Tax season is now upon us. To make the process as smooth as possible and to prevent issues down the road, here are some tips: Create an Online Tax Account One of the most common issues I see has to do with estimated tax payments. An easy way to fix this is to pay all […]
IRS Resolution
Know These Upcoming Tax Due Dates
The IRS issued a 14-page tax calendar publication, which is useful for helping with insomnia. Instead of reading it, here are some relevant, upcoming due dates that you should be aware of: January 15th February 2nd (normally it is the 31st of January, but it falls on a Saturday this year) March 16th (normally it […]
Is That Tax Notice Real?
It’s frightening enough when you receive a notice from the IRS or a state’s taxing authority, but what’s worse is if it’s not from them, but some type of scam or misleading advertising. Here are a few ways to tell. Fine Print There’s a company that sends out annual report renewal notices that look like […]
What Percentage of Individuals Will Now Itemize?
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 […]
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 […]