Wasden Group, LLC

02/27/2026

Use it. But give them time to process your return.

02/27/2026

2026 Tax Season Update – Read This Before You File
You’ve seen the headlines about the “Big Beautiful Tax Bill.” Here’s what that actually means for you:
✔️ Overtime Deduction – Not “tax-free overtime.” It’s a deduction with limits and documentation requirements.
✔️ Tip Income Deduction – Available within income limits. Proper reporting matters.
✔️ Senior Deduction – Up to $6,000 per Social Security recipient (subject to eligibility rules).
✔️ Newborn Savings Credit – $1,000 for babies born 2025–2028 (structured with specific qualifications and phase-outs).

These are not automatic giveaways. They require correct forms, correct income reporting, and proper documentation.
Major Change:

The IRS is phasing out paper refund checks. If you don’t have direct deposit, refunds could be delayed.

10/15/2025

Changes in 2025 for tax filing year 2025

No tax on tips

No tax on overtime

New car loan interest deduction

Bonus Depreciation: Now 100% for assets placed in service after January 19, 2025.

Section 179 Expense Limit: Increased to $2,500,000, with phase-out beginning at $4,000,000.

Standard Deduction:

Married Filing Jointly (MFJ): $31,500

Head of Household (HOH): $23,625

Single or Married Filing Separately (MFS): $15,750

Child Tax Credit (CTC): Updated to $2,200.

SALT Limitation: Increased to $40,000 (reduced by 30% of the amount by which the taxpayer’s AGI exceeds $500,000).

Additional Deduction for Age 65+: $6,000.

Additional Depreciation Elections: A check box For assets placed in service after January 19, 2025, apply the transition rules

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09/25/2025

The IRS will not issue paper check refunds starting 2026.
You must have a bank account to get your refund.
We will print refund checks in our office and have debit cards available. If you don't have any available bank account.

08/12/2025

Please contact us for appointments to complete your tax returns. Extensions are due on October 15, 2025.

For individual income tax filers, the deadline to file a federal income tax return for the 2024 tax year was generally April 15, 2025. However, some taxpayers may have qualified for an extension of this deadline.
Filing for a general extension
If you needed more time to file, you could request a six-month extension using Form 4868, which extended your filing deadline until October 15, 2025.
Important note: An extension to file does not grant an extension to pay. Any taxes owed were still due by the original April 15, 2025 deadline to avoid potential penalties and interest.

07/14/2025

The IRS’s examination plan to ensure that Inflation Reduction Act (IRA) funding was used to increase enforcement on high-income taxpayers with complex tax filings and high-dollar noncompliance, while not increasing enforcement on households and small businesses earning under $400,000.

The IRS's FY 2024 examination plan shifted focus towards auditing high- income individuals, aligning with the 2022 Treasury Directive. Planned audits for high income taxpayers in the Small Business/Self-Employed (SB/SE) and Large Business and International (LB&I) divisions were nearly 2.5 times higher than the average from FY 2019-2023. Notably, audits for taxpayers earning under $400,000 did not increase, keeping the IRS on track to meet the directive's goal of avoiding higher audit rates for lower income earners.

07/04/2025

🎉 Big News for Seniors! 🎉

The One Big, Beautiful Bill has officially passed — bringing historic tax relief to millions of older Americans! 🇺🇸

✅ Nearly 90% of Social Security beneficiaries will no longer pay federal income taxes on their benefits
✅ Enhanced tax deductions for those 65+
✅ More money in your pocket for the retirement you’ve earned

"This is a historic step forward for America’s seniors," says Social Security Commissioner Frank Bisignano.

💬 Learn more at www.ssa.gov



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Official website of the U.S. Social Security Administration.

01/21/2025

Celebrating my 13th year on Facebook. Thank you for your continuing support. I could never have made it without you. 🙏🤗🎉

07/14/2024

# # # Heads up, businesses!

# # # # What is the Corporate Transparency Act?
In 2021, Congress enacted the Corporate Transparency Act (CTA). This new law aims to help law enforcement prevent, identify, and combat financial crimes. Under the CTA, most businesses are required to file a report with the Financial Crimes Enforcement Network (FinCEN).

Beginning on January 1, 2024, most companies in the United States will have to report information about their beneficial owners, i.e., the individuals who ultimately own or control the company. This information must be reported to FinCEN, a bureau of the U.S. Department of the Treasury.

