Paul Ellis - Tax Preparation Service

02/28/2025

📢 Top 3 Tax Deductions Most People Forget! Don’t Miss These!

Every year, taxpayers leave money on the table by forgetting key deductions. Here are 3 commonly missed tax breaks that could save you $$$:

1️⃣ State Sales Tax or Income Tax Deduction – If you made big purchases (like a car or appliances) or live in a state with no income tax, you may be able to deduct sales tax instead!

2️⃣ Student Loan Interest – Even if you’re not the one paying (hello, generous parents!), the borrower may still qualify for a deduction up to $2,500.

3️⃣ Medical Expenses – If your medical bills exceeded 7.5% of your income, you could be eligible for a deduction on those out-of-pocket costs!

🚀 Don’t miss out on money that’s rightfully yours! Need help maximizing your refund? DM me or book a consultation today!

02/11/2025

🚨 Friendly Tax Tip: Your Side Hustle Counts!

Hey friends! Did you pick up a side gig this year—maybe selling crafts, driving for Uber, or freelancing? If you made $400 or more, Uncle Sam wants a piece of it! 😅

But here’s the good news—you might be able to write off things like supplies, gas, or even part of your home if you use it for work!

📞 Let’s Chat! Got questions about your side hustle taxes? Send me a message or give me a call—I’m here to help!

Call now to connect with business.

02/05/2025

🎯 Tax Tip of the Day: Don’t Overpay the IRS! 🎯

Every year, taxpayers leave money on the table by missing deductions and credits they qualify for. 💸

✅ Did you work from home? You might qualify for the home office deduction.
✅ Made energy-efficient home upgrades? There could be a tax credit waiting for you.
✅ Have side income? Don’t forget to deduct business expenses!

💡 A little planning now can mean more money in your pocket. Need help? Let’s chat!

Call now to connect with business.

01/30/2025

💻 Do You Sell Online? Here’s What You Need to Know About the 1099-K in 2024!

If you use PayPal, Etsy, eBay, or other platforms to sell products or services, you might get a 1099-K tax form this year. Here’s what changed in 2024 and what it means for you:

📌 New $5,000 Reporting Threshold – If you receive over $5,000 in payments for goods or services, you’ll get a 1099-K (even if it’s just a few transactions).
📌 Personal Transactions Aren’t Taxable – Money from splitting bills or gifts doesn’t count—only business-related sales are reported.
📌 Selling at a Loss? – If you sell something for less than what you paid, you won’t owe taxes, but you may still need to report it (keep those receipts!).

💡 Heads up! The threshold drops to $2,500 in 2025 and $600 in 2026, meaning even more sellers will be affected.

Not sure how to report your 1099-K income correctly? Let’s make sure you’re not overpaying! Message me for help. 📩

01/30/2025

💰 How an HSA Can Save You Big on Taxes! 💰

If you have a high-deductible health plan (HDHP), a Health Savings Account (HSA) is one of the best ways to cut your tax bill and save for medical expenses. Here’s why:

✅ Lower Your Taxable Income – In 2024, a family contributing the max $8,300 to an HSA could save over $1,800 in federal taxes (plus more if your state has income tax!).
✅ Triple Tax Advantage – Contributions are tax-deductible, funds grow tax-free, and withdrawals for medical expenses aren’t taxed.
✅ No “Use It or Lose It” – Unlike FSAs, your HSA funds roll over every year and can even be invested for long-term growth.

📌 Do you qualify? You need an HDHP (check your plan details), which means a minimum deductible of $1,600 (individual) or $3,200 (family) in 2024.

💡 Pro Tip: Some employers contribute to HSAs—make sure you’re getting the full benefit!

HSAs aren’t just for medical expenses today; they’re a smart investment for your future. Need help making the most of your tax savings? Lets Chat! 📩

Call now to connect with business.

01/27/2025

📢 Did you know that nonprofits have unique tax filing requirements that differ from for-profit businesses? Whether you're running a charitable organization, a church, or a community group, properly filing Form 990 is essential to maintaining your tax-exempt status.

❌Don’t let a missed deadline put your nonprofit at risk.

If you're unsure about your filing requirements, I’m here to help! Schedule a consultation today, and let’s make sure your nonprofit stays compliant and stress-free this tax season.

📩 Message me or comment below with any questions!

01/23/2025

Big-Box Tax Prep vs. Your Local Tax Expert – The Difference Matters!

Tax season is here, and you have a choice:
👉 Rush through a one-size-fits-all tax return with a big chain OR
👉 Work with a dedicated expert who takes the time to maximize your refund.

At those mass tax prep companies, you’re often just another file in the system. They push out return after return, following a standard checklist without digging deep. But I do things differently.

🔎 I focus on the details that others miss. Did you have unexpected expenses? A side hustle? A major life change? I ask the right questions to uncover every deduction and credit you deserve.

🤝 I treat every return like it’s my own. You’re not just another client to me—you’re a neighbor, a small business owner, a hard-working professional. I take the time to ensure your return is done right, with no missed opportunities.

📞 Personal service, real answers. No waiting on hold or talking to a different person every time. When you work with me, you get one-on-one attention from start to finish.

If you want your taxes done quickly, a big-box service might work. But if you want your return done thoroughly and strategically, let’s talk. I’ll make sure you keep more of YOUR hard-earned money!

💼 Book your tax prep today! Call or message me to get started.

Call now to connect with business.

12/19/2024

What’s your biggest question about taxes? 🤔💰I know tax season can bring up a lot of questions, so let’s talk about it! Whether it’s:

- How to maximize your refund
- What deductions or credits you might qualify for
- Filing deadlines and requirements
- Anything else on your mind!
👉 Comment below with your questions—I’d love to help clear up the confusion!

(And don’t forget to follow this page for tips and updates to save more during tax season!)

02/24/2024

If you have a corporation or LLC, there is a new Federal registration requirement that took effect January 1, 2024. There can be substantial penalties for not registering.

As of January 1, 2024 small businesses (including LLCs) will need to file a "Beneficial Ownership Information" (BOI) report with a branch of the US Department of Treasury called the Financial Crimes Enforcement Network (FinCEN). You must file electronically.

If your business was formed prior to January 1, 2024, you have until until the end of 2024 to file. If you form your business in 2024 you only have 90 days to file after formation. If your business forms after January 1, 2025 you will only have 30 days to file from the date of formation.

Don't delay in filing as the penalties can be significant if you miss a filing deadline. Penalties can be as much as $500 per day up to $10,000.

The website to file is:

A final rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act (CTA) was issued in September 2022. These regulations go into effect on January 1, 2024. Beneficial ownership information will not be accepted prior to January 1, 2024.

02/03/2024

https://treasurydirect.gov/
Treasury Bills are easy, safe, versatile and have interest yields of over 4% currently.

TreasuryDirect.gov is the one and only place to electronically buy and redeem U.S. Savings Bonds. We also offer electronic sales and auctions of other U.S.-backed investments to the general public, financial professionals, and state and local governments.