shawstax@yahoo.com

​What is New

New Senior Deduction: Individuals aged 65 and older can claim an additional $6,000 deduction ($12,000 for married couples if both qualify). This is available even for those who do not itemize deductions but is subject to AGI phaseouts.

New Deduction for Qualified Tips: Employees and self-employed individuals in qualifying occupations may deduct up to $25,000 of reported tips, subject to AGI phaseouts.

New Deduction for Overtime Pay: A deduction is available for the portion of qualified overtime pay that exceeds an individual's regular rate of pay (e.g., the "half" in "time-and-a-half"), up to $12,500 ($25,000 for joint filers).

New Vehicle Loan Interest Deduction: Taxpayers who take out anew loanafter December 31, 2024, to purchase a new, U.S.-assembled vehicle for personal use may be able to deduct up to $10,000 in interest paid, with income phaseouts.

Child Tax Credit: The maximum credit has increased to $2,200 per qualifying child. Up to $1,700 may be refundable.

Trump Accounts give the next generation a jump start on saving

The Working Families Tax Cuts allows parents, guardians and other authorized individuals to establish a new type of individual retirement account for their children, called Trump Accounts. The account is for a child who has not turned age 18 before the end of the calendar year in which the election is made and has a valid Social Security number.

The account features a pilot program contribution of $1,000 for children born between Jan. 1, 2025, and Dec. 31, 2028, and who are U.S. citizens with a valid Social Security number.

Learn more about Trump Accounts and how they work. Visit www.trumpaccounts.gov

Increased Standard Deduction: The standard deduction amounts have increased:
Married Filing Jointly: $31,500 (up from $30,000).
Single/Married Filing Separately: $15,750 (up from $15,000).
Head of Household: $23,625 (up from $22,500).

If you work Overtime and your W2 does not have an amount in box 14 that starts with OT,

then you will need your Last Pay Stub.

You must have all your W2 forms.  We must make a copy of it .  We can not use last paychecks. 

We accept Cash or Check.  We do not take Credit/debit cards.

Our fee Can be taken from return with additional bank fee. 

​With NO upfront cost.

If you have Market Place Insurance you must have your 1095-A form.  If you have insurance through your Workplace or Medicaid you do not need your 1095-B or 1095-C.

​If you received payments from cash app, e-bay, amazon or any other online payment apps/websites you will receive a 1099-K for any payments over $20,000.  

If you or our your child attended College last year, you Must have a 1098-T form to claim education credits.  Many College offer these forms online.  

​If you have forms on your phone that you do not have paper copies PLEASE forward them to:​

If you are adding a dependent or are new, Please have ID & Social Security Cards.

What You Must Have

If you made a withdrawal from a 401K you must have your 1099-R Form.

Please Note:

If you received Unemploymet this last year, ​you Must have your 1099-G form from the State of Michigan. 

 If you do not report income on your return, you may have to Amend Your Return at additional fees. 

Form 1099-DA for Digital Assets: Brokers must now report digital asset (cryptocurrency, NFTs) transactions using the new Form 1099-DA.