Lee's Tax & Professional Services

03/14/2026

Did you get a verification letter from the State or IRS this year? Don't worry!
The high volume of state and federal tax verification letters this year is primarily due to intensified fraud prevention measures aimed at combating a surge in sophisticated identity theft and fraudulent refund claims.

02/16/2026

Now filing 2018-2025 Taxes!
Time to get your financial house in order!
We can only help if you ask for it.

01/28/2026

01/27/2026

The Working Families Tax Cuts provides for establishing a Trump Account on behalf of every eligible child for whom an election is made, generally by a parent or guardian, and who has not turned age 18 before the end of the calendar year in which the election is made. Contributions to Trump Accounts cannot be made before July 4, 2026.

Additionally, the federal government will make a one-time $1,000 pilot program contribution to the Trump Account of each eligible child for whom an election is made, who is a U.S. citizen and who is born on or after Jan. 1, 2025, through Dec. 31, 2028.

01/23/2026

Retroactive Tax Cuts:
The OBBBA introduced several major tax breaks for the 2025 tax year that were not reflected in workers' 2025 paychecks. Since the IRS did not adjust withholding tables mid-year, this excess tax is now being returned as a lump-sum refund.

01/22/2026

The IRS will open the 2026 tax filing season on Monday, January 26, 2026, when it will begin accepting and processing 2025 tax returns. The general deadline to file your 2025 tax returns and pay any tax due is Wednesday, April 15, 2026

01/15/2026

One, Big, Beautiful Bill" (OBBBA) enacted in 2025, allows individuals to deduct interest on personal-use car loans for new vehicles with final assembly in America, starting in 2025 and running through 2028, offering up to a $10,000 deduction for eligible taxpayers. This deduction phases out at higher incomes ($100k single/$200k joint MAGI) and requires lenders to report interest paid to the IRS, with specific VIN reporting for borrowers.

01/14/2026

Starting in 2025, some who are 65 years of age or older can take an extra $6,000 deduction in addition to either their standard or itemized deduction. The $6,000 deduction starts to phase out for single filers with income over $75,000 and married filers with income over $150,000.

01/08/2026

The IRS, in coordination with the U.S. Department of the Treasury, has begun to phase out paper tax refund checks for individuals starting September 30, 2025, as mandated by Executive Order 14247. This is part of a broader government-wide transition to electronic payments to enhance security, speed up refunds, and reduce costs

01/07/2026

New Tax Law
No Tax on Tips
Under the One, Big, Beautiful Bill, workers may be eligible for new deductions for tax years 2025 through 2028 if they received qualified tips. For tipped workers, the maximum annual deduction is $25,000, which phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).

It is estimated that there are about 6 million workers who report tipped wages.

01/06/2026

A new federal law, part of the One Big Beautiful Bill Act (OBBBA) signed in July 2025, allows eligible workers to claim a federal income tax deduction for a portion of their qualified overtime pay for tax years 2025 through 2028.

Limits: The maximum annual deduction is $12,500 for single filers and $25,000 for joint filers. There are income phase-outs starting at $150,000 MAGI for single filers and $300,000 for joint filers.