Tax Worx

02/13/2026

Well, it's true! If in doubt, talk to a pro.

Many fraudulent tax schemes have been circulating on social media, promoting misuse of tax credits or deductions that most taxpayers don’t qualify for.

12/30/2025

Terrible flooding and landslides for my friends in Washington State. Here's a bone tossed from the IRS:

The IRS announced tax relief for individuals and businesses in Washington state affected by severe storms, straight-line winds, flooding, landslides and mudslides that began on Dec. 9.

09/19/2025

New rules starting in tax year 2026. Up to $2,000 charitable cash gifts deductible (married filing jointly), even if you don't itemize.

For the first time in history, the new law creates a “floor” for deducting charitable donations deductions. At the same time, it opens up deductions to non-itemizers as well as itemizers.

11/04/2024

Here's the pitch: 1. give to a qualified charity, 2. no tax deduction for the donor, 3. the charity reports the donations and receives matching funds from the feds. Bottom line: a more democratic way of giving?

A tax code tweak that replaces the deduction with matching grants could encourage everyone to donate.

10/30/2024

Tax Brackets for 2025 Released:
The IRS has announced the inflation-adjusted tax brackets for tax year 2025 (remember - this won't go into effect until you file your 2025 return in 2026):

09/11/2024

Where do the candidates stand on the issue of taxes?
Kamala Harris and Donald Trump’s plans could not be any more different, but they *do* agree on exempting tips from taxes. Mr. Trump seems to think that tariffs are the way to go to solve many ills.
Here’s a summary provided by the Tax Foundation; we’ll focus here on personal and family taxes:

Kamala Harris

Exempt tip income from taxation – Trump has the same plan;
Expand the Child Tax Credit to $6,000 for children under age 1, $3,600 for children 2-5, and $3,000 for older children;
Expand the Earned Income Tax Credit for filers who do not claim children.
Expand premium tax credits;
Expand housing tax credits, including the low-income housing tax credit, a credit for new homebuyers, and a credit for the construction of started homes;
Increase the Medicare tax to reach 5 percent on income above $400,000;

Donald Trump
Exempt tips from income taxes.*
Make permanent the expiring individual income tax cuts from the 2017 Tax Cuts and Jobs Act
Consider replacing personal income taxes with increased tariffs.
Consider expanding the Child Tax Credit to a $5,000 universal credit.
Exempt Social Security benefits from taxation.

*In 2018, IRS W-2 data indicates 6.1 million taxpayers reported a total of $38.3 billion in taxable tip income, for an average of $6,249 per taxpayer.

I’d love to hear what you think about these plans, and I’m happy to explain what these plans might mean for you.

As always, contact me any time with questions.
For many happy returns,
Rick

08/23/2021

Mid-year Update Available Here: Review your W4 withholdings, Advance child tax credit payouts, Economic Impact Payments.

Check it out and let me know what you think.
For Many Happy Returns,
Rick

07/13/2021

Qualify for The $300 monthly Child Tax Credit? Read on for more info:

CNBC reports that about 39 million households — which include nearly 90% of children in the U.S. — will begin receiving the payments in July, according to the Internal Revenue Service. The payments will run through Decem...

04/15/2021

https://tax-worx.com/home/f/able-accounts---tax-free-resource-for-people-with-disabilities

Here's an under-used option most folks haven't even heard of: Achieving a Better Life Experience, or ABLE Account.

04/06/2021

Two Last-Minute Tax Savings Plays: Watch this two-minute video, and contact me for more info.
https://vimeo.com/532430568

02/19/2021

Four Tax Breaks for 2020 - Can You Take All of Them? Read on:

1. Retirement Early Withdrawals in 2020