PSC Accounting and Tax Service LLC

Did you know that some summer activities can affect your taxes? Check out the latest tax tip where we explain how things like day camps, getting married, having a seasonal job and even traveling for business can affect your tax filing.

Get the latest information at https://ow.ly/zhNI50Z7Lwm.

So much tragedy so close to home this weekend with the Springfield Lake incident and the 12 lost in the Skydiving accident in Butler. Our thoughts and prayers go out to all the families.

Looking for a new car after the hail storm?
Your interest on a new car MAY be deductible.

Here’s how the auto loan interest tax deduction works:

The measure temporarily lets car buyers write off up to $10,000 a year in interest paid on qualifying auto loans from 2025 to 2028

You don't have to itemize to claim the deduction.
But not every buyer or vehicle will qualify.

To qualify, the car must be new, for personal use, and meet a "final assembly" in the United States requirement — a rule some industry manufacturers say could exclude many popular imports.

Cars, minivans, vans, SUVs, pickup trucks, or motorcycles, weighing less than 14,000 pounds qualify, according to the IRS. ATVs, trailers, campers, used cars, and vehicles assembled abroad are not eligible.

The deduction is limited to $10,000 per year and phases out for individuals earning more than $100,000 or couples making over $200,000.

Did you know Your HSA may be able to cover sunscreen, first aid kits, aloe vera and sometimes smart watches or oura rings?

IRS Rules for HSA purchases in 2026-you may be surprised to find some of these things may be covered under HSA Guidelines.

Before we dive into our list, let's cover the 2026 IRS rules for a purchase to be considered "HSA-qualified."

The expense must be primarily for the diagnosis, cure, mitigation, treatment, or prevention of a specific health condition for you, your spouse, or your tax dependents. Otherwise, you may owe penalties and taxes on non-qualified purchases.

Here's a handy guide to help you figure out if your purchase could be HSA-eligible:

Check the "HSA store." Before you head to the register, use your HSA provider's mobile app. Many now let you scan a product's barcode to confirm eligibility. You can also browse pre-vetted items at the HSA Store or Amazon's HSA/FSA shop.

Identify items requiring an LMN. Some travel aids, like high-grade compression socks or specialized orthopedic pillows, may require a letter of medical necessity (LMN) from your doctor to qualify. This letter details why the purchase is medically necessary for your or your spouse's/dependent's condition.

Keep digital backups. Although your HSA debit card may be accepted at major pharmacies, the IRS requires proof of the item purchased, not just the total spent. Snap a photo of your receipt immediately and save it in your digital files.

Did you receive an IRS CP53E letter after filing your federal tax return? If so, you’re not alone. IRS is mailing out more of these notices this year. IRS generally sends these letters to taxpayers whose Forms 1040 show a refund due,but the bank information is invalid, missing or rejected. The letter asks taxpayers
to add or update their bank account information after setting up an online account with IRS. Now that IRS’s policy is one of not issuing tax refunds via paper check and instead generally requiring direct deposit of refunds, more individual taxpayers than ever before are receiving these CP53E notices after filing their tax returns.
The Service is sending some CP53E notices in error, leading to confusion among taxpayers and preparers. For instance, these letters are landing in mailboxes of filers who weren’t owed refunds but instead paid taxes with their filed 1040s. IRS sends most CP53E notices automatically, so it is likely to make some mistakes.

While most records can be kept between 3-7 years, experts now recommend keeping w2's until you draw social security or verify that your earnings have been reported to social security on your account.

How Long Should You Keep Tax Records? The IRS hasn't gone away — so don’t destroy tax documents until the time limit for an audit runs out, or maybe even longer.

Team bonding-game time Wednesday’s are back!!!

Parents of a sole proprietorship or a single member llc can hire their under 18 children and pay no f**a taxes. As well as no federal unemployment!!

Happy Mother’s Day to ALL the mom’s and mom figures out there! Enjoy your day!