With the rising costs of taking credit card payments, there will be a 3.5% fee added to your bill if you pay by credit or debit card. This is the exact cost I am charged to accept credit or debit card payments. ... See MoreSee Less
Now that the OBBB (otherwise known as H.R. 1) has passed and has been signed into law; here are some key tax changes that will impact some of my tax clients; in a good way.
1. Although unable to include no tax on social security in this bill; there is a temporary $6,000 tax deduction for those on social security that meet certain criteria. This is huge for a large number of my clients. For some it will completely eliminate taxable income; for others, it will reduce the amount of tax to be paid.
2. No tax on qualified tips starting with the 2025 tax returns. This will be an adjustment to income (without having to itemize) for qualified tips received during the year that are included in income, up to $25,000.
For example: if a bartender receives tips, but does not report them to their employer and they are not included on the W-2 at year-end; then they will NOT receive a deduction on their tax return. IF the taxes are reported and included on the W-2; then there will be a tax deduction allowed.
Tip credit is available for the food service industry, bars/restaurants, barbering and hair care, nail care, esthetics; and body and spa treatments.
Tax on overtime - Up to $12,500 ($25,000 for Married Filing Joint) can be claimed as an adjustment to income for overtime included on the tax return.
I will post additional information related to tax returns and tax planning as I receive and digest more information from this tax bill.
For those interested in reading the tax bill yourself; it can be found by going to Congress.gov, entering HR1 in the Search box; then click on the Text tab and choose the Engrossed by the Senate Version. ... See MoreSee Less
This is the office building that I am now renting a space in, located in Luck, Wisconsin. This building is more accessible than my original office for those that have trouble with stairs. This location is open by appointment only. ... See MoreSee Less
Tax season is done! Well, mostly. I do have a few clients that requested extensions. So I will be busy off and on until October 15th. ... See MoreSee Less
President Trump signed an Executive Order on March 25, 2025 to modernize how the government handles money, switching from paper checks to secure electronic payments.
This order will take effect on September 30, 2025.
Beginning October 1, 2025, the Federal government will stop mailing paper checks for all disbursements, including tax refunds.
Payments a person makes to the federal government, such as income tax payments and estimated tax payments must also be processed electronically where permissible under existing law.
It also says "...Exceptions will be made for people without banking or electronic payment access, certain emergency payments, certain law enforcement activities and other special cases qualifying for exception under the Order or other existing law."
If you are unsure whether this affects you in your tax situation, please contact your tax professional. ... See MoreSee Less
The Financial Crimes Network (FinCEN) issued a major update on its beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act. In line with the U.S. Treasury's March 2, 2025 announcement, U.S. companies and persons are no longer required to report BOI to FinCEN.
So, if you are an LLC, S-Corporation or full / C Corporation that is a domestic reporting company (U.S. company); you no longer have to register.
As always, if you have any questions, please contact your Tax Professional. ... See MoreSee Less
With the rising costs of taking credit card payments, there will be a 3.5% fee added to your bill if you pay by credit or debit card. This is the exact cost I am charged to accept credit or debit card payments. ... See MoreSee Less
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Now that the OBBB (otherwise known as H.R. 1) has passed and has been signed into law; here are some key tax changes that will impact some of my tax clients; in a good way.
1. Although unable to include no tax on social security in this bill; there is a temporary $6,000 tax deduction for those on social security that meet certain criteria. This is huge for a large number of my clients. For some it will completely eliminate taxable income; for others, it will reduce the amount of tax to be paid.
2. No tax on qualified tips starting with the 2025 tax returns. This will be an adjustment to income (without having to itemize) for qualified tips received during the year that are included in income, up to $25,000.
For example: if a bartender receives tips, but does not report them to their employer and they are not included on the W-2 at year-end; then they will NOT receive a deduction on their tax return.
IF the taxes are reported and included on the W-2; then there will be a tax deduction allowed.
Tip credit is available for the food service industry, bars/restaurants, barbering and hair care, nail care, esthetics; and body and spa treatments.
Tax on overtime - Up to $12,500 ($25,000 for Married Filing Joint) can be claimed as an adjustment to income for overtime included on the tax return.
I will post additional information related to tax returns and tax planning as I receive and digest more information from this tax bill.
For those interested in reading the tax bill yourself; it can be found by going to Congress.gov, entering HR1 in the Search box; then click on the Text tab and choose the Engrossed by the Senate Version. ... See MoreSee Less
0 CommentsComment on Facebook
This is the office building that I am now renting a space in, located in Luck, Wisconsin. This building is more accessible than my original office for those that have trouble with stairs. This location is open by appointment only. ... See MoreSee Less
0 CommentsComment on Facebook
Tax season is done! Well, mostly. I do have a few clients that requested extensions. So I will be busy off and on until October 15th. ... See MoreSee Less
0 CommentsComment on Facebook
There is a big change coming:
President Trump signed an Executive Order on March 25, 2025 to modernize how the government handles money, switching from paper checks to secure electronic payments.
This order will take effect on September 30, 2025.
Beginning October 1, 2025, the Federal government will stop mailing paper checks for all disbursements, including tax refunds.
Payments a person makes to the federal government, such as income tax payments and estimated tax payments must also be processed electronically where permissible under existing law.
It also says "...Exceptions will be made for people without banking or electronic payment access, certain emergency payments, certain law enforcement activities and other special cases qualifying for exception under the Order or other existing law."
If you are unsure whether this affects you in your tax situation, please contact your tax professional. ... See MoreSee Less
0 CommentsComment on Facebook
The Financial Crimes Network (FinCEN) issued a major update on its beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act. In line with the U.S. Treasury's March 2, 2025 announcement, U.S. companies and persons are no longer required to report BOI to FinCEN.
So, if you are an LLC, S-Corporation or full / C Corporation that is a domestic reporting company (U.S. company); you no longer have to register.
As always, if you have any questions, please contact your Tax Professional. ... See MoreSee Less
0 CommentsComment on Facebook