KHAN CPA GROUP

Tax Preparation led by a Multistate licensed CPA and Tax Professor

04/14/2026

🚨 Tax Tip for April 15 🚨

Filing an extension? That’s fine… but don’t forget this 👇

👉 An extension gives you more time to FILE, not more time to PAY.

If you owe taxes and don’t pay by April 15, you could face:
💸 Penalties
📈 Interest (that adds up daily)

✔️ Even if you’re not ready to file, estimate your tax liability and make an extension payment by April 15 to avoid unnecessary costs.

💡 Pro tip: Paying at least 90–100% of your liability can help minimize penalties.

01/25/2026

💼 401(k) Contribution & Catch-Up Rules for 2025/2026 💰
Big changes for your retirement savings — here’s how it works 👇
📌 2025 401(k) Contribution Limits:
• Employee contribution limit: $23,500 goes to $24,500 in 2026
• Catch-up contribution (age 50+): $7,500 goes to $8,000 in 2026
• "Super" catch-up (age 60-63): up to $11,250 remains the same for 2026.
➡️ That means if you’re 50 or older, you can contribute more than the standard limit this year!
🔁 Important New Rule for High Earners:
Starting in 2026, if your prior year wages (F**A wages on your W-2) were over $150,000, any catch-up contributions you make must be put into a Roth 401(k) — even if you normally contribute pre-tax. That means:
✅ You won’t get the upfront tax deduction on the catch-up portion.
✅ But your catch-up dollars grow tax-free and — if qualified — come out tax-free in retirement.

01/09/2026

📣 Tax Season Alert! 🧾💸
The IRS has just announced that the 2026 tax filing season will officially begin on January 26, 2026! That means you’ll be able to start submitting your 2025 tax returns to the IRS starting then. �
IRS
🗓 Important Dates: ✅ January 26 – IRS begins accepting and processing 2025 tax returns
📍 April 15 – Deadline to file or request an extension without penalties
It’s a great time to gather your W-2s, 1099s, receipts, and other tax documents now so you’re ready to go when filing opens! 💼💡 �
IRS
If you’re planning to file early, get your documents organized and connected with your tax professional or software soon! 📊🧑‍💻

12/30/2025

Reminder: Q4 quarterly estimated tax payments are due January 15th. Make sure your payment is submitted on time to avoid penalties and stay on track with your tax obligations. If you have questions, now’s a great time to check in with your tax professional.

07/31/2025

📣 100% BONUS DEPRECIATION IS BACK FOR 2025! 🚨

Business owners, this is HUGE! The full write-off is making a comeback 👏

💰 What it means:
You can now immediately deduct 100% of qualifying equipment, vehicles, and other assets purchased and placed in service during 2025 — instead of depreciating them over years!

🛠️ Great for:
✔️ Business vehicles (with weight limits)
✔️ Equipment & machinery
✔️ Computers & office furniture
✔️ Certain improvements to buildings

📆 Don’t wait until year-end. Strategic purchases NOW = Big tax savings later!

👨‍💼 Talk to your CPA and make 2025 your most tax-savvy year yet!

07/17/2025

🍽️ Attention Restaurant Owners! 🍷🍔

Don’t forget! If you run a restaurant, bar, or café, you may be required to file Food & Beverage Tax (Restaurant Tax) in addition to your Sales Tax Return.

📌 Many localities require this extra tax filing — and missing it can result in penalties or audits.

✅ Our CPA firm can help ensure you're fully compliant with: ✔️ Sales Tax Returns
✔️ Restaurant/Food & Beverage Tax Filings
✔️ Accurate Recordkeeping
✔️ Timely Submission

📍Serving clients nationwide for their sales tax needs
🧾 Licensed CPA firm in Downers Grove, IL

📅 Don’t wait until it's too late — Let us take care of it for you!

📲 Call to schedule your appointment.

07/14/2025

🛻💰 NEW! Auto Loan Interest Deduction — 2025 Is Driving in Big Changes

🚨 Starting in 2025, you may be able to deduct up to $10,000/year in interest on a personal auto loan—thanks to the new Big Beautiful Bill.

✅ You Qualify If:

🚗 You buy a new vehicle
🏭 It's assembled in the U.S.
📅 Loan starts in 2025–2028
💵 You meet the income limits

⚠️ What Doesn’t Qualify:

❌ Used vehicles
❌ Imported cars
❌ Business-use vehicles
❌ Leases or cash purchases

💸 Income Limits:

🧍 Single: Full deduction under $100K AGI
👫 Married: Full under $200K AGI
📉 Deduction phases out above that

---

💡 No Itemizing Needed!

Even if you take the standard deduction, you can still claim

07/12/2025

🌞 GO SOLAR WHILE YOU STILL CAN!
The 30% Solar Tax Credit EXPIRES in 2025!

Thinking about installing solar panels? Act fast! The federal solar investment tax credit (ITC) gives you 30% back on your system—but only through December 31, 2025.

💸 That’s thousands in savings…
🌎 And a cleaner, greener planet.
🏡 Whether it’s for your home or business—now is the time!

✅ Installation must be complete by the end of 2025
✅ Works for solar panels, battery storage & more
✅ Don’t miss out before the credit drops or ends!

07/11/2025

The 2025 tax law just gave you a win:
💰 SALT deduction cap increased to $40,000 (up from $10K)
🗓️ Applies 2025–2029 only
📉 Phases out if income exceeds $500K
🔁 Reverts to $10K in 2030

What this means for you:
If you’re a high earner in a state like NY, CA, NJ, IL, you can now deduct more state and local taxes and reduce your taxable income significantly — but only for a few years.

🧾 Already itemizing? You’ll feel this.
🏠 Paying big property taxes? This is for you.

07/10/2025

🚗💸 $7,500 EV Tax Credit Is Going Away — Act Before Sept 30!

Big changes are coming: The federal electric vehicle tax credit of up to $7,500 is set to expire after September 30, 2025.

✅ Up to $7,500 off new EVs
✅ Up to $4,000 off used EVs
🚫 Must take delivery before Sept 30, 2025
💡 Bonus: New auto loan interest deduction also available in 2025!

Address

2244 W 95TH Street STE 100
Naperville, IL
60564

Telephone

+13319010492

Website

http://www.khancpas.com/

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