There are 2 aspects to this. For any child born in 2025-2028, you can request and receive $1,000 in seed money from the government to fund the account. For all others, you can open an account for any child before the age of 18. Once opened, you can fund the account with after-tax dollars, up to $5K per year, per child. In the year the child turns 18, the account basically converts to an IRA with the cost basis of your cumulative contributions. This means that the contrib

This is a new tax deduction, beginning 2025. You can deduct loan interest paid for NEW vehicles purchased in 2025-2028. There are a few criteria, including it must have been assembled in the US.

The Sunbiz Annual Report filing is due by May 1. We have a list of clients to automatically file these for each year. Please let us know if you need for us to file your business annual report.

The filing deadline for S-Corp and Partnership tax returns is March 15. We will begin filing extensions for these returns on March 1. Please let us know if you would like us to file an extension for you. We will try our best to ensure your extension is filed timely. If you do not receive a notification from us that the extension has been filed, then please let us know. We must receive your tax documents by March 1 in order to guarantee your return will be filed by March

We all rely on Google reviews for services, such as auto repair, home repairs, restaurants, etc. Tax services is no exception to this. Recently, we discovered that our Google business profile for both the Tallahassee and Crawfordville offices was deleted without explanation. We have re-created the profiles, but all of our historical client reviews have now disappeared. This was dozens of reviews collected over several years. We are asking for your help. We have not yet

We have adopted a new technology platform this year. You should have already received the document checklist and questionnaire from us by email and text. This platform provides a document checklist for you, based on the return we prepared for you last year. You can then add or remove documents as applicable to your unique situation. You can securely provide documents to us without having to log in. Of course, you will need to log in order to view, download, or E-sign doc

There is a new IRS form that we will use to report most of the tax changes that come into effect for tax year 2025. Sch 1-A is used to report the additional $6K standard deduction for taxpayers 65 and over, interest paid on auto loans originated in 2025, non-taxable tips, and non-taxable overtime. We will automatically add this form to your tax return as needed.

The IRS is now accepting E-files. Historically, direct deposit refunds are received 2-3 weeks from filing. This year, you can expect this timeline to increase to 4-5 weeks. The IRS made an announcement back in September of 2025 on their efforts to do away with mailing paper checks. If you choose to receive a refund by check, then you can expect an additional delay of several months. We are encouraging clients to go ahead and opt for the direct deposit option.

This provision begins in 2026. Itemized deductions begin to phase out when taxable income exceeds the dollar amount at which the 37% tax...

Effective for sales or exchanges after July 4, 2025. This one is very interesting, and can be a great tool for estate and tax...

These provisions have different effective dates, so it can get a little complicated. This is important for all taxpayers on Healthcare...

The 2025 lifetime estate exemption amount is $13.99M. Effective 2026, the amount increases to $15M, and is indexed for inflation each...

This deduction began in 2018, and was set to expire at the end of 2025. It has now been made permanent. The QBID remains 20%, with no...

For 2025 retroactively, the 1099-K reporting threshold is that you meet both of these 2 criteria: a) $20,000 in gross payments, and...

Related to shares of QSBS issued after July 4, 2025. Gain exclusion is 50% after 3 years, 75% after 4 years, and 100% after 5 years of...

Effective for property placed in service after July 4, 2025, thru 2030. There is a new asset class of Qualified Production Property...

This change is effective for tax years 2025 and beyond. This deduction limit increases to $2.5M, and the Section 179 investment limit is...

This applies for tax years 2025 and later. You can fully expense domestic R&D items in the year the expenses were incurred. Software,...

This new rule begins for tax year 2026 This is a huge change for professional gamblers. You can no longer deduct a net loss from the...

This is a brand new provision, and seems to fall under the QOZ / QOF framework. We are working to find meaningful information on it. ...