TLC Tax & Bookkeeping Services LLC

10/16/2026

10/15/2026

Do you sale or work on the side (eggs, puppies, crafts, baked goods…)? Just because it is a “cash” or side business doesn’t mean you don’t have to report it to the IRS. Most side hustle jobs over $400 should be put on your tax return. You can also deduct your expenses for that work. Give us a call and set up an appointment. We can help you get organized. 918-916-3004.

10/10/2026

Most children in the country now have an investment account in their name, whether or not a parent ever signed up. On Oct. 1, 2026, Treasury finished automatic enrollment for Trump Accounts, opening one for every eligible child under 18 with a valid Social Security number. Treasury puts that at over 60 million children.

The account exists, but it sits idle until a parent or guardian claims it. Claiming happens in the official Trump Accounts app, linked from TrumpAccounts.gov, where the parent verifies their identity and their relationship to the child. Until then, an automatically opened account can take only money from government or charitable programs plus the Treasury seed. Grandparents, other relatives and employers cannot add anything to an account that has not been claimed.

What is already inside depends on the birth year. Children born from 2025 through 2028 who are U.S. citizens can get a one-time $1,000 from Treasury, but it is not automatic. Treasury cannot make that election for a family. A parent makes it, using IRS Form 4547, and the account has to be claimed before the deposit arrives.

Children born from 2016 through 2024 may already have $250 from Michael and Susan Dell. The gift went to 25 million children, starting in the lowest-income ZIP codes and stopping at ZIP codes with a median family income of $117,300 or less, plus children living on military bases. It follows the ZIP code, not the family's own income, so two households with the same pay can get different answers. Invest America, the nonprofit running the gift, has a ZIP code lookup.

Children born from 2009 through 2015 have an account with no seed money in it. Claiming still matters, because it is what lets family and employers contribute. Children born in 2008 or earlier turn 18 by the end of 2026, which puts them past the cutoff.

Once an account is claimed, contributions are capped at $5,000 a year per child, and an employer can cover up to $2,500 of that without it counting as the employee's income. The money has to sit in funds that track a broad index of mostly U.S. stocks, with annual fees no higher than 0.1%. Legally, a Trump Account is a type of traditional IRA, so its tax treatment differs from a 529 plan or a Roth IRA, and it is worth comparing before choosing where extra money goes.

For many families the first step costs nothing: claim the account and see what is already there.

Source: U.S. Treasury press release, Oct. 1, 2026; IRS temporary regulations on Trump Accounts, T.D. 10056, Federal Register, Sept. 30, 2026; 26 U.S.C. 6434; IRS, About Form 4547; Invest America, Michael and Susan Dell contribution page. All read Oct. 10, 2026.

Educational information only, not financial, tax, legal, or investment advice. Eligibility depends on each child's age, citizenship and Social Security number, so confirm the details at TrumpAccounts.gov.

10/06/2026

🚨 Oklahoma producers: The Emergency Drought Assistance Program is back! Apply starting today at 8:30am in person at your local conservation district, by email, or by mail for support with pasture taps, water wells, pond cleanouts, and more.

Applications are first-come, first-served! Application and full program details can be found at: https://conservation.ok.gov/emergency-drought-assistance-program/

10/03/2026

and the The U.S. Department of the Treasury issue proposed regulations to implement the first federal tax credit supporting private contributions for K-12 scholarships. https://ow.ly/xz0o50ZTTMu

09/30/2026

✨Don't Miss It✨

AFR Cooperative President Scott Blubaugh will discuss Gov. Stitt's 120-day relief request for Oklahoma farmers and ranchers regarding dyed diesel on KFOR at 4:30 p.m. and 6 p.m. tonight. Don't miss it.

09/26/2026

Business owners or authorized users can use an Business Tax Account to view business tax information, manage account access, view and make payments and more. Find out more and get started today: www.irs.gov/businessaccount Aloha Festivals

09/21/2026

A W-4 is not a form that determines how much federal income tax you owe.

