Stephen D. Burcham, CPA

Stephen D. Burcham, CPA Over 40 years of experience in individual and corporate taxes, financial planning, bookkeeping, financial statements, payroll and consulting.

01/15/2026

The Internal Revenue Service has announced that January 26, 2026, will be the first day it accepts electronically filed individual income tax returns for the 2025 calendar year. To schedule an appointment for the upcoming filing season, please contact my office.

An additional tax consideration for this year pertains to potential charitable deductions. Even if itemization is not ap...
12/24/2025

An additional tax consideration for this year pertains to potential charitable deductions. Even if itemization is not applicable, individuals and married couples may be eligible for deductions of $1000 and $2000, respectively. Given the eligibility criteria, most filers can benefit from this deduction. Should questions arise, please do not hesitate to contact me.

Regarding the temporary senior deduction included in the tax bill effective from 2025 to 2029, a qualified individual ag...
12/22/2025

Regarding the temporary senior deduction included in the tax bill effective from 2025 to 2029, a qualified individual aged 65 or older can claim a deduction of $6,000, or $12,000 for married couples filing jointly, in addition to the existing