Lou Grasso Accounting & Tax Services

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United States
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!

01/20/2024

The IRS will start accepting e-file on January 29th. I’m looking forward to seeing you all again soon and meeting all the new clients this year.

With a hike in interest rates in 2023 you may have very likely earned interest income on your money in the bank. Also because of interest rate hikes please include your 1098-mortgage statement. Higher rates may push your itemized deductions over the standard amount.

For parents who have kids in college please ask them to give you their 1098-T from their student account online. You will need this for your taxes. Also, just because your child may have turned 18 or are in college please do not let them claim themselves on the return. I am happy to do kids returns for a smaller fee just to avoid problems or headaches for you in getting it fixed.

Look for these forms in the mail or online:
W-2
1099-INT (interest income)
1099-DIV (dividend income)
1099-B (Broker account stock sales)
1099-R (retirement income)
1099-Misc or NEC (self employment)
1098-Mortgage interest
1098-T (college tuition)
1099-SA (form for HSA distribution
1095-A (health insurance for marketplace)
1099-B or C (I do not need this form)
1099-SSA (social security income)
5498 - (I do not need this form)

Located in Avon, Ohio, I charge $150 to $300* to prepare your Federal, State, & City Return which includes e-file and di...

01/08/2024

04/01/2023

Tax deadline is April 18th this year. I am working around the clock to get your return filed on time. Currently working on dropped off returns from 3/15. I will reach out to you when complete. Any returns dropped off after April 5th might need an extension. If you haven’t picked up yet please go online and select a time now so it’s less chaotic closer to the deadline. Thank you everyone for your trust, confidence, and patience as we close out another successful tax season.

Address

Avon, OH

Website

http://Www.LouGrassoTax.com/

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