Under the OBBBA, what percentage of individuals will itemize starting with the year 2026? Take a guess. In recent years the percentage of itemizers has been around 10%. Now, that number will jump to approximately 14% according to the Tax Foundation for the year 2026. Make sure to subscribe to our weekly emails to receive […]
IRS Resolution
How to Know It’s the IRS
With all of the scams going around these days, how do you know if it’s really the IRS who contacted you? According to the IRS, these are the ways they will contact you and communicate with you. Initial Contact Almost every initial contact from the IRS is by mail from the U.S. Postal Service. Other […]
The New Standard Deduction
The One Big Beautiful Bill Act increased the standard deduction and added a new deduction for seniors as follows: Updated Amounts Married Filing Jointly & Surviving Spouse: $31,500 Head of Household: $23,625 Single & Married Filing Separately: $15,750 Additional Deduction for Seniors There’s a new additional deduction of $6,000 per person for taxpayers 65 and […]
Need More Time?
Do you need more time to file your individual tax return? If you need more time to gather all of your information to file an accurate tax return, then you should file an extension by 4/15 with the IRS and any state you need to file a return for. Here’s what you need to do: […]
Easy IRS Red Flag to Avoid
The last thing anyone wants is to be audited by the IRS. One simple way to avoid waving a red flag at the IRS is to be aware of this . . . Information Matching The IRS receives a significant number of informational returns from businesses that are required to report payments they made to […]
How Will IRS Job Cuts Impact You?
There was a recent announcement regarding staffing cuts at the IRS. How will this impact you and should you be concerned? Background Information The IRS hired approximately 22,000 people during 2022, 31,000 during 2024, and approximately 20,000 during 2024 for a total workforce of more than 100,000 employees. This has been the largest number of […]
Heavy Vehicle Heavy Deduction
As a business owner, there are tax benefits for using a vehicle for business purposes. Not all vehicles are created equally, and here are examples of some that produce a larger deduction. SUV’s and Pickups Vehicles with a gross vehicle weight rating (GVWR) above 6,000 pounds and not more than 14,000 produce a much greater […]
Tax Scam Alerts
Scams are on the rise now that it’s tax season. The IRS has made taxpayers aware of popular scams on their website, including: Charity Impersonators To make sure the charity you are donating to is legitimate, then you can use the tax exempt organization search function at https://apps.irs.gov/app/eos/ Unfortunately, a contribution to a fake charity […]
Don’t Make These 2 Mistakes When Paying Your Taxes
When paying your tax balances or estimated tax payments, there are two ways that commonly create issues with the IRS and the states. These are: Paying by Check Making a tax payment with an old-fashioned check creates issues in multiple ways. Making a Payment from Your Spouse’s Tax Account or Social Security Number For some […]
Useful Online Tools at the IRS
The IRS has some useful tools on their website irs.gov. Be careful to make sure you use .gov after typing irs. Here are some of the tools: Where’s My Refund? To track the status of your refund after filing your individual return, click on Get your refund status. You will need: Make a Payment You […]