Jimenez Tax Consulting LLC

Jimenez Tax Consulting LLC Jimenez Tax Consulting LLC provides a full suite of financial services including accounting, tax planning and preparation.

Anne Jimenez is a strong detailed Senior Financial Analyst who has been in the Financial Industry for 45 years. She has worked at major Wall Street Firms such as Merrill Lynch, A.G. Edwards, Prudential managing office staff, Operations Manager and many other various positions throughout her career.

05/25/2026

This Memorial Day we pause to honor and remember the brave men and women who made the ultimate sacrifice for our freedom. We also hold close the memory of our beloved family members who have passed away, for all my Great Grandparents, Grandparents, Aunts, Uncles and Cousins who are now gone, we cherish their love, wisdom and legacy that continue to guide us every day.
Today, I am especially grateful for my present family who have served or are still serving, dear friends, valued clients, and all those who continue to support and uplift one another through life's journey. Your strength, loyalty, and kindness are deeply appreciated.
To all active military members, veterans, and the families who stand beside them - thank you for your courage, dedication and sacrifice. May we never forget the cost of freedom and the heroes who protect it.
Wishing everyone a safe, peaceful and meaningful Memorial Day.

05/04/2026

Just a reminder, Tax Season isn't quite over yet but the first quarter of 2026 is and you need to start getting your bookkeeping documents in so we don't fall behind. Have a great night!

04/27/2026

Okay my Friends for those of you in Florida with a business you have 3 days left to file Annual Report at the regular price. As of May 1st you will have to pay 400 plus to file. So get them in asap.

04/08/2026

Common Growth Mistakes Small Businesses Make

A recent survey found that 45% of small businesses reported growth, but 78% wanted to grow. This January 2026 data from Intuit QuickBooks Small Business Insights suggests that many small businesses are struggling to achieve their expansion goals. Small businesses usually don’t have extra cash, people or time to absorb mistakes. One wrong move can strain cash flow, overwhelm staff or stall momentum. The good news? Many growth missteps are predictable and preventable.

Growing Too Fast Without a Plan
Growth is often viewed as the ultimate goal. More revenue, more customers and expanded products and/or services can signal success. But growth can easily become unsustainable.

One of the most common mistakes is expanding too quickly without a clear operational plan. A sudden increase in customers or projects can overwhelm staff, stress systems and weaken service quality. Before scaling, evaluate capacity, staffing needs and process efficiency. Phased growth, supported by documented procedures, helps reduce disruption and protect profitability.

Overlooking Cash Flow
Cash flow mismanagement is another common issue. The Small Business Insights survey found that 45% of small businesses reported cash flow problems.

Revenue growth doesn’t automatically translate into financial stability. Higher sales often lead to higher expenses, including payroll, software, inventory and marketing. Without careful forecasting, you could find your business short on working capital despite strong top-line performance. Regularly monitoring cash flow and building reserves before major investments can help avoid financial stress.

Staffing and Management Stumbles
Hiring decisions are critical to sustainable growth. Bringing on employees without clearly defined roles can create confusion and unnecessary costs. Conversely, delaying hires too long can lead to burnout and reduced productivity. Thoughtful workforce planning helps ensure that new team members contribute to measurable business outcomes.

Additionally, as your business grows, your leadership style should evolve. Owners who try to control every decision often become bottlenecks. Delegating responsibilities and empowering staff frees you to focus on strategy rather than daily tasks.

Moving Forward
Growth is about building a business that can generate more revenue without sacrificing stability, service or financial health. If you need assistance, contact the office.

04/08/2026

What's New for Retirement Catch-Up Contributions in 2026

Beginning in 2026, a significant change to retirement plan catch-up contributions takes effect. Part of the 2022 Setting Every Community Up for Retirement Enhancement (SECURE) 2.0 Act, the change affects higher-income taxpayers age 50 and older who contribute to certain types of employer-sponsored retirement plans.

Catch-Up Contribution Basics
For years, taxpayers age 50 or older have been able to make catch-up contributions to certain employer-sponsored retirement plans, up to annual inflation-adjusted limits. For 2026, eligible individuals can contribute an additional $8,000 above the $24,500 regular 401(k), 403(b) or 457(b) plan limit, for a total of $32,500.

Under SECURE 2.0, beginning in 2025, participants age 60 to 63 can make up to $11,250 in catch-up contributions to these plans, bringing the maximum to $35,750 for 2026.

Before 2026, employees could make catch-up contributions pretax to traditional plans or, if their employer offered the option, after-tax to Roth plans. Pretax contributions reduce taxable income for the year contributed, but distributions are generally taxable. Roth contributions don’t reduce current-year taxable income, but distributions are generally tax-free.

Mandatory Roth Treatment for High Earners
SECURE 2.0 requires that, beginning in 2026, any catch-up contributions made by higher-income participants to 401(k), 403(b) or 457(b) plans be designated as Roth contributions.

