Bisbee Tax and Bookkeeping

09/04/2026

Always contribute to a company sponsored 401k plan. It's a bonus if the company makes any match. Max out that match ... it's FREE money. Choosing a tax deferred plan during your high earning years can reduce your immediate tax liability.

09/01/2026

Educator Classroom Expense Deduction – Did You Know?

Eligible K-12 teachers, instructors, counselors, principals and aides who pay for classroom supplies out of pocket may deduct up to $350 of qualifying expenses per year. Married couples filing jointly who are both eligible educators may deduct up to $350 each, for a combined maximum of $700.

You do not need to itemize deductions to claim this deduction. Be sure to keep receipts and other records for any classroom expenses you plan to deduct.

08/26/2026

With National Association of Tax Professionals (NATP) – we just made it onto their weekly engagement list by being one of their top engagers 🎉

08/26/2026

Something all seniors need to know:

The One Big Beautiful Bill didn't eliminate Social Security taxes; it added a temporary $6,000 age-based deduction for filers 65 and older.

The deduction phases out completely at $175,000 MAGI for singles and $250,000 for joint filers, triggered by Roth conversions, capital gains, or RMDs.

Anyone under 65 collecting Social Security gets nothing, and this includes early retirees at 62 and survivors. The deduction also expires after 2028.

08/24/2026

Major Higher Education Tax Credits Now Require Valid SSN – Did You Know?

The American Opportunity Tax Credit (AOTC) and Lifetime Learning Credit (LLC) help many Americans pay for higher education. For eligible students pursuing a degree or other recognized credential, the AOTC can cover up to $2,500 in tuition, required school fees and certain course materials per year. Meanwhile, the LLC can offset up to $2,000 per tax return for qualified education expenses for eligible students taking higher education courses for a variety of reasons.

Beginning with tax year 2026, the taxpayer claiming either the AOTC or LLC (and spouse, if filing jointly) must have a Social Security number (SSN) valid for work in the United States that was issued before the due date of the tax return, including extensions. If the eligible student is not the person claiming the credit (for example, if the student is that person's dependent or spouse), then the student must also have a valid SSN issued by that deadline. Other qualification requirements, such as income limits, remain in effect. A tax professional can help you determine whether the higher education expenses you pay for yourself, your spouse or a dependent qualify for a tax benefit.

08/22/2026

Or you can contact us!

Did you get an extension and still need to file your return? You can file it electronically now for free using Free File. It's still available to help you prepare your return quickly and accurately.

File your return today at www.irs.gov/freefile.

08/21/2026

Just so you know....

Social Security benefits are taxable.

Only the premium portion of overtime pay is deductible.

Tips must be voluntarily given in order to be deductible. Tips (aka gratuity) automatically assessed by the restaurant (as in for larger parties) are fully taxable and do not qualify for the deduction.

Be fully informed.

08/21/2026

I view my membership, and my involvement as a Board Member of the Ohio Chapter, carries a strong benefit to my clients.

08/21/2026

Understand this secret to success.

08/21/2026

Know what this is? We can help you plan for this in 2027.

Coming in 2027: The Saver’s Match will make saving easier for millions of low- and moderate-income taxpayers by providing a direct federal contribution to a taxpayer’s retirement account. Learn more from the → https://ow.ly/eFhC50ZyVnB