Fast Track Tax Service Prichard, Al

12/18/2025

🎄😄 Holiday Break Alert! 😄🎄

Fast Track Tax Service will be closed the week of Christmas while we eat too many cookies and argue over wrapping paper.

We’ll be back open Monday, December 29th at 9:30 AM, refreshed, recharged, and ready to jump into tax season!

Thanks for being awesome—have a Merry Christmas and Happy Holidays! 🎁✨

11/21/2025

🦃 Thanksgiving Week Office Closure Notice 🦃

Our office will be closed for the entire week of Thanksgiving so our team can enjoy time with their families.

Closed: All Thanksgiving Week
Reopening: Monday, December 1st during normal business hours

We appreciate your understanding and wish you and your family a safe, happy, and blessed Thanksgiving! 🧡🦃🍂

11/12/2025

🎵 “I’m just a bill, yes I’m only a bill…” 🎵

Before any new legislation — including the proposed $2,000 dividend from tariff revenues — can reach the public, it has to go through the entire lawmaking process. That means moving from an idea, to a bill, to debates and votes in Congress, and finally to the President’s desk for approval.

This Schoolhouse Rock! classic is a fun reminder that even the most exciting proposals take time and must follow the proper steps before becoming law.

In short: NOTHING IS OFFICIAL until it’s passed and signed.

Featuring a song of the same title written by Dave Frishberg. The segment debuted as part of "America Rock", the third season of the Schoolhouse Rock series,...

11/10/2025

WE WILL BE CLOSED TUESDAY NOVEMBER 11TH IN RECOGNITION OF VETERANS DAY. WE WILL REOPEN WEDNESDAY NOVEMBER 12TH FOR REGULAR BUSINESS HOURS.

11/03/2025

The Big Beautiful Bill – Car Interest Tax Deduction Explained
There’s a new rule in the Big Beautiful Bill that helps people who buy a new car.
Here’s how it works:

If you buy a brand-new car that final assembly is in the United States, and you took out a car loan, you can now deduct up to $10,000 of the interest you pay on that loan when you file your taxes.
That means the interest you pay to the bank for borrowing the money can lower your taxable income, which could reduce the amount of taxes you owe.
But there are a few conditions:
1. The car must be NEW, NOT USED.
2. Final assembly must be in the U.S.
3. You must buy it between 2025 and 2028.
4. The deduction starts to phase out if your income is over $100,000 (single) or $200,000 (married).
If you’re planning to buy a new car soon, keep your loan paperwork and interest statements — they could save you money at tax time.

10/28/2025

NEW TAX BREAK FOR SENIORS — THE OBBB OVER-65 CREDIT
If you are age 65 or older, the new One Big Beautiful Bill gives you an additional tax benefit starting with your 2025 tax return.
Here’s what it means in simple terms:
You will receive an extra $6,000 deduction just for being age 65 or older.
Married couples where both spouses are 65 or older can receive a total of $12,000.
This benefit applies even if you take the standard deduction — you do not have to itemize.
The deduction begins to phase out if income is over $75,000 for single filers or $150,000 for joint filers.
The benefit is currently scheduled to apply for tax years 2025 through 2028.
This new deduction lowers your taxable income and may also reduce how much of your Social Security is subject to tax.
It is one of the most significant updates for seniors in years, designed to help retirees keep more of what they’ve earned.

10/20/2025

OBBB tax deduction for overtime
What it does: The OBBB creates a tax deduction for the "premium" portion of an employee's overtime pay that is required under the FLSA. It does not apply to other forms of overtime, such as contractual or state-mandated overtime.
How it works: Employees can deduct up to $12,500 ($25,000 for joint filers) of qualified overtime compensation from their federal taxable income.
Who is eligible: The deduction is limited to non-exempt, W-2 employees. Higher-income earners are not eligible, with the benefit phasing out for single filers with an adjusted gross income above $150,000.
Does not affect payroll taxes: Social Security, Medicare, and state income taxes are still deducted as usual. The tax benefit is realized when an employee files their annual tax return.
For example, if an employee earns $20 per hour and works 50 hours in a workweek, their regular pay is $800 (40 hours x $20) and overtime pay is $300 (10 hours x $30). Only the $100 premium portion (10 hours x $10) would qualify for the deduction.

10/13/2025

TAX ON TIPS – WHAT’S NEW UNDER THE ONE BIG BEAUTIFUL BILL
Under the new One Big Beautiful Bill (OBBB), the way tips are taxed has changed — and it’s great news for service workers!
What Changed
If you earn tips as a waiter, bartender, hair stylist, delivery driver, or similar worker — those customer tips are now tax-free.
You’ll still report your tips for recordkeeping, but they no longer count as taxable income for federal income tax purposes.
This change helps service workers keep more of their hard-earned money since tips are considered a “thank you” from customers — not wages from employers.

Who Qualifies
The new No Tax on Tips rule applies to workers who regularly receive tips directly from customers, including:
Restaurants & Bars: Servers, bartenders, bussers, hosts
Beauty & Personal Care: Hair stylists, barbers, nail techs, massage therapists
Hospitality: Bellhops, housekeepers, valet attendants, concierge staff
Transportation & Delivery: Rideshare, food delivery, taxi, and shuttle drivers
Entertainment & Events: Casino dealers, performers, catering, and wedding staff
Only customer tips qualify for this exemption — your regular hourly pay or salary is still taxable.

Social Security & Medicare (F**A)
Even though tips are no longer taxed as income, F**A taxes (Social Security and Medicare) still apply under current IRS rules.
That means:
Employers must continue to report employee tips.
F**A taxes are still withheld unless the IRS issues new guidance in the future.

09/29/2025

https://apnews.com/article/trump-big-bill-tax-cuts-medicaid-416f8f60ba7b541622f1d5d149555752

New Mexico lawmakers are convening in a special session this week to boost funding for food assistance and rural health care.