA the exemption is now permanent, adjusted for inflation will be $15,000,000 in 2026.

This bill raises our debt limit by $5 trillion. CBO projects the bill will increase federal deficit over the next 10 years by nearly $3.3 trillion. Some funding for the bill is paid by reduced funding for Medicaid, food assistance for the poor (SNAP), and clean energy tax breaks.
I researched this as fast as I could since we had so many questions the past few months. I believe some aspects will be changed before end of year and will keep you posted.