Pulley Tax Service

04/16/2026

03/20/2026

Time is running out to claim $1.2 billion in refunds for tax year 2022; taxpayers face April 15 deadline:

The Internal Revenue Service today announced that over 1.3 million people across the nation have unclaimed refunds for tax year 2022 and face an April 15 deadline to submit their tax returns.

Under the law, taxpayers usually have three years to file and claim their tax refunds. If they do not file within three years, the money becomes the property of the U.S. Treasury.

By not filing a tax return, taxpayers stand to lose more than just their refund of taxes withheld or paid during 2022. Many low- and moderate-income workers may be eligible for the Earned Income Tax Credit in 2022, the EITC was worth up to $6,935 for taxpayers with qualifying children. The EITC helps individuals and families whose incomes are below certain thresholds.

01/28/2026

Reminders for taxpayers about digital assets and 1099-DA forms:

Taxpayers are starting to receive their 2025 tax documents, such as W-2s, Forms 1099 or other income documents. People who sold or disposed of digital assets using a broker might receive a new Form 1099-DA from those brokers.

Examples of digital assets include:
• Convertible virtual currencies and cryptocurrencies such as Bitcoin
• Stablecoins
• Nonfungible tokens

Brokers must send taxpayers a copy of the same information they report to the IRS on Form 1099-DA by Feb. 17, 2026. These are different from some other tax statements taxpayers may receive. Most of these statements will not include the basis for DA transactions in 2025 and taxpayers will have to calculate basis to determine their gain or loss.

Every taxpayer must report any related income, gains, or losses, whether they receive a Form 1099-DA or not.

01/20/2026

Why refunds may be larger for 2025:

We anticipate average refunds rising $300 to $1,000 depending on the individual's situation.

The One Big Beautiful Bill Act reduced individual taxes for 2025. The IRS withholding tables were not updated during the year, so workers continued withholding at the higher pre-law levels. The extra withholding but reduction in tax show up as a refund when filing your 2025 tax return.

This is not a surprise windfall, but rather a timing lag--and IRS withholding tables are expected to be updated to the newer tax rates.

I larger refund does not mean you paid less than expected but is an indication you had more withheld during the year than you were responsible.

So bottom line, this filing season reflect when the tax cuts occurred and not "extra money."

01/20/2026

Some important tasks to do now but no one wants to think about:
* Set up a Trust and Will
* Designate beneficiaries for all accounts
* Choose a guarding for minor child(ren)
* Set up a financial power of attorney
* Prepare a healthcare directive
* Document and secure passwords and account access
* Get term life insurance
* Purchase long term care insurance and disability insurance
* Document your final wishes
* Update your plan on a regular basis
* Use your personal time off
These few things will help your loved ones as they adjust to your passing.

01/19/2026

How to ready your Social Security statement:

Your Social Security statement is not a forecast--it is a progress report that describes what you have already earned.

Retirement Benefits Estimates:
* Monthly benefit shown at different start dates of your claim
* Assumes continued earnings at current amounts
* Estimates are updated as your earnings change

Work Credits:
* You need a total of 40 credits to qualify for pay benefits
* Credits are earned by working and paying into Social Security
* Self-Employed persons earned credits by filing annual tax returns with the SE taxes paid
* People can earn up to 4 credits per year

Earning Record:
* Lists your lifetime earning subject to Social Security tax
* Used to calculate your future benefits
* Errors here can permanently reduce benefits

These are your benefits you paid into, and it is best to review your statement annually by logging into your SSA account. Don't have an SSA account--it is easy to sign up for one. Go to

Official website of the U.S. Social Security Administration.

01/13/2026

RMD - Required Minimum Distribution (from tax-differed retirement accounts)

*Key Dates: 1st RMD due April 1 after you turn 73
*Every RMD after that is due December 31
*Waiting until April 1 can mean you will have 2 taxable RMDs in one year
*If you miss taking an RMD, there is a 25% penalty on the amount NOT withdrawn. This penalty drops to 10% if corrected within 2 years

01/08/2026

Deductible car loan interest?

To qualify, the vehicle must be purchased primarily for personal use, but "personal" does not mean it must be exclusively for personal use.

Under the proposed rules, expected personal use must exceed 50% at the time the loan is incurred.

If the personal use threshold is met, all interest on the loan qualifies under the rules even if the vehicle is also used for business under 49% of the time.

Taxpayers may choose whether to allocate the interest, thus, creating opportunities to maximize their deductions.

01/08/2026

IRS announced the first day for e-filing 2025 federal tax returns is January 26, 2026

01/05/2026

2026 IRS Standard Mileage Rates:

Business Use = 72.5 cents per mile
Medical Use = 20.5 cents per mile
Military Moving Use = 20.5 cents per mile
Charitable Use = 14 cents per mile

Remember to track and log your mileage!

12/10/2025

What is an HSA?

HSA, or Health Savings Account, is a tax-advantage mechanism to pay for qualified medical expenses such as:
*Copays
*Prescriptions
*Dental care
*Contacts and eyeglasses
*Bandages
*X-rays, and much more.

It is "tax-advantage" because your contribution reduce your taxable income (similar to a 401(k) or IRA), and the money is not taxed while in the account--including the interest or investment returns.

Bonus: As long as your use your HSA funds for qualified medical expenses, you will not owe taxes when you take the money out of the account.

With the OBBBA, individuals can contribute up to $4,300 for self-only coverage and $8,550 for those with family coverage. Individuals aged 55 and older can make an additional $1,000 catch-up contribution to their HSA, increasing the total for $5,300 for self-only coverage and $9,550 for family coverage.

11/28/2025

The IRS never asks for or accepts gift cards as payment for a tax bill.

Common holiday scams:

The IRS sees a variety of scams as thieves are always changing their tactics. During the holiday season thieves could also:

• Request gift cards over the phone, sending a text message, email or social media message through a government impersonation scam.
• Pose as an IRS agent and call the taxpayer or leave a voicemail with a callback number informing the taxpayer that they are linked to some criminal activity.
• Threaten or harass the taxpayer by telling them that they must pay a fictitious tax penalty.

Criminals often ask the victim to purchase gift cards from various stores so as not to arouse suspicion with store employees. Once the taxpayer buys the gift cards, the scammer will ask the taxpayer to provide the gift card number and PIN.