LS Tax, LLC

Today is the first filing day. Contact me for all your tax needs. Contact me for the link to the tax portal!

First day to file taxes is January 26,2026. Remember if you worked overtime in 2025 you will need your last check stub of the year and your W2

NEWS YOU CAN USE: If u got overtime you will need your last check stub as well so your tax preparer can figure the deduction

Many people use a tax preparer to do their taxes either because they do not have the knowledge to do their own or they "just dont want to mess with it". While, you should expect a paid tax preparer to KNOW their job and do it with integrity, sadly many do not! It is imperative that you look over your tax return and if something looks to good to be true it probably is. If you see something on your return, you should ALWAYS ask questions! Ultimately, once you sign that return, you are saying that all the information is correct. I see way too many times, where deductions are taken for astronomical amounts of money, that the tax payer wasnt entitled to. While the big refund may seem great at the moment, when you get audited it will HURT because not only will you owe that money back, you will also owe penalties and interest. Please be aware, that the IRS CAN AND WILL take your tax refunds and garnish wages ( up to 50%) to recoup that money.

NEWS YOU CAN USE: New deduction: Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000. This new deduction is in addition to the current additional standard deduction for seniors under existing law.

The $6,000 senior deduction is per eligible individual (or $12,000 total for a married couple where both spouses qualify).
Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).
Qualifying taxpayers: The taxpayer must attain age 65 on or before the last day of the taxable year.

Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers.

Taxpayers must:

Include the Social Security number of the qualifying individual(s) on the return
File jointly, if married, to claim the deduction

NEWS YOU CAN USE: New deduction: Effective for 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle, provided the vehicle is purchased for personal use and meets other eligibility criteria. (Lease payments do not qualify.)

Maximum annual deduction is $10,000.
Deduction phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers).
Qualified interest: To qualify for the deduction, the interest must be paid on a loan that is:

Originated after December 31, 2024
Used to purchase a vehicle originally used by the taxpayer (used vehicles do not qualify)
For a personal use vehicle (not for business or commercial use)
Secured by a lien on the vehicle
If a qualifying vehicle loan is later refinanced, interest paid on the refinanced amount is generally eligible for the deduction.

Qualified vehicle: A qualified vehicle is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds, and that has undergone final assembly in the United States.

To determine if a vehicle had final assembly in the U.S., check one of these:

The information label attached to the vehicle on a dealer's premises
The vehicle identification number (VIN)
The National Highway Traffic Safety Administration (NHTSA) VIN Decoder
Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers. The taxpayer must include the vehicle identification number (VIN) of the vehicle on the tax return for any year when the deduction is claimed.

Reporting: Lenders or other recipients of qualified interest must file information returns with the IRS and furnish statements to taxpayers showing the total amount of interest received during the taxable year.

NEWS YOU CAN USE: New deduction: Effective for 2025 through 2028, individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay (such as the “half” portion of “time-and-a-half” compensation) that is required by the Fair Labor Standards Act (FLSA) and reported on a Form W-2, Form 1099, or other specified statement furnished to the individual.

Maximum annual deduction is $12,500 ($25,000 for joint filers).
Deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).
Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers.

Taxpayers must:

Include their Social Security number on the return and
File jointly if married, to claim the deduction.
Reporting: Employers and other payors are required to file information returns with the IRS (or SSA) and furnish statements to taxpayers showing the total amount of qualified overtime compensation paid during the year.

NEWS YOU CAN USE: New deduction: Effective for 2025 through 2028, employees and self-employed individuals may deduct qualified tips received in occupations listed by the IRS as customarily and regularly receiving tips on or before December 31, 2024, and that are reported on a Form W-2, Form 1099, or other specified statement furnished to the individual or reported directly by the individual on Form 4137.

“Qualified tips” are voluntary cash or charged tips received from customers or through tip sharing
Maximum annual deduction is $25,000; for self-employed, deduction may not exceed individual’s net income (without regard to this deduction) from the trade or business in which the tips were earned.
Deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers)
Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers. Self-employed individuals in a Specified Service Trade or Business (SSTB) under section 199A are not eligible. Employees whose employer is in an SSTB also are not eligible. Taxpayers must:

Include their Social Security number on the return
File jointly if married, to claim the deduction
Reporting: Employers and other payors must file information returns with the IRS (or SSA) and furnish statements to taxpayers showing certain cash tips received and the occupation of the tip recipient.

Call me for all your tax needs!

Yep!!

Dead. Ass.

NEWS YOU CAN USE: The IRS has issued a warning about text scam. Scammers are impersonating the IRS and texting taxpayers asking for sensitive information. They are making taxpayers think it’s to get an Economic Stimulus but it’s a scam to steal personal data. DONT TAKE THE BAIT