Express Tax Stores

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We are here to Serve the Community. Set your appointment early to prepare for the upcoming tax year.

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Don’t Get Caught Off Guard With Taxes!

👉 If you STILL haven’t filed your 2024 taxes:
⏰ The extension deadline is October 15, 2025.
This is your FINAL chance to file before penalties kick in. Don’t wait—schedule your virtual appointment with us today at ExpressTaxStores.com.

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👉 If you’re preparing for January 2025 tax season:
Here are 5 steps to get ready now:
1️⃣ Gather your W-2s, 1099s, and receipts early
2️⃣ Review withholdings to avoid surprises
3️⃣ Max out retirement contributions before year-end
4️⃣ Track all deductions & credits
5️⃣ Keep clean records for side hustles & small businesses

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💻 At Express Tax Stores:
✔️ Virtual appointments nationwide
✔️ Free resources to help you prepare
✔️ Our Tax Estimator Tool on our newly updated website

👉 Visit ExpressTaxStores.com today—whether you need to beat the October 15 deadline or get a head start on January 2025.

Hey Everyone ‼️. Make sure to screenshot and share this tax seasons upcoming important dates and information. 😀. see are here to help. At Express Tax Stores we not only prepare taxes we equip you for a brighter financial future.

Contribute to your IRA by April 15, 2025,* the federal IRA contribution deadline, and experience tax–advantaged savings—plus a possible tax deduction.

Remember your contribution limit is $8,000.
everyone

This is how you determine if your medical expenses can be deducted in your taxes.

Example: Calculating Deductible Medical Expenses
Taxpayers can deduct qualified medical expenses that exceed 7.5% of their Adjusted Gross Income (AGI) if they itemize deductions on Schedule A of their tax return.

Scenario:
* John's Adjusted Gross Income (AGI): $80,000
* Total Medical Expenses: $10,000
* Threshold (7.5% of AGI): $80,000 × 0.075 = $6,000

Step 1: Determine the Deductible Amount
Only medical expenses exceeding $6,000 are deductible.
* Total Medical Expenses: $10,000
* Non-Deductible Amount (7.5% of AGI): $6,000
* Deductible Medical Expenses: $10,000 - $6,000 = $4,000

Step 2: Qualified Medical Expenses
John can include expenses such as:
* Doctor and hospital visits.
* Prescription medications.
* Health insurance premiums (if not paid pre-tax through work).
* Dental and vision care.
* Medical equipment (e.g., crutches or hearing aids).
* Transportation costs for medical care (e.g., mileage or public transit fares).
Non-Deductible Expenses: Over-the-counter medications, cosmetic surgery, and gym memberships (unless prescribed for a specific condition).

Step 3: Report on Schedule A
John will report the $4,000 deductible medical expenses on Schedule A: Itemized Deductions when filing his tax return.

DO YOU OWN A HOME? This is for you ‼️

Mortgage Interest Deduction

* You can deduct the interest paid on your mortgage, provided the loan is for your primary or secondary residence and within the loan limit.
* For mortgages taken after December 15, 2017, the limit is $750,000 ($375,000 if married filing separately).
2. Property Tax Deduction
* You can deduct property taxes paid to local and state governments, up to a combined total of $10,000 per year ($5,000 if married filing separately).
3. Mortgage Insurance Premium Deduction
* If you’re paying private mortgage insurance (PMI), you may be able to deduct those premiums, depending on your income level.
4. Energy Efficiency Tax Credits
* If you make energy-efficient improvements to your home, such as installing solar panels, energy-efficient windows, or heating systems, you may qualify for federal tax credits like the Residential Clean Energy Credit.
5. First-Time Homebuyer Programs
* Some states offer tax credits for first-time homebuyers. For example, a Mortgage Credit Certificate (MCC)program may allow you to claim a credit for a portion of the mortgage interest paid.
6. Points Deduction
* If you paid points to lower your mortgage interest rate (often referred to as "buying down the rate"), these points may be deductible in the year of purchase.
7. Capital Gains Exclusion (Future Benefit)
* If you sell your home later, you can exclude up to $250,000 of capital gains ($500,000 for married couples) from your taxable income if the property is your primary residence and you’ve lived there for at least 2 of the last 5 years.
What’s Not Deductible?
* Homeowners insurance premiums (unless related to mortgage insurance).
* HOA fees.
* Closing costs (though some are added to your home's cost basis).
Be sure to consult a tax professional to ensure you're maximizing your tax benefits based on your personal circumstances!