Helms Management

Helms Management Serving our clients for 35 years with offices in Dothan and Headland, Alabama.

04/14/2026

If you need more time to file, request an extension

April 14, 2026

As the end of filing season approaches, the Internal Revenue Service reminds taxpayers they can get an extension to file their federal income tax return until Oct. 15, 2026, but they must request the extension by April 15, 2026, in order to avoid penalties.

An extension provides extra time to file, not additional time to pay. Taxes owed are still due by April 15. To avoid or minimize penalties and interest, taxpayers should estimate their total tax liability, subtract any payments already made, and pay the remaining balance by the deadline.
irs.gov

02/12/2026

Under the OBBBA, for tax years after Dec. 31, 2025, taxpayers who do not itemize deductions may deduct up to $1,000 for single filers ($2,000 for joint filers).

02/06/2026

NO TAX ON OVERTIME
The State of Alabama excluded overtime pay from January to June 2025. The Alabama amount is reported as EXOT in box 14 of your 2025 W2. This amount is not always the TOTAL overtime pay for the year in 2025. If you worked overtime during 2025, bring your last pay stub with your documents in order to utilize all eligible overtime pay you are entitled to as a deduction on your federal taxes.
Individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay, generally, the “half” portion of “time-and-a-half” compensation, that is required by the Fair Labor Standards Act.

12/16/2025

The One Big Beautiful Bill (OBBB) is now also being referred to by some lawmakers as the Working Families Tax Cut Act. You may see one or both names used, but they refer to the same set of tax changes.

09/22/2025

Taxpayers donating money should keep a few things in mind:

1. Use the IRS Tax Exempt Organization Search tool to find or verify qualified charities. Donations to these real charities may be tax deductible.
2. Legitimate charities do not ask for gift cards, cash, or wire transfers.
3. Always get a receipt and keep a record of the donation.
4. Review bank and credit card statements closely to make sure donation amounts are accurate.

irs.gov

09/04/2025

On August 14, 2025, the U.S. Department of the Treasury announced that the federal government will stop issuing paper checks for most federal payments on September 30, 2025.
If you are one of the few people who still receives a federal benefit check, it’s time to switch to an electronic payment method.

No action is required for the vast majority of Americans who already receive federal benefit payments electronically.
If you are still receiving a paper check for Social Security, Veterans benefits, or any other federal benefit, enroll in direct deposit using one of the following options.
• Call the federal agency that pays your benefits and follow their instructions for enrolling in direct deposit.
• Enroll online at GoDirect.gov
• Call the Electronic Payment Solution Center at 800-967-6857, Monday – Friday 9:00 a.m.– 7:00 p.m. ET

If you do not have a bank account to receive direct deposit you can safely access resources to open an account at FDIC: GetBanked or MyCreditUnion.gov.
You can also sign up for a Direct Express® Debit Mastercard®. Direct Express® is a Treasury-sponsored debit card where you can receive your monthly benefit payments electronically.
Individuals without a bank account can sign up by calling Treasury’s Electronic Payment Solution Center at 800-967-6857 or by contacting their paying agency directly.

Reference Treasury.gov

07/28/2025

“No Tax on Car Loan Interest”

This is a new deduction in the new tax bill.
Effective for 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle, if the vehicle is purchased for personal use and meets other eligibility criteria provided by IRS regulations. (Lease payments do not qualify.)

Qualified interest: To qualify for the deduction, the interest must be paid on a loan that originated after December 31, 2024 for a new vehicle (used vehicles do not qualify),
The loan has to be for a personal use vehicle (not for business or commercial use) and secured by a lien on the vehicle.

Qualified vehicle: A qualified vehicle is a car, minivan, van, SUV, pick-up truck or motorcycle, with a gross vehicle weight rating of less than 14,000 pounds, and that has undergone final assembly in the United States.

The taxpayer must include the Vehicle Identification Number (VIN) of the qualified vehicle on the tax return for any year in which the deduction is claimed.

Lenders or other recipients of qualified interest must file information returns with the IRS and furnish statements to taxpayers showing the total amount of interest received during the taxable year.
Much more guidance will be provided by IRS in the coming months.

Go to irs.gov for more information.

07/25/2025

New deduction for Seniors (Over 65, not High School!)

Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000. This new deduction is in addition to the current additional standard deduction for seniors under existing law.

The $6,000 senior deduction is per eligible individual (i.e., $12,000 total for a married couple where both spouses qualify).
Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).

