Bryant Accounting & Tax Service, Inc.

01/25/2026

The North Myrtle Beach Police Foundation would like to extend our sincere gratitude to everyone who continues to support our mission and stand behind our local law enforcement officers. Your generosity and commitment make a real difference in helping us provide resources, support, and assistance to those who serve our community every day.

As we prepare for our Annual Gala on January 31, 2026, we are excited to celebrate the partnerships and community support that make this event so special. There is still time to become a table sponsor and show your support for the North Myrtle Beach Police Department while enjoying an evening dedicated to honoring service and commitment.

Thank you all for your continued support of the Foundation and for your unwavering commitment to local law enforcement. We truly could not do this without you. 💙🚔

01/11/2026

The filing deadline is April 15.

10/15/2025

Tax changes take effect this year and next…

Thanks to the massive new federal legislation commonly referred to as the “One Big Beautiful Bill,” which President Trump signed as promised on July 4.

There are over 100 tax sections in the OBBB. The changes permanently extend most tax provisions in the 2017 Tax Cuts and Jobs Act that were slated to expire on Dec. 31 and enhance some of them, provide new tax breaks, repeal clean-energy credits in the 2022 Inflation Reduction Act, and much more.

Many changes begin in 2025. Others in 2026.

Most are permanent. Some are temporary.

This Letter is devoted to the key tax changes enacted in the OBBB.

TAX RATES

Income tax rates for C corps, individuals, trusts and estates stay the same. C corps are taxed at a 21% rate, and individuals have a top rate of 37%. The individual alternative minimum tax easings are permanent, with a few changes.

STANDARD DEDUCTION

Standard deductions increase by $1,500 for joint filers, $750 for singles and $1,125 for household heads, beginning with 2025 returns filed next year. For 2025 returns, the basic standard deduction is $31,500 for joint filers, $15,750 for singles and $23,625 for heads of household. Filers 65 and older get $1,600 more per spouse on joint returns and $2,000 more on single and head-of-household returns.

CHILD CREDIT

The child tax credit rises to $2,200 per qualifying child…up from $2,000… beginning with 2025 returns, and will be annually adjusted for inflation. The refundable part for lower-incomers is $1,700. Filers need Social Security numbers to claim the child credit. On joint returns, at least one spouse must have an SSN. And, as before, each child for whom the credit is claimed must have an SSN.

CHILD CARE

Three breaks for child and dependent care are bigger, beginning in 2026:

The child and dependent care credit is more generous. The maximum credit for 2025 is $1,050 for one dependent and $2,100 for two or more dependents. The OBBB increases the top credit to $1,500…$3,000 for two or more dependents.

Working parents can contribute up to $7,500 to a dependent care FSA, beginning in 2026. The 2025 cap for this type of flexible spending account is $5,000.

Employers that provide child care for their workers also get more relief. The $150,000 maximum credit is rising to $500,000…$600,000 for small businesses.

SSNs

Lots of the tax breaks require filers to have Social Security numbers: The $6,000 bonus deduction for seniors. The deductions for tip income and overtime. The American Opportunity and Lifetime Learning credits. Plus more.

ESTATE TAX

The higher lifetime estate and gift tax exemption is now permanent…

And bigger…$15 million starting with 2026 deaths. The exemption for 2025 deaths is $13,990,000. The top federal estate tax rate stays at 40%.

SALT

The cap on deducting state and local taxes on Schedule A rises to $40,000 for 2025 through 2029. It goes back down to $10,000 beginning in 2030. There is also an income limit. For 2025, the SALT deduction begins to phase out… but not below $10,000…for filers with modified AGIs over $500,000…$250,000 for separate filers. The cap and income limit increase 1% each year through 2029.

FOUR NEW BREAKS

The 2025 OBBB law temporarily offers four brand new tax deductions. These deductions are available for taxpayers who claim the standard deduction and for those who itemize on Schedule A of the 1040. These four tax write-offs first take effect on 2025 tax returns filed next year, and they end after 2028.

First, there is a new senior deduction of $6,000 per filer age 65 or older. Married couples with both spouses 65 and older can deduct $12,000. Not every senior will qualify. The deduction begins to phase out for taxpayers with modified AGI over $150,000 on joint returns and $75,000 on single and head-of-household returns.

Second, up to $25,000 of qualified tips is deductible. The write-off begins to phase out at modified AGIs over $300,000 on joint returns…$150,000 on others. There are lots of rules and complexities, and IRS guidance will be needed.

Third, up to $12,500 of overtime pay is deductible…$25,000 for joint filers. This write-off begins to phase out at modified AGIs over $300,000 on joint returns… $150,000 on others. And there are many rules, guardrails and knotty technicalities.

