Dyer & Company LLC - CPA Certified Public Accountants

09/14/2026

08/04/2026

New $1,000 standard deduction charity break in 2026:

Do you typically claim the standard deduction on your federal taxes? You're in luck. Beginning in tax year 2026, there's a new deduction you could take.

The non-itemizer charitable deduction is available for all taxpayers claiming the standard deduction, worth up to $1,000 ($2,000 for joint filers).

Here are a few fast facts on this key tax break:

Only cash contributions qualify (checks, credit card charges, online donations and payroll deductions).

The donation must be made to a qualified 501(c)(3) public charity.

You must follow the typical IRS rules for a charitable deduction, including obtaining a written acknowledgement if you donate $250 or more.

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07/06/2026

If you have a child under 18 in your life, make sure you sign up for a free Trump investment account in case they qualify for free government money or free employer money.

The “Trump Account” program, a component of the One Big Beautiful Bill Act passed earlier this year, will provide a one-time federal contribution of $1,000 into a new investment account for all children born in the U.S. between Jan. 1, 2025, and Dec. 31, 2028.

Also, children 10 and under may receive some funds from private donors.

Possibly more free money or matching to come in the future. Download the app, fill out IRS form 4547 and contribute or wait for your free money. Money is invested in low cost S&P 500 index funds.
https://trumpaccounts.gov/
https://www.irs.gov/trumpaccounts

Trump Accounts are a historic new savings tool created under the One Big Beautiful Bill to give children in America a real financial head start.

06/30/2026

SUMMER TAX PLANNING

As summer heats up, we are reminding taxpayers that tax planning should not take a vacation. Mid-year is an ideal time to review your financial situation, adjust for recent life changes, and take advantage of new tax legislation before year-end surprises arise. Here are several important areas taxpayers should review this summer.

Perform a Mid-Year Paycheck Check-Up

One of the most important summer tax planning steps is reviewing your paycheck withholding. Many taxpayers wait until tax season to discover they either owed significantly more than expected or overpaid throughout the year.

The IRS recommends using its Tax Withholding Estimator to determine whether your current Form W-4 withholding aligns with your anticipated 2026 tax liability. This is particularly important for taxpayers who changed jobs, received raises or bonuses, started retirement distributions, added side income or who owed taxes last year.

This year’s review is even more important due to recent tax law changes under the “One Big Beautiful Bill Act.” Certain deductions and adjustments related to tips, overtime pay, passenger vehicle interest, and expanded senior benefits may affect overall tax liability and withholding needs.

Taxpayers with fluctuating income should also confirm they are meeting IRS safe harbor requirements to avoid underpayment penalties.

Don’t Overlook Summer Life Events

Major life changes often happen during the summer months, and many carry important tax implications.

Newly Married Couples

Marriage can significantly change a household’s tax situation. The IRS recommends newlyweds take the following steps promptly:

Report legal name changes to the Social Security Administration
File IRS Form 8822 for address changes
Recalculate withholding based on combined household income
Summer Day Camps

Parents paying for summer day camps for children under age 13 may qualify for the Child and Dependent Care Credit. To qualify, the camp must enable parents to work or seek employment. It is important to note that overnight camps do not qualify for this credit.

If you do qualify, it’s important to retain registration invoices, payment receipts, and provider tax identification information.

Organize Records and Review Investments

Good organization can simplify tax filing and reduce missed deductions.

Keep Clean Documentation

Taxpayers should establish organized folders—digital or physical—for:

Overtime pay records
Tip income logs
Vehicle interest documentation
Charitable receipts
Estimated tax payments
Charitable Contributions

Summer often inspires household clean-outs and charitable giving. Donations of clothing, furniture, and household items to qualified 501(c)(3) organizations may provide deductible contributions for taxpayers who itemize deductions. Remember, it’s important to obtain written receipts, document fair market values, and track volunteer mileage, currently deductible at 14 cents per mile

Tax-Loss Harvesting

Mid-year is also a good time to review investment portfolios. Tax-loss harvesting strategies may help offset capital gains and potentially deduct up to $3,000 of ordinary income annually. This strategy can be particularly valuable following periods of market volatility.

Bringing it All Together

Proactive summer tax planning can help taxpayers avoid surprises, improve cash flow, and maximize available tax benefits before year-end. Whether you are experiencing a major life event, earning seasonal income, or simply reviewing your overall financial picture, a mid-year tax review can create meaningful savings opportunities.

If you have questions about how recent tax law changes or summer life events may affect your personal tax situation, contact our office to discuss planning opportunities tailored to your needs.

02/09/2026

Get the free money for your kids

Taxpayers can now complete the online version of Form 4547 at

Complete IRS Form 4547 to elect to open a Trump Account for your eligible child. Official US Government form.

01/26/2026

One, Big, Beautiful Bill: How to take advantage of no tax on tips and overtime

The One, Big, Beautiful Bill has a significant effect on federal taxes, credits and deductions. Millions of taxpayers reported earning tips and overtime on their tax returns, many of them are veterans and people working in lower wage jobs. This relief will impact most of these taxpayers and they can start taking advantage of the deduction this filing season.

No tax on tips

Employees and self-employed individuals may deduct qualified tips received in certain qualified occupations, such as wait staff, bartenders, salon workers, personal trainers, gig economy workers, and many more who customarily and regularly receive tips might qualify.

• “Qualified tips” are voluntary cash or charged tips received from customers or through tip sharing
• Maximum annual deduction is $25,000; for self-employed, deduction may not exceed individual’s net income, without regard to this deduction, from the trade or business in which the tips were earned
• The deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers)

No Tax on Overtime

Individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay, generally, the “half” portion of “time-and-a-half” compensation, that’s required by the Fair Labor Standards Act and reported on a Form W-2, Form 1099, or other specified statement furnished to the individual.

• Maximum annual deduction is $12,500 ($25,000 for joint filers)
• Deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers)
• The deduction is available for both itemizing and non-itemizing taxpayers

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01/08/2026

https://www.facebook.com/share/1DsYpZtuUA/?mibextid=wwXIfr

The IRS acknowledged that new tax provisions could affect federal taxes, credits, and deductions. The start of filing season is in line with previous years.

11/24/2025

Contact us for all your accounting and tax return needs

07/15/2025

Good summary of tax changes for Individuals

FS-2025-03, July 14, 2025 — Provisions from the One Big Beautiful Bill Act, which was signed into law on July 4, 2025.