Studley Tax Service

03/13/2025

With the stock market trending down quickly, if you need a write off-consider tax loss harvesting. If you have a loss on a stock, and sell it, you are able to deduct up to $3,000 of losses per year. This will save on your tax obligation (amount determined by your tax bracket). If you would like to keep the money invested in the market, you could buy a similar (but different) stock or ETF, that would perform the same. Be careful, if you buy the same stock back within 30 days, different rules apply. If you are in need of an additional write off-consult your financial planner.

03/01/2025

Did you know that Nebraska is one of a few states that impose inheritance tax on any property transferred. There is no tax charged to the spouse of the deceased. However, for others the tax is based on the relationship to the deceased and the fair market value. If you have any questions or need assistance, send me a message.

02/27/2025

Mention this post, get 20% off your tax preparation! Book now at Studley-tax-service.com or call 402-469-2738

Studley Tax Service is your go-to partner for professional tax preparation services. With a focus on affordability, we specialize in providing expert Federal and State filing services for individual tax return filers. Our dedicated team ensures accuracy and efficiency in handling all your tax needs,...

01/26/2025

If you sell goods or services and take payments using Venmo, Paypal, CashApp, , etc. you will now receive a 1099-k if you had transactions that total $5,000 or more in 2024. However, if you resell items that result in a net loss, you may still receive a 1099-k, but you will need to be sure to report your basis in the item (original cost) to avoid reporting the payment as income, so be sure to report it correctly to avoid issues.
Studley Tax Service is now taking appointments, so book online at www.studley-tax-service.com or call 402-469-2738.

Studley Tax Service is your go-to partner for professional tax preparation services. With a focus on affordability, we specialize in providing expert Federal and State filing services for individual tax return filers. Our dedicated team ensures accuracy and efficiency in handling all your tax needs,...

01/25/2025

Did you know if you owe the IRS too much money when you file your taxes, you may have to pay an underpayment of estimated tax penalty? If you owe the IRS 1,000 or more when you file, you may owe the penalty. The penalty is based on:
• The amount of the underpayment
• The period when the underpayment was due and underpaid
• The published quarterly interest rates for underpayments.
It is always a good idea to check your pay stubs. If you owe the IRS, make sure you correct your W-4.

01/22/2025

Tax season is here, to schedule your appointment you can do it on-line at www.studley-tax-service.com or call 402-469-2738.

Studley Tax Service is your go-to partner for professional tax preparation services. With a focus on affordability, we specialize in providing expert Federal and State filing services for individual tax return filers. Our dedicated team ensures accuracy and efficiency in handling all your tax needs,...

01/04/2025

The standard deduction is the dollar amount that reduces the amount of income on which you're taxed.
In 2024, the standard deduction is:
single taxpayer: $14,600
Married Filing Jointly: $29,200

In 2025, the standard deduction:
Single: $15,000
Married Filing Jointly: $30,000

12/28/2024

As you might know, 529 plans are a great way to save for college with tax free earnings and distributions, if used for qualified higher-education expenses.
Did you know that if the 529 funds are not needed for your child's college expenses (maybe they earned a scholarship, or grandma and grandpa paid for college) then you can rollover your 529 plan to a Roth IRA, tax free, as long as certain provisions are met. If you have questions, send me a message and I will answer any questions.

12/09/2024

If you had a qualified home improvement this year, be sure to claim the Energy Efficient Home Improvement Credit.
Exterior door: 30% of cost up to $250, up to total of $500.
Exterior windows and skylights: 30% of costs up to %600.
Insulation materials: 30% of costs, up to $1,200.
Residential energy property (central air conditioner, gas propane, or oil water heater, furnace, 30% of costs up to $600.
Home energy audit: 30% of costs up to $150
Heat pump and biomass stove boiler: 30% of of costs
**Annual credit maximum of $3,200

11/25/2024

Dear Child Care and Early Childhood Education Providers,
As you may have been informed, the state of Nebraska has made available the School Readiness Tax Credit Act. This tax credit provides child care providers and early childhood education providers a refundable income tax credit to employees of qualified childcare/early childhood providers. A refundable tax credit is a benefit that one that reduces your tax burden, and can provide a refund even if you don’t owe any taxes, which is a great benefit!
In order to obtain this tax credit, the state is asking that you complete an application with the Department of Revenue after you complete eligibility criteria. The Department of Revenue will process the applications in the order they are received, so please do not delay in completing this application. The state has made available $7.5 million, and once funds are extinguished, the credit will not be available.

If you have any questions or need assistance in completing this process, I will be opening a new individual tax preparation business: Studley Tax Service, and I will be happy to assist. If needed, feel free to call: 402-469-2738.

Please visit this site for the Department of Revenue application for the School Readiness Tax Credit:
https://revenue.nebraska.gov/sites/default/files/doc/tax-forms/2024/school_read_staff_mem_app.pdf

11/21/2024

Hello! I'm Ben Studley and I'm happy to announce the opening of my new tax preparation business, Studley Tax Service! I’m excited to serve the community with professional tax preparation service! My focus on individual tax returns with a goal of maximize your refund and ensure IRS compliance.