**Note as of 12/19/2025: We are full for the upcoming tax season.  If you would like to put yourself on extension, please feel free to email us to be put on our waitlist, and we will reach out to you after April 15 to discuss**

I hope your 2026 has started off nicely ! In case you are unaware and find it useful, the new 2026 mileage rates have been announced. As a reminder, the 2025 standard rate was 70 cents per mile. Starting 1/1/2026, the new rate is 72.5 cents per mile. The rate for charitable miles stays the same at 14 cents, and the rate for medical/moving has been slightly reduced from 21 cents to 20.5 cents per mile, for some strange reason. The rate attributable to depreciation is going up

Believe it or not, 2026 is almost upon us (less than 3 weeks !). In case you care, here is a quick list of some tax items for 2026: Standard deduction for married file joint: 32,200 Standard deduction for single: 16,100 Standard deduction for heads of household: 24,150 Annual gift "tax" exclusion: 19,000 (which is unchanged from 2025) 401K payroll deferral maximum: 24,500 (if under age 50) 401K payroll deferral maximum: 32,500 (if 50 and older (35,750 age 60-63)) IRA deduc

I'd like to do a deeper dive on another popular new tax provision. Here's the background: About 6 years ago, there were several tax law changes. One of them was to limit the Schedule A (itemized deductions) state and local tax deduction to $10,000. This helped cause many taxpayers who previously used Schedule A, to since claim the standard deduction. This $10,000 cap limited the total amount of one's state and local income taxes and real estate property tax deduction. As

As a refresher, one of the new tax rules to come in to play for 2025, is a deduction of up to $25,000 on tip income. I'm not going to get in to ALL the details of this new rule at this time, but I wanted to point out that a preliminary list of the occupations that qualify for this deduction has been issued fairly recently. The occupations listed are supposed to capture all that customarily receive tips. You can not start categorizing any pay as tips when it never has been

This post is geared towards my current clients, and of course I will be communicating more formally about it in my upcoming service...

I often ponder why the tax law makers have to make things so bizarre and difficult. One of these head-scratchers is in the July tax bill...

Happy 4th ! You may be tired of hearing about the "Big Beautiful Bill" that has been tossed around for a while and was just signed today....

Hi clients and friends, it's been a while since I wrote a tax piece. Time's just flying on by and summer is pretty much here.... Have...

Happy New Year ! For those of you who use this, the new 2025 mileage rate has been announced. As a reminder, the 2024 rate was 67 cents...

I have previously written about some extended tax due date relief granted to victims of Hurricane Helene (and any federally declared...

Hello client and friends, Just a quick note that IRS rates and standard deductions have been released for 2025. Nothing too different or...

I get asked this question quite a bit and my quick answer is "generally 7 years". Here is a bit of a deeper dive, and a recent court...

I hope everyone is doing OK during this difficult time in western NC. Please drop me a line and let me know how you are. I'm just...

Hello clients and friends ! When I review the latest tax news, I try to find and write about items I believe some of my clients may find...

You may recall, that about 7 years ago, the President at the time (Trump), implemented the "Tax Cuts and Jobs Act", which was a pretty...

Hello, how are you all doing ? Summer is flying on by (I think so anyway). Hopefully you are aware that if you withdraw funds from your...

Hi clients and friends, how is your spring shaping up? I am enjoying a more "normal" life again, after 3 1/2 months of dealing with a...

The US Department of Labor (DOL) recently published an "official" rule document regarding the notion of "economic reality" for...

Tax season is pretty much upon us ! What better time to bring up one of the "gray-est" and most difficult and contentious topics for...

Hi everyone ! I hope you are enjoying the holiday season so far. Before you know it, it will be 2024 ! Speaking of 2024, are you aware...