MackBooks LLC

S-Corp or Partnership owner?

Your March 16 tax deadline for Forms 1120-S and 1065 is coming up. Make sure you're prepared.

For business owners:

Do you currently have a retirement plan set up for yourself?

Options like SEP IRAs can sometimes reduce taxes while helping you build long-term savings.

Many owners overlook this — just something worth thinking about!

📌 Reminder: 1099 Filing Deadlines

If you pay independent contractors or freelancers, here’s what you need to know:
- Form 1099-NEC: Due January 31 (paper or electronic)
- Form 1099-MISC: Due February 28 if filing on paper, or March 31 if filing electronically

💡 If the deadline falls on a weekend or federal holiday, the due date moves to the next business day.

Don’t wait until the last minute—filing late can lead to penalties! Keep your records organized and file on time.

#1099

⏰ Thinking about opening a Solo 401(k) or similar retirement account for your business?

Now is the time to act! To make contributions for 2025, your account must be established by December 31.

💡 Why set it up now?
✅ Maximize your retirement contributions
✅ Reduce your taxable income for 2025
✅ Set your business on a path to long-term savings

Don’t wait until the last minute!

💬 Send me a message and I can help you get it set up properly before the deadline.

Don’t miss out!📣

The NJ ANCHOR property tax relief deadline is Oct 31, 2025.

💻 Apply today at anchor.nj.gov

We're here to help local residents get the relief they deserve 😃

Big News for Seniors! 🌟

Starting in 2025, if you’re 65 or older, you’ll qualify for an extra tax deduction of $6,000, on top of the current senior standard deduction.

Here’s what that means:

- Couples where both spouses are 65+ can claim up to $12,000 extra.

- It applies whether you itemize or take the standard deduction.

- The full deduction is available for incomes up to $75,000 single / $150,000 joint.

👉 This change could make a real difference in lowering taxable income for retirees and those nearing retirement.

At MackBooks, we’re keeping a close eye on these new rules so our clients can plan ahead and maximize their savings.

💬 Have questions about how this could affect you or your family? Let’s chat.

💡 Confused about tax write-offs vs. tax credits?

Stop guessing and start saving! In this quick video, I break down the key differences between deductions and credits, including:
✅ How write-offs reduce your taxable income
✅ How credits reduce your actual tax bill
✅ Refundable vs. nonrefundable credits

🎯 Question for you: Which tax credits are you taking this year? Drop your answer in the comments!

Watch here: https://www.youtube.com/watch?v=s2mzKFhLQK4

Tax Write-Offs vs. Tax Credits Explained | Save More Money This Year Confused about tax write-offs and tax credits? In this quick video, I break down the difference between deductions and credits, including examples and tips t...

IRS Form 1099-DA is Coming! 🚨

Starting 2025, brokers will issue Form 1099-DA to report digital asset transactions. This includes cryptocurrency, NFTs, and stablecoins. You’ll receive your first forms in early 2026 for 2025 transactions.

Here’s what you need to know:
🔹 Who’s affected? Anyone selling, swapping, or disposing of digital assets through a broker.
🔹 What’s reported? Gross proceeds, transaction dates, and, starting in 2026, cost basis for covered assets.
🔹 Why it matters: This form works like a 1099-B for stocks — it helps the IRS track digital asset activity and means you need accurate records.

✅ Action steps: Keep detailed records of your purchases, dates, and wallet/exchange activity to make tax time easier.



https://www.irs.gov/instructions/i1099da