Porter's Tax & Bookkeeping

As of now, the IRS has not yet officially announced the exact start date for the 2026 tax filing season. Historically, the IRS begins accepting returns in the last 10 days of January. Typically around 01/26 or 1/27.

📣 NEW 2025–2028 Overtime Pay Deduction: What Taxpayers Need to Know A major update just reshaped the landscape for millions of U.S. workers and as tax professionals, we must be ready.

The Big Beautiful Bill Act, signed July 4, 2025, introduces a brand-new, temporary deduction that allows eligible taxpayers to exclude a portion of their overtime pay from taxable income for the next four years.

Here’s what you need to know to stay ahead and guide your clients with confidence. ⬇️

🆕 What Is the New Overtime Deduction? For tax years 2025–2028, eligible individuals can deduct the premium portion of their overtime pay.

Meaning:
You cannot deduct the entire overtime wage…
Only the extra paid on top of the regular rate (for example, the “time-and-a-half” portion).

Deduction Amounts:
🔹 $12,500 — Single, HOH, or Married Filing Separately
🔹 $25,000 — Married Filing Jointly
This deduction directly reduces taxable income, which means more money staying in your clients’ pockets.

✅ Who Qualifies? To claim this deduction, taxpayers must:
✔️ Earn overtime pay during the tax year
✔️ Have the overtime premium clearly reflected on their pay statements or W-2
✔️ File within the eligible years (2025, 2026, 2027, 2028)

Self-employed individuals do not qualify for this deduction.

🔍 Why This Matters This new provision:
• Provides relief to millions of hourly workers
• Makes overtime work more financially rewarding
• Reduces taxable income (NOT adjusted gross income)
• Helps families recover from rising costs and inflation

As preparers, this is a major opportunity to:
➡️ Educate clients
➡️ Increase value
➡️ Maximize refunds
➡️ Strengthen client relationships

📌 Example for Clarity Let’s say a client earns:
• $20/hr regular pay
• $30/hr overtime pay
• Works 10 overtime hours
Their premium is the extra $10/hour.
$10 × 10 hours = $100 overtime premium
That $100 is deductible, up to the annual limit based on filing status.

📝 What To Tell Your Clients Now
• Keep every pay stub
• Track overtime hours carefully
• Ask employers for clear reporting of the OT “premium”
• Bring pay stubs + W-2 to your appointment

🚀 Stay Ready for Tax Season This deduction will be a talking point all year long. Make sure your clients know you are the professional who can walk them through it.

🔥 EARLY ACCESS IS OPEN!
Full tax preparation for $99 (Black Friday rate)

✔️ Priority filing starting January 2nd
✔️ Limited spots
✔️ Self-employed may file early
✔️ Advance available (fees apply + lender determines approval)

We speak excellence, clarity, and favor over every home we serve this season.

Comment IN for the link.

Important Notice: Franchise Tax Report and Public Information Report Due by May 15, 2025

The State of Texas requires all LLCs and corporations to file their Franchise Tax Report and Public Information Report by May 15, 2025.

Filing on time is critical.
Missing the deadline can result in costly late fees—and over time, your business could be suspended or even dissolved.

Don’t let a missed deadline put your business at risk.

Need assistance? We’re here to make it easy for you. Contact us today to stay compliant and keep your business in good standing!

Let’s clear this up:
Yesterday was NOT the last day to file taxes.
Let me say it again for the people in the back…
Yesterday was NOT the last day to file taxes!

Now… if you OWE the IRS, yesterday was the deadline to either file or request an extension to avoid the failure-to-file penalty. It was also the deadline to make a payment or set up a payment plan.

But here’s the good news:

• You can still file an extension (though penalties may still apply).
• There are some options available for assistance outside of just a payment plan.
• And yes… e-File stays open until November for those still getting their paperwork together.

Need help or have questions? I got you!

Happy Valentine’s Day! ❤️🌹

Today, let’s celebrate the greatest love of all—the love of God!

“For God so loved the world, that He gave His only begotten Son, that whosoever believeth in Him should not perish, but have everlasting life.”
—John 3:16 (KJV)

May your day be filled with love, joy, and the blessings of the Lord! 💕

📚 Tax Tip: Understand the Standard Deduction for 2025 📚

The IRS has adjusted the standard deduction for the 2025 tax year, and this can make a big difference for your clients!

Here are the updated amounts:

Single and MFS: $14,600
Married Filing Jointly/QSS: $29,200
Head of Household: $21,900

💡 Why It Matters:
The standard deduction reduces taxable income, so most taxpayers benefit from using it instead of itemizing deductions. It’s especially helpful for clients with fewer deductions to claim.

The IRS will start accepting e-file returns for individuals on January 27.

Maximizing Deductions for Graphic Designers: Tips to Save on Taxes

Attention all graphic designers! Tax season is here, and it’s time to make sure you’re maximizing your deductions to keep more of your hard-earned income. Here are some common deductions you may qualify for:

1️⃣ Equipment & Software:

• Computers, tablets, and graphic design software (e.g., Adobe Suite, Canva Pro).
• Printers, scanners, and other tools you use for your work.

2️⃣ Office Space:

• If you work from home, you may be eligible for the home office deduction.
• This applies to a dedicated workspace used exclusively for your business.

3️⃣ Professional Services:

• Website hosting, domain fees, and portfolio platforms like Behance or Dribbble.
• Business coaching or consulting specifically for your graphic design business.

4️⃣ Marketing Expenses:

• Social media ads, flyers, and business cards used to promote your services.

5️⃣ Education & Training:

• Courses, workshops, and certifications to enhance your skills.
• Books or online resources related to graphic design.

6️⃣ Travel & Networking:

• Mileage to meet clients, attend networking events, or design conferences.
• Meals and lodging if traveling for business purposes.

7️⃣ Subscriptions & Memberships:

• Professional organizations or online subscriptions like Shutterstock or other design resources.

Remember to keep detailed records and receipts for all expenses! Always consult with a tax professional to ensure you’re taking full advantage of these deductions.

Question for you: What’s one deduction you didn’t know you could claim as a graphic designer? Let’s share tips and save together!

Returns have NOT been sent to the IRS yet. If you got a Cash Advance, your file is locked tight. Once Hub Testing opens, that’s when your return will be sent to the IRS.

I’m excited to announce that it’s official—we’re open for Tax Season 2024! We’re offering advances of up to $7,000. Contact us today to get started!