Jackson Graham, CPA

The IRS just released some modest changes to the 2025 tax year to account for inflation including increasing income levels for tax brackets as well as bumping up the standard deduction.

IRS releases tax inflation adjustments for tax year 2025 | Internal Revenue Service IR-2024-273, Oct. 22, 2024 — The Internal Revenue Service announced today the annual inflation adjustments for tax year 2025.

Thank you all for a very successful tax season!

Included in the passing of this bill is an increased child tax credit in 2021. The credit jumps from $2,000 for each child under 17 to $3,600 for kids 0-5 and $3,000 for kids 6-16. An online portal will be set up for taxpayers to elect to receive the credit in monthly installments in advance of filing season.

Senate passes amended $1.9 trillion COVID-19 stimulus bill The Senate approved a $1.9 trillion pandemic economic relief bill on Saturday. The bill will be sent back to the House of Representatives because the Senate changed the legislation originally approved by the House.

Hello everyone!

A few 2020 tax season updates for you:

-I can begin filing your tax returns on February 12th. This is later than usual as the IRS needs extra time to adjust for the items related to the Coronavirus Relief Act.

-If you were claimed by someone else in 2019 but lived independently in 2020 and did not receive any stimulus checks, you may now be eligible to receive those funds on your tax return.

-The IRS has released new guidance on charitable giving. If you do not itemize deductions, you are now able to take a special deduction for giving up to $300 to a qualified charity.

-If you would like some assistance gathering all of your tax documents, I would happy to send an organizer pamphlet to you (paper or electronic). Please send me an email at [email protected].

Lastly, in an effort to keep everyone safe, I will not be taking any in-person appointments this year. You can drop off your tax documents in person or take advantage of my secure document portal. We can also meet over Zoom - whatever works best for you!

I look forward to working with all of you soon.

Jackson

New Tax Deadline: July 15, 2020

U.S. Extends Individual Tax Filing Deadline from April 15 to July 15 The U.S. will extend the individual tax filing deadline until July 15 from April 15, Treasury Secretary Steven Mnuchin said.

You now have a 90 day extension to pay, but you still have to file your return by April 15th.

Treasury secretary announces 90-day delay in tax payment deadline Treasury Secretary Steven Mnuchin announced that individuals and businesses can delay their tax payments for 90 days due to the coronavirus pandemic.

Do you now have a little extra time at home due to public health concerns? Now is a great time to get your tax documents together.

I have worked completely electronically with several clients so far this year and I can do the same for you!

Inquire at [email protected]

Contributing to an IRA could be a great strategy to reducing your tax bill this year. Contributions for the 2019 tax year can be made through April 15th, 2020.

4 Tips for Opening an IRA Before the Tax Deadline - SmartAsset Opening an IRA before the tax deadline can allow you to deduct up to $6,000 of income for the 2020 tax year. Here's what you need to know...

Should you use online software or hire a tax pro? Do you understand your tax returns? Are you taking full advantage of available credits and deductions available to you?

Online or Tax Pro: Which Is Right for You? Should you use a tax pro or self-file? This will help you decide.

Did you know the average person spends 13 hours preparing their tax returns each year? Your time is valuable! Let me help.

Good morning friends and family,

This year I have been preparing tax returns during evenings/weekends and I would love to do many more before the big April 15th deadline. I bring to the table five years of tax accounting experience and fair prices. If you have a side business like me and want to maximize strategies to reduce your tax or just want to feel comfortable that you have submitted a correct return, please reach out for a quote.

Shares are always appreciated.

Thanks,

Jackson