Expert Tax and Accounting, LLC www.experttaxplace.com

09/25/2026

I don’t drink while preparing taxes but may celebrate end of extension season soon!

08/22/2026

04/02/2026

There are three ways to get an extension until October 15 to file your tax return:
• Pay online and check the box
• Use Free File
• Request an extension by mail using Form 4868

See: www.irs.gov/extensions

04/02/2026

https://experttaxplace.com/newsletter/tax-filing-deadline-on-april-15th-2/

02/28/2026

https://www.facebook.com/share/r/1G3esFYnNH/?mibextid=wwXIfr

02/27/2026

📋 Save this for when you sit down to file.

Most people start their taxes and then realize they're missing something. A form they forgot about. A portal login that expired. A new deduction they didn't know existed.

This checklist covers the documents you need for your 2025 tax return. Income forms, deduction records, health and retirement paperwork, and the new Schedule 1-A items from the One Big Beautiful Bill Act.

The Schedule 1-A section is worth paying attention to. If you earned tips, worked overtime, bought a new car with a loan, or turned 65 in 2025, there are deductions available that didn't exist before. All four have income phaseouts, so not everyone qualifies.

One thing that catches people off guard: most 1099 forms from brokerages and banks aren't due until February 17. And corrected versions can arrive weeks later. Filing before all your documents are final can mean an amended return that takes months to process.

The "before you file" items at the bottom are the ones most people skip. Logging into every financial portal now, while there's no pressure, saves a real headache in April.

Pull up last year's 1040 for a quick preview of which forms to expect this year.

02/25/2026

I have heard some horror stories about this

Are you searching for a reliable tax professional to help with your taxes? While most are honest and reliable, the warns you to avoid those who refuse to sign your tax return with their Preparer Tax Identification Number (PTIN). ‘Ghost’ preparers who don’t sign returns are very likely trying to scam you. Avoid these scammers by checking out the IRS tips on choosing the right for your tax situation: www.irs.gov/chooseataxpro

02/25/2026

https://trumpaccounts.gov/

Trump Accounts provide eligible American children with tax-advantaged investment accounts courtesy of President Donald J. Trump.

02/18/2026

The new $6,000 senior tax deduction, part of the "One Big Beautiful Bill Act," offers older Americans (65+) an additional deduction from their taxable income, potentially reducing tax bills by lowering overall adjusted gross income, but it phases out at higher incomes ($75k single/$150k joint) and primarily benefits middle-income seniors, giving them more money for living expenses and creating planning opportunities with IRAs/Social Security.

How it Works

Reduces Taxable Income: The $6,000 deduction lowers your overall income subject to federal tax, not just Social Security, potentially creating bigger refunds or lower tax liability.

Applies to Most Income: It reduces taxes on pensions, investments, and other income, not just Social Security, though it doesn't make Social Security tax-exempt.

Adds to Existing Deductions: It's an additional deduction on top of the standard senior deduction (around $1,950 for singles/head of household).

Who Benefits Most

Middle-Income Seniors: The deduction provides the most significant relief to middle and upper-middle-income seniors, with projections showing average tax cuts of around $220-$300 for these groups.
Those with Taxable Income: It helps seniors with taxable income that wasn't already covered by existing deductions or tax-exempt status, freeing up funds for daily living.
Who Doesn't Benefit

Lowest-Income Seniors: Many already have low or no federal tax liability and won't see a benefit.
Highest-Income Seniors: The deduction phases out for single filers earning over $75,000 and joint filers over $150,000 (fully phased out by $175k/$250k).

Planning Opportunities

IRA/Retirement Account Withdrawals: It may be advantageous to take distributions from IRAs or retirement accounts while this temporary deduction is in place.
Social Security Decisions: It could influence decisions to delay claiming Social Security or suspend benefits, as lower taxable income makes these choices more financially viable.
Key Detail

The deduction is available for tax years 2025 through 2028 and requires you to be 65 or older.