TriStar Tax Solutions

Treasury and the share guidance on the permanent 100% additional first-year depreciation deduction for eligible depreciable property acquired after Jan. 19, 2025, provided by the One, Big, Beautiful Bill. Read more here: https://ow.ly/UfJF50XXpLT

One, Big, Beautiful Bill provisions | Internal Revenue Service The One, Big, Beautiful Bill Act has a significant effect on your taxes, credits and deductions.

October is Breast Cancer Awareness Month. As tax professionals, we stand with survivors and those affected by breast cancer. Let’s work together to spread awareness and share resources on tax benefits and deductions available for medical expenses. 💖

Decluttering this ? Make sure to keep all your tax records for three years from the date you filed a tax return. That includes letters, notices, prior year’s tax returns and more.

www.irs.gov/recordkeeping

Don't get Scammed!!

Taxpayers should hang up if tax season scammers come calling | Internal Revenue Service Tax Tip 2023-02, January 9, 2023 — The tax filing season is a popular time for scammers to call and try to dupe unsuspecting taxpayers. These thieves often make threatening or alarming calls posing as the IRS to try to steal taxpayer money or personal information.

Start the Year Off Right by Knowing Your Rights!!!!!

Start the new year off by reviewing the Taxpayer Bill of Rights | Internal Revenue Service Tax Tip 2023-01, January 3, 2023 — By law, all taxpayers have fundamental rights when they're interacting with the IRS. These rights apply all year, not just during the filing season.

- : Important info for people considering making early withdrawals from retirement funds

Important info for people considering making early withdraws from retirement funds | Internal Revenue Service COVID Tax Tip 2022-162, October 24, 2022 — No matter how much people plan, unexpected events occur. Often, those events result in unplanned expenses. To cover these costs sometimes people, withdraw funds from their retirement savings early.

IRS Provides Penalty Relief to Millions of Taxpayers – Did You Know?

As part of ongoing COVID-19 tax relief efforts, the IRS is waiving penalties for many businesses and individuals who file their 2019 or 2020 tax returns late. Eligible taxpayers will not have to pay a late filing penalty in relation to returns for those two years. Those who have already filed their 2019 and/or 2020 returns and paid late filing penalties will receive a refund of the penalty.

This penalty waiver will be automatic for all eligible taxpayers. However, in order to receive penalty relief, taxpayers must file their 2019 and 2020 federal tax returns by September 30, 2022.

Note that this waiver generally applies only to penalties for late filing, and not to penalties assessed for late payment of tax or other reasons.