Larry's Income Tax & Bookkeeping Service

Another event for small business owners (or maybe for someone looking to become a marketing consultant?)---this one offered by JEDCO. BTW, you don't have to be a Jefferson Parish resident to attend, you just have to be willing to cross the river and go to the "Best Bank" as most residents on that side call it, lol!

This one is an in-person event and it costs $12.50, but it includes breakfast!

Check it out:

Growth Marketing Strategies Discover proven marketing strategies that help businesses scale and grow.

Some of you may have recently rejoined the workforce after a break, or may have entered into semi-retirement, or work part time for "the man" while also doing a side gig.

This post is about the Saver's Credit, available for working folks who choose to save toward their retirement. Not everyone will qualify, since there are income limits for it----but wow, if you do, it'll boost your savings since it's worth up to $1K ($2K to married folks).

Next year, they're getting rid of this but replacing it with a Saver's Match, which is very similar---also rewarding folks for thinking ahead at retirement.

Check it out.

Saver's Match | Internal Revenue Service Saver’s Match is a new federal benefit to grow your retirement savings.

If you're getting phone calls from "tax resolution" companies, don't panic. We especially want you to keep your cool if you actually do have problems with IRS because these Persistent Old Scammers (POS's) are phishing like crazy right now.

Just had a client who's starting to get a little concerned because he keeps getting calls from "tax resolution" places and he was wondering if there was anything he should be worried about.

We reassured him that these are either straight-up POS's or some aggressive providers who may have gotten his phone number from some big list and are just making cold calls.

In fact, here's a pic from my voice mail. Just last Thursday, you can see I got three voice mails regarding tax matters (and one regarding a $1299 Samsung order!). POS's just trying to meet their monthly quota (we all gotta put food on the table, I guess, but c'mon POS's---like that?!?).

And listen, hopefully you don't get the itch to get cute and mess with them when they call you; be careful because they may record your voice and go use it somewhere else---best advice is to just ignore calls or messages from these POS's!

We didn't get a school supply tax holiday, but we at least got a hunting one!

This weekend, many hunting items will be "tax free" when you buy them, so stock up on gear and clothing or get that long-awaited piece of equipment you've been dreaming about.

Now, remember this is a LOUISIANA tax holiday, so you may still end up paying parish tax However, some parishes also participate and the purchase truly ends up being 100% tax free!

Check out more details here:

Louisiana 2nd Amendment Weekend Sales Tax Holiday, Louisiana Department of Revenue This is the Louisiana Department of Revenue website.

Back in the day, getting an IRS.gov account was semi fringe---maybe you only did it because you had a payment arrangement or you needed to get old transcripts. But it's got so much information and capabilities that you may want to create one for yourself.

One thing you can do is complete and fill out your own Offer In Compromise application. You submit an OIC when you owe IRS money. In fact, so much money that you're looking for them to accept a lower offer to get you back in good graces.

Keep in mind, these aren't automatic. If you think, "okay, IRS, I know I owe you $75K but I'll give you $10K instead" is what'll happen, you're way off target!

An OIC takes into account your finances, your balances, your past histories, and even the types of taxes. It's meant for folks who are really in over their heads and there's no way they can repay the full balance.

Keep in mind that IRS doesn't have to accept your offer. Also, there will very likely be an application fee. You could make a "reasonable" offer but get denied because your financial situation shows that you CAN fully pay your balance in installments.

They're not there to give you anything. In fact, they will automatically allow a 72-month repayment plan when balances owed are under $50K---no questions asked (no reduction, just gives you flexibility with payment). They'll work with you if balances are higher than $50K.

IRS site has an OIH tool that you can use to see if it's worth your time to go through the hoops (of which there are several).

Check it out here:
https://www.irs.gov/newsroom/eligible-taxpayers-may-be-able-to-resolve-tax-debt-through-an-offer-in-compromise

Eligible taxpayers may be able to resolve tax debt through an offer in compromise | Internal Revenue Service Tax Tip 2026-40 May 14, 2026 — There are options available to taxpayers if they can’t pay their tax debt in full or if doing so would cause financial hardship.

What great news for our state on that Space X base. Louisiana legislature passed some new legislation a couple months ago that is now reaping the rewards.

Read that over 25 yrs, SpaceX will be paying in $825B worth of taxes to local taxing authorities, so let's hope this venture truly "takes off" for our state's sake!

Read more details:

Musk plans $100 billion SpaceX launch site in coastal Louisiana Following months of rumors, SpaceX confirmed Tuesday that it’s building a $100 billion self-sustaining spaceport in Vermilion Parish.

It's so hard to say goodbye to yesterday...
Some of these items were only temporarily in place and were due to revert back to pre-2018 status very soon (except the energy credits---those guys had at least another five years of life left!),

Well, these three have now been permanently removed from the code, so, other than not being able to claim energy credits, you won't be too shocked or see much difference from your 2025 filing.

If you loved these credits, remember that "permanently" doesn't mean that in politics, so one or two of these may make a comeback one day!

Read more:

3 Popular Tax Breaks Are Gone for Good in 2026 Here's a list of federal tax deductions and credits that you can't claim in the 2026 tax year. High-income earners could also get hit by a "surprise" tax bill.

Aged 60-63? Work in a place that offers 401k plans? Are you in an enviably comfortable financial situation and have extra cash to save/invest/spend with every paycheck? Do you wish you could save a little more for retirement?

Well, if the above describes you, check out the 401k enhanced super catchup contribution limits that kicked in for 2026 (no, it's not too late to adjust). It allows for about an extra $3K annual contribution into your 401k plan, so, if you AND your spouse can swing that, your household will have saved about an extra $25K, (plus get a pretax benefit if not contributed into a Roth 401k).

Check out more info here:

401(k) Catch-Up Contributions 2026: The Age 60–63 Bonus Adults aged 60–63 can contribute up to $34,750 to a 401(k) in 2026 thanks to a SECURE 2.0 super catch-up rule. Here's how to use it before retirement.

What an interesting article. For most people, parenthood automatically makes you more responsible and grown up---and it also makes you look at your mortality because now you have a little human(s) depending on you.

This feeling of "I can't die without leaving them something" is definitely an impetus that those without children or dependents just don't have to worry about.

However, there aren't too many of us who want to die young. Whether you have kids or not---you do have someone counting on your savings pattern---Old You!

Old You will be so happy and proud that you thought of them in your younger years, so go ahead and save a little something for them.

Opening and contributing to a savings account in a separate or online bank (to make it "harder" to get the money out)...having a rental property...contributing to your 401k or IRA...investing in collectibles, etc----whichever way you choose to save, it'll be useful to you in your sunset years.

And, if you've been blessed to not have to touch any of it and you have no kids and family, you can leave it to friends, a school, or a worthy charity that you know could definitely use it.

Childless Americans have a retirement problem Americans without children are less confident about later life finances than parents—despite the cost of raising kids.

Just a reminder for clients with extensions: businesses have under one month left to file and personals under two....if you haven't brought your stuff to us already, please do so ASAP to give us a fighting chance.

Thanks!!