Fourth, individuals with auto loans can deduct up to $10,000 of interest that they pay on loans to buy a new car, minivan, SUV, pickup truck or motorcycle after 2024. Final assembly of the vehicle must take place in the U.S. And the write-off begins to phase out at modified AGI over $200,000 for joint filers…$100,000 for others.

DONATIONS

There’s mixed news for taxpayers who make charitable donations.

Nonitemizers can deduct up to $1,000 of charitable cash contributions, starting with 2026 returns filed in 2027. The amount is $2,000 for joint filers.

But itemizers who make charitable gifts don’t fare as well, beginning in 2026.

Charitable donations claimed on Schedule A are subject to a haircut. They are deductible only to the extent they exceed 0.5% of adjusted gross income.

Charitable gifts made by C corps also get a haircut. Beginning in 2026, they’re deductible only to the extent that they exceed 1% of taxable income. Excess donations made by itemizers and C corps can be carried forward five years.

Note that the 60%-of-AGI limit on cash gifts by itemizers is made permanent.

GOP lawmakers get their wish to expand school choice for K-12 students.

There’s a new income tax credit for donating to scholarship organizations. The OBBB gives a nonrefundable federal tax credit of up to $1,700 to individuals who donate cash to qualifying organizations created to provide scholarships to K-12 students. Additionally, scholarship recipients won’t be taxed on the funds. Note that the credit is allowed only for donations to eligible scholarship organizations in states that opt in to the program. This new break is scheduled to begin in 2027.

ITEMIZERS

Upper-incomers will again see their total itemized deductions phased out, beginning in 2026. That’s because the OBBB reinstates a revised version of the sneaky tax hike that applied to pre-2018 returns of wealthy individuals. Essentially, it caps the value of itemized deductions at the 35% income tax rate.

GAMBLING

Bad news for gamblers: Starting in 2026, they can deduct only 90% of losses against their taxable winnings. Now, gamblers report winnings on Schedule 1 of the 1040 and deduct losses on Schedule A to the extent of their reported winnings.

ADOPTION

There’s a helpful easing to the adoption credit. Beginning with 2025 returns, up to $5,000 of the credit…adjusted annually for inflation…is refundable.

EDUCATION

529 college savings accounts are expanded in three important ways.

First, you can withdraw up to $20,000 per year tax-free for K-12 schooling beginning in 2026, an increase of $10,000 from the current annual cap. As always, there is no limit on the amount of tax-free withdrawals used to pay for college.

Second, more K-12 expenses are covered. It used to be that distributions for K-12 education were tax-free only if used to cover tuition. Now covered are costs of tuition, materials for curricula and online studying, books, educational tutoring, fees for taking an advanced placement test or any exam related to college admission, and educational therapies provided by a licensed provider to students with disabilities. This easing begins with distributions from 529 accounts made after July 4, 2025.

Third, certain post-high-school credentialing program costs are 529-eligible.

TRUMP ACCOUNTS

The OBBB creates a new tax-advantaged savings account, beginning in 2026:

The Trump account for young children. Up to $5,000 can be contributed to the account each year. The federal government would automatically put in $1,000 for each child born after 2024 and before 2029. Contributions aren’t deductible. Income tax on the earnings is deferred until the account owner takes distributions.

INVESTMENTS

The income tax break for qualified small-business stock is greatly enhanced. Under current rules, individuals who acquire QSBS after Sept. 27, 2010, and sell over five years later can exclude 100% of their capital gain from the sale. The amount of excludable gain is capped at the greater of 10 times your stock basis or $10 million. You get a smaller break if you bought QSBS before Sept. 28, 2010.

The OBBB makes three significant changes for QSBS acquired after July 4. First, you can get a partial gain exclusion if you hold the QSBS for three or four years before selling it. Second, the $10 million gain exclusion cap goes up to $15 million. Third, it’s now a bit easier for a business to meet the qualified-small-business rules.

GREEN ENERGY

Many clean-energy tax breaks in the 2022 Inflation Reduction Act will end.

The expiration dates vary by credit, as you can see from several examples. The up-to-$7,500 tax credit for buying an electric vehicle expires after Sept. 30, 2025. The qualified commercial clean-vehicle credit expires after Sept. 30, 2025. Ending after June 30, 2026, are credits for alternative-fuel-vehicle refueling property and new energy-efficient homes. The energy-efficient commercial building deduction will continue to apply to property in which construction begins before July 1, 2026. Wind and solar projects that begin construction after July 4, 2026, must be placed in service before 2028 to qualify for the clean-electricity production credits. The White House has instructed the Treasury Dept. to move quickly to enforce this date for wind and solar projects. The credits for clean-hydrogen production end after 2027.

