Tax Preparation Checklist - 2025 Tax Year Copy of both sides of your Driver’s license or State ID. Joint filers need both IDs. (Not necessary if we already have your unexpired IDs on file.) Wage Statements (W-2) and 1099 Forms Pension, IRA, or Annuity Statements (1099-R) Social Security Income Statements (SSA-1099) Interest & Dividend Income Statements (1099-INT & 1099-DIV) Consolidated tax statements of investment income, sales, and purchases Unemployment … [Read more...]
Please READ THIS!
Please READ THIS! If any of the following relates to your situation, please bring it to our attention: If you had a financial interest in or signature authority over a financial account (bank, securities, or brokerage) located in a foreign country; At any time during the past year did you receive, sell, send, exchange, or otherwise acquire a financial interest in any virtual currency? If you have incurred Adoption expenses within the last 3 years or expect to incur Adoption … [Read more...]
No Tax on Tips, No Tax on Overtime Through 2028
Effective the tax year starting January 1, 2025… If you received Tipped Income: Employees who customarily and regularly receive tips may be able to deduct up to $25,000 in tips from their income subject to federal income tax, and businesses must report these tips on Form W-2 for employees and on Form 1099 for non-employees. If you received tip income as an employee, your W-2 should provide the necessary information for your tax return. If you received tip income as a self-employed … [Read more...]
2025 Changes to Home Energy-related Improvements
New requirements for claiming certain energy-related home improvements are in effect for tax year 2025. These requirements affect the following improvements: Exterior Doors, Windows and Skylights Central Air Conditioners Natural gas, propane, or oil water heaters Natural gas, propane, or oil furnaces and hot water heaters Heat pumps and biomass stoves and boilers, including heat pump water heaters If you installed any of the above items in your home in 2025, you … [Read more...]
2025 New Auto Loan Interest Deduction
New Auto Loan Interest Deduction (2025-2028) Link to Printable PDF: 2025 Auto Loan Interest Deduction One of the changes for tax year 2025 is a deduction for interest paid on qualifying auto loans. Prior to this change, interest paid on an auto loan was treated as nondeductible personal interest. But now there is an annual deduction of up to $10,000 for auto loan interest, beginning in 2025 and lasting through 2028. Because most car buyers will pay less than $10,000 a year in auto … [Read more...]
State and Local Sales Tax Across the Map
Among the 46 states (and the District of Columbia) with a state and/or local sales tax, the combined state and average local sales tax rates range from about 1.8% to 10.2%. The sales tax base (defining what is taxable and nontaxable) can also vary greatly. Some states exempt groceries and/or clothing from the sales tax or tax them at a reduced rate. Five states have no statewide sales tax, and of those, only Alaska allows local sales taxes. Source: Tax Foundation, February … [Read more...]
Tariffs: How They Work and Potential Economic Effects
On February 1, 2025, President Trump authorized an additional 25% tariff on all goods entering the United States from Canada and Mexico (except for a lower 10% tariff on energy resources from Canada) and an additional 10% tariff on all goods from China. Nine days later, Trump authorized a 25% tariff on steel and aluminum, effective March 12, which strengthened and elevated tariffs levied by the first Trump administration in 2018.1 These were the opening salvos in what promises to be a period of … [Read more...]
Key Retirement and Tax Numbers for 2025
Every year, the Internal Revenue Service announces cost-of-living adjustments that affect contribution limits for retirement plans and various tax deduction, exclusion, exemption, and threshold amounts. Here are a few of the key adjustments for 2025. Estate, gift, and generation-skipping transfer tax The annual gift tax exclusion (and annual generation-skipping transfer tax exclusion) for 2025 is $19,000, up from $18,000 in 2024. The gift and estate tax basic exclusion amount … [Read more...]
Tax Preparation Checklist 2024
View, Download, or Print - Tax Preparation Checklist 2024 Tax Preparation Checklist - 2024 Tax Year WE MAKE FILING LESS TAXING Copy of both sides of your Driver’s license or State ID. Joint filers need both IDs. (Not necessary if we already have your unexpired IDs on file.) Wage Statements (W-2) and 1099 Forms Pension, IRA, or Annuity Statements (1099-R) Social Security Income Statements (SSA-1099) Interest & Dividend Income Statements (1099-INT & 1099-DIV) … [Read more...]
Home Energy Rebates Could Save You Money
The Inflation Reduction Act of 2022 included two provisions allowing rebates for home energy efficiency retrofit projects and home electrification and appliance projects. These home energy rebate programs are to be administered by state energy offices, with the U.S. Department of Energy (DOE) providing guidance and oversight. Many states have applied for or have received optional early funding to jumpstart their home energy rebate programs. Rebates are available in some states starting in … [Read more...]
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