J M Tax Preparation, LLC

08/01/2026

Happy birthday to Gary Crone Jr. And many more.....

07/30/2026

Kind words from a new client, Thank you!

Jen went above and beyond to answer every one of my questions and scenarios! Truly an expert in her field -and patient (lol).

https://g.page/r/CRzFcZGChLpkEBM/review

07/27/2026

The following items can be purchased without sales tax during the holiday:

Clothing priced at $75 or less per item
School supplies priced at $20 or less per item
School instructional materials priced at $20 or less per item

07/27/2026

Overtime & Tip Income Exemption:
Overtime Tax Rules Deduction Limit:
Deduct up to $12,500 for single filers and $25,000 for joint filers. Eligible Pay: Only the extra "half" premium of federal time-and-a-half over 40 weekly hours qualifies.
Income Limits: The deduction starts phasing out at a modified adjusted gross income of $150,000 for singles and $300,000 for joint filers. Payroll Taxes: Regular F**A (Social Security and Medicare) withholding still applies to all overtime wages.

Tip Tax Rules Deduction Limit: Tipped workers can deduct up to $25,000 of qualified voluntary tips. Occupation Limits: Restricted to jobs that customarily received tips as of December 31, 2024 .Exclusions: Mandatory service charges do not qualify. Withholding: Employers must still withhold payroll and income taxes from paychecks during the year; the tax relief is claimed when filing.

07/27/2026

07/27/2026

Each person, who gives monetary donations to a 501(c)(3), in 2026, is eligible to deduct up to $1000 on the front page of the tax return, without itemizing.

*non cash items not included. Gifts to individuals, not included.

For Non-Itemizers (Standard Deduction)Cash Gift Deduction: Taxpayers who take the standard deduction can deduct up to $1,000 for single filers and $2,000 for married couples filing jointly for cash contributions made to qualified public charities. Exclusions: Gifts to donor-advised funds or non-cash items do not qualify for this standard deduction incentive.

07/21/2026

The IRS Automatic Exemption from Penalty (AEP) program is a system that automatically waives specific late-action penalties for compliant taxpayers without requiring a formal request. It replaces the older First Time Abate (FTA) administrative process starting in summer 2026.How AEP Works: No Application Needed: The Internal Revenue Service applies relief automatically during original return processing if you qualify. Confirmation Notice: The IRS sends a letter explaining that a penalty was suppressed due to your clean compliance history. What is Waived :Failure-to-file penaltiesFailure-to-pay penalties Failure-to-deposit penalties (for businesses)What is Not Waived: The underlying tax debt and interest still apply, and AEP does not eliminate penalties under the law for ongoing non-compliance. Who Qualifies Individuals: Must have filed returns and paid taxes on time for the prior 3 consecutive tax years .Businesses: Must show a timely compliance history for the prior 12 consecutive quarters for payroll or excise tax deposits. Rollout Scope: Begins with 2025 tax-year returns and 2026 quarterly filings.

07/16/2026

trumpaccounts.gov

Children under the age of 11 who were born before January 1, 2025, are eligible for the $250 charitable seed deposit (such as the Michael and Susan Dell Foundation grant) if they live in ZIP codes where the median household income is $150,000 or less.To qualify for this specific deposit, the child must be a U.S. citizen with a valid Social Security number and not qualify for the federal $1,000 seed deposit (which is reserved for babies born between 2025 and 2028). Parents or guardians can check their eligibility and apply via the Trump Accounts Official App.5 sitesTrump Accounts - The American Dream Starts NowWith the Trump Accounts app, long-term financial security for millions of kids is here. Get tax-advantaged investment accounts for...Trump Accounts (.gov)

Send a message to learn more

07/16/2026

https://trumpaccounts.gov/
$1000 seed money for children born between 1/1/2025 to 12/31/2028

Trump Accounts provide eligible American children with tax-advantaged investment accounts courtesy of President Donald J. Trump.