The Roth requirement was originally scheduled to take effect for 2024. In 2023, the IRS extended the effective date to January 1, 2026.

For 2026, the Roth requirement applies to participants whose 2025 Social Security wages from the employer exceeded $150,000 as reflected in Box 3 of Form W-2, “Wage and Tax Statement.” The $150,000 threshold will be adjusted annually for inflation.

Are You Affected?
Plans that didn’t offer a Roth option in 2025 had to either add one for 2026 or eliminate higher-income participants’ ability to make catch-up contributions. So if the Roth requirement applies to you and your retirement plan doesn’t offer a Roth option, you won’t be able to make catch-up contributions in 2026.

Check with your employer about your options. It may have implemented a “deemed election” approach for employees subject to the new rules. This automatically treats catch-up contributions as Roth unless the employee opts out of catch-up contributions.

Also, keep in mind that making Roth catch-up contributions instead of traditional ones (or not making catch-up contributions) will increase your taxable income for 2026. This may reduce or eliminate the tax benefits of breaks that are subject to phaseouts, floors or other income-based limits and even push you into a higher tax bracket.

Professional Guidance Can Help
If you’re affected, you should review your retirement and tax strategies in light of the changes. Contact the office with any questions.

04/08/2026

What to Know If You Receive an IRS Notice
Notices from the IRS are more common than you may realize. Each year, the IRS mails millions of letters to clarify information, confirm changes or request additional documentation. Receiving a notice may seem intimidating, but most notices can be addressed quickly with the right information and guidance.

5 Common IRS Notices Explained
Each IRS notice includes a reference number, such as CP49 or CP14. It identifies the issue and helps determine the appropriate response. Below is an overview of the most common types of notices and what to do if one arrives in your mailbox:

1. CP12 (including CP12, CP12E, CP12F, CP12G, CP12N and CP12U), refund adjustment. A CP12 is sent when the IRS corrects a math error or similar issue on your tax return. The correction may increase or decrease your expected refund. If you agree with the change, no response is required. If you disagree, call the IRS at the toll-free number shown on the notice by the date indicated.

2. CP14, balance due. This notice informs you that you owe taxes. Address the notice promptly. You can pay in full, explore installment options or seek assistance if you believe the notice is incorrect. Ignoring it can result in interest charges, penalties and collection actions.

3. CP49, refund applied to a debt. This notice explains that your refund was used to pay all or part of an outstanding tax liability. Review how the refund was applied. Disputes are generally handled with the agency that received the funds, not the IRS. On a joint return, a spouse who’s not responsible for the debt may be able to recover his or her share of the refund by filing Form 8379, “Injured Spouse Allocation.”

4. CP2000 series, proposed changes to your return. This notice is issued when the IRS compares your tax return to information reported by third parties, such as employers or financial institutions, and finds a mismatch. It isn’t a bill; it’s a proposal to adjust your return. Read the notice carefully and respond by the deadline listed. Follow the instructions, include any required documentation and note whether you agree or disagree. If no response is received, additional notices or a bill may follow.

5. Letter 4883C, identity verification. When the IRS suspects possible identity theft, it may pause processing your return until your identity is confirmed. Call the Taxpayer Protection Program hotline as directed in the letter. Have the tax return referenced in the letter, a prior-year return (if available), and supporting documents, such as Form W-2, Form 1099 and Schedule C, ready. If you didn’t file the return listed in the notice, contact the IRS immediately, because this may indicate identity theft.

Speaking of fraud, remember that the IRS will never email, text or call demanding payment. Legitimate notices always come by mail.

Understanding Your Options
IRS notices can be confusing, especially when calculations or supporting documents are involved. If you receive a notice, contact the office for help confirming whether it’s accurate, understanding your options and communicating with the IRS.

03/26/2026

Okay Friends you are officially on notice.
You have 20 days to file your taxes. If you need help get it all emailed over to me as soon as possible so I can get you done.

01/14/2026

The 2026 tax season opens on Jan. 26, which is the first day the agency will accept and process individual tax returns for 2025, the IRS announced last week. The deadline to file federal returns and pay taxes due is April 15 for most taxpayers

Happy New Year to All! Hope this year brings you much Happiness and Success. We are off to another fantastic year! Book ...
01/05/2026

Happy New Year to All! Hope this year brings you much Happiness and Success. We are off to another fantastic year! Book your appointment as soon as possible. We are booked solid this week.

12/29/2025

Issue Number: IR-2025-128
Inside This Issue
UPDATED

IRS sets 2026 business standard mileage rate at 72.5 cents per mile, up 2.5 cents

IR-2025-128, Dec. 29, 2025

WASHINGTON — The Internal Revenue Service today announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles used for medical purposes will decrease by half a cent, reflecting updated cost data and annual inflation adjustments.

