RECENT NEWS

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2025-2026 Tax Season
Fall of 2025

Dear Valued Client:

We are now in the planning stage for the 2025 tax season while we enjoy our friends and family for the Holiday season.
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There have been both changes in the tax laws for 2025 and in some of our office administrative procedures to help make it both efficient and less frustrating for all concerned.

We are in the process of forwarding to you your 2025 tax organizers. You will receive them either in hard copy or digital form before Thanksgiving.

MAJOR TAX PROVISIONS:

• One of the most important is Permanent Extension of 2017 Tax Cuts and Jobs Act (TCJA) Provisions. Existing 7 brackets from 10%-37%. Otherwise rates would have gone up.
• Higher Standard Deduction amount to $15,750 for singles and $31,500 for joint filers.
• Increased Child Tax Credit from $2,000 to $2,200 if under 17 years of age on December 31, 2025.
• Seniors over 65 get an additional $6,000 deduction if under $75,000 as single and $150,000 for joint filers. You still get $6,000 if you don't itemize. This is meant to help with taxable Social Security  benefits.
• Auto loan interest deduction even if you don't itemize up to $10,000.
• Tip income deduction for up to $25,000 if income under $150,000 and $300,000 if joint.
• Deduction for overtime pay up to $12,500 with limitation of modified adjusted gross income of $150,000 for single and $300,000 for joint filers. Employers will be reporting the overtime on your W-2. Since this is the first year, there may be some employers that do not do so.
• SALT or State and Local taxes deduction has been raised to $40,000 from $10,000. Phase out at 4% for income over $250,000 for single and $500,000 for joint filers.
• Section 179 expensing has been increased to $2,500,000.
• Tax advantage savings accounts for children including $1,000 for newborns between 2025-2028.
• Research and Development expensing for businesses with no income limitations.
• Tax filing deadline for paying taxes in 2026 for 2025 will be April 15, 2026. An extension will allow you to file by October but will not allow you to delay paying taxes due by April 15th.
• There will still be penalties for late filing and underpaying fees for prior years.

Tax return filing date without extension will fall on April 15, 2026 for the 2025 year. All taxes will be due no later than April 15th.

FINANCIAL PLANNING:

Many of us live paycheck to paycheck and forget about setting some money aside for a rainy day fund or retirement or both. Try some budgeting so you can reduce your day to day spending and save for the unexpected which is sure to come.

Be careful of getting overexcited about investment opportunities: If it is too good to be true, it probably is. A strong Balance Sheet is so important before investing.

Before making any important or expensive decisions, please check with us first.

If married or if you have a significant other, please keep them informed about important financial decisions and location of valuable documents.

Consider having a Trust for the family, especially if you are over 50. Trust documents should be updated every 10 years.

OFFICE PROCEDURES:
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• We will be using Docusign again this year. Please make sure we have correct email addresses; both email addresses if filing jointly.
• There will be a $25 fee if you request a hard copy in addition to PDF Docusign copy you approved. Many clients did not pick up their source documents this year. We have subsequently mailed all these documents. There will be a charge for mailing.
• Please remember that if you receive a notice from IRS or FTB and you need our assistance, we will help you. However, if it is not our fault, then we will charge you for our time. We will let you know ahead with an estimated cost.
• Please make sure you send us all of your documents and information including filing status, and information on dependents you are going to claim. We need their names and Social Security numbers. Let us know if you have Obamacare. We would need your 1095-A form from the IRS.
• If you have been the victim of fraud, we will need your IRS PIN number to e-file. This number changes each year. The IRS will send you the number via mail.
• We send out billing statements twice a month on the 15th and 30th. We will not e-file your taxes until we receive your authorization and payment for services.
• We seek professional relationships with our clients and will always be sensitive to your time. We would appreciate your respect of our time by communicating with us when we call you. 

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Sincerely,
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Chuck Anderson
Chuck Anderson, C.P.A., Inc.
[email protected] 

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Tax Season Summer of 2025
July 2025

Dear Valued Client and Friend,

Hope you had a wonderful long and safe 4th of July weekend. There is so much to be thankful for in this the greatest country in the world. We are blessed compared to the rest of the world.​..READ MORE...