Lou Grasso Accounting & Tax Services

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Avon, OH
Lou Grasso Accounting & Tax Services

Professional tax and accounting services. We prepare Individual, Corporate, non-profit, and small business tax returns.

We also specialize in investment accounting and managing client’s Quickbooks with over $275 Million in assets accounted for.

01/26/2026

Located in Avon, Ohio, I charge $150 to $300* to prepare your Federal, State, & City Return which includes e-file and direct deposit. Please visit my website www.LouGrassoTax.com for more information. Please share this status with anyone who is looking for a tax professional. Thank you in advance.

01/08/2026

Individual tax tables for 2024 - 2025 - 2026. It’s important to realize your taxable income figure is after the standard or itemized deduction and your actual tax liability is calculated at each bracket level.

For example if you look at the Single 2025 rate and your taxable income is $110,000 your tax is calculated at 10% on your money from $0-$11,925 ($1,193)), 12% from $11,926-$48,475 ($4,385), 22% from $48,476-$103,350 ($12,072) and finally at 24% from $103,351-$110,000 ($1,596).

Your total tax amount is ($1,193+$4,385+$12,072+$1,596) =$19,246.00. You made it to the 24% bracket but not all $110,000 of taxable income is taxed at the rate of 24% otherwise the taxes would have been $26,400. Your effective tax rate is $19,246/$110,000 = 17.5%.

I am asked often about the tax brackets as there is a fear of reaching the next bracket and an assumption that all your money is taxed at the higher rate. That’s not true and your most effective strategy to lower your tax liability is to maximize pre-tax retirement and healthcare accounts. Utilizing those accounts will reduce taxable income that falls into the higher brackets and drop your overall effective tax rate.

01/06/2026

Another tax season is here and this year brings several new changes that could positively impact most of my clients. I have updated my website to open up my schedule again for available appointments but as always, 24/7 drop off is available as soon as you have all your info together. If you’re dropping off you do not need to contact me in advance to tell me you’re dropping off I am looking forward to meeting with everyone once again this tax year.

04/07/2025

All returns dropped off or emailed by April 5th will be filed on time. Any returns dropped off from April 6th forward will get an extension and completed by May 15th.

03/25/2025

I am currently working on returns dropped off on March 5th and 6th. Here is a projected schedule for completion for returns dropped off from March 18th through the remainder of tax season. I can guarantee returns dropped off before 4/1/25 will be filed on time.

02/28/2025

New clients please complete this info sheet when you drop off or we meet. Returning clients, please complete with any information that changes from last year.

04/03/2024

I am working around the clock to get your return filed on time. As a safety net any return dropped off after 4/3 may require an extension. I am working on open items returns and emailed returns as well.

02/08/2024

So often my clients will ask about what tax bracket they are in. The perception is if you make more and get into a new bracket that ALL your money is taxed at the higher rate when that is not true. Your taxable income after deductions are taxed at the table posted here. Then you’re able to apply various tax credits to ultimately get your final tax liability.

There are more conplexities to how it’s calculated based on income streams but hopefully this gives you a better understanding of what the tax bracket system looks like. Tax season is off and rolling and I’ve enjoyed seeing so many of you already this year and look forward to the next 9 weeks!

Address

Avon, OH

Website

http://Www.LouGrassoTax.com/

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