Optional standard mileage rates are used to calculate the deductible costs of operating vehicles for business, charitable, and medical purposes. Additionally, the optional standard mileage rate may be used to calculate the deductible costs of operating vehicles for moving purposes for certain active-duty members of the Armed Forces, and now, under the One, Big, Beautiful Bill, certain members of the intelligence community.

Beginning Jan. 1, 2026, the standard mileage rates for the use of a car, van, pickup or panel truck will be:
72.5 cents per mile driven for business use, up 2.5 cents from 2025.
20.5 cents per mile driven for medical purposes, down a half cent from 2025.
20.5 cents per mile driven for moving purposes for certain active-duty members of the Armed Forces (and now certain members of the intelligence community), reduced by a half cent from last year.
14 cents per mile driven in service of charitable organizations, equal to the rate in 2025.
The rates apply to fully-electric and hybrid automobiles, as well as gasoline and diesel-powered vehicles.

While the mileage rate for charitable use is set by statute, the mileage rate for business use is based on an annual study of the fixed and variable costs of operating an automobile. The rate for medical and moving purposes, meanwhile, is based on only the variable costs from the annual study.

Under the law, taxpayers cannot claim a miscellaneous itemized deduction for unreimbursed employee travel expenses, except for certain educator expenses. However, deductions for expenses that are deductible in determining adjusted gross income remain allowable, such as for certain members of a reserve component of the Armed Forces, certain state and local government officials, certain performing artists, and eligible educators. Alternatively, eligible educators may claim an itemized deduction for certain unreimbursed employee travel expenses. In addition, only taxpayers who are members of the military on active duty or certain members of the intelligence community may claim a deduction for moving expenses incurred while relocating under orders to a permanent change of station.

Use of the standard mileage rates is optional. Taxpayers may instead choose to calculate the actual costs of using their vehicle.

Taxpayers using the standard mileage rate for a vehicle they own and use for business must choose to use the rate in the first year the automobile is available for business use. Then, in later years, they can choose to use the standard mileage rate or actual expenses.

For a leased vehicle, taxpayers using the standard mileage rate must employ that method for the entire lease period, including renewals.

Notice-2026-10 contains the optional 2026 standard mileage rates, as well as the maximum automobile cost used to calculate mileage reimbursement allowances under a fixed-and variable rate plan.

The notice also provides the maximum fair market value of employer-provided automobiles first made available to employees for personal use in 2026 for which employers may calculate mileage allowances using a cents-per-mile valuation rule or the fleet-average-valuation rule.

12/27/2025

How Does the New Tax Deduction for Car Loan Interest Work?

Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might be able to deduct your car loan interest. But various rules and limits apply.

The Specifics
The OBBBA allows eligible individuals, including those who don’t itemize deductions, to deduct some or all the interest on a car loan they take out to purchase a qualifying passenger vehicle. The maximum car loan interest you can deduct is $10,000 per year for 2025 through 2028.

But the deduction is phased out starting at $100,000 of modified adjusted gross income (MAGI) or $200,000 for married couples filing jointly. For an unmarried individual, the deduction is completely phased out when MAGI reaches $150,000, and for married joint filers, the phaseout is complete when MAGI reaches $250,000.

Another limit is that only certain vehicles qualify for the deduction:

The vehicle must be a car, minivan, van, SUV, pickup truck or motorcycle with a gross vehicle weight rating under 14,000 pounds,
The vehicle must have been manufactured primarily for use on public streets, roads and highways, The vehicle must be new, and The “final assembly” of the vehicle must have occurred in the United States.

You must report the vehicle identification number (VIN) on your tax return. A car assembled in the United States has a special VIN to signify that it’s American-made.

Loan-Related Requirements
The loan must be taken out after 2024 and must be a first lien secured by a vehicle used for personal purposes. If an original qualified car loan is refinanced, the new loan will be a qualified loan for purposes of the deduction as long as: 1) the new loan is secured by a first lien on the eligible vehicle, and 2) the initial balance of the new loan doesn’t exceed the ending balance of the original loan.

Also be aware that interest on loans from certain related parties doesn’t qualify. And lease financing isn’t eligible.

To claim the deduction, you’ll need to substantiate how much interest you paid during the year. For that, your car loan lender must file an information return with the IRS specifying the amount. (Transitional relief is available for 2025.)

Final Thoughts
The new deduction for auto loan interest can make buying a car less expensive. But you need to consider the eligibility requirements. First, is your income below the phaseout threshold? Second, have you checked that the car you’re considering will qualify?

Also, don’t make a decision based solely on the ability to qualify for the tax deduction. In some cases, buying a used or foreign vehicle or leasing a vehicle might make more sense, even if you won’t be able to claim a tax deduction.

Finally, keep in mind that the deduction will expire after 2028 unless Congress acts to extend it. Have questions about the deduction? Contact the office.

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