LOQ Consulting

07/11/2025

🚀 Big News for 2025 Tax Season! 🚀
Attention friends and clients: The “One Big Beautiful Bill Act” (OBBBA) just reshaped the 2025 tax landscape, and we’re here to help you make the most of every deduction and credit. Here’s a quick rundown of the top changes:

• Individual Tax Relief
– Slight cuts in the 10% & 12% brackets
– Standard deduction bumps: $23,625 HOH | $15,750 Single | $31,500 Married-Joint
– New $6,000 senior deduction
– Child Tax Credit now $2,200 (with $1,700 fully refundable)

• New Deductions
– Up to $25K in tips tax-free
– Up to $12.5K overtime deduction ($25K joint)
– $10K auto loan interest write-off on new, U.S.–made vehicles
– $5K refundable portion of the Adoption Credit

• State and Local Tax & Mortgage Updates
– SALT cap raised to $40K ($20K MFS) with phase-down over $500K income
– Mortgage insurance premiums now fully deductible

• Business Tax Relief
– Permanent 100% bonus depreciation
– Section 179 expensing up to $2.5M
– QSBS limits increased to $15M per issuer; exclusion phases in to 100%
– QBI deduction remains 20% (with updated calculations)

• Credits Expiring Soon
– Clean vehicle credits end 9/30/2025
– Home energy efficiency credits end 12/31/2025

• Reporting Thresholds Raised
– 1099-NEC/MISC: now $2,000 (indexed)
– 1099-K: back to $20,000 or 200 transactions

📞 Call us at (540) 503-3343
📧 Email: [email protected]

05/20/2025

Little late, but we can't believe it's been 3 years since we have been opened!! We have also successfully finished our 3rd tax year!!! We wanted to think everyone who has been here along the way, without everyone we wouldn't have made it this far! Hope to have many more years ahead of us!!!

01/24/2025

Supreme Court Greenlights Beneficial Ownership Reporting Requirements

The U.S. Supreme Court has lifted a nationwide injunction, allowing the enforcement of the Corporate Transparency Act (CTA). This law mandates that corporations, limited liability companies (LLCs), and other entities disclose their beneficial owners to the U.S. Treasury's Financial Crimes Enforcement Network (FinCEN).

Who Must Report: Domestic and foreign entities registered to do business in the U.S., including corporations and LLCs, are required to file Beneficial Ownership Information (BOI) reports.

01/17/2025

What Is the Dependent IP PIN and Why Does It Matter? 🔒

The IRS offers an Identity Protection PIN (IP PIN) for dependents to help safeguard their Social Security numbers from identity theft. Here’s what you need to know:

🔹 What Is It?
An IP PIN is a unique 6-digit number assigned annually to protect a dependent's identity on tax returns.

🔹 Why Use It?
It prevents someone else from fraudulently claiming your dependent on their tax return.

🔹 How to Get It?
Parents or guardians can apply for an IP PIN for their dependents through the IRS's Identity Protection PIN program.

Adding this layer of security ensures peace of mind during tax season. Protect your dependents and stay ahead of potential fraud!

01/15/2025

⚠️ Beware of Tax Scams!⚠️

Remember the IRS will never initiate contact through email, text, or social media. Here are 12 known scams to be on the lookout for!

🚨 1. Phishing Scams - Phishing emails and text messages pretending to be from the IRS are a top scam.
🔐 2. Identity Theft - Someone else files a fraudulent tax return
📞 3. Fake IRS Calls - Scammers often pose as IRS agents and demand immediate payment.
💻 4. Fraudulent Tax Preparers - Some tax preparers are scammers in disguise. Do your research before trusting a Tax Preparer.
📚 5. Social Media Scams -Social media platforms are being used to spread false information about tax filing.
🧾 6. Tax Evasion Schemes - Some scammers promote illegal tax schemes, like hiding income through offshore accounts
🔎 7. Offer in Compromise (OIC) Mills - Scammers promise to "settle your tax debt for pennies.
🧾 8. Fraudulent Charities - Scammers often set up fake charities
💸 9. Fake Payments & Refund Scams - Thieves use stolen personal info to file a fake return.
🧩 11. Spearfishing for Tax Professionals - Hackers target tax professionals so make sure as a tax professional you take safety precautions.
🏦 12. Promises of "Magic" Tax Loopholes - Some promoters sell illegal tax avoidance schemes , promising huge refunds.

At LOQ Consulting, we take tax compliance seriously.
Stay safe, stay informed, and avoid tax scams in 2025.

01/13/2025

💡Disaster Relief for Retirement Funds 💡

Check FEMA’s site for current disaster declarations 👉 FEMA.gov/Disaster
IF you'd like to help out, you can go to: https://supportlafd.org

If you’ve been impacted by the wildfires in California, you may qualify for early access to your retirement savings under the SECURE 2.0 Act.

✅ Withdraw up to $22,000 from an IRA or eligible retirement plan.
✅ No 10% early withdrawal penalty.
✅ Option to repay the amount within three years.
✅ Spread the income tax over three years.

This relief may help ease financial stress to the families affected by the fires.

The LAFD Foundation supports the 3,500 firefighters, paramedics, and sworn personnel who risk their lives to keep L.A. safe. Click below to learn more about pressing funding priorities.

01/11/2025

🎉 E-File Open Dates released 🎉

💼 Business E-File Opens: January 15, 2025
👥 Individual E-File Opens: January 27, 2025

Get ahead of the game and ensure you're ready to file as soon as the IRS opens the gates for e-filing! 📝

01/09/2025

2025 Tax Season Deadlines You Should Know

Mark your calendars! Here are a few key tax deadlines to keep in mind for the 2025 tax season:

📅 January 15 – Quarterly Estimated Payments Due
📅 January 31 - Deadline for 1099's
📅 April 15 – Tax Day! File your individual return or request an extension
📅 October 15 – Deadline for extended returns

Don't let the deadlines sneak up on you! Let's make this tax season a breeze.

01/06/2025

📢 4th Quarter Estimated Tax Payments Due January 15th!
Reminder for business owners, freelancers, and anyone making estimated payments:
The deadline to make your Q4 estimated tax payment is fast approaching!

Due Date: January 15, 2025

Making your quarterly payments on time helps avoid penalties and keeps your taxes in check. Here’s who needs to pay:
✅ Self-employed individuals
✅ Small business owners
✅ Investors with significant non-W2 income

💡 Pro Tip: This is your LAST estimated payment for the 2024 tax year! Get ahead of the game and avoid surprises when you file.

Due Date: January 15, 2025

01/03/2025

🎉 IT'S OFFICIALLY TAX SEASON! 🎉
As we step into 2025, we're excited to kick off a brand-new year and help you tackle this year’s tax season with ease!

Whether you're a business owner or an individual filer, LOQ Consulting is here to make your tax preparation, planning, and bookkeeping stress-free. Our experienced team is ready to guide you through every step so you can focus on what matters most.

Here's to a prosperous 2025!