Strauss Tax Service

Ok followers. Office closed. Voicemail changed. No work for 2 weeks. Beaching. Sleeping. Reading. And catching up on my inner soul. See you in May!!

As yet another tax season comes to an end, we encourage you to plan well, stay healthy, enjoy life and know that taxes are always with us...

Warren Buffett cleverly breaks down one of life's certainties: taxes. His humorous approach? Teach kids by taking 30% of their ice cream -it's a simple yet effective way to explain how much of your earnings go to taxes before you even see them. While taxes are unavoidable, financial literacy can help you manage them strategically. From understanding tax laws to maximizing deductions and planning wisely, these skills are essential for building and preserving wealth. The earlier you start learning-and teaching-about money, the greater the rewards. Follow @entrepreneurialpath.s for more insights like this 🤝

Extensions are extensions to file. Not to pay. If you owe do an extension with a payment. Through software or better online. We finished our extensions. Will do them after I return from the beach in May! The life of a tax pro..😘😘

Please know I am not an attorney. Or sell/ manage investments. I work with both your and your "team" on tax issues before and after death. You need a team on your side!!

Most are done now. Many getting slightly bigger refunds due to the new senior deduction. Many more owing due to big capital gains from mutual funds and more social security for teachers. I discovered that many read my newsletter and were prepared. But many do not read it or glance at it. We work hard to check your withholding and track other income. Both now for 2026 and often in the fall too.

We can only do what we can/ extensions on our schedule to do for tomorrow. Tax day is the 15th!!

Two weeks lefts and more than I can do. If you came early. Yay. If not you may or not get finished - get an extension. There is only one very tired tax gal. Who works still 12 hours/ day and worries about each and everyone. No outsourcing. Just Beth and me helping you!!

We thought so. I know so. So do you. The mutual funds "kicked out" huge long term capital gains at the end of 2025 and so many of us are owing/paying way more taxes this year. True of both mutual funds and managed investment accounts. We don't like it but maybe it was a good thing since the stock market had now dropped almost 20% since the Mideast war began.

The first 2026 ES payments are due April 15. And they must be paid online. No vouchers. No checks. I gave you complete instructions how to do it and print confirmation receipt to attach to the worksheet. A client called to ask where the vouchers and envelopes were... you need to also give me filled out worksheets with proof of payments. I cannot assume you paid them / one client said of course. You told me. I paid them. Not what I need....

More people are doing qualified charitable contributions from their Required IRA withdrawals. Saved taxes big time/ I show them. In addition it often helps reduce the dreaded increase I. Medicare premiums that are impacting many more of us as incomes rise especially with capital gains from mutual funds this year. Give and give well. And save on taxes too!!!

Again I ask. Stress. Plead. Make sure you have all your 1099s before you or I do your return. They are online much of the time now and are easy to miss. I am doing more amended returns from missed documents or people forgetting what they paid in Estimated taxes. I wonder if it is me but I can only do with with you give me. Notices from the IRS with missing tax documents do show up asking for tax due, penalties and interest. You to not want one/ we do not want to see them either....lol

So yesterday I finished a Chicago client who has been doing his own returns. He had " no idea" that his Vanguard US treasury money market fund was not taxed in IL. That one piece of advice saved him almost $2000. Will he/ I amend prior years? That is why I know the laws and help you- all the time still!!!

I am so proud. I am a first place winner in the Illinois Press Women's Association for my Fall 2025 Strauss Report!! Going to the luncheon in May and into the National Conference in September!!

I write it/ should you read it once and again. Well yes!!!