James J Pupelis & Associates, Ltd

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James J Pupelis & Associates, Ltd Accounting, Tax Return Preparation and Business Consultation. Your tax return will be prepared, reviewed, completed and approved by you all in one session.

Website - jamesjpupelis.com
Accounting and Tax Preparation Services in Bloomingdale and Pingree Grove, Illinois. If approved by you, and your spouse if it is a joint return, it will be e-filed with the IRS and a signed copy will be given to you for your records. This will all be done with one visit, normally taking 1 - 2 hours. And our fees are very fair. Normally between $160 and $200 per complet

ed return. Also, New Business Startup Help, Financial Statement Preparation and General Business Help and Consultation.

01/01/2026

2025 has brought the most tax return changes I have seen in many years. Many taxpayers itemizing in 2024 may find themselves taking the standard deduction in 2025. And many other taxpayers taking the standard deduction in 2024 may find themselves itemizing.

As always, I will help you file the best tax return for you I can.

I will be preparing tax returns 3 ways again this year:

1. Priority Mail or drop off your tax paperwork to my home or my office.

2. Make an appointment and meet at my West Dundee Office. Spring Hill Executive Suites, 600 Spring Hill Ring Road, Suite #103, West Dundee, IL 60118.

3. You can also email me PDF copies of all your tax paperwork.
It is your choice! Choose the method you prefer and easiest for you.

Like before, my days at the offices are Tuesday’s, Wednesday’s, Saturday’s and Sunday’s and the hours are 9:30 AM, 11:00 AM, 12:30 PM, 2:00 PM and 3:30 PM.

Let me know your preference and when you are ready and we can make the appointment best for you?
As always, feel free to call me or email me or text me if you have any questions or just need help putting together a list of incomes and deductions.
If you would like me to send you a 2025 tax organizer to help with gathering your 2025 tax information, let me know? I will be glad to either email or mail you a copy. Let me know your preference?
Regards,
Jim

James J Pupelis
1757 Kelley Lane
Pingree Grove, IL 60140
Email: [email protected]
Website: jamesjpupelis.com
Jim Cell 630 651-0011
Jim Fax 844 740-7516

15/12/2025

Plenty of tax changes are lining up as the calendar turns toward 2026, and knowing what’s coming can help you stay a step ahead. Before then, there’s also several moves to make filing your 2025 tax return as easy as possible.

Preparing to file your 2025 tax return
Getting Ready For Taxes imageGather records to support deductions for no tax on tips and no tax on overtime. Review the approved occupations for qualified tips and confirm the amount of this benefit you expect to claim in 2025. You will need proof of these claimed amounts. The same holds true for overtime pay. Employers are not required to issue W-2s or 1099s with this information in 2025, but they should provide you with the necessary confirmation of the dollar amounts. Compare these employer-provided amounts with your records to ensure they match prior to filing your tax return.

Look for new Form 1099-DA. If you own cryptocurrency or other digital assets, you may see this new form. Starting with the 2025 tax year, exchanges and brokers must report certain cryptocurrency and digital asset transactions, so you should track cost basis, sale dates, and wallets used to avoid mismatches or questions from the IRS.

1099-Ks may still be issued. You shouldn’t see a Form 1099-K from a payment processor such as PayPal or Venmo unless you have 200 or more transactions amounting in more than $20,000 in payments from the processor. But because of the many tax law changes in this area you may still receive a Form 1099-K in error. If you receive one, don’t throw it away! Include it with your other tax documents for proper reporting on your 2025 tax return.

Review IRA and HSA accounts. If you have an IRA or HSA account, you can make 2025 contributions up until either April 15, 2026 or the date you file your return, whichever is earlier.

What’s new in 2026
Above-the-line charitable contributions. You can deduct $1,000 of charitable contributions if single or $2,000 if filing jointly. This is available to you whether you use the standard deduction or itemize your deductions. There's also the introduction of a 0.5% floor for itemizing charitable contributions.

Itemized deduction phaseout is back. If you’re in the top 37% tax bracket, your itemized deductions could be reduced. This phaseout of deductions is being re-introduced beginning in 2026.

Gamblers take a loss. Losses from wagering transactions are now limited to 90% of such losses. Under the previous law you could claim deductions up to the amount of your winnings. For example, if you won $10,000 and incurred $15,000 in losses over the course of a tax year, you could deduct $10,000 using the previous law. Under the new law you can only deduct 90% of your losses, or $9,000 in this example.

Mortgage insurance premiums can be reported as an itemized deduction.

Elimination of many energy credits. This includes the credit for purchasing electric vehicles after September 30, 2025 and the elimination of many residential energy efficient purchase credits at the end of 2025. So plan accordingly.

Regards,

Jim Pupelis
[email protected]

Address

Spring Hill Executive Suites, 600 Spring Hill Ring Road, Suite 103

60118

Telephone

(630) 651-0011

Website

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