Two tax credits for energy-efficient home improvements end after 2025.

The residential clean-energy credit is for people who install in their homes an alternative energy system that relies on a renewable energy source, such as solar, wind or geothermal. Think solar panels and the like. The credit equals 30% of the cost of materials and installation of such systems that you add to your residence.

The energy-efficient home improvement credit is for homeowners who make smaller energy-saving upgrades, such as central air-conditioning systems, exterior doors and windows, heat pumps, water heaters, boilers, insulation and more.

Both these credits are repealed for property placed in service after 2025. So if you’re thinking of making home energy-saving upgrades and want a tax break, you will need to pay for them and get them completed before the end of this year.

EXEMPT GROUPS

Private colleges with large endowments will pay a higher excise tax rate on their investment income, beginning in 2026. The rate is 1.4%, 4% or 8%, depending on the value of non-education-related assets per full-time student

06/29/2025

The IRS has acknowledged delays in processing some 2025 electronic tax payments, leading to...
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04/04/2025

IRS reminder: Disaster victims in nine states have automatic extensions to file and pay their 2024 taxes

WASHINGTON — The Internal Revenue Service today reminds individuals and businesses in areas covered by 2024 disaster declarations that their 2024 federal income tax returns and tax payments for tax year 2024 are due on Thursday, May 1, 2025. Taxpayers in three additional states face fall deadlines.

The IRS normally provides relief, including postponing various tax filing and payment deadlines for any area designated by the Federal Emergency Management Agency (FEMA). If a taxpayer’s address of record is in a disaster area locality, individual and business taxpayers automatically get the extra time, without having to ask for it.

The current list of eligible localities is always available on the Tax Relief in Disaster Situations page on IRS.gov.

What areas qualify for the May 1, 2025, deadline?

The May 1, 2025, deadline applies to taxpayers affected by FEMA disaster declarations issued during 2024. These include:

Taxpayers in the entire states of Alabama, Florida, Georgia, North Carolina and South Carolina
Alaska – The City and Borough of Juneau
New Mexico – Chaves County
Tennessee – Carter, Claiborne, Cocke, Grainger, Greene, Hamblen, Hancock, Hawkins, Jefferson, Johnson, Sevier, Sullivan, Unicoi and Washington counties
Virginia – Albemarle, Appomattox, Bedford, Bland and Botetourt counties; Bristol City; Buchanan, Buckingham, Carroll and Charlotte counties; Covington City; Craig County; Danville City; Dickenson and Floyd counties; Galax City; Giles, Grayson, Greene, Lee, Madison, Montgomery and Nelson counties; Norton City; Patrick, Pittsylvania and Pulaski counties; Radford City; Roanoke City; Roanoke, Russell, Scott, Smyth, Tazewell, Washington

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

02/02/2025

Beware of scams offering lures like fake Economic Impact Payments. If you get one of these -related text messages, don’t click links or provide any response. Learn more at: www.irs.gov/scams

01/15/2025

In pending ERC litigation, the government made a surprising concession regarding its interpretation of the partial suspension test as detailed in IRS Notice 2021-20.

08/19/2024

Tax relief for victims of Hurricane Debby
Read the Article

Written by Intuit Accountants Team
Published Aug 12, 2024
7 min read
If 2024 turns out to be similar to 2023, there will be a continuous string of natural weather disasters that will impact many parts of the United States and its territories. As a result, the IRS issues periodic updates all tax and accounting professionals ought to know about in order to advise their clients on changes in IRS filing dates and more. This article will updated periodically as more update are available, and you can refer to this article for previous updates through February 2024.

Update 8/12/24: The IRS announced tax relief for individuals and businesses in four states affected by Hurricane Debby. Affected taxpayers in South Carolina, North Carolina, Florida and Georgia now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. Areas affected include:

