Reed's Tax Service

Reed's Tax Service Specializing in individual and small business tax returns, representation for any tax matter. Feel free to call or email us with any questions you may have.
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Established in 1943, Reed's Tax Service, is a family owned business located in Midwest City, OK. It was originally established to serve the Eastern Oklahoma County area but today serves people all over the United States. We specialize in individual and small business tax returns as well as representation for any tax matters in front of the IRS. We offer electronic filing and preparation of all sta

te tax returns. Our tax preparers, Sean Reed EA, Oxsana Besova, and Heather Reed have over 50 years of experience. We look forward to helping you with your tax needs.

A Halloween Tax Funny.
10/31/2025

A Halloween Tax Funny.

10/24/2025

đź“Ł Medicare Cost Changes for 2026: What You Need to Know

Big shifts are coming for Medicare—and they’ll hit harder than most headlines suggest.

🔹 Medicare Part B Premiums are projected to rise 11.6% to $206.50/month, adding $258 annually per enrollee. With 65 million Americans enrolled, that’s a $16.8 billion increase in total premiums.

🔹 Part D Deductible climbs to $615, and the annual out-of-pocket cap for prescription drugs nudges up to $2,100.

🔹 Meanwhile, the Social Security COLA for 2026 is just 2.8%, boosting the average monthly check by $56—or $672 annually.

📉 But here’s the catch: for many retirees, Medicare will absorb nearly half of that COLA. And across all enrollees, the net increase in Medicare costs will exceed $25 billion, even after factoring in Social Security’s bump.

📬 At Reed’s Tax Service, we’re modeling how these shifts affect your retirement cash flow, healthcare deductions, and tax strategy. We’ll walk through it during your 2026 prep session—but if you want to get ahead of it, reach out now.

10/20/2025

Smart Year-End Tax Tips from Reed’s Tax Service

As 2025 wraps up, here are a few easy ways to lower your tax bill before December 31:

1. Boost your retirement savings

Adding to your IRA or 401(k) now can reduce your taxable income and help you save for the future.

2. Review your investments

If you sold stocks or crypto this year, you might be able to offset gains by selling underperformers.

3. Prepay deductible expenses

If you itemize, paying things like property taxes or medical bills early could increase your deductions.

4. Make business purchases

If you’re self-employed, buying equipment or supplies before year-end might qualify for a full write-off.

5. Check your withholding

If you had extra income this year, a final estimated payment could help you avoid penalties.

6. Give to charity

Donations made by December 31 can count toward this year’s return. We’ll help you document them properly.

7. Schedule your review

We’re here to help you finish strong—with clear answers, remote options, and a welcoming office.

Call or email Reed’s Tax Service to book your year-end checkup. Let’s make sure you’re ready for tax season. 405-732-2446 [email protected]

10/08/2025

The IRS has officially entered emergency status and is now closed for most operations due to the government shutdown. While core systems like e-filing and automated processing remain active for now, nearly all live support, correspondence handling, and paper return processing have been suspended. IRS employees have received Reduction in Force notices, and many are now navigating unemployment protocols. This means delays across the board—for audits, amended returns, identity verification, and taxpayer assistance. If you’re waiting on a mailed response or planning to call for help, expect silence until funding is restored. Reeds Tax Service will continue monitoring developments and advising clients on how to protect themselves during this disruption. October 15 deadlines remain firm, and penalties continue to accrue. If you’re unsure how this affects your situation, reach out—we’re here to help.

10/08/2025

Reed’s Tax Service Reminder — October 15, 2025 Filing Deadline Still Applies

Despite the current government shutdown, the IRS has confirmed that the October 15th deadline remains in effect for taxpayers who requested a six-month extension to file their 2024 federal income tax return.

Federal tax law does not pause during a shutdown. Electronic filing systems are still running, and the IRS continues to process returns and payments. If you’re one of the millions who filed for an extension back in April, now’s the time to wrap it up.

Reed’s Tax Service is here to help you file accurately and on time. Don’t let the noise in Washington distract you from your obligations—or your opportunity to close out 2024 cleanly.

Questions? Reach out directly. We’re monitoring IRS updates and keeping our clients ahead of the curve.

