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Tax Preparation • Tax Planning • Tax Solutions

11/01/2026

Retirees: a new federal deduction may be available to you when you file.

Under the One Big Beautiful Bill, taxpayers 65 and older can claim an additional $6,000 deduction per person for tax years 2025 through 2028. For a married couple where both spouses qualify, that is up to $12,000 on top of the regular standard deduction.

A few things to know:

• It phases out once modified adjusted gross income goes above $75,000 for single filers or $150,000 for joint filers.
• You claim it when you file, so 2025 returns filed in 2026 are the first chance to use it.
• It is in addition to the existing additional standard deduction for seniors, not instead of it.
• Michigan retirement income rules are separate, so the federal deduction does not automatically carry over to your Michigan return.

If you are retired or helping a parent with their taxes, this is worth a conversation before year-end planning wraps up.

Eligibility depends on your facts; this is general information, not personal tax advice.

Are you expecting to claim this on your 2025 return, or helping a parent who may qualify?

10/31/2026

Business owners: Michigan did not follow the new federal rules for LLC, S-Corp, and flow-through owners.

Public Act 24 of 2025 decouples Michigan from key OBBBA provisions for tax years beginning after December 31, 2024. Michigan now computes income using the Internal Revenue Code as it existed on December 31, 2024 for several sections.

What this touches:
Bonus depreciation under IRC 168(k): Michigan uses the pre-2025 version, not the 100% expensing made permanent federally.
Section 179 expensing: Michigan uses the prior limits, not the higher federal ones.
Research and experimental costs: Michigan applies its own treatment instead of the new federal expensing rules.
Business interest expense: Michigan follows the pre-2025 limit.

The result: your federal AGI and your Michigan taxable income can diverge. A larger deduction on your federal return may require an addition or adjustment on your Michigan return.

A bigger federal deduction does not automatically lower your Michigan tax. The specific adjustments depend on your entity type, your elections, and the tax year involved.

Before year-end, review how equipment purchases, expensing elections, and R&D costs will be treated on both returns, not just the federal one. If you received a K-1 from a flow-through entity, ask how the decoupling adjustments were handled.

A tax professional can review how the new decoupling rules apply to your business; this is general information, not personal tax advice.

Which deduction surprised you most on the federal side this year?

10/30/2026

Selling on a marketplace or getting paid through a payment app? The federal Form 1099-K threshold is now $20,000 and 200 transactions, and that change does not erase your income.

Under the One, Big, Beautiful Bill Act, the Form 1099-K reporting threshold for third-party payment platforms reverted to over $20,000 in gross payments and more than 200 transactions, applying to calendar year 2025 and beyond. The lower $5,000 transition threshold previously planned for 2025 no longer applies.

Two things this does not mean:

• It does not mean smaller sellers are tax-free. Gross income is reportable at any amount, whether or not a platform issues a Form 1099-K. Selling items for less than their cost is treated differently from business profit, but either way the income side gets reported.

• It does not mean the platform is always right about your totals. Platforms report gross transactions before fees and refunds, so your own records still matter.

Before December 31: total your marketplace and payment app receipts by platform, keep fee statements and refund records with them, and separate true business sales from personal-item sales.

Not sure whether your sales qualify? Message us with your platform totals and we will review how the income should be reported.

Eligibility and reporting depend on your facts; this is general information, not personal tax advice.

10/29/2026

New to gig or freelance work? Self-employment tax is 15.3%, and it usually comes as a surprise in the first filing season.

The 15.3% breaks down into 12.4% for Social Security, applied up to the 2026 wage base of $184,500, and 2.9% for Medicare on all net earnings. An additional 0.9% Medicare tax applies above $200,000 for single filers and $250,000 for joint filers.

The tax applies to 92.35% of your net earnings, not the full amount, and you can generally deduct one-half of the self-employment tax when calculating adjusted gross income.

Two things this does not mean:

• It does not mean gig income is tax-free under a threshold. Self-employment tax applies to net earnings from the first dollar once they reach $400 or more for the year.
• It does not mean the full 15.3% lands on top of your income tax. The half-deduction and the 92.35% factor soften it, but planning for roughly 15% of net profit is the safer starting point.

Before December 31: track your gig and freelance net profit, set aside a percentage of each payment for taxes, and review whether a quarterly estimated payment is needed for January 15, 2027.

Eligibility and calculations depend on your facts; this is general information, not personal tax advice.

10/28/2026

Received an IRS notice? Do not ignore it, and do not assume it means you made a serious mistake.

Many notices are routine: a balance due, a proposed change to a return, or a request to verify your identity. Each has a notice number, a tax year, an amount, and a response deadline, usually printed in the top right corner.

Three steps before you respond:

• Confirm it is genuine through your IRS Online Account or IRS.gov. Never provide bank details in response to an unexpected call, text, or email.
• Compare what the notice says against your records before accepting or disputing any change.
• Note the response date. Interest and penalties can keep accruing on a balance, and missing a deadline may limit your options.

