Income Tax Wizard

01/15/2026

ATTENTION BUSINESS OWNERS

1099s and W-2s are due to be submitted and sent out on Jan 31.

If you have subcontractors that you need to issue 1099 forms to, I now have access to the new IRS Information Return Intake System (IRIS).
Just reach out and I can get you set up to eFile all of your forms and print copies to distribute to the payees.

For W-2 Forms, I can also get you set up on full service payroll that will automatically complete the quarterly and annual filings and pay the appropriate tax authorities.

https://www.incometaxwizard.com

11/22/2025

My article at OrlandoVoyager

Today we’d like to introduce you to Jim Chapman. Hi Jim, so excited to have you on the platform. So before we get into questions about your work-life, maybe you can bring our readers up to speed on your story and how you got to where you are today?I started my business as a side […]

10/23/2025

I just wrapped up a 2 week tax filing deadline rush for all the extension returns. If you still need to file for 2024, the IRS has extended the eFile system cutoff until December. Then, they will shut it down to update for the new 2026 Filing Season (2025 Tax Year). Please call my office to schedule an appointment, which can be done virtually using a secure, encrypted online portal for document exchange and signature authentication. I am flying home today and will be available starting tomorrow. Hope everyone is having a great day. Go Green this weekend against the Striped Skunks of Ann Arbor. 😂

08/28/2025

08/27/2025

I’m at the Annual IRS Nationwide Tax Forum this week after getting over a nasty bout of COVID. Applologies to all of you who have been waiting for me to finish up with 2024 returns.

Next tax season looks like it will be nothing short of a total s**t show. As of now, the projected start date for 2026 filing season is February 15, 2026. In addition to that, the tax code is changing substantially due to passage of the OBBBA(One Big Beautiful Bill Act), which was passed and signed into law earlier this year. That being said, I have made the decision that I will import all clients from my 2025 client list and file an extension on their behalf immediately when the IRS MeF (Modernized eFile) system comes online in 2026. This will give you additional time to file (not pay) until September 15 for corporate entities and partnerships or October 15 for individual returns. If you would like to opt out of this service, please contact my office and we will remove you from the list.

I will be publishing more detailed information about the upcoming tax season, and all of the changes that will need to be taken into consideration, on my website

http://www.incometaxwizard.com

Also, I will have additional time available this year for advisory and consulting services that you may want to use in order to get your books and balance sheets into compliance. One of the upcoming points of emphasis by the IRS is enforcement and compliance. They plan to implement the use of AI in order to find anomalies, inconsistancy, and balance sheet abnormalities, then tag those returns for further scrutiny and possible audit.

So get ahead of the curve and audit proof your financials. An ounce of prevention is still worth a pound of cure!

I hope you are all doing well and enjoying the end of summer. That’s all for now.

See you again Soon!

02/06/2025

How does claiming cryptocurrency on your taxes even work? 🤔 It’s different than you may expect, so here’s a quick overview:

💰 The IRS considers cryptocurrency as a property or holding, meaning cryptocurrencies are taxed just like other holdings such as stocks.

💰 This means that if you hold crypto, you are expected to complete Form 8949 and Form 1040, reporting any gains or losses of cryptocurrencies.

💰 Form 1040 has a draft of the new form showing a dedicated field for “digital assets,” which can include NFTs.

TLDR: you’ll want to keep paperwork and records available if you acquire or sell digital assets (including NFTs) this year. If you have questions or need help with your next filing, let us know!

01/31/2025

Grilled Bacon Wrapped Jalepeno and Pepper Jack Prawns
A Fan Favorite at any tailgate!

Instructions
Prep the Bacon

Preheat your oven to 300°F (150°C).

Lay the bacon slices on a baking sheet lined with parchment paper or a wire rack.

Bake for 12-15 minutes, or until the bacon is partially cooked but still pliable. Remove and let cool. This step ensures the bacon won’t flare up on the grill and will crisp up perfectly.

Prepare the Prawns

Pat the prawns dry with paper towels.

Make a shallow slit along the back of each prawn (where it was deveined) to create a pocket for stuffing. Be careful not to cut all the way through.

Stuff the Prawns

Insert a small stick of pepper jack cheese and a slice of jalapeño into the pocket of each prawn.

Wrap with Bacon

Wrap each stuffed prawn with a slice of the pre-cooked bacon, securing it with a skewer. Make sure the bacon is snug but not too tight, as it will shrink slightly during grilling.

Season

In a small bowl, mix the olive oil, smoked paprika, garlic powder, black pepper, and salt.

Brush the mixture over the bacon-wrapped prawns for extra flavor.

Grill the Prawns

Preheat your grill to medium-high heat (about 375°F/190°C).

Place the prawns on the grill, bacon seam side down, to seal the bacon.

Grill for 3-4 minutes per side, or until the bacon is crispy and the prawns are opaque and cooked through. Be careful not to overcook, as prawns can become rubbery.

Serve

Remove the prawns from the grill and let them rest for 2-3 minutes.

Serve hot with your favorite dipping sauce (e.g., garlic aioli, chipotle mayo, or a squeeze of fresh lime).

Tips
For extra smoky flavor, use a charcoal grill or add wood chips to a gas grill.

If you don’t have a grill, you can cook these in the oven at 400°F (200°C) for 10-12 minutes, flipping halfway through.

Adjust the jalapeño quantity to your spice preference.

Enjoy your delicious, smoky, and cheesy bacon-wrapped prawns! 🍤🔥

90% of content created by Deepseek AI Engine which is amazing.

01/31/2025

Maximizing tax deductions and credits can help reduce overall tax liability — ultimately raising your refund or lowering the tax you owe. Swipe for the top deductions and credits for individual filing during the 2024 tax year.

Keep in mind that it’s important to consult with a tax advisor on the best tax strategy for your individual situation. Our team proactively considers these and other deductions and credits as part of our tax filing services.

12/31/2024

Here's the latest regarding FinCEN and the BOI filing requirements and deadline...

I've spent a lot of time riding the BOI roller coaster this month. On Dec 3 a federal judge in Texas issued a stay on the filing requirements for BOI Reporting through FinCEN. On appeal that stay was lifted Jan 23rd with a new deadline of Jan 13, 2025 to allow businesses more time to file. THEN, on Jan 26, the stay was lifted, which again removed the filing requirement. So, as of yesterday (Jan 29) there is no deadline. It was moved to Jan 13 after a stay on the injunction was lifted. BUT, in my opinion, this will continue to be appealed and the government will eventually win this case.

Soooo, the bottom line is this:
Just go ahead and file the report. Then you are covered. If you need help, contact me and we can help with filing.

SCAM ALERT: There are a lot of 3rd party sites overcharging to file these reports (sometimes in the thousands of dollars). The report can be filed for free at the FinCen website https://boiefiling.fincen.gov/

I hope this helps with some of the confusion

12/23/2024

As the year winds down, we want to take a moment to thank our network for your continued support and trust. We're looking forward to what the new year has in store.

We hope this holiday season brings you joy, warmth, and time with loved ones. Please note that while our office will be closed for a few days, we’re excited to connect with you when we return.

From all of us, Happy Holidays and New Year! ✨

12/17/2024

As the year comes to a close, we wanted to take a moment to wish you and your loved ones a joyous holiday season! No matter how you celebrate, we hope this time is a true highlight of your year.

Please note that our office will be closed until January 3 to enjoy time with our families. If you need anything before then, feel free to reach out.

Warmest wishes from our team to yours!