Seeley Tax Service

04/08/2026

One week before shenanigans commence here at Seeley Tax Service 😜

The tax deadline is 4/15! If you need an extension please reach out to us to get one filed for you!

03/30/2026

Two weeks left to get your taxes filed without filing an extension! Let's get those appointments made!

03/19/2026

Happy 55th Anniversary to James and Margaret! We are having a little bit of fun at the office with it 😜

03/15/2026

DUE DATE REMINDER

1120S AND 1065 partnership returns are due tomorrow, 3/16, thanks to today, 3/15 falling on Sunday. If your return is not filed yet get those extensions done to avoid penalties

03/13/2026

It's a big day in the Seeley house today! Lillybug turns 12!! Wish the Best Dog Lilly the happiest of birthdays!

She's the best office greeter with all of her kisses❤️

02/17/2026

Even if you’re still gathering your documents, you can go ahead and schedule your tax appointment now. Our calendar is starting to fill up, so if you’d like one of the prime appointment times, give us a call and we’ll get you taken care of.

02/12/2026

Meet your 2026 tax team weekdays!

Left to right
Julie- daughter of the OG now owner for the past 13yrs
Paul- 1 yr of service
Carol - The other OG, 32yrs of service
Lynn-5 yrs of service
Margaret - The original OG who started the business in 1980! 45yrs
Paula- 7 yrs of service

Meet your evening and Saturday team in addition to Margaret and Julie!
Joleen - 3 yrs of service

Syndi - 1st year of service

We are the Tax Service That Cares!

We are kicking off the season and looking forward to seeing everyone!

01/29/2026

QUALIFIED CAR INTEREST DEDUCTION

Our fourth “special deduction” is the Automobile Interest Deduction. This one has several moving parts, so here’s a clear breakdown of what qualifies and what taxpayers need to provide.

Vehicle Requirements
To qualify, the vehicle must meet all of the following:

- Purchased after 12/31/2024 and before 1/1/2029
(This applies to 2025–2028 new vehicle purchases.)
- Brand‑new vehicle — used vehicles do not qualify
- Classified as a motor vehicle under the Clean Air Act
- Assembled in the United States
- Personal‑use only — business‑use vehicles do not qualify

Taxpayer Income Limits
Your filing status determines whether you qualify:

| Filing Status | Income Limit |
|---------------|--------------|
| Single / Head of Household | Less than $100,000 |
| Married Filing Jointly | Less than $200,000 |
| Married Filing Separately | Less than $100,000 |

Documentation Needed
To claim this deduction, taxpayers must provide:

- VIN number of the qualifying vehicle
- Purchase date
- Statement from the lender showing the amount of interest paid on the qualified vehicle
- The IRS has issued a new form for lenders to use
- Lenders may also provide a standard statement as long as it includes the required information

More Details
Additional information is included in the photos below, so be sure to review those for examples and clarifications.

01/25/2026

We are officially ready for tax season tomorrow! The most important thing is available now 😜

01/25/2026

QUALIFIED TIPS DEDUCTION

Our third “special deduction” under the OBBBA is the Qualified Tips Deduction. This deduction can be up to $25,000, and the amount is the same whether you file Single, Head of Household, or Married Filing Jointly.
Married Filing Separately does not qualify, which is why this one is considered a bit of a “marriage penalty” (as shown in the photos).

To qualify, taxpayers must meet all of the following parameters:

1) Filing Status
- Eligible: Single, HOH, MFJ
- Not eligible: MFS

2) Income Limits
- $150,000 for Single or Head of Household
- $300,000 for Married Filing Jointly

3) Type of Income
- Tips must be voluntary
- Income cannot come from an SSTB (Specified Service Trade or Business) as defined in the law
- Most W‑2 employees with tipped income will qualify automatically if they meet the income limits

---

How to Tell if You Worked in a Tipped Job (2025 Only)

For 2025, the IRS is allowing taxpayers to determine their own eligibility.
A helpful clue is on your W‑2, Box 7 (Social Security Tips).
If you see an amount there, it confirms you worked in a tipped‑income position.

For most W‑2 workers, there isn’t much additional work needed to claim this deduction.
The main exceptions are self‑employed or 1099 workers—such as beauty professionals—who must report their own tips.

---

What’s Changing in 2026–2028

Beginning in 2026, W‑2s will include new Box 12 codes specifically for this deduction.
This will make it much easier for taxpayers and preparers to identify and calculate the qualified amount.

01/22/2026

OVERTIME DEDUCTION

The next special deduction we’re covering is the Overtime Deduction. This deduction reduces your taxable income—not your AGI—and the maximum amount depends on your filing status:

- Single / Head of Household: up to $12,500
- Married Filing Jointly: up to $25,000
- Married Filing Separately: does not qualify

What counts as “Qualified Overtime”?
Qualified overtime is overtime paid under the Fair Labor Standards Act, but only the portion above your normal hourly rate qualifies. In other words, only the extra 50% from “time‑and‑a‑half” is potentially deductible.

Example:
If your regular rate is $20/hr, your overtime rate is $30/hr.
Only the extra $10/hr (the “half” in time‑and‑a‑half) is considered qualified overtime for this deduction.

Why paycheck stubs matter
Paycheck stubs vary:

- Some list only the 50% overtime premium—those are easy to use.
- Others list the full time‑and‑a‑half amount on the overtime line.
- In those cases, taxpayers will need to take one‑third of that overtime line to determine the deductible portion.

What the IRS is doing for 2025
The IRS did not update the 2025 W‑2 to include this new figure.
For 2025, taxpayers must calculate their own qualified overtime using:

- Their final paycheck stub of the year, or
- Timesheets, or
- Any other reliable record of overtime hours and pay

Beginning 2026 through 2028, employers will report this amount on the W‑2 (either Box 12 or Box 14).

We’ve already seen a few employers voluntarily adding it to Box 14 for 2025, labeled as OBBBA or Qualified OT.

What clients need to bring
To determine whether you qualify and how much you can deduct, we will need:

- Your last paycheck stub of 2025,
- Or, if you are a Ford employee, a weekly total of your overtime hours, since Ford stubs do not show year‑to‑date overtime.

A note for 2025
The step‑by‑step guide in the photos will walk you through the qualification process.
Just keep in mind that Step 7 does not apply for 2025, since the W‑2 generally won’t show the overtime amount yet.

This deduction is a bit more involved because taxpayers must calculate the figure themselves this year, but everyone just needs to do their best with the information they have.

01/21/2026

Ok this is Margaret. I am soooo excited!! Missouri will NOT be taxing Capital Gains this year!!! This is awesome for investors, also especially for people who sold property,

Send a message to learn more