ACA premium tax credit: For lower income taxpayers buying health insurance through the Marketplace was facilitated through tax credits that were pre-paid in the form of lower monthly premiums. Since those credits were income based they were reconciled at tax time. If a taxpayer received too much credit it had to be paid back with [...]
The tax law passed this summer had a few provisions that are specific to senior citizens. Social Security: The taxability of Social Security income has not changed. Social Security and WEP payments: Earlier in the summer a separate law passed allowing for Social Security benefits that had previously been withheld from certain taxpayers who had [...]
We had a big tax law pass in the summer of 2025, you might have heard about it. Here are a few things that got a lot of press. No Tax on Tips For the 2025 tax year tip income is not taxable for federal income tax. For most people tip income shows up in [...]
UPDATE February 18: YES From NATP: On Feb. 18, a Texas district court lifted the last remaining nationwide block against enforcing the Corporate Transparency Act (CTA), restoring beneficial ownership information (BOI) reporting requirements. To allow businesses additional time to comply, FinCEN has extended the BOI filing deadline by 30 days for most companies. The new [...]
This post is from December 2021, but it is time to pop it back up to the top! Warning: This is a very long post, and I wrote it when I was in a VERY BAD MOOD. So I am trying to tone it down a bit, but it is still important information! A reminder [...]
This is an update to a previous post about estimated payments. Stuff just keeps coming up! One of the foundations of our tax system is that we pay tax on income as the income is earned. If you have a real job this requirement is covered by the withholding on your paycheck. But if you [...]
"Mommy, please don't donate us to the VoA! We promise we'll be good!" (Spoiler alert: They won't.) Ok, in truth I am not really doing much to this post. But there have been more questions about charitable donations! My favorite is clients who want me to just take whatever the "limit" is for [...]
Hello! Looking ahead to next tax season. Here's a couple of things to be aware of: We are still saying "no new clients". As we get into tax season we may be able to open up a little, but right now we need to make sure we can take care of the people we have. [...]
Hey, Small Business Client! Ok, we are almost through 2023! It really doesn’t seem possible. But it has been a rough year over here, so I am kinda glad to see it go! What you need to do: Read, sign and return your 2024 Engagement Letter! Those are going out via email. Review any 1099 [...]
Have you perchance gotten a postcard like this? You are likely wondering what the heck this all about. ME TOO. So I called the Unclaimed Funds people and tried to get some information. What are Unclaimed Funds? Here is the official definition: Intangible property or accounts within financial institutions or companies—in which there has been [...]