# # # # Who is Required to File?
Companies required to report Beneficial Owner Information (BOI) to FinCEN are called reporting companies. There are two types of reporting companies:
- **Domestic reporting companies**: Corporations, limited liability companies, and any other entities created by the filing of a document with a secretary of state or any similar office in the United States.
- **Foreign reporting companies**: Entities (including corporations and limited liability companies) formed under the law of a foreign country that have registered to do business in the United States by the filing of a document with a secretary of state or any similar office.

# # # # Does this mean you?
Yes, that means you! Even the one-person LLC.

I can file for you and yes, it is a charge but you will be compliant.

# # # # Again, you are asking yourself... "Does that mean me?"
Your company may be a reporting company and need to report information about its beneficial owners if your company is:
1. A corporation, an LLC, or was otherwise created in the United States by filing a document with a secretary of state or any similar office under the law of a state or Indian tribe.

# # # # Could I be exempt?
There are a few businesses that are exempt from filing a BOI report. The majority of exemptions are for businesses that are frequently subject to substantial federal or state regulation or large operating companies. If your business is NOT an LLC, corporation, or an entity created by filing a document with the Secretary of State, you may be exempt. Other exemptions include businesses with more than $5 million in gross receipts and at least 20 employees.

# # # # When Does a Business Need to File a BOI Report?
BOI Reports must be filed by reporting companies within 90 days of the company's formation. If the reporting company already exists as of January 1, 2024, it must file its initial BOI report by January 1, 2025.

# # # # What Happens if a Business Fails to Comply With the CTA?
Failure to comply with this new law can result in civil and criminal penalties. Penalties can include fines of up to $500 per day that the violation continues, criminal penalties of up to two years of imprisonment, and a fine of up to $10,000. There are a few businesses that are exempt from filing a BOI report.

04/11/2024

From the IRS:
Here's what taxpayers should know about possible penalties and interest.

Taxpayers who owe tax and don't file on time may be charged a failure-to-file penalty. This penalty is usually 5 percent of the tax owed for each month or part of a month that the tax return is late, up to 25 percent.

The failure-to-pay penalty applies if a taxpayer doesn't pay the taxes they report on their tax return by the due date or if the taxpayer doesn't pay the amount required to be shown on their return within 21 calendar days of receiving a notice demanding payment (or 10 business days if the amount is greater than $100,000).

The IRS is required by law to charge interest when a tax balance is not paid on time. Interest cannot be reduced due to reasonable cause. Interest is based on the amount of tax owed for each day it's not paid in full. The interest is compounded daily, so it is assessed on the previous day's balance plus the interest. Interest rates are determined every three months and can vary based on type of tax; for example, individual or business tax liabilities. More information is available on the interest page of

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.

04/11/2024

Taxpayers receiving Social Security benefits may have to pay federal income tax on a portion of those benefits.

Social Security benefits include monthly retirement, survivor, and disability benefits. They don't include supplemental security income payments, which aren't taxable.

The portion of benefits that are taxable depends on the taxpayer's income and filing status.

To find out if their benefits are taxable, taxpayers should take half of the Social Security money they collected during the year and add it to their other income. Other income includes pensions, wages, interest, dividends, and capital gains.

If they are single and that total comes to more than $25,000, then part of their Social Security benefits may be taxable.

If they are married filing jointly, they should take half of their Social Security, plus half of their spouse's Social Security, and add that to all their combined income. If that total is more than $32,000, then part of their Social Security may be taxable.

Fifty percent of a taxpayer's benefits may be taxable if they are:
Filing single, single, head of household or qualifying widow or widower with $25,000 to $34,000 income.

Married filing separately and lived apart from their spouse for all of 2020 with $25,000 to $34,000 income.

Married filing jointly with $32,000 to $44,000 income.

Up to 85% of a taxpayer's benefits may be taxable if they are:
Filing single, head of household or qualifying widow or widower with more than $34,000 income.

Married filing jointly with more than $44,000 income.

Married filing separately and lived apart from their spouse for all of 2020 with more than $34,000 income.

Married filing separately and lived with their spouse at any time during 2020.

The Interactive Tax Assistant on IRS.gov can help taxpayers answer the question Are My Social Security or Railroad Retirement Tier I Benefits Taxable?

Pay your taxes. Get your refund status. Find IRS forms and answers to tax questions. We help you understand and meet your federal tax responsibilities.