Accounting & Business Services, Inc.

08/08/2025

🚨 2025 Tax Update – What’s Really Changing (and What’s Not!) 🚨
From Your Tax Professionals at ABS 📊💼

There’s a lot of buzz about the new One Big Beautiful Bill Act (OBBB) signed July 4, 2025 — but here’s the real scoop for you and most Americans:

📈 Deductions, Brackets & Rates
✅ Rates: No change from 2024 — even capital gains stay the same.
✅ Brackets: Slightly higher, so you can earn a bit more before moving up.
✅ Standard Deduction 2025: $15,750 (single) | $31,500 (married).
✅ Itemized Deductions: Still available if they total more than your standard deduction.
• Medical: Same as 2024, must be large to deduct.
• Taxes: Big change! Limit jumps to $40,000 (up from $10,000).
• Mortgage Interest, Charitable Gifts, Gambling Losses: Same as 2024.

👵 Senior Bonus Deduction: Extra $6,000 per filer age 65+ ($12,000 if both). Phases out at $75K single / $150K married.

⸻

🚗 New & Notable Deductions (on top of your standard deduction)
• Car Loan Interest: New US-assembled car bought in 2025–2028. Phases out $100K single / $200K married.
• Tip Income: Deduct up to $25K (W-2 or self-reported tips). Phases out $150K single / $300K married.
• Overtime Pay: Deduct up to $12,500 per person. Same phase-outs as tips.

⸻

💳 Tax Credits
• Child Credit: Now $2,200 (up from $2,000).
• Energy Credits: Electric car credit ends 9/30/25; home energy upgrades end 12/31/25.

⸻

💡 Planning Tip: Some bigger changes start in 2026 — so let’s plan ahead!

01/11/2024

2024 Tax Filing Season Set for January 29

Review the Journal of Accountancy filing season quick guide — a tax season reference highlighting dollar thresholds, tax tables, standard amounts, credits and deductions.

12/22/2023

From all of us at ABS, we wish you and yours a happy holiday and new year!

REMINDER: Our offices will be closed on next Monday (12/25/2023) and the following Monday (01/01/2024)

We appreciate all of our clients and excited to serve you in the coming new year!

07/03/2023

🎆 ABS, Inc. Office Closure Announcement 🎇

Hey there, ABS, Inc. community! We hope you're all having a fantastic summer so far! 🌞

We wanted to give you a quick heads-up that our office will be closed on Tuesday, July 4th, 2023, in celebration of the Fourth of July. 🇺🇸✨

The Fourth of July is a special holiday that commemorates the independence of the United States of America. It's a time for us to reflect on the values of freedom, unity, and the pursuit of happiness. As such, our team members will be taking a well-deserved break to enjoy the festivities, spend time with loved ones, and recharge their batteries. 💙❤️

Here are a few important details about our office closure:

📆 Closure Date: Tuesday, July 4th, 2023.
⏰ Normal Operations Resume: We'll be back in action on Wednesday, July 5th, 2023.

Remember, rest and relaxation are crucial for maintaining a healthy work-life balance, and this holiday provides the perfect opportunity for our team to recharge their energy. 💪

We hope you all have a delightful Fourth of July, filled with joy, laughter, and spectacular fireworks! Stay safe, have a blast, and create lasting memories with your loved ones. 🎆✨

Thank you for your understanding and continuous support. We'll be back bright and early on July 5th, ready to serve you better than ever!

Happy Independence Day, everyone! 🎉

05/18/2023

BUSINESS OWNERS, PLEASE BE AWARE‼️ERTC Mills are rampant, always consult your trusted accounting professional before attempting “business” with these entities. They take 25-30% of your refund credit and major tax consequences come with it, such as, amending prior year returns and owing more in taxes for those prior years.

IR-2023-49, March 20, 2023 — In a further warning to people and businesses, the Internal Revenue Service added widely circulating promoter claims involving Employee Retention Credits as a new entry in the annual Dirty Dozen list of tax scams.

05/16/2023

New filing requirements in 2023 will require app-based payment systems (Venmo, Cash App, PayPal, etc) to send individuals 1099-Ks with business commerce transactions to report on personal tax returns. Consult your tax professionals for questions on upcoming 2023 tax season matters.

In college and trying to make extra cash through apps or services? You could receive Form 1099-K in early 2024 for your taxes. Learn more about this form: www.irs.gov/1099k

04/19/2023

As a reminder to our valued customers, we are CLOSED for today in observation of another successful tax season. We appreciate your business and will resume operations on April 20th (Thursday). Thank you!

02/24/2023

Checking back in with you! Now, you received your State (WI) refund, right? (if not refer to our previous post to get a status)...
Now, you want to know where is your Federal refund is??? Here is a direct link to the IRS "Get Refund Status" to check where it is in the process! You can also find this link and others on our Google website. See direct link to portal below:
https://sa.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp

02/23/2023

Have you gotten your State of WI Refund back yet??? If not, utilize this dedicated link that you can use to check the status of your WI refund in real-time! You can also find this link and others on our Google website.

02/22/2023

We would love to hear your feedback, and we invite you to share your thoughts with others by leaving a review. Your opinion means a lot to us and helps us improve our service.

If you have a moment, please consider leaving a review on our Google My Business page by clicking on the link below It only takes a few minutes, and your review can help others learn more about our business.

Thank you for choosing our business, and we appreciate your support. If you have any questions or concerns, please do not hesitate to reach out to us.

Post a review to our profile on Google