Sharon's Tax Service

10/10/2026

Will you receive a $200 rebate (or $400 if joint resident NY return filed in 2004)?
https://www.facebook.com/share/p/19V2E98hfq/

You might receive a check from NYS before the end of the year to help with utility bills before the end of 2026.

POWER checks will provide $200 to joint filers with incomes under $150,000 and $150 to joint filers with incomes between $150,000 and $300,000. Single filers with incomes under $150,000 will receive $100.

You do not have to do anything to receive this check as long as you meet the below guidelines (2024 income) and filed a NYS 2024 Full Year Resident tax return:

The checks will be mailed beginning September 21, 2026, and continuing through December 2026. (Some people have already received theirs.)

• Requirements: Must have filed a 2024 New York State tax return on time, lived in the state full-time in 2024, and not be claimed as a dependent on someone else's return.

02/27/2026

Daisy thinks everyone is visiting our tax office to see her, and I'm starting to think so, too. 😆 But, seriously, we just have the nicest people. Completely unnessary, but they bring thouhtful surprises for Daisy, and some (like this handmade pretty colored bag) for her humans. 🥰

And while I'm writing, for those not here - don't forget the great new tax changes, including $6000 senior deduction, new car loan interest deduction, bigger child tax and energy credits, and the chance to subtract the overtime and tips that many have been earning.

02/04/2026

DON'T MISS THESE NEW TAX DEDUCTIONS!!!

If you took out a loan to buy a new, American assembled car from Jan 1, 2025 on (will continue through Dec 31, 2028), make sure you take the loan interest deduction on your income tax return. You do NOT have to itemize deduction to claim this. There are also other new deductions that do NOT require you to itemize, such as for overtime, being over 65, or to subtract tips that might otherwise be part of your taxable income.

VEHICLE INTEREST
For the vehicle interest, the vehicle's final assembly must have occurred in the United States. While not strictly limited to American brands, the vehicle must be a new, U.S.-assembled car, SUV, van, or truck with a gross vehicle weight rating under 14,000 pounds.

You are required to include the VIN #, which verifies that the vehicle's final assembly was in the U.S. (VIN starting with 1, 4, or 5).

The deduction only applies to NEW, not used, vehicle purchases.

Loan Date: The loan must be originated after December 31, 2024.

Income Limits: The deduction phases out for single taxpayers earning over $100,000 and joint filers over $200,000.

Maximum Deduction: Up to $10,000 in interest per year can be deducted.

You can verify the assembly location on the vehicle's window sticker or by using the NHTSA VIN Decoder.

01/24/2026

The refundable portion of child tax credit was increased, to a max of $1700 per eligible child. This should result in extra refund $ for the many local people whose whose income is within this refundable guideline.

If you have little or no federal income tax liability, you might qualify for the Additional Child Tax Credit, up to $1,700 per qualifying child depending on your income. You must have earned an income of at least $2,500 to be eligible for the ACTC.

If you do not meet the criteria to claim the Child Tax Credit or ACTC, you might qualify for the Credit for Other Dependents for your child or dependent.

The full amount of the 2025 Child Tax Credit for each qualifying child will be awarded to a taxpayer if they meet all eligibility factors and their annual income is not more than $200,000 (or $400,000 if filing a joint return). Parents and guardians with higher incomes may be eligible to claim a partial credit.

The Child Tax Credit is worth up to $2,200 per qualifying child.

Who qualifies for the Child Tax Credit?
A qualifying child for the 2025 tax year, known as a dependent, must:

Be under 17 at the end of the tax year.

Be a daughter, son, stepchild, eligible foster child, sister, brother, stepsister, stepbrother, half-sister, half-brother or a descendant of one of these, such as a grandchild, niece or nephew.

Not provide more than half of his or her own support for the tax year.

Have lived with you for more than half the tax year.

Be claimed as a dependent on your return.

