Wade Stables P.C.

04/27/2026

Here are a few key tax-related deadlines for individuals for the rest of 2026. JUNE 15: Pay the second installment of 2026 estimated taxes, if applicable. SEPT. 15: Pay the third installment of 2026 estimated taxes, if applicable. OCT. 15: File a 2025 income tax return and pay any tax, interest and penalties due if an automatic six-month extension was filed. DEC. 31: Incur various expenses that potentially can be deducted on your 2026 tax return. Contact us for more information about the filing requirements and to help ensure you meet all deadlines that apply to you.

02/14/2026

01/20/2026

Pass-through entities generally don’t owe federal income tax at the entity level, but they still must file federal income tax returns. These entities include partnerships, limited liability companies treated as partnerships for tax purposes and S corporations. If your pass-through entity uses the calendar year for tax purposes, as most do, the filing deadline for the 2025 tax year is March 16, 2026 (because March 15 is on a Sunday). The deadline can be extended to Sept. 15, 2026, by filing for an extension by March 16. If you do that, you (and any other owners) will also likely need to file an extension to Oct. 15, 2026, for your individual return. Contact us to get things rolling.

01/19/2026

Eligible medical expenses are deductible 1) if they weren’t reimbursable by insurance or paid via tax-advantaged accounts, 2) to the extent that, in aggregate, they exceed 7.5% of your adjusted gross income, and 3) if you itemize deductions. Now is a good time to review your medical expenses for 2025 and see if you had enough so you can claim the medical expense deduction. Eligible expenses include many costs besides hospital and doctor bills, such as prescription drugs and certain costs related to transportation, insurance, therapy, dental and vision care, smoking cessation, and weight loss. Contact us to determine if you can benefit from the medical expense deduction on your 2025 return.

01/16/2026

A new year brings many new tax-related figures for businesses. While bonus depreciation remains at 100%, the Sec. 179 expensing limit increases to $2.56 million for 2026, with the phaseout threshold at $4.09 million. The income ranges over which the Sec. 199A qualified business income deduction limitations phase in also increase. For 2026, they’re generally $201,750 – $276,750, double those amounts for married couples filing jointly. But under tax legislation signed into law in 2025, the threshold for the excess business loss limitation drops significantly for 2026, to $256,000 (double that amount for joint filers). We can help you factor these changes and others into your 2026 tax planning.

01/16/2026

Many tax figures are annually adjusted for inflation and typically increase each year. For example, for 2026, the standard deduction increases to $16,100 for single filers, $24,150 for heads of households and $32,200 for married couples filing jointly. And the IRA contribution limit increases to $7,500. Other figures increase in 2026 due to the One Big Beautiful Bill Act. For instance, it boosts the lifetime gift and estate tax exemption to $15 million and the child and dependent care FSA contribution limit to $7,500. These are only some of the figures and limits that could affect your 2026 taxes. To learn more and begin planning for the new year, contact us.

12/31/2025

Hannibal phones are up and running again! Thank you for your patience and Happy New Year!

12/30/2025

Our Hannibal Office is currently experiencing a phone outage. We hope to have service restored soon. Thank you for your patience!

12/12/2025

Thanks to the staff at the KC Range for making our Christmas party fantastic!!!

08/11/2025

The One Big Beautiful Bill Act makes changes that will help business taxpayers. For example, there are now better rules for depreciating business assets. In addition to restoring 100% bonus depreciation, the new law makes favorable changes to Sec. 179 deductions. For eligible assets placed in service in 2025, the new law increases the maximum that can immediately be written off via first-year depreciation to $2.5 million (up from $1.25 million for 2025 before the law). A phase-out rule reduces the maximum Sec. 179 deduction if, during the year, you place in service eligible assets in excess of $4 million. (up from $3.13 million for 2025 before the law). Questions? Contact us.

08/10/2025

The One, Big, Beautiful Bill Act (OBBBA) has introduced tax changes that could affect families. For example, parents who adopt may be eligible for more generous tax relief. Under current law, a tax credit of up to $17,280 is available for eligible costs of adoption in 2025. The credit begins to phase out in 2025 for taxpayers with modified adjusted gross income of $259,190. Beginning in 2025, the OBBBA makes the adoption tax credit partially refundable up to $5,000. This means that eligible families can receive this portion as a refund even if they owe no federal income tax. Previously, the credit was nonrefundable. Contact us if you have questions about how the new law affects your family.