All 46 counties in South Carolina.
The following 61 counties in Florida: Alachua, Baker, Bay, Bradford, Brevard, Calhoun, Charlotte, Citrus, Clay, Collier, Columbia, DeSoto, Dixie, Duval, Escambia, Flagler, Franklin, Gadsden, Gilchrist, Glades, Gulf, Hamilton, Hardee, Hendry, Hernando, Highlands, Hillsborough, Holmes, Jackson, Jefferson, Lafayette, Lake, Lee, Leon, Levy, Liberty, Madison, Manatee, Marion, Monroe, Nassau, Okaloosa, Okeechobee, Orange, Osceola, Pasco, Pinellas, Polk, Putnam, Santa Rosa, Sarasota, Seminole, St. Johns, Sumter, Suwannee, Taylor, Union, Volusia, Walton, Wakulla, and Washington.
The following 55 counties in Georgia: Appling, Atkinson, Bacon, Ben Hill, Berrien, Brantley, Brooks, Bryan, Bulloch, Burke, Camden, Candler, Charlton, Chatham, Clinch, Coffee, Colquitt, Cook, Crisp, Decatur, Dodge, Echols, Effingham, Emanuel, Evans, Glynn, Grady, Irwin, Jeff Davis, Jefferson, Jenkins, Johnson, Lanier, Laurens, Liberty, Long, Lowndes, McIntosh, Mitchell, Montgomery, Pierce, Richmond, Screven, Tattnall, Telfair, Thomas, Tift, Toombs, Treutlen, Turner, Ware, Wayne, Wheeler, Wilcox, and Worth.
The following 66 counties in North Carolina: Alamance, Anson, Beaufort, Bertie, Bladen , Brunswick, Camden, Carteret, Caswell, Chatham, Chowan, Columbus, Craven, Cumberland, Currituck, Dare, Davie, Davidson, Duplin, Durham, Edgecombe, Forsyth, Franklin, Gates, Granville, Greene, Guilford, Halifax, Harnett, Hertford, Hoke, Hyde, Johnston, Jones, Lee, Lenoir, Martin, Montgomery, Moore, Nash, New Hanover, Northampton, Onslow, Orange, Pamlico, Pasquotank, Pender, Perquimans, Person, Pitt, Randolph, Richmond, Robeson, Rockingham, Sampson, Scotland, Stokes, Surry, Tyrrell, Vance, Wake, Warren, Washington, Wayne, Wilson, and Yadkin.
Update 8/12/24: The IRS announced tax relief for individuals and businesses in 25 Minnesota counties affected by severe storms and flooding that began on June 16, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. This means that individuals and households that reside or have a business in Blue Earth, Carver, Cass, Cook, Cottonwood, Faribault, Fillmore, Freeborn, Goodhue, Itasca, Jackson, Lake, Le Sueur, Mower, Murray, Nicollet, Nobles, Pipestone, Rice, Rock, St. Louis, Steele, Wabasha, Waseca, and Watonwan counties qualify for tax relief.

Update 7/30/24: The IRS announced tax relief for individuals and businesses in 67 Texas counties affected by Hurricane Beryl that began on July 5, 2024. These taxpayers now have until Feb. 3, 2025, to file various federal individual and business tax returns and make tax payments. This means that individuals and households that reside or have a business in Anderson, Angelina, Aransas, Austin, Bowie, Brazoria, Brazos, Burleson Calhoun, Cameron, Camp, Cass, Chambers, Cherokee, Colorado, Dewitt, Fayette, Fort Bend, Freestone, Galveston, Goliad, Gregg, Grimes, Hardin, Harris, Harrison, Hidalgo, Houston, Jackson, Jasper, Jefferson, Kenedy, Kleberg, Lavaca, Lee, Leon, Liberty, Madison, Marion, Matagorda, Milam, Montgomery, Morris, Nacogdoches, Newton, Nueces, Orange, Panola, Polk, Refugio, Robertson, Rusk, Sabine, San Augustine, San Jacinto, San Patricio, Shelby, Trinity, Tyler, Upshur, Victoria, Walker, Waller, Washington, Webb, Wharton and Willacy counties qualify for tax relief.

Update 6/27/24: The IRS announced tax relief for individuals and businesses in Mississippi that were affected by severe storms, straight-line winds, tornadoes and flooding that began on April 8, 2024. These taxpayers now have until Nov. 1, 2024, to file various federal individual and business tax returns and make tax payments. Individuals and households that reside or have a business in Hancock, Hinds, Humphreys, Madison, Neshoba, and Scott counties qualify for tax relief.

Update 6/10/24: The IRS announced tax relief for individuals and businesses in parts of West Virginia affected by severe storms, straight-line winds, tornadoes, flooding, landslides and mudslides that began on April 2, 2024. These taxpayers now have until Nov. 1, 2024, to file various federal individual and business tax returns and make payments. Currently, individuals and households that reside or have a business in Boone, Brooke, Cabell, Fayette, Hancock, Kanawha, Lincoln, Marshall, Nicholas, Ohio, Preston, Putnam, Tyler, Wayne, and Wetzel counties qualify for tax relief.

