IQ Tax Preparation

02/27/2026

“No Tax on Tips” Deduction Now in Effect 2025-2028

Workers who earn tips have a major new tax benefit available this filing season. Under the One Big Beautiful Bill Act, eligible employees and certain self‑employed individuals can now deduct up to $25,000 in qualified tip income on their federal tax return.

What counts as qualified tips?

Voluntary cash or card tips, as well as amounts received through valid tip‑sharing arrangements, may be deductible if you work in an occupation that customarily receives tips, such as hospitality, restaurant, salon, or gig‑based service roles.

This new deduction offers meaningful savings for millions of workers who rely on tips as part of their income. Make sure your tip records are accurate and properly reported so you can take full advantage.

02/20/2026

Important Update on the New Overtime Tax Deduction

A recent change in federal tax law introduces a valuable new deduction for workers who earn overtime. Under the One Big Beautiful Bill Act (OBBBA), taxpayers may now deduct the premium portion of their overtime pay—specifically, the “extra half” paid for hours worked beyond 40 per week under the Fair Labor Standards Act

Deduction Amount: Individuals may deduct up to $12,500, and married couples filing jointly may deduct up to $25,000, for qualified overtime compensation.

Eligibility: Only the federally required overtime premium qualifies; employer‑enhanced overtime, double‑time, or state‑mandated overtime rules do not meet the criteria.

Timing: This deduction begins with the 2025 tax year, meaning taxpayers will first claim it when filing returns in 2026.

Reporting: Employers report overtime on your paystubs. To ensure accurate calculation of the deduction, bring us your final paystub of 2025.

02/07/2026

We’re excited to share another great win for one of our clients. After carefully reviewing financial documentation and advocating on their behalf, the IRS has officially placed their account in Currently Not Collectible (CNC) status.

This means the IRS has closed all active collection efforts because they determined the taxpayer is not able to pay at this time. No levies. No garnishments. No collection pressure.

We work hard to make sure our clients get the relief they deserve—whether that’s CNC status, installment agreements, penalty relief, or full resolution of back taxes.

If you or someone you know is struggling with tax debt, we’re here to help you regain peace of mind and get back on track.

01/30/2026

A major tax change begins in 2025. Under the One Big Beautiful Bill Act, taxpayers may now deduct up to $10,000 per year in interest on qualifying new vehicle loans—even if they take the standard deduction.

To qualify, your vehicle must:
• Be brand new (first owner only)
• Be purchased with a loan after Dec. 31, 2024
• Be assembled in the U.S.
• Be used primarily for personal (not business) use
• Weigh under 14,000 lbs.
• Not be leased (leases don’t qualify)

Income limits apply, and the deduction phases out for higher‑income taxpayers.

This new tax benefit applies for 2025–2028. If you're considering buying a new vehicle, we can help you determine whether you qualify and how to maximize this deduction.

IQ Tax — Smarter Tax Solutions for Real People

01/23/2026

We're excited to announce the launch of our brand-new website: www.IQTaxRep.com

Our updated site makes it easier than ever to:
• Learn about our tax resolution and consulting services
• Schedule appointments online
• Access helpful resources
• Connect with our team

Whether you're dealing with IRS issues, need expert tax guidance, or want a trusted partner in your corner—IQ Tax is here to help.

Take a look and let us know what you think.
Visit now: www.IQTaxRep.com

Professional tax representation services in Lehigh Valley & Philadelphia. Expert help with IRS audits, back taxes, levies, offers in compromise, and payment plans.

01/14/2026

What Are Trump Accounts and How Can They Benefit Your Child?

Trump Accounts, created under the One Big Beautiful Bill Act (OBBBA), are designed to help families build long-term financial security for their children. These accounts combine government support with tax advantages to encourage early investing.
Key Features:

Every eligible child born between January 1, 2025, and December 31, 2028, receives a $1,000 government contribution to start their account.

Families can contribute up to $5,000 annually, with up to $2,500 coming from an employer tax-free.

Investments grow tax-deferred until the child turns 18, when the account converts to a traditional IRA.

An additional $250 bonus is available for children age 10 or younger in households earning less than $150,000.

Why It Matters:

Starting early means your child’s savings can grow significantly over time. These accounts not only provide financial security but also teach the value of investing and planning for the future.

IQ Tax can help you determine your child’s eligibility, guide you through the paperwork—including IRS Form 4547—and help you plan contributions for maximum growth and benefit.

Contact us today to learn more and start planning for your child’s future.

01/04/2026

New tax laws are taking effect this season, and they will impact everyone—whether you’re a business owner, employee, retiree, or homeowner. IQ Tax is here to help you navigate these changes with expert tax filing and strategic planning for your financial future. Contact us today to schedule your appointment and ensure you’re prepared.

12/17/2025

The morning is off to a great start! A client from California called us because they had been receiving collection letters from the IRS for almost $6K in penalties from a late filed tax return for 2023.

We quickly took action in representing them before the IRS and were successful in REMOVING ALL PENALTIES! Our client is now going to receive a refund for the same issue that had them owing thousands of dollars earlier.

Taxpayers have the right to retain representation. When dealing with the IRS, it's important to have someone who knows the law and can use it to your benefit. If you are in a similar situation like this one, reach out to our office.

04/16/2025

File and pay to limit penalties and interest

Even if a taxpayer cannot afford to immediately pay the full amount of taxes owed, they should still file a tax return and pay as much as possible. The IRS offers options for taxpayers who need help paying their tax bill. For more information, visit the Penalties page on IRS.gov.

02/14/2024

We are open for tax season! Walk ins are welcome and we are available for appointments 7 days a week. Our work is quality and we do everything we can to make sure you can get the most back in your refund! Call us at 267-748-2020.

12/01/2023

WE ARE HIRING! Looking for a bi-lingual administrator to help out with translating and scheduling appointments for our clients. Pay starts at $15/hr and up based on experience. Overtime available, opportunities for growth and training as a tax professional. Call us at 267-748-2020 or [email protected] with resume to apply.

12/19/2022

We still have a couple of open positions that we are looking to get filled for January.