EPC Tax Resolution

TAX PLANNING:
Social Media tax pro's promote Tax Planning over tax preparation. Giving the impression that taxpayers actually have a choice or, you can do one without the other. In reality, planning and preparing go hand in hand. Tax planning may garner higher revenue, but tax filing/reporting is a compliance requirement.

I guess a better question is...WHAT IS TAX PLANNING?

In simple terms: Tax planning means organizing your income, expenses, and investments so that you pay the least amount of tax, legally while achieving your financial goals. The real benefit in planning is reducing your Tax return outcome through tax return filing.

Tax preparation is the process of gathering financial information, completing tax forms, and filing a tax return with the appropriate tax authority.

We are officially open. Abbotsford WI. Come visit our new location.

Happy Saturday. Coffee and studying the OBBBA. So many changes for 2026 tax season.

Key Points for 2025 W2 Reporting
• No Form Changes: The IRS announced that the 2025 versions of Form W-2 and other related payroll forms will remain unchanged to avoid disruption.
• Deductions Taken by Employees: The OBBBA deductions for qualified tips and overtime are claimed by employees when they file their personal income tax returns, not at the payroll level via a modified W-2 for 2025.
• Employer Tracking: While not required for W-2 reporting in 2025, employers should track qualified tips and overtime income internally to assist employees with their tax filings.

Holiday hours
Closed August 29 to September 1

See you Tuesday 9-2-25