It is a set of instructions telling payroll how much federal income tax to withhold from your paychecks.

That is why changing it can make your paycheck bigger or smaller.

Tell payroll to withhold more, and you get less money now.

Tell payroll to withhold less, and you get more money now.

Neither changes what you actually owe when you file. It changes how much you prepaid.

The current W-4 also does not use the old "0 allowances, 1 allowance, 2 allowances" system.

Instead, filing status, multiple jobs, credits, other income, deductions, and any extra dollar amount you request all feed the withholding calculation.

There is a 2026 update worth knowing about.

The IRS updated Form W-4 to account for the newer federal deductions for qualified tips, qualified overtime, car loan interest, and the added deduction for seniors, so eligible workers can see the benefit in each paycheck instead of waiting for a refund.

There is also a new checkbox for employees claiming exemption from federal income tax withholding.

One thing a W-4 does not do: it does not change Social Security or Medicare tax.

If you are unsure what to enter, I would not guess.

The IRS Tax Withholding Estimator on the IRS website uses your actual paystubs, income, deductions, and credits to estimate your tax and recommend W-4 entries.

The goal is not the biggest refund.

It is having a reasonable amount withheld through the year so your paychecks and your eventual tax bill are not passing money back and forth.

When did you last update your W-4?

P.S. Once a week I email the best money article I read anywhere, with my take on it, plus the week's post worth catching. It's free, and it's on the Ways to Wealth homepage.



The content shared here is for educational and informational purposes only. It is not personalized investment, tax, legal, or financial advice. Consult a licensed professional before making decisions based on your specific situation.

09/16/2026

If your child turns 17 at any point in 2026, one federal rule is worth knowing before filing season.

The Child Tax Credit requires the child to be under 17 on the last day of the tax year.

So a child who is 17 on December 31, 2026, does not qualify for the 2026 Child Tax Credit. Not a reduced version. None of it.

That holds even if they are still in high school, still living at home, still supported by you, and still claimed as your dependent.

For 2026 the maximum Child Tax Credit is $2,200 per qualifying child, with up to $1,700 refundable through the Additional Child Tax Credit if you meet the earned-income and other rules. Those figures are unchanged from 2025, because inflation indexing rounds to the nearest $100.

Here is the part that gets missed in both directions.

Losing the Child Tax Credit does not mean losing the dependent.

A child too old for the CTC may still qualify you for the Credit for Other Dependents, which is up to $500. That credit also covers college-age dependents, which is why it keeps mattering for several more years.

So the practical shift looks like this.

Age 16 at year-end: potentially up to $2,200.

Age 17 at year-end: no Child Tax Credit, potentially up to $500 instead.

I would not call that a $1,700 tax increase. Your actual result depends on your income, your tax liability, and whether you qualified for the full credit in the first place. Plenty of households never received the maximum.

The credit also phases out above $200,000 of modified AGI for most filers, or $400,000 for joint filers.

If you have a 16- or 17-year-old at home, this is one number to account for before you estimate your 2026 refund.

Do you have a child aging out of this credit?

P.S. Once a week, I email the best money article I read, with my take on this week's top Facebook posts and what's new on the Ways to Wealth blog. It's free, and you can sign up on the Ways to Wealth home page.

R.J. Weiss, CFP®



The content shared here is for educational and informational purposes only. It is not personalized investment, tax, legal, or financial advice. Consult a licensed professional before making decisions based on your specific situation.

09/14/2026

Did you know?
Charitable Donations
Generally, taxpayers must itemize deductions on Sch A of their tax return. However, beginning with tax year 2026, taxpayers who do not itemize may be able to deduct up to $1,000 (single) or $2,000 for married taxpayers filing jointly, made to certain qualified organizations. You can use the Tax-Exempt Organization Search tool on IRS.gov to verify whether an organization is eligible to receive tax-deductible contributions.
Keep proof of all cash donations. Get a written acknowledgement for larger donations of $250 or more. Maintain records of non-cash donations. A “blank” form from Goodwill does not count. It must be filled out with descriptions of items.

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