Sweetenburg's Accounting & Tax Services

05/25/2026

SWEET'S TAX TIPS!!!

APPLIED KNOWLEDGE IS POWER!!!

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05/22/2026

SWEET'S TAX TIPS!!!

APPLIED KNOWLEDGE IS POWER!!!

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Deductible house-related expenses

Taxpayers must itemize their deductions to deduct homeownership expenses. Most home buyers take out a mortgage to buy their home, and their mortgage lender may bundle other home-related costs.

The costs the homeowner can deduct are:

1. State and local real estate taxes, subject to a $40,000 limit or $20,000 if married filing separately
2. Home mortgage interest, within the allowed limits

Homeowners can't deduct any of the following items:
1. Insurance including fire and comprehensive coverage and title insurance.
2. The amount applied to reduce the principal of the mortgage.
3. Wages paid to domestic help
4. Depreciation
5. The cost of utilities, such as gas, electricity or water
6. Most settlement or closing costs
7. Forfeited deposits, down payments or earnest money
8. Internet or Wi-Fi system or service
9. Homeowners’ association fees, condominium association fees or common charges.
10. Home repairs
11. Mortgage Interest Credit
12. The Mortgage Interest Credit helps people with lower income afford homeownership. Those who qualify can claim the credit each year for part of the home mortgage interest paid. A homeowner may be eligible for the credit if they were issued a qualified
13. Mortgage Credit Certificate from their state or local government.

Ministers and military housing allowance:

Ministers and members of the uniformed services who receive a nontaxable housing allowance can still deduct their real estate taxes and home mortgage interest. They don't have to reduce their deductions based on the allowance.

05/15/2026

SWEET'S TAX TIPS!!!

APPLIED KNOWLEDGE IS POWER!!!

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QUESTION: Why do Tax Professionals all ask for previous year tax returns?

ANSWER: Tax preparers need prior year returns to verify AGI, check for carryovers, and ensure accuracy in current year filings.

Some software need prior year AGI for new clients in order to e-file their current year return. We need to known of any business depreciations, and to determine current year underpayment penalties.

To identify information that is beneficial to you that you may have forgotten to share with us in the current year.

05/07/2026

Know your history!!!

This video tells the story of Joseph H. Smith, who in 1897 invented the rotary head sprinkler, forever changing "lawn care". Before his invention, "watering ...

05/06/2026

SWEET'S TAX TIPS!!!!

APPLIED KNOWLEDGE IS POWER!!!

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Here is my response to Tax Professionals, Bookkeepers, & Accountant only put numbers on forms and in various program software!!!

Please understand that while the end product is a filed form, the true value lies in the expertise, interpretation of tax law, risk management, and strategic planning that occurs before those numbers are entered.

Actually, the numbers are just the final step. My real work is interpreting the complex, constantly changing tax code to ensure you don’t pay a penny more than necessary, identifying missed deductions, and planning for your future tax liability.

Yes!!! Anyone can put numbers in boxes, but I ensure those numbers won't trigger an audit or penalties. I verify compliance, substantiate deductions, and handle the risks so you have peace of mind that a simple input error won't cost you thousands later
With the tax code changing annually, I focus on applying those updates to your specific financial situation. My role is to recognize how your investments, business, or life changes translate into tax-saving strategies, not just data entry.

I am very sure you are aware that if the IRS sends a notice, they don't look at the software; they look at the signature of the professional who prepared it. My value is standing behind those numbers, protecting you, and representing you in disputes.

Here are the key points to keep in mind and be cognitive of :

• Time Savings: On average, a professional saves clients significant time, with complex returns taking around 20 hours to complete on their own.

• Maximizing Returns: Professionals frequently identify deductions and credits missed by self-filers.

• Preventing Penalty/Audit: A professional ensures accuracy to avoid negligent disregard of tax regulations.

• Strategic Planning: Advising on tax-saving decisions throughout the year, not just in April.

I am here to use my knowledge, education, skills, abilities and God given talents to assist you for your legal and financial benefits as they relate to your taxes and business success without hookups.

04/28/2026

https://www.facebook.com/share/v/1Hi1MxCe7o/

04/16/2026

APPLIED KNOWLEDGE IS POWER!!!

RECOGNIZE!!!

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04/01/2026

APPLIED KNOWLEDGE IS POWER!!!

03/31/2026

SWEET'S TAX TIPS!!!

APPLIED KNOWLEDGE IS POWER!!!

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Gig economy workers can reduce their tax bill and keep more of their income, because of provisions in the One, Big, Beautiful Bill.

What is gig economy?
The gig economy is an activity where people earn income for on-demand work, services or goods. Often, it’s through a digital platform like an app or website. Some examples include providing rideshare or delivery services, renting property, or selling goods online.

Income reporting requirements
Taxpayers must report income earned from the gig economy on a tax return, even if the income is:

1. From part-time, temporary or side work
2. 3. Not reported on an information return form — like a Form 1099-K, 1099-MISC, 1099-NEC, W-2 or other income statement
Paid in any form, including cash, property, goods, or virtual currency.

Key updates

Deduction for tips: This is a new deduction and is available from tax year 2025-2028. Currently, there is a list of nearly 70 occupations of tipped workers that qualify.

Gig workers can now deduct up to $25,000 in tips from their taxable income each year from 2025 through 2028. This limit applies per tax return for both single filers and married couples filing jointly.

Self-employed workers may deduct qualified tips up to the amount of their net income from the trades or businesses in which they were received.

Qualified tips must be reported on Form W-2, Form 1099-MISC, 1099-NEC,1099-K, or reported directly by the taxpayer on Form 4137, to be eligible for the deduction. Even though these forms won’t show tip amounts separately in 2025, the tips must still be included in the total reported income.

Qualified Business Income deduction: This deduction is now permanent allowing eligible gig workers to plan long term to maximize the benefit. Certain tip income may be excluded when computing QBI.

Form 1099-K reporting rules: The law restores older reporting rules for payment apps and online marketplaces. Taxpayers will receive Form 1099-K if they receive more than $20,000 and have over 200 transactions in a year. Taxpayers must report all income when they file their tax return regardless of whether they receive a Form 1099-K or other information return.

Bonus depreciation: Gig workers can now deduct 100% of the cost of certain business equipment like vehicles or computers if it was acquired after Jan. 19, 2025. It must be in the first year of use and used more than 50% for business.

03/26/2026

SWEET'S TAX TIPS!!!

APPLIED KNOWLEDGE IS POWER!!!

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Question: Taylor and Avery bought a home on Feb. 12, 2021, for $320,000. They used the home as their principal residence from the purchase date until they sold it on Feb. 20, 2026. During that time, they added a room for $30,000 and replaced the roof for $20,000. They sold the home for $760,000 and paid $35,000 in selling expenses. They file a joint return, and neither spouse excluded gain from the sale of another home during the two-year period ending on Feb. 20, 2026. Can Taylor and Avery exclude the full gain on the sale under §121?

Answer: Yes. Taylor and Avery may exclude the full gain on the sale under §121. To qualify for the exclusion, taxpayers must meet the ownership test and the use test during the five-year period ending on the sale date. Married taxpayers filing jointly may exclude up to $500,000 of gain if: either spouse meets the ownership test, both spouses meet the use test and neither spouse used the exclusion on another home sale during the prior two years.

Taylor and Avery meet those requirements. Their adjusted basis is $370,000, figured as the $320,000 purchase price plus $50,000 of capital improvements. Their amount realized is $725,000, figured as the $760,000 selling price minus $35,000 of selling expenses. Their gain is $355,000. Because that gain is less than the $500,000 maximum exclusion for an eligible joint return, none of the gain is taxable.

03/20/2026

SWEET'S TAX TIPS!!!

APPLIED KNOWLEDGE IS POWER!!!

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Clients who lost their CP01A letter with their IP PIN can use Get an IP PIN or Retrieve Your IP PIN to get a new one. Users must validate their identities to use the online PIN tools. If they are unable to validate their identities, your client should call the identity theft toll-free line at 800-908-4490 for specialized assistance. An assistor will verify your client’s identity and mail an IP PIN to the address of record within 21 days.