Punita Ahuja CPA PLLC

09/28/2026

REMINDER: The extended tax deadline is October 15, 2026.

Filed an extension for your 2025 return? Time is almost up. Here's what to know:

- An extension extends your time to FILE, not to PAY. Any tax you owed was due April 15, and interest plus penalties have been building since then.

- Miss October 15 and the failure-to-file penalty kicks in: 5% of unpaid tax per month (up to 25%). That's 10x the failure-to-pay penalty of 0.5% per month.

- Also due October 15: FBAR filings for foreign financial accounts.

- File on time even if you can't pay in full. Filing stops the bigger penalty, and payment plans are available.

09/20/2026

Tax Extension Deadline Reminder: October 15, 2026
The final deadline for individual taxpayers who filed an extension for their 2025 federal income tax return is approaching. Please ensure your tax return is completed accurately and filed by October 15, 2026 to avoid potential penalties and interest.

08/17/2026

THE 2026 TAX CLIFF IS NOT HAPPENING!
The anticipated 2026 “Tax Sunset” has been largely eliminated. With One Big Beautiful Bill Act (OBBBA), the lower individual tax rates established under the Tax Cuts and Jobs Act are now permanent, and several new tax breaks are available for the 2026 tax year.

Here’s what you need to know:

💰 Tax Rates Stay at 10%–37%
The seven individual federal income-tax rates remain in place for 2026. The scheduled return to a top rate of 39.6% has been eliminated.

🏠 Higher SALT Deduction Limit
The State and Local Tax (SALT) deduction limit increases to $40,400 for 2026 ($20,200 for married taxpayers filing separately). Higher-income taxpayers may be subject to a phase-down, so eligibility matters.

📈 Bigger Standard Deduction
For 2026, the standard deduction increases to:
• $16,100 for single filers
• $32,200 for married couples filing jointly
• $24,150 for heads of household

👴 New Senior Deduction
Eligible taxpayers age 65 or older may qualify for an additional $6,000 deduction per person — potentially $12,000 for a qualifying married couple. Income limitations and other requirements apply.

👨‍👩‍👧‍👦 Higher Child Tax Credit
The maximum Child Tax Credit increases to $2,200 per qualifying child for 2026, subject to the applicable eligibility requirements.

⏰ New Deduction for Qualified Overtime
Eligible workers may deduct qualified overtime compensation, up to $12,500 ($25,000 for married couples filing jointly). Income limitations and specific rules apply.

💵 New Deduction for Qualified Tips
Eligible workers may deduct up to $25,000 of qualified tip income. This is a federal income-tax deduction—not a blanket exemption from all taxes—and eligibility requirements and income phaseouts apply.

📊 Higher Retirement Contribution Limits
For 2026, the 401(k) employee contribution limit increases to $24,500, while the IRA contribution limit increases to $7,500, subject to applicable rules.

📌 THE STRATEGY
The 2026 tax landscape has changed significantly. Higher deductions, the new senior deduction, SALT changes, and deductions for qualified tips and overtime could all affect your tax planning.
Don’t wait until tax season to discover what these changes mean for you.

Let’s review your situation and develop a custom 2026 tax-planning strategy designed to help you take advantage of the deductions and credits you may qualify for.

📅 Contact us to schedule your 2026 Tax Planning Session!

08/06/2026

Back to school month .

Every child deserves the opportunity to learn, grow and dream.

During Back to School Month, we celebrate North Carolina’s students and the educators, families and communities supporting them. Strong public schools help build brighter futures. 📚✏️

07/21/2026

Need to Amend a Tax Return?
Mistakes happen, and tax situations can change. If you need to correct a previously filed tax return, our firm can help you prepare and file an amended return accurately and efficiently.

Contact us today to discuss your situation and ensure your tax records are up to date.

07/04/2026

Happy 4th of July Y’ll!

07/01/2026

Global Vision. Local Impact. Real Results. Happy Chartered Accountants Day! Today marks the 78th anniversary of the ICAI, and I couldn't be prouder to be part of this incredible profession.Being a CA is about more than just numbers. It’s about combining global financial proficiency with professional skills to mitigate risks, ensure compliance, and drive measurable growth for businesses across borders. A huge thank you to my clients, mentors, and partners for your continued trust. Let’s keep building, scaling, and succeeding together!

06/27/2026

Social Media and Tax Strategy
Is Your Social Media Grid Triggering Tax Audit?
Your digital footprint is part of your tax profile.
As a Chartered Accountant and CPA practitioner I see it constantly: taxpayers share their best moments online and forget these at the time of their tax filing.However, the IRS is watching those moments too.The IRS increasingly uses public social profiles to identify tax evasion. They use digital data to cross-reference visible lifestyles with reported income. To say,if a taxpayer claims financial hardship but posts about a new yacht purchase,a red flag goes up.
Connecting your social media presence with your tax strategy is now a vital part of financial health.
Here are 4 steps to protect your financial privacy online:
Profile Visibility: Set personal profiles to what suits best to you.
Review Business Milestones: Ensure your public claims match your reported business income.
Ignore Viral Scams: Do not follow trending social media tax advice. The IRS heavily audits viral "hacks" like fake fuel tax credits.
Verify Communications: Remember that the IRS never sends direct messages. Official notices arrive only through traditional mail.
Let's make sure your online presence protects your bottom line instead of jeopardizing it.
Contact for tax consultation

06/15/2026

Do You Own Rental Property Abroad?
Small Taxpayers Must Prioritize Tax Compliance Now.
If you are a U.S. resident or visa holder earning rent from a property in your home country, the IRS requires you to report that income, no matter how small the amount.
With federal immigration and tax agencies ramping up compliance checks, leaving foreign rental income off your tax return is a risky.A mismatch between your global lifestyle and your filed U.S. tax returns can completely stall your visa or green card process.
At PACPA PLLC ,we simplify international tax compliance for small taxpayers, ensuring your foreign rental income is filed perfectly by:
• Offsetting Legitimate Rental Expense Deductions
• Eliminating Double Taxation and claiming Foreign Tax Credit
•Accurate Currency Conversion of foreign currency earnings into U.S. Dollars
Tax compliance is your ultimate protection. Don't let an undeclared foreign property income turn into an expensive IRS penalty or an immigration denial.