10/03/2025

When the federal government shuts down and the IRS closes its doors to non-essential personnel, everyday people feel the ripple effects in ways that aren’t always obvious. Taxpayer assistance centers go dark, meaning no walk-in help for questions or issues. Refunds may be delayed, especially for amended returns or paper filings. Audits, appeals, and correspondence cases stall, leaving individuals and businesses in limbo. If you’re trying to resolve identity theft, prove income for a loan, or get transcripts for financial aid, you’re likely stuck waiting. Even tax professionals can’t access certain services or get answers to client questions. While electronic filing and automated systems may still function, anything requiring a human touch is paused. For many, it’s not just an inconvenience—it’s a disruption to financial planning, legal compliance, and peace of mind.

10/02/2025

Please share, if the shutdown goes for very long some of our clients, friends and neighbors will be impacted. We will be posting ideas that we hope will be helpful

At Reed’s Tax Service, we’ve helped clients through multiple government shutdowns over the past 80 years. We understand the fear and stress that come when paychecks stop and bills don’t. If you’re a federal employee affected by the current shutdown—FAA, Department of Defense, Postal Service, or others—please know we’re here to help you think clearly and act strategically.

Before making any major financial moves, especially withdrawing from IRAs or 401(k)s, talk to us first. If you’re under 59½, early withdrawals can trigger steep penalties and tax consequences. Let’s walk through your options together.

Here are some smart steps to take now:

Things to Check:

• Review your budget and prioritize essentials: housing, utilities, food, transportation
• Pause or cancel non-essential subscriptions and automatic payments
• Check credit card interest rates and minimum payments
• Review upcoming expenses—postpone anything non-urgent
• Assess your savings and how long they can stretch

Things to Do:

• Contact mortgage servicers, landlords, and utility providers about hardship options
• Explore short-term work or side income that doesn’t conflict with federal employment rules
• If you’re expecting a tax refund, we can help you model timing and impact
• Stay calm and avoid panic-driven decisions—reach out before making big financial changes

Oklahoma Resources to Explore:

• Oklahoma Department of Human Services (OKDHS) – food, housing, and emergency assistance
• Community Action Agencies – local support for utilities, rent, and basic needs
• Oklahoma 211 – statewide directory for crisis and support services
• Oklahoma Employment Security Commission – unemployment and job search tools

We’re committed to helping you protect your financial future. If you’re facing tough choices, let’s talk before you act. Reed’s Tax Service is here for you.

10/01/2025

At Reed’s Tax Service, we’ve helped our clients weather multiple government shutdowns over the past 80 years. We understand the fear of the unknown and the stress that comes with interrupted paychecks, especially for those in the FAA, Department of Defense, Postal Service, and other federal agencies. If your income has suddenly stopped, please know that you’re not alone—and that we’re here to help you navigate this moment with clarity and care. It’s critical not to make knee-jerk financial decisions, particularly when it comes to tapping into retirement accounts like IRAs or 401(k)s. If you’re under 59½, early withdrawals can trigger steep penalties and unexpected tax consequences. If the shutdown drags on and you find yourself considering this option, please reach out to us first so we can walk you through the implications and explore alternatives. In the meantime, the best strategies for weathering a shutdown include reviewing your budget to prioritize essentials, contacting creditors or mortgage servicers to discuss temporary hardship options, exploring community resources or short-term assistance programs, and considering side income opportunities that don’t jeopardize your federal employment status. Above all, stay grounded and avoid panic-driven decisions. We’re committed to helping you protect your financial future and make informed choices during this difficult time.

if you have questions or concerns, call us at 405-732-2446 or send an email to [email protected]

09/11/2025

Important Alert from Reeds Tax Service
A new fraud method is making the rounds online. It uses fake websites and phishing tactics to trick you into installing malware that can steal your personal information.

How it works:
You may see a fake “Verify You Are Human” test (like a CAPTCHA) asking you to type a series of keys—such as Win + R, then CTRL + V, then Enter. This sequence installs malware that can capture your usernames, passwords, and other sensitive data.

What you can do:
– Run regular anti-virus and malware scans
– Avoid clicking on unexpected pop-ups or messages
– Remember: real CAPTCHA tests never ask for keyboard shortcuts
– Check your credit report often for any unfamiliar accounts

If you think your identity may have been compromised, call us immediately at 405-732-2446. We’ll help guide you through next steps and connect you with trusted resources.

Stay safe, and thank you for trusting Reeds Tax Service.

