RR Financial Services, Inc

RR Financial Services, Inc Professional Accounting, Taxation, and Personal Financial Planning Services Income tax/Accounting/Small Business Services

10/17/2025

Who can deduct tips? Here is the preliminary list. Do you qualify?

09/18/2025

Trumps new tax bill adds a 1% tax on any money sent to individuals in a foreign country starting Jan 1, 2026.

09/11/2025

Most seniors age 65 and older will get an additional $6,000 deduction. But… if you have a pension or other income you may not get that at all. So it doesn’t apply to everyone.

09/11/2025

Trump’s new law eliminates a companys ability to provide meals and snacks to employees starting 2026. That’s right, no more deductions for in office meals and snacks.

09/01/2025

No tax on overtime. Think again. It only applies to a portion of the overtime piece and only to federal income tax. You still pay tax on the regular base portion of the wage plus you still pay tax on social security, Medicare, and State Tax.

08/09/2025

The new OBBB law temporarily increases the SALT deduction from $10,000 cap to $40,000 cap. This means some middle class Americans can once again itemize on their tax return starting 2025. Therefore, bring your donation receipts because it’s deductible again.

07/07/2025

The new OBBB law eliminates the previous energy efficient credit for homeowners as of Dec 31, 2025. If you need new HVAC, windows, roof, or doors for your home do it before the end of this year if you want up to $1,200 tax credit.

07/03/2025

New Tax Laws are coming. As with any new tax policy some people will benefit while others will not.

Many Americans will see temporary tax deductions from 2025 to 2028 (it’s not a coincidence the deductions expire once the current presidential term ends).

Some Americans that rely on social programs will struggle.

Corporations will save billions from paying tax while the federal deficit explodes another 3 trillion.

Low income seniors on social security will also get tax breaks.

As always I will be well educated on all provisions of the policy and will look to maximize the new deductions for all clients in our practice.

11/04/2024

Please vote this election. Your vote will help decide which tax policy you will have to live by. Trumps tax plan has been in effect since 2018 and expires in 2025.

As a CPA who provides advice to thousands of working class people, I have seen and had to explain the negative effects the current tax policy has had on the majority of clients.

The Republican candidate would more than likely extend the tax break for the wealthy corporations.

The Democratic candidate would allow the current plan to expire and look to revamped the code to benefit the working class.

However, the choice is yours. Let your voice be heard.

02/02/2024

Starting with calendar year 2024, the amount of payment for services that would require reporting payment via 1099 is raised from $600 to $1,000 and this adjusts for inflation every year.

02/01/2024

The House passed the bill that adjusts the Child Tax Credit. The credit is NOT increasing but rather the calculation for the refundable part changed giving more refundable portion to families making less than $25,000. If you normally get a refundable credit that will increase by $400 per child.

08/26/2023

Saying hi to Ed Neese long time client performing live!

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141 S Cass Avenue
Westmont, IL
60559

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(708) 442-5220

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