Not file a joint return for the year (or file the joint return only to claim a refund of taxes withheld or estimated taxes).

Be a U.S. Citizen, U.S. national or a U.S. resident alien.

Must have a Social Security number that is valid for employment and is issued before the due date of your tax return (including extensions).

01/22/2026

Energy Improvements?

Current (Tax Year 2025) allows for credits of up to $1200 (not counting solar) for insulation, exterior windows and doors, central air conditioning, natural gas, propane, oil water heater, boiler, furnace, heat pump water heater, heat pump, bio mass stove and boiler, and the replacement of electrical panel box -upgrades, just to name some.

You must enter a QMID alphanumeric four-character field per item, new addition to form. This should be provided as part of your purchase.

"For the energy efficient home improvement credit, the lifetime limitation has been replaced by an annual credit limit. A 30% credit, up to a maximum of $1,200, may be allowed for:

Insulation material or air sealing material or systems;
Exterior doors;
Windows and skylights;
Central air conditioners;
Natural gas, propane or oil water heaters;
Natural gas, propane or oil furnaces or hot water boilers;
Improvements to or replacement of panelboards, subpanelboards, branch circuits, or feeders; and
Home energy audits."

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01/21/2026

Happy Tax Season 2026! 💰💲
BIG NEW CHANGES THIS YEAR, AND THEY SHOULD BE BENEFICIAL TO MANY!!!

First one ... if you are over 65 (a senior according to IRS standards for deduction), you are eligible for up to $6000 per taxpayer (12,000 MFJointly) Enhanced Deduction of Seniors.

This is one of four new deductions that go on a new form to claim them, Schedule 1-A.

Enhanced Senior Deduction:
The Enhanced Senior Deduction is a new, temporary federal tax benefit from the "One Big Beautiful Bill" (OBBB) Act, allowing individuals 65+ an extra $6,000 deduction (or $12,000 for qualifying married couples) starting in 2025, layered on top of existing senior standard deductions, phasing out with higher incomes (MAGI over $75k single / $150k joint) and available through 2028. It boosts tax relief by increasing the amount of income shielded from federal tax, regardless of whether you itemize or take the standard deduction, reducing taxable income and potentially increasing refunds for eligible seniors.

Key Details:

Who Qualifies: Taxpayers age 65 or older by the end of the tax year (e.g., by Dec 31, 2025, for the 2025 tax year).

Deduction Amount: An additional $6,000 per person, or $12,000 for married couples where both spouses qualify.

When it Applies: For tax years 2025 through 2028 (taxes filed in 2026-2029).

Income Limits (MAGI):

Phases Out: Starts decreasing for single filers with MAGI over $75,000, and joint filers over $150,000.

Fully Phased Out: At $175,000 for singles and $250,000 for joint filers.

How it Works: It's an extra amount added to your standard deduction (or can be taken if you itemize), reducing your overall taxable income.

Example: If you're a single senior with $100,000 MAGI (above the $75k threshold), you'd lose $1,500 of the $6,000 deduction ($25k excess * 6%), leaving you with a $4,500 enhanced deduction, according to a CNBC article.

This deduction offers significant financial benefits by lowering the Adjusted Gross Income (AGI), making more of your earnings tax-free.

04/16/2025

Thank you to all of my awesome clients for helping to make this another special tax season together! You're the BEST!

Have a great rest of the year! 🏆

04/11/2025

Only a few more days (4-15-2025 is the last eligible day) left to be eligible to file and claim refunds for Tax Year 2021.

IR-2025-46: More than $1 billion in 2021 tax refunds still unclaimed – Taxpayers should act now to see if they are eligible Internal Revenue Service (IRS) sent this bulletin at 04/11/2025 03:05 PM EDT IRS Newswire April 11, 2025 News Essentials What's Hot News Releases IRS - The Basics IRS Guidanc...

04/07/2025

🤣😂 Love my clients, but this shirt is so true.