08/16/2025

Back-to-School Tax Tips for Families and Workers

As the school year ramps up, it’s a smart time to revisit tax strategies that can help offset seasonal expenses. Whether you’re buying supplies, adjusting work schedules, or planning ahead, here are a few tax-savvy moves to consider:

• Educator Expenses – Teachers can deduct up to $300 for classroom supplies—even without itemizing. Married educators filing jointly can claim up to $600.

• Dependent Care Credit – If you’re paying for after-school programs or childcare while you work, you may qualify for a credit of up to $3,000 per child (max $6,000 for two or more). Keep receipts and provider details organized.

• 529 Plans – Contributions to qualified education savings plans may offer state tax benefits. Funds can be used for K–12 tuition and certain apprenticeship programs.

• OBBBA Deductions – The One Big Beautiful Bill Act allows deductions up to $12,500 for overtime premiums and $25,000 for qualified tips. These apply even without itemizing, but income limits and documentation rules apply.

• Mileage for School Activities – Volunteering for school events or driving for a qualified nonprofit? Track your mileage—charitable miles may be deductible.

Tax law is full of nuance, but smart planning can make a real difference. If you’re unsure what applies to your situation, let’s talk before the year gets away from you.

đź“ž 405-732-2446
📧 [email protected]

07/28/2025

Oklahoma’s casino scene is booming—and so is the need for smarter tax strategy.

If you’re one of the many Oklahomans who gamble recreationally, listen up: under the One Big Beautiful Bill signed by President Trump, you can only deduct up to 90% of your gambling losses, and only against your winnings. That changes everything.

🧾 Let’s walk through two key examples:

➡️ Example 1 — You Break Even but Still Get Taxed

• You win $100,000
• You lose $100,000
• IRS limits your deduction to 90% of losses = $90,000
👉 Result: You owe tax on $10,000 of income—even though your net gain was zero

➡️ Example 2 — You Lose More Than You Win

• You win $100,000
• You lose $110,000
• 90% of losses = $99,000
👉 Result: You only owe tax on $1,000 of net gambling income

đź“Ś Why meticulous tracking matters:
This law doesn’t care what you “think” you lost—it cares what you can prove, and then trims off 10% before letting you deduct. Without good records? You could be taxed on a whole lot more than you actually walked away with.

📋 Here’s how to protect yourself:

• Keep detailed win/loss statements, receipts, casino loyalty logs, even travel records
• Log activity consistently—not just at tax time
• Partner with a professional who knows the ins and outs of these rules

🎯 At Reed’s Tax Service, we help you:

• Build deduction strategies based on real numbers
• Stay compliant while minimizing your taxable income
• File with confidence—not confusion

đź“ž (405) 732-2446
📧 [email protected]

Don’t gamble with your taxes. Know the odds, know the law—and make sure the IRS doesn’t win a bigger cut than they should.

07/23/2025

Important Tax Credit Updates: Reed’s Tax Service

If you’re planning to invest in clean energy or purchase an electric vehicle, take note: several key tax credits will expire under the One Big Beautiful Bill Act by the end of this year.

Here’s what’s changing:

Residential Clean Energy Credit (Section 25D)
This credit currently covers 30% of qualifying systems like solar panels, solar water heaters, geothermal heat pumps, and battery storage. These systems must be installed and in service by December 31, 2025, to be eligible.

Energy Efficient Home Improvement Credit (Section 25C)
Homeowners may qualify for up to $2,000 for installing heat pumps, plus additional credits for insulation, windows, doors, and energy audits. To receive these benefits, improvements must be completed before the end of this year.

Electric Vehicle Tax Credits
If you’re considering an electric vehicle, don’t wait. The $7,500 credit for new EVs and the $4,000 credit for used EVs are ending September 30, 2025. Importantly, your vehicle must be delivered and in your possession by that date—not simply ordered.

These credits were originally scheduled to run through 2032 under the Inflation Reduction Act, but the new legislation has moved the deadline forward. Delaying your purchase could mean missing out on thousands in tax savings.

How Reed’s Tax Service Can Help
We’re here to guide you through the deadlines, documentation, and opportunities so you don’t leave money on the table. Schedule a consultation today to explore your options and get personalized advice.

Call us at (405) 732-2446
Email: [email protected]

Let’s make sure your clean energy investments pay off while the incentives are still available.

Address

2231 S Air Depot Boulevard
Midwest City, OK
73110

Opening Hours

Monday 10am - 2pm
Tuesday 9am - 4pm
Wednesday 9am - 4pm
Thursday 9am - 4pm

Telephone

+14057322446

Website

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