Freedom Tax Services

06/23/2026

VERY common misunderstanding here - your tax refund is NOT an extra bump to your income! It's simply the IRS giving you back taxes that were over-withheld throughout the year!

If you're a W2 employee who receives a steady paycheck from an employer, your employer is legally mandated to withhold taxes from your pay to give to the IRS. They estimate this based on your expected annual income, but they will rarely be 100% accurate. Working less than the full year, getting bonuses as part of your income, or having side-hustle income are all common occurrences that could throw off your estimated taxes.

When you go to file taxes at the end of the year, they basically assess whether that withholding from your employer was too much or too little. If it's too much, they give you back the money (with no interest, by the way), and if you paid too little, well, you better be ready to pay up.

The goal should be to adjust your withholding to be AS CLOSE to the real taxes owed AS POSSIBLE! No one likes to pay extra when filing comes around. And while a refund might feel nice (like "extra income"), it's actually money that should have already been in your pocket.

You don't have to be a CPA, but you should try your best to understand some basic tax concepts so you don't get burned. This one is a common one that people don't understand!

- Matt

P.S. I'm a HUGE index fund guy, so I made a free index fund guide explaining them and laying out options to create an index fund portfolio at different brokers (Vanguard, Fidelity, Schwab, etc). Comment "guide" and I'll send you a link to get the PDF!

06/23/2026

Just when you thought you had federal income taxes figured out, a few familiar write-offs are disappearing. The 2025 Trump tax bill has permanently eliminated several individual tax deductions and credits. So in case you missed it, here are three popular tax breaks that are officially gone for good this year and how the changes might affect your bottom line at tax time

Here's a list of federal tax deductions and credits that you can't claim in the 2026 tax year. High-income earners could also get hit by a "surprise" tax bill.

06/23/2026

Summer is a time when parents often hear their kids are bored. Have you considered hiring your child or children to help with your business? This strategy can keep them productive while potentially lowering your tax bill. However, as you probably have guessed, there are strict IRS rules to follow. Here's some key information to get you started.

Hiring your child can potentially lower your tax bill and help kids develop skills, but there are some rules you need to know — and follow.

06/21/2026

Do you earn income from something you enjoy doing? Whether it’s selling handmade items, photography, consulting, coaching or another activity, it may be important to understand whether it’s considered a hobby or a business for tax purposes.

The shares factors taxpayers should consider when deciding the difference. Learn more: https://ow.ly/H69C50Z7lWT

06/21/2026

If you get a call, email, or text message saying you might be eligible for a government grant or program, be wary! Nobody from the government will EVER demand your Social Security number to see if you qualify. Only a scammer will. ejcc.acl.gov/imposters

06/21/2026

Happy ! Being a dad is wonderful, and you can also qualify for an tax credit. The Child Tax Credit can give you up to $2,200 per qualifying child.

Find out if you can claim this credit at www.irs.gov/ctc.