Update 6/10/24: The IRS announced tax relief for individuals and businesses in parts of Kentucky affected by severe storms, straight-line winds, tornadoes, landslides and mudslides that began on April 2, 2024. These taxpayers now have until Nov. 1, 2024, to file various federal individual and business tax returns and make payments. Currently, individuals and households that reside or have a business in Boyd, Carter, Fayette, Greenup, Henry, Jefferson, Jessamine, Mason, Oldham, Union, and Whitley counties qualify for tax relief.

Update 5/31/24: Individuals and businesses in parts of Massachusetts affected by severe storms and flooding that began on Sept. 11, 2023 have until July 31, 2024, to file various federal individual and business tax returns and make payments. Currently, individuals and households that reside or have a business in Bristol and Worcester counties qualify for tax relief. The same relief will be available to any other counties added later to the disaster area. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.

Update 4/5/24: Individuals and businesses in parts of Rhode Island that were affected by severe storms and flooding that began on Dec. 17, 2023, and Jan. 9, 2024, now have until July 15, 2024, to file various federal individual and business tax returns and make tax payments. Currently, individuals and households that reside or have a business in Kent, Providence, and Washington counties qualify for tax relief. The same relief will be available to any counties added later to the disaster areas.

Individuals and businesses in parts of Maine who were affected by severe storms and flooding that began on Jan. 9, 2024, now have until July 15, 2024, to file various federal individual and business tax returns and make payments. Currently, individuals and households that reside or have a business in Cumberland, Hancock, Knox, Lincoln, Sagadahoc, Waldo, Washington, and York counties qualify for tax relief.

Update 4/3/24: Individuals and businesses affected by the terrorist attacks in the State of Israel have until Oct. 7, 2024, to file various federal returns, make tax payments and perform other time-sensitive tax-related actions. In Notice 2023-71, posted Oct. 13, 2023, the IRS provided relief to taxpayers who, due to the terrorist attacks, may be unable to meet a tax-filing or tax-payment obligation, or may be unable to perform other time-sensitive tax-related actions.

The IRS further postponed until Aug. 7, 2024, various tax-filing and tax-payment deadlines for individuals and businesses affected by the Aug. 8, 2023, wildfires in Hawaii. Previously, the deadline was Feb. 15, 2024. In general, this means that affected individuals, businesses, and tax-exempt organizations will now have until Aug. 7, 2024, to file their 2023 returns and pay any taxes due. This is in addition to the expansive relief, announced last August, shortly after the wildfires occurred. The IRS is offering relief to Maui and Hawaii counties, the two areas designated by the Federal Emergency Management Agency (FEMA). Individuals and households that reside or have a business in these localities qualify for tax relief. The current list of eligible localities is always available on the Tax relief in disaster situations page on IRS.gov.

08/19/2024

Educator Expense Deduction offsets classroom costs
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Written by Intuit Accountants Team
Published Aug 7, 2024
1 min read
The Educator Expense Deduction lets eligible teachers and administrators deduct part of the cost of technology, supplies, and training from their taxes. They can claim this deduction only for expenses that weren’t reimbursed by their employer, a grant, or other sources.

Who is an eligible educator?

The taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide. They must also work at least 900 hours a school year in a school that provides elementary or secondary education as determined under state law.

What to know about this deduction

Educators can deduct up to $300 of certain trade or business expenses that weren’t reimbursed. If two married educators are filing a joint return, the limit rises to $600. These taxpayers can’t deduct more than $300 each. Qualified expenses are amounts the taxpayer paid themselves during the tax year.

Some of the expenses an educator can deduct include the following:

Professional development course fees.
Books and supplies.
Computer equipment, including related software and services.
Other equipment and materials used in the classroom.
COVID-19 protective items to stop the spread of the disease in the classroom.

08/19/2024

Educator Expense Deduction offsets classroom costs
Read the Article

Written by Intuit Accountants Team
Published Aug 7, 2024
1 min read
The Educator Expense Deduction lets eligible teachers and administrators deduct part of the cost of technology, supplies, and training from their taxes. They can claim this deduction only for expenses that weren’t reimbursed by their employer, a grant, or other sources.

Who is an eligible educator?

The taxpayer must be a kindergarten through grade 12 teacher, instructor, counselor, principal, or aide. They must also work at least 900 hours a school year in a school that provides elementary or secondary education as determined under state law.

What to know about this deduction

Educators can deduct up to $300 of certain trade or business expenses that weren’t reimbursed. If two married educators are filing a joint return, the limit rises to $600. These taxpayers can’t deduct more than $300 each. Qualified expenses are amounts the taxpayer paid themselves during the tax year.

Some of the expenses an educator can deduct include the following:

Professional development course fees.
Books and supplies.
Computer equipment, including related software and services.
Other equipment and materials used in the classroom.
COVID-19 protective items to stop the spread of the disease in the classroom.