Brightside Financial Services

12/29/2025

IRS sets 2026 business standard mileage rate at 72.5 cents per mile, up 2.5 cents

12/24/2025

A 2.8% COLA increase is coming to Social Security in 2026, but Medicare premiums and taxes could reduce your take-home amount. The increase will mean approximately $600 more a year for those who's monthly benefit is around $1,800.

10/25/2024

**Before you file your taxes, make a detailed this of your losses from one of the hurricanes in 2023 OR 2024 and you can claim it on your next tax return as a reduction to your taxable income.. Read direct from The Fed below**

Disaster loss deduction may be available!!!!!
In some instances, individuals and businesses in a federally-declared disaster area can qualify for a casualty loss tax deduction. The deduction is available for damaged or destroyed property not covered by insurance or other reimbursement and can result in a larger refund.

A unique feature of this deduction is that taxpayers can choose to claim it on either the return for the year the loss occurred (in this instance, the 2024 return normally filed next year), or the return for the prior year

(the 2023 return filed this year). For individual taxpayers, the deadline for making this election is Oct. 15, 2025.

If deductions exceed a taxpayer’s income, it can result in a net operating loss (NOL). A taxpayer need not have a business to have a NOL from a casualty. A NOL can normally be carried forward and deducted in a future tax year. See Publication 547, Casualties, Disasters, and Thefts and Publication 536, Net Operating Losses (NOLs) for Individuals, Estates, and Trusts, for details.

**If you have questions and would like more information, please feel free to reach out to us at 772-247-1141 for more information. I will make sure when we next file your taxes to ask you if you wish to claim losses against this credit**

03/16/2023