Preferred Accounting and Tax Service

10/06/2026

Some taxpayers who are enrolled in Medicare Part B will be receiving a $90.00 payment to help offset October premium. Those not qualified are anyone who is receiving a Medicaid subsidy, high-income enrollees who pay elevated premiums and anyone enrolled in private Medicare Advantage plans. I have already heard from some clients who have already received the direct deposit.

07/13/2026

Some individual victims of internet scams can take theft losses. Others can't. A deductible theft loss must be incurred in a transaction entered into for profit or in a trade or business. Personal theft losses not connected with these two factors are not deductible.

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06/30/2026

Office will be closed from July 2nd to July 6th for the 4th of July holiday. Hope you have a great holiday. God Bless America.

06/23/2026

Employers must separately report qualified tips and overtime on form W-2 beginning with 2026 forms. IRS is adding more codes to box 12 of the W-2. "TP" is total amount of tips reported to the employer, and "TT" is the total amount of overtime pay. The IRS is adding boxes 1 b and 1 d to the 1099-NEC for nonemployee compensation and adding boxes 13 and 14 to the 1099-MISC, and changing box 1c of form 1099-K.

06/22/2026

Don't forget to sign up for a Trump Account for any child under the age of 18. Any child born after December 31, 2024 will receive $1,000.00 in their account after July 4, 2026 and you can add up to $5,000.00 a year to the account each year. You have to file form 4547 to set up the account and it can be done online, e-file or by mail.

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06/10/2026

The office will be closed from Thursday, June 11th through Wednesday the 17th. I have out of town guests. If you would like to call and leave a message I will return your phone call as soon as I can. I will be around, just not in the office.

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05/20/2026

The office is closed and will reopen on May 26th at 10:00. Have a nice holiday!

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04/24/2026

Splitting retirement accounts in a divorce can have unintended tax results if done incorrectly. Paying 401(k) funds early to an ex-spouse can avoid the 10% penalty, but a qualified domestic relations order(QDRO) is necessary. This QRDO does not apply to IRA's.

04/22/2026

Mortgage insurance premiums are deductible on Schedule A starting this year if you are able to itemize your deductions.

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04/22/2026