Qualifying taxpayers: To qualify for the additional deduction, a taxpayer must attain age 65 on or before the last day of the taxable year.

Taxpayer eligibility: This deduction is available for both itemizing and non-itemizing taxpayers.

Taxpayers must: include the Social Security Number of the qualifying individual(s) on the return, and file jointly if married, to claim the deduction.

The Federal Standard Deduction for Married and filing joint couples if both spouses are 65 or older could potentially be $46700 for 2025!

Source irs.gov

07/24/2025

Rules for Tips in the new bill and the OBBB does limit what qualifies as a tip!

The tip must be paid to an individual “in an occupation which customarily and regularly received tips on or before December 31, 2024.” The following businesses are specifically excluded from eligibility: accounting, law, health, athletics, brokerage services, consulting, financial services, and performing arts. I'm sure more businesses will be added to this list soon!

The tip deduction is limited to “cash tips,” or “tips received from customers that are paid in cash or charged.” This would also include tips received in a tip sharing arrangement. Tips automatically charged and collected by the business as an automatic "service charge" do not appear to be eligible for the tip deduction. All tip payments continue to be subject to Social Security and Medicare taxes.

This will also place additional requirements on employers to identify what tip amounts are paid, especially if certain tips are not allowed for the deduction. The Internal Revenue Service (“IRS”) should be providing guidance that will clarify what payments will or will not qualify as revenue rulings are published.

07/17/2025

As we gather, read and learn about the OBBBA (bill signed 7-4-25), we will try to share some of the things we are hearing and learning. The IRS public service announcement (FS-2025-03, July 14, 2025) has published the following information to date.

No Tax on Overtime
• New deduction: Effective for 2025 through 2028, individuals who receive qualified overtime compensation may deduct the pay that exceeds their regular rate of pay – such as the “half” portion of “time-and-a-half” compensation -- that is required by the Fair Labor Standards Act (FLSA) and that is reported on a Form W-2, Form 1099, or other specified statement furnished to the individual.
1. Maximum annual deduction is $12,500 ($25,000 for joint filers).
2. Deduction phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).

• Taxpayer eligibility: Deduction is available for both itemizing and non-itemizing taxpayers
Taxpayers must:
include their Social Security Number on the return and
file jointly if married, to claim the deduction.
(Married Filing Separate returns will
not qualify for this deduction)

• Reporting: Employers and other payors are required to file information returns with the IRS (or SSA) and furnish statements to taxpayers showing the total amount of qualified overtime compensation paid during the year. (Additional payroll reporting requirements)

irs.gov

07/05/2025

Lots of tax questions about the new bill BUT we advise waiting to get CORRECT answers and that will take time. We will keep you informed!

05/20/2025

The IRS is aware that some taxpayers are receiving CP14 notices indicating a balance due even though payments were made with their tax return. The letter even states that if the transaction was within the last 21 days that the payment might not yet be reflected. May 5th was day 21 after April 15th!. The letter failed to include the telephone number for contact with CP14 issues. The quickest way to determine if the payment was posted would be to set up your IRS online account. I have included the steps for this process if you want to set up your account. This would be helpful in the future if other issues or questions with the IRS come up.
The set up for the IRS account is pretty easy and quick to do after setting up your IDme account.


To set up an IRS online account, you must create an account with ID.me, a trusted technology provider used by the IRS for identity verification.
Here's how:
1. Go to the IRS website:
Visit the IRS Online Account for Individuals page.
Click the "Sign in to your Online Account" button.
2. Create an ID.me Account:
If you do not have an ID.me account, select the option to create one.
Enter your email address and choose a strong password.
3. Verify Your Identity:
Self-Service: Verify identity by uploading a photo of your government-issued ID (like a driver's license or passport) and taking a selfie.
Video Call: Alternatively, verify identity through a live video call with an ID.me agent.
4. Access Your IRS Online Account:
Once identity is verified, access your IRS online account and manage federal taxes.

What You'll Need:
A valid email address.
Your Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN).
A government-issued photo ID (driver's license, passport, etc.).
A smartphone or computer with a we**am for the selfie or video call.

Benefits of an IRS Online Account:
View your account balance.
Make payments.
Access tax records, including transcripts.
Set up payment plans.
See IRS notices.
Manage your Identity Protection PIN (IP PIN).

Important Notes:
The IRS uses ID.me to verify identity and protect information.
If you already have an ID.me account from another government agency, you can use it to access IRS services.
If you encounter issues during the identity verification process, find help on the ID.me Help Center.

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29 Grove St
Headland, AL
36345

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