Hristov Tax & Accounting

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07/18/2025

🚨 Major Tax Law Changes for 2025 – What You Need to Know NOW🚨

On July 4, 2025, Congress passed one of the biggest tax reform bills in decades — The One Big Beautiful Bill Act — bringing sweeping changes that will impact nearly every taxpayer starting January 1, 2025. 📅

Here are some key updates:

👶 Child Tax Credit
Now $2,200 per child ($1,400 refundable). Same income phase-outs as before — $200K (single), $400K (married). Families near these limits: plan early!

🏡 SALT Deduction
The cap increases to $40,000 (or $20K for MFS), but begins to phase out at $500K MAGI. Reverts to $10K after 2029.

💵 New Deductions for Workers (2025–2028):
• Tips – Up to $25,000 deductible for tipped employees
• Overtime – Up to $12,500 (or $25K joint)
Income phase-outs apply starting at $150K/$300K MAGI.

👴 Senior Deduction
New deduction of up to $6,000 ($12,000 joint) for those 65+. Phases out starting at $75K/$150K MAGI.

🚗 Car Loan Interest
Up to $10,000 in interest on personal-use U.S.-assembled cars is now deductible! (Phase-outs start at $100K/$200K MAGI)

👶 Adoption Credit
Up to $5,000 now refundable — a big help for families adopting in 2025 and beyond.

⚠️ Expiring Soon: Green Tax Credits
Act fast if you’re planning:
• An EV purchase (credits end after Sept. 30, 2025)
• Home energy upgrades (credits end after Dec. 31, 2025)

🔍 These changes create big opportunities — and potential risk— depending on your situation. The time to plan is NOW.

📞 Let’s talk strategy.
We're here to help you make sense of the new law and build a plan that keeps more money in your pocket.

📍 Message us or call today to schedule a tax strategy session for 2025.

05/23/2025

🚨 Major Tax Changes Ahead: OB3 Act Passed the House!

The House just passed the One Big Beautiful Bill Act (OB3 Act) — a sweeping tax package that could impact nearly every taxpayer. It's not law yet, but here’s what’s likely coming:

🔹 Child Tax Credit increases to $2,500 (2025–2028)
🔹 Senior Deduction: Extra $4,000 for age 65+ (2025–2028)
🔹 199A Deduction: Raised to 23% and made permanent
🔹 Tip Deduction: New deduction (2025–2028) for employees in tip-based jobs — but income limits apply
💅 Tip Credit Expanded: Now includes salons, spas, and estheticians
🔹 HSA Limits: Doubled for lower-income individuals/families
🔹 Bonus Depreciation: 100% through 2029
🔹 SALT Deduction Cap: Raised to $40,000 (2025), phases down at higher incomes — then indexed for inflation
🔹 1099 Threshold: Increased to $2,000 starting in 2026
🔻 Energy Credits: Many phase out starting in 2026
⚠️ New 3.5% tax on foreign money transfers (with exceptions)

📌 The Senate still needs to vote, but this bill gives us a strong preview.

05/09/2025

📸 **Protect Your Tax Deductions: Digitize Your Receipts This May!**

Is your credit card statement “naked”?
Translation: If it’s not backed up by actual **receipts**, the IRS won’t accept it as proof during an audit!

✅ Receipts + Credit Card Statements = Solid Audit Defense
✅ No receipt = No deduction — even if you clearly spent the money

🔍 To claim a business tax deduction, you must show:
• What you bought
• That you paid for it
• The business reason
• Who you were with (for meals, travel, gifts)
• When and where it happened

🧾 Pro tip: The **check copy** of a restaurant receipt (not the one you sign) shows all the details you need. Jot down who you met with and why—then digitize it!

📱 **Go digital** to stay organized and audit-proof:
Use your phone to snap pics of receipts before they fade. Apps like **Shoeboxed, Expensify, Dext, and Zoho Expense** make this process simple and IRS-compliant.

💡 Remember: The \$75 rule doesn’t require receipts for small expenses, but you still need to document the who, what, when, where, and why.

🔐 Digital records are safer, faster, and longer-lasting than paper. Start now—and save your future self the audit headache.

Need help setting up a system or want a strategy session?
📞 Call us at **773-796-6697** or message us today.

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05/05/2025

💡 **Tax Tip for May 2025: Make Your IRA Work Smarter with QCDs!** 💰

Are you 70½ or older and taking required minimum distributions (RMDs) from a traditional IRA? If you're also charitably inclined, you might want to explore **Qualified Charitable Distributions (QCDs)** — a powerful tax-saving strategy!

✅ Avoid taxable income from RMDs
✅ Lower your AGI
✅ Reduce Medicare IRMAA surcharges
✅ Pay less in estimated taxes
✅ Decrease taxable Social Security

Here’s the catch: QCDs must go **directly** from your IRA **to the charity**. Sounds tricky? Here's a smoother option 👉 **Use a traditional IRA checking account** (available at some custodians like Schwab or Fidelity) to write a check directly to a 501(c)(3) charity.

⚠️ Warning: This doesn’t work with self-directed IRA LLC “checkbooks.”
✔️ Must be a direct IRA-to-charity transfer
✔️ Charity must cash the check by **Dec 31**
✔️ Must receive **no goods/services** in return
✔️ Get a written receipt if donation is \$250 or more

Want to make your giving easier *and* smarter? Let's chat about how QCDs can fit into your 2025 tax plan.

📩 Message us or call us at **773-796-6697** to get started.

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Address

1699 Wall Street, Suite 201-P
Mount Prospect, IL
60056

Telephone

(773)7966697

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