Noel's Tax Services & Notary Public

04/01/2026

FILING TIPS & UPDATES FOR GIG ECONOMY WORKERS:
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:

FROM PART-TIME, TEMPORARY OR SIDE WORK:
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.

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.

10/23/2025

10/21/2025

2025 Poverty Guidelines by IRS:

10/19/2025

NEW TAX LAW & CHANGES IN 2025:

- The 2025 foreign earned income exclusion amount is $130,000.

- The unified credit against the federal estate tax applicable to taxpayers dying in 2025 provides for an exclusion of up to $13.99 million.

- The unified credit for decedents dying in 2025 is $5,541,800.

- The annual gift tax exclusion amount in 2025 is $19,000.

- The annual gift tax exclusion for gifts to non-U.S. citizen spouses in 2025 is $190,000.

-The 2025 applicable dollar amounts for purposes of the education savings bond program are $149,250 for married taxpayers filing jointly and $99,500 for single, qualifying surviving spouse and head of household filers.

- In 2025, the maximum adoption credit is $17,280 per child.
The applicable per diem limitation for 2025 is $420.

- A small employer’s health insurance premium credit is reduced if the employer paid average annual wages in 2025 of more than $33,300 and is eliminated if the employer paid average annual wages of $66,600.

- The Social Security taxable earnings limit is $176,100 in 2025.

- The 2025 standard mileage rate applicable to eligible business use of a vehicle is 70¢ per mile.

- Only taxpayers taking the standard deduction may use Direct File.
An increased catch-up limit applicable to SIMPLE plan participants age 60, 61, 62 and 63 in 2025 is $5,250.

- An increased catch-up limit applicable to plan participants in employer-sponsored retirement plans other than SIMPLE plans who are age 60, 61, 62 and 63 in 2025 is $11,250.

The age limit has been increased for establishing an ABLE account by an otherwise eligible taxpayer, after December 31, 2025, to “before age 46.”

- The OBBBA provisions impacting 2025 income are those involving
*Standard deductions,
*Additional deductions for taxpayers age 65 or older,
*State and local tax (SALT) deduction,
*Tax on tips,
*Tax on overtime pay,
*Car loan interest deduction,
*Tax credit for the purchase of clean new vehicles,
*Tax credit for the purchase of clean previously owned vehicles,

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07/02/2025

NEW TAX LAW:
1. Standard deduction Permanent:
Single : $16,000
Married : $32,000
65 age & above $6,000+Standard deduction
2. Tax rate have been reduced by 2%
3. State tax has been raised from $10,000 to $40,000 ( Good news those itemized).
4. Child tax credit from $2,000 to $2,200

More information will be continue in next coming days. Follow my page...

06/22/2025

Don't be stupid just like this person:
See service charges is Tip
you are already paying more than 20% as I have highlighted in red.
Secondly, this guy have added $5.00, but in total he put wrong amount $754.38 instead $707.38 How stupid can be...

06/18/2025

IF YOU HAVE MARRIED or NAME CHANGED IN 2024: MUST DO:-

Report a name change:
Report any name changes to the Social Security Administration. The name on a person's tax return must match what’s on file at the SSA. Otherwise, it could delay any tax refund. Taxpayers should file Form SS-5, Application for a Social Security Card with their updated information. It’s available on SSA.gov, by phone at 800-772-1213 or at a local SSA office.

Update address:
Notify their local post office, employers and the IRS of any address change. To officially change their mailing address with the IRS, taxpayers must compete and submit Form 8822, Change of Address. See page 2 of the form for detailed instructions.

Check withholding:
Newly married couples must give their employers a new Form W-4, Employee's Withholding Certificate, within 10 days. If both people work, this could move them into a higher tax bracket or be affected by the additional Medicare tax. The Tax Withholding Estimator on IRS.gov can be used to check withholding and provide tips for completing a new Form W-4.

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03/25/2025

CALL OR TEXT US FOR YOUR APPOINTMENT (Lowest fees):

Tax filing time is running out, only 3 weeks left for your income tax return filing deadline. If any one of you need help in filing your tax to IRS and any state (All States) of our country, please contact us or email or text us for further help ASAP. We are here to help all of you. You don't have ti be here, all e-signature filing are available. Thanks.

12/26/2024

Sending our new calanders to our current clients only, those who are NO MORE our clients, they will not get, unless they come back for our services.