Nichols Accounting Service LLC

Nichols Accounting Service LLC Nichols Accounting Service LLC provides a wide range of tax and accounting services to individuals snd businesses.

04/01/2026

If you are coming to my office in the near future, please be aware of the construction on Prairie Valley Road. If you are not familiar with the area, feel free to contact me and I’ll be happy to give you the detour route. ~Milissa

03/13/2026

Don’t forget!

📌 Please have your tax documents and information to me by ***Tuesday, March 17th***

📌 If you are unable to meet the March 17th deadline, an extension may be required as I cannot guarantee your tax return will be prepared by April 15th.

~Milissa~

This is a great resource that explains the car loan interest deduction. The financed vehicle must be NEW and purchased A...
02/04/2026

This is a great resource that explains the car loan interest deduction. The financed vehicle must be NEW and purchased AFTER 12/31/24. Used vehicles do not qualify.

01/19/2026

Documentation needed to compute the TIPS DEDUCTION is as follows:

☑️ All W2 forms showing tip income

☑️ Personal tip records (logbook, app screenshots, POS reports)

☑️ Employer tip allocation statements, if applicable

*Please see comments for eligibility requirements.

01/19/2026

For most taxpayers, documentation needed to compute the OVERTIME PAY DEDUCTION is as follows:

☑️ All W2 forms

☑️ Year-end paystub showing total hours worked and overtime pay

☑️ If overtime varies: several recent paystubs showing overtime hours

*Additional information may be requested in some instances.

01/19/2026

Documentation needed for the CAR LOAN INTEREST DEDUCTION is as follows:

☑️ Vehicle Identification Number (VIN)

☑️ Year-end loan statement showing total amount of interest paid

☑️ If refinanced during the year: statements showing interest breakdown for the whole year

*Not all vehicles are eligible for this deduction. Eligibility requirements will be posted in the comments below.

01/16/2026

What to know about the new “No Tax on Overtime” deduction:

➡️ Individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay – such as the “half” portion of “time-and-a-half” compensation -- that is required by the Fair Labor Standards Act (FLSA) and that is 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).

➡️ It is not an itemized deduction. You can take the deduction whether you itemize or take the standard deduction.

01/16/2026

What to know about the new Deduction for Seniors:

➡️ Individuals who are age 65 and older may claim an additional deduction of $6,000.

➡️ This new deduction is in addition to the current additional standard deduction for seniors under existing law.

➡️ The $6,000 senior deduction is per eligible individual (i.e., $12,000 total for a married couple where both spouses qualify).

➡️ Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).

➡️ To qualify for the additional deduction, a taxpayer must attain age 65 on or before the last day of the taxable year.

01/16/2026

What to know about the new “No Tax on Car Loan Interest” deduction:

➡️ Individuals may deduct interest paid on a loan used to purchase a qualified vehicle, provided the vehicle is purchased for personal use and meets other eligibility criteria. (Lease payments do not qualify.)

➡️ Maximum annual deduction is $10,000.

➡️ Deduction phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers).

➡️Qualified interest: To qualify for the deduction, the interest must be paid on a loan that is:

1) originated after December 31, 2024,
2) used to purchase a vehicle, the original use of which starts with the taxpayer (used vehicles do not qualify),
3) for a personal use vehicle (not for business or commercial use) and
4) secured by a lien on the vehicle.

➡️ A qualified vehicle is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds, and that has undergone final assembly in the United States.

➡️ It is not an itemized deduction. You can take the deduction whether you itemize or take the standard deduction.

Use the link in the comments to determine if final assembly was in the U.S.

01/16/2026

What to know about the new ”No Tax on Tips” deduction:

➡️ “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.

➡️ Deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).

➡️ It is not an itemized deduction. You can take the deduction whether you itemize or take the standard deduction.

See comments for a list of qualifying occupations.

01/08/2026

IRS Announces First Day of 2026 Filing Season

IR-2026-02, Jan. 8, 2026

WASHINGTON — The Internal Revenue Service announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season.

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Ardmore, OK
73401

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