Spencer M. Joe, CPA

01/12/2026

Let the fun begin! 🎉

The announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. You will have until Wednesday, April 15, 2026, to file your 2025 tax returns and pay any tax due. Don’t forget that IRS.gov has online tools and resources you can use before, during and after filing your federal tax return. For a list of filing season tools, reminders and resources, read: https://ow.ly/1yqq50XTweL

06/27/2025

How a Health Savings Account Can Save You Money on Taxes

If you’re covered by a high-deductible health plan, a Health Savings Account (HSA) offers a powerful way to reduce your tax bill while saving for future healthcare costs. HSAs provide a triple tax advantage: contributions are tax-deductible, earnings grow tax-free, and withdrawals for qualified medical expenses are also tax-free.

For 2025, individuals with self-only coverage can contribute up to $4,300, while those with family coverage can contribute up to $8,550. If you’re 55 or older, you can add an extra $1,000 as a catch-up contribution.

Here’s an example: if you’re single, earn $100,000 in W-2 wages, and contribute the full $4,300 to your HSA, you would reduce your taxable income by that amount. After applying the $15,000 standard deduction, your taxable income would be about $80,700, which places you in the 22% federal tax bracket. This means you’d save roughly $946 in federal income taxes. Additionally, if your contributions are made through employer payroll withholding, you’d also save about $329 in F**A taxes, bringing your total tax savings to approximately $1,275.

That’s money saved simply by putting aside funds you’ll likely use for healthcare expenses. If you haven’t explored HSAs yet, now is a great time to take a closer look.

06/05/2025

Q2 2025 estimated tax payments are due Monday, June 16.

If you're self-employed, run a business, or earn income that isn’t subject to tax withholding—like earnings from investments, freelance work, or rental properties—you may need to make estimated tax payments throughout the year.

One key concept to understand is the Safe Harbor Rule—a must-know for every entrepreneur. This IRS rule protects you from underpayment penalties as long as you:

✅ Pay at least 90% of your current year’s tax liability, OR
✅ Pay 100% of your prior year’s taxes (or 110% if your Adjusted Gross Income (AGI) was over $150,000)

Following the safe harbor rule keeps you in the clear—even if your income varies from year to year.

Besides avoiding penalties and interest, making estimated payments can:

✅ Improve cash flow planning
✅ Reduce the stress of a surprise tax bill at year-end

Not sure what you should be paying? Reach out—I’d be happy to help you figure it out and stay on track.

05/28/2025

Major Tax Law Changes on the Horizon

The House has officially passed the One Big Beautiful Bill, a comprehensive tax reform package that introduces several important changes for both individuals and businesses. While the bill still awaits Senate approval, it marks a significant step toward long-term tax policy updates.

Business Highlights:
• 100% Bonus Depreciation returns; higher Section 179 limits
• QBI Deduction increased to 23%
• Full expensing for U.S. R&D costs reinstated
• Loosened interest deduction rules (Section 163(j))

Individual Highlights:
• TCJA individual tax rate cuts made permanent
• Expanded Child Tax Credit
• SALT cap raised to $40K (with phase-out for high earners)
• Increased Standard deduction extended through 2028

These changes could significantly affect your personal or business tax strategy. Now is the time to evaluate your current plan and prepare for what may be coming. Feel free to reach out if you'd like to discuss how these updates may impact you or your business.

05/26/2025

Land of the free because of the brave.

Honoring those who made the ultimate sacrifice this Memorial Day.