X~Clusive Financial Services handles IRS and state tax resolution, including audit assistance and tax debt relief. Send us a message with a photo of the notice and we will tell you what it is asking for and what to do next.

Eligibility and the best response depend on your facts; this is general information, not personal tax advice.

10/27/2026

Business owners: if your 2026 books stopped being updated sometime around spring, January will not fix them. Catch-up bookkeeping can.

Your 2026 return is only as accurate as your 2026 records. Before the year closes, this is the work worth doing:

• Reconcile every bank and credit card account through the most recent statement.
• Categorize income and expenses month by month, including the months you skipped.
• Match contractor payments to your W-9 file so January 1099-NEC forms are ready.
• Note mileage, home office, and other records only you can reconstruct.

The goal is not a perfect archive. It is a return with deductions you can actually support.

What this does not mean: catch-up bookkeeping is not only for businesses in trouble. Clean records through December 31 also make 2027 estimated payments and any funding or loan application easier.

Two ways we can help: our catch-up bookkeeping service rebuilds months or years of records, and if you would rather do it yourself, the Bookkeeping Like a Boss course is $47 and walks you through the routine step by step. Either way, starting now beats starting in April.

Eligibility and methods depend on your facts; this is general information, not personal tax advice.

10/26/2026

Michigan renters: the average Homestead Property Tax Credit claim is about $820, and the maximum credit is $1,900.

Rent is not automatically tax money, but Michigan counts 23% of the rent you paid as property tax for this credit on Form MI-1040CR. For most renters, that is the number that turns an ordinary apartment lease into a refund.

Key limits to check against your own records:

• Total household resources cannot exceed $71,500 for the 2025 filing year.
• You must have been a Michigan resident for at least six months of the tax year.
• Service fee housing counts 10% of rent instead of 23%.
• You can generally amend or claim up to four years back from the original filing date.

What this does not mean: not every renter receives $1,900. The credit phases with income and housing costs, and many claims land closer to the $820 average. Eligibility depends on your facts.

What to gather now, even before filing season: your lease or rental agreement, rent payment records for each month of the year, and your total household resources.

If you rented in Michigan during 2022, 2023, or 2024 and never claimed this credit, the four-year window is the part most people miss. A tax professional can review which years still qualify.

Eligibility depends on your facts; this is general information, not personal tax advice.

10/25/2026

Tax identity theft can take far longer to resolve than most people expect. Fraud-related refund cases may take about two years to resolve, but an IRS Identity Protection PIN can help stop a fraudulent federal return before it is filed successfully.

An IP PIN is a free, six-digit number that verifies your identity when you file a federal tax return. A new PIN is issued each year.

You can request one through your IRS Online Account. Identity verification is completed through ID.me when required.

Watch for possible signs that someone filed a fraudulent return in your name:

• Your e-filed return is rejected as a duplicate.
• You receive an unexpected refund.
• Your IRS transcript shows income you did not earn.

Do not share your IP PIN by phone, email, text, or social media. The IRS will not contact you through those channels to request it.

Protect yourself before there is a problem. X~Clusive Financial Services can help you understand IRS identity-theft notices, review next steps, and navigate the response process if your information has been misused.

Eligibility and resolution steps depend on your facts; this is general information, not personal tax advice.

10/25/2026

A complete tax return depends on the quality of your records. As you close out 2026, ensure these four items are secured and ready:

1 Form W-2 and all 1099 statements (NEC, MISC, INT, DIV)
2 A daily tip log if you earn gratuities in a service industry
3 Contemporaneous mileage logs for business or gig work travel
4 Pay statements showing total 2026 withholding and premium overtime pay

Maintaining structured documentation now reduces the risk of underpayment penalties and ensures you claim every eligible deduction. Reviewing these figures before December 31 allows time for withholding adjustments.

Are your records organized for the upcoming tax season?

10/24/2026

Your 2026 withholding is locked the moment January starts.

For employees and anyone with both W-2 and 1099 income, the fourth quarter is the last window in which a withholding change can affect your 2026 tax year. Changes made now can affect your remaining paychecks. Wait until January, and you cannot change what was already withheld for 2026.

Review your Form W-4 if you received a raise or changed jobs, got married, added a dependent, started a side job, have a spouse who started working, or added 1099 income.

Withholding too little can mean more than a smaller refund. It may create an unexpected balance and, in some cases, an underpayment penalty. A W-2 does not automatically cover tax due on 1099 income.

Use the IRS Tax Withholding Estimator with your current pay, withholding, spouse's income, dependents, and side-income details, then update Form W-4 or review estimated payments as appropriate.

Not sure where you stand? Message us with your latest paystub and we will review your withholding before December 31.

Results depend on your facts; this is general information, not personal tax advice.

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