What’s New for 2026? Office News for the New Year
New Credentials and New Offerings! 2025 was a big year! In February, I completed the Master of Accounting degree at UNC Chapel Hill. Through the summer, I completed a three-exam series to be designated as an IRS Enrolled Agent. Contrary to how it sounds, that doesn’t mean I work for the IRS! It is a […]
2025 Tax Topics: Credits and Basic Tax Saving Strategies
Common Tax Credits A tax credit is a dollar-for-dollar reduction in your amount of tax. There are two types of credits, refundable and nonrefundable. Refundable credits are allowed even if the amount of credit is more than your tax. For example, if your tax is $100 and you have a $150 credit, you will get a […]
2025 Tax Topics: Deductions, Car Loans, and Scams (oh my!)
The Senior & Standard Deductions Taxpayers over 65 will receive a deduction of $6,000 in addition to the standard deduction (and the additional standard deduction for those over 65). There is a phaseout for this deduction beginning at $75,000 ($150,000 MFJ). This is the only new deduction that married separate filers can still use. The […]
2025 Tax Topics: Tips and Overtime
QUALIFIED TIPS: what to know New tax law allows a deduction for qualified tips – up to $25,000 per return (not person!). A tip is a qualified tip if:It is paid in cash or cash equivalent.From a deduction-eligible occupation, as listed in proposed Treasury RegulationsIt is voluntarily paid by the customer and not subject to negotiation. What […]