Maher Tax & Accounting

02/28/2026

📋 Trump Accounts are the most-asked-about financial topic I'm seeing right now, and most of what's circulating on social media gets at least one detail wrong.

The accounts are created under Section 530A of the tax code, signed into law as part of the One Big Beautiful Bill Act in July 2025. They function like traditional IRAs for children.

The $1,000 government seed is not automatic. You have to file IRS Form 4547 to claim it!

The simplest way is to include it with your 2025 tax return. An online portal at trumpaccounts.gov is expected to launch mid-2026.

One thing a lot of people miss: the $1,000 pilot contribution and the $250 Dell Foundation gift cannot go to the same child. If your grandchild was born in 2025-2028, they get the $1,000. If they were born before 2025 and are 10 or under, they may qualify for the Dell $250 instead.

Grandparents can contribute. So can aunts, uncles, friends, and employers. The $5,000 annual cap is per child, not per contributor.

Charitable donations from qualifying nonprofits and governments are uncapped and do not count toward the $5,000.

Individual contributions (from you, as a grandparent or parent) are not tax-deductible. They create after-tax basis in the account. Employer contributions are excluded from the employee's taxable income but do not create basis. That distinction matters at withdrawal.

At age 18, the account converts to a traditional IRA. One planning angle worth knowing: if the child converts to a Roth IRA at 18, they'll likely be in a very low tax bracket. The after-tax basis portion comes out tax-free, and the remaining balance gets taxed at whatever their rate is that year.

A lot of the hype around Trump Accounts focuses on converting to a Roth IRA at 18. I have some thoughts on that. For most families, it does not make sense. Between 529 plans and custodial accounts, there are better tools with clearer tax advantages.

Link to my thoughts in the comments:

02/23/2026

For high-income taxpayers, tax planning should begin in January — not in March or April. The earlier you plan, the more control you have over your outcome.

Proactive tax planning allows you to structure income, investments, and business decisions in a way that legally reduces your overall tax liability. Waiting until filing season is over limits your options. Starting early opens them up.

Retirement contributions are one of the most powerful tools available. Maximizing 401(k), SEP-IRA, or defined benefit plan contributions can significantly reduce taxable income while building long-term wealth. For those eligible, Health Savings Accounts (HSAs) offer another triple-tax advantage: deductible contributions, tax-free growth, and tax-free withdrawals for qualified medical expenses.

For investors, rental real estate can provide depreciation deductions that offset income. Strategic property purchases or cost segregation planning can meaningfully lower taxable income when structured properly.

If you operate a business, reviewing whether an S-Corporation election makes sense could reduce self-employment taxes when income levels justify it. Additionally, properly documenting and calculating a home office deduction can generate legitimate tax savings for business owners working from home.

High earners often face phaseouts, additional surtaxes, and complex rules. Planning ahead helps manage these thresholds rather than reacting to them.

The key is simple: tax strategy is most effective before income is earned and decisions are finalized. If you’re a high-income earner who wants to take a proactive approach this year, now is the time to schedule a planning session and build a strategy that works for you.

01/22/2026

Understanding Forms 1099-NEC and 1099-MISC

Businesses must file Forms 1099-NEC and 1099-MISC to report certain payments made during the year to individuals or businesses that are not your employees.

Form 1099-NEC is used to report non-employee compensation, such as payments to independent contractors, freelancers, or consultants. If you paid someone $600 or more for services during the year, this form is required.

Form 1099-MISC is used for other types of payments, including rent, prizes and awards, legal settlements, royalties, and certain miscellaneous income. Royalties generally must be reported if they total $10 or more, while most other payments have a $600 threshold.

Copies of these forms must be sent to both the recipient and the IRS.

1099-NEC is due to the IRS and recipients by February 2, whether filed by mail or electronically.
1099-MISC must be provided to recipients by February 2, but filing with the IRS is due March 2 if mailed or March 31 if filed electronically.

Filing can be done by mail using official IRS forms or electronically through approved filing systems. Accurate names, addresses, and taxpayer ID numbers are critical to avoid penalties.

For 2026, the rules were changed by the One Big Beautiful Bill Act to require 1099s for payments above $2,000.

If you need help with 1099 rules or filing, reach out, I would love to help!

(859) 428-774
[email protected]

01/16/2026

Wondering what you need to get your receipts and records in order for your tax preparer? If you keep your business banking separate from your personal, dump all your bank transactions into Excel and sort by income, type of expense, etc. If you pay for personal expenses out of the business account, be sure to separate those as they cannot be deducted. For all other items, keep copies of your receipts (physically and/or digitally).

Summarizing your income and expenses by category is the most efficient way of providing data to your tax preparer (if you do not have QuickBooks or another software).

Gather any loan statements as of the end of the year to keep track of interest paid, and tax statements for taxes paid.

If you need help with any of this, please message, call or email, and I will be glad to help you get your books ready for tax filing. E-filing opens on Jan 26th, I would love to help you.

(859) 428-7774
[email protected]

01/14/2026

Curious what the IRS is looking for regarding your side-hustle? Here are some tips for getting organized and making filing season much easier.

https://youtu.be/j-Y2PbG7b1k?si=GJiTWQqPBeJez2Rd

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01/13/2026

OBBBA: What These Changes Mean for Your 2025 Tax Refund

Thanks to the One Big Beautiful Bill Act, signed into law in 2025, most individual taxpayers will see some meaningful changes when they file returns in 2026. These changes will lower taxable income, which can increase refunds or reduce what you owe.

1. Higher Standard Deduction
The law keeps the higher standard deduction amounts from the 2017 Tax Cuts and Jobs Act and increases them a bit more for 2025 ($15,750 Single, $31,500 Married Filing Jointly, and $23,625 Head of Household). That means a larger amount of your income is exempted from tax before any other deductions apply. For many people, this alone will reduce taxable income and can lead to a larger refund.
(Congress.gov)

2. Tax Brackets Did not Revert
The tax brackets that existed prior to the Tax Cuts and Jobs Act (which was set to expire in 2025), were going to apply to taxpayers, which would have increased taxes due for many people. Under the new law, that didn’t happen — the lower TCJA individual tax brackets stay in place. That stability helps prevent many taxpayers from moving into higher tax brackets in 2025.
(Kiplinger)

3. Overtime Pay Deduction
A brand-new overtime deduction allows eligible workers to subtract a portion of their qualified overtime wages from taxable income. For single filers, that deduction is up to $12,500, and for married filing jointly filers, it is up to $25,000. Only overtime that is required under federal overtime rules (FLSA) counts for this deduction.
(National Association of Counties)

4. Bigger SALT Deduction Cap
The law temporarily raises the cap on the state and local tax (SALT) deduction from $10,000 to $40,000 for tax year 2025. This change can especially help homeowners and people in higher-tax states who itemize deductions, providing up to $11,000 less in tax charged.
(Taft Law)

5. Auto Loan Interest Deduction
Another new break allows you to deduct up to $10,000 in interest paid on qualifying auto loans only for new vehicles that are assembled in the U.S. This deduction is not dependent on you itemizing your deductions, giving many taxpayers extra tax-saving opportunities.
(Taft Law)

What This Means for Your Refund

Taken together, these changes reduce your taxable income in several ways — through a larger standard deduction, new specific deductions (like overtime pay and auto interest), and a higher SALT cap — all of which can mean larger refunds or smaller balances due when you file your 2025 return.
(Tax Foundation)

Plan Ahead

These rules are new and can be complex, especially when determining eligibility for deductions like overtime or auto loan interest. If you want to make sure you maximize your refund and take advantage of every available benefit, call today to schedule a review — I’d be happy to help you navigate these changes and get the most from your 2025 tax return.

Office: (859) 428-7774
Email: [email protected]

01/10/2026

The IRS opens electronic filing on January 26th. If you have your tax documents ready, I am happy to help you get your return prepared and filed.

I can do business returns for all types of businesses and individual returns for all states that require tax filing.

Message or call me for details!
(859) 428-7774

01/09/2026

Business Tax filing season is almost open. What tax documents do you need to provide your tax preparer?

Income forms you may have received:
- Forms 1099
- 1099-INT for interest received from banks
- 1099-DIV for dividends received from stocks
- 1099-MISC/NEC for income
- 1099-CONS for investment statements from brokers
- 1099-C for cancellation of debt
- 1099-K for income received from credit card sales
- Schedules K-1
- Provide K-1 (1065) from all partnerships owned
- Provide K-1 (1120S) from all S-Corps owned
- Provide K-1 (1041) from all trusts or estates of which you are a beneficiary
- If your business owns any rental properties, provide:
- Schedule of the property and all depreciable assets owned
- Summary of income received
- Summary and list of expenses paid

If you do business in multiple counties or states, provide a breakdown of how much income is earned, and how much payroll is allocated to each location.

It is best practice to provide your prior year tax return if you are switching preparers as that can:
1. Serve as source for tax planning opportunities
2. Ensure data entry for business information is entered correctly
3. Ensure that prior year tax carryforwards are captured

If your business is a partnership, you are required to file a Form 1065 with the IRS. Schedules K-1 are generated with the tax filing to provide each partner with the income they are required to report on their individual tax return.

If your business is an S-Corporation, you are required to file a Form 1120S with the IRS. Schedules K-1 are generated with the tax filing to provide each shareholder with the income they are required to report on their individual tax return.

If your business is a C-Corporation, you are required to file a Form 1120 with the IRS. There may be Schedules 1099-DIV to report dividends paid to shareholders that will be reported on their individual tax returns.

This is not an exhaustive list, but should serve as a reminder for any documents you may have. If you have any questions about whether certain information is needed, please message me and I can give you assistance.

01/08/2026

Individual Tax filing season is almost open. What tax documents do you need to provide your tax preparer?

Income forms you may have received:
- Forms W-2
- Provide last pay stub to support overtime pay
- Form W-2G reports income from gambling
- Forms 1099
- 1099-INT for interest received from banks
- 1099-DIV for dividends received from stocks
- 1099-R for retirement plan distributions
- 1099-MISC/NEC for self-employed income
- SSA-1099 for Social Security income
- 1099-CONS for investment statements from brokers
- 1099-G for unemployment income received
- 1099-C for cancellation of debt
- 1099-K for income received from credit card sales
- 1099-SA for HSA distributions taken
- Schedules K-1
- Provide K-1 (1065) from all partnerships owned
- Provide K-1 (1120S) from all S-Corps owned
- Provide K-1 (1041) from all trusts or estates of which you are a beneficiary
- If you own any rental properties, provide:
- Schedule of the property and all depreciable assets owned
- Summary of income received
- Summary and list of expenses paid
- If you own a small business, provide:
- Tax forms received related to the business
- Summary of income and allocation of income from different counties and states
- Summary and split of all expenses paid for the business
- Listing of all business assets (prior year depreciation schedule)
- If you own a farm, provide:
- Sources of income received and summary of income by source
- Summary of all expenses for the farm
- Listing of all farm assets (provide prior year depreciation schedule) and any assets purchased during 2025

Deduction forms you may have received:
- Forms 1098
- 1098 reports mortgage interest paid on home
- 1098-T reports scholarships and education expense
- 1098-E reports student loan interest paid
- Form 1095-A reports health insurance through the marketplace
- Letters from churches and charities listing cash donations made
- Summary of non-cash donations made
- Summary of all medical bills paid

This is not an exhaustive list, but should serve as a reminder for any documents you may have. If you have any questions about whether certain information is needed, please message me and I can give you assistance.

01/06/2026

Have you wondered what your options are when making charitable contributions and what will give you the best "bang for your buck?" The IRS allows many different types of contributions with different rules. Reach out to learn more.

12/19/2025