TJ Marshall Tax Service & Accounting

01/22/2026

01/22/2026

It's Tax Time let's Goo!!!!

01/05/2026

It’s Tax Time!!!! Let’s Goooooo!!!!!

02/26/2025

Increased Standard Deductions and IRA Contribution Limits for 2024

Several key deductions and account contributions limits have increased from 2023 to 2024. In particular, standard deductions rose to $14,600 for single filers and married people filing separate returns, $21,900 for head of household filers, and $29,200 for joint filers. All of these figures represent increases of at least $750 over 2023 levels.

The annual contribution limit for IRAs also increased by $500 in 2024, up to $7,000 for people under 50 years old, and $8,000 for those of age 50 or older. If you have not yet reached this limit, then you may still make 2024 contributions to your traditional or Roth IRAs up until April 15, 2025.

A tax professional can help you take advantage of these and other IRS rule changes for 2024, and file your return electronically to get your refund as quickly as possible.

02/24/2025

FinCEN Updates BOI Reporting Deadlines

Under the rules of the Corporate Transparency Act (CTA), most U.S. companies, including many small businesses, must disclose ownership information to the federal government. Specifically, affected business entities must file a report of beneficial ownership information (BOI) with the federal Financial Crimes Enforcement Network (FinCEN).

Originally, FinCEN set a BOI reporting deadline in early January 2025 for all affected businesses that were founded before the end of 2024. However, that deadline was suspended multiple times due to pending litigation related to the CTA. Recently, FinCEN officials announced the following, updated filing deadlines:
- For businesses that were previously given deadlines after March 21, 2025 (for example, due to disaster-related filing extensions), those deadlines remain in place.
- For all other affected businesses, the deadline to file an initial or updated BOI report is now March 21, 2025.

Multiple court cases related to the CTA are still ongoing, and Congress is debating legislation that would further delay the first BOI reporting deadline. In addition, FinCEN is considering additional deadline extensions and/or exemptions for some small businesses. Note that most sole proprietorships are already exempt from BOI reporting requirements.

02/20/2025

IRS Online Account Setup Scams – Did You Know?

Each year, the IRS issues a list of the most prevalent scams that put taxpayers' identities and hard-earned money at risk.

In the IRS Online Account scam, the scammer contacts a taxpayer, posing as a representative of a supposedly helpful service for people with limited computer skills. The scammer offers to help the taxpayer set up an online IRS account, asking for sensitive information like the taxpayer's address, photo ID, and Social Security number (SSN) or Individual Taxpayer Identification number (ITIN). The scammer then sells this information to criminals, who use it for tax fraud and other forms of identity theft.

The IRS warns taxpayers that ANY such offer is a scam. Most people can readily set up their own IRS online accounts by following the instructions at irs.gov. If you do need help, only seek it from a trusted person, like a family member or tax professional.

IRS Online Account: https://www.irs.gov/payments/your-online-account.

02/18/2025

Potentially Taxable Income - Did You Know?

In addition to any wages you received as an employee (usually shown on Form W-2), other types of income that you may need to report include:

- Earnings from self-employment activities like freelancing or gig economy work
- Revenue from selling crafts or other goods online
- Investment income like dividends, interest and capital gains
- Prizes, awards or gambling winnings
- Earnings from part-time or seasonal work, or from offering services through a mobile app
- Gains from transactions involving cryptocurrency or other digital assets

Note that certain types of income, such as child support, may be excludable from the total income you report on your tax return. A tax professional can help you determine whether you qualify for any income exclusions, and help you properly report all of your other income to ensure a hassle-free filing season.

02/14/2025

❤️ Happy Vanetines Day to all the lovers out there
V Day special FREE Tax return TODAY ONLY tjm-taxes.com DM us or call us 404-965-2990❤️

Get AppointmentGet a Free QuoteGet AppointmentGet a Free QuoteGet AppointmentGet a Free Quote Superior Accuracy Receive accurate books every month. Influential bookkeeping experts that professionally correct frequent mistakes support our knowledgeable workforce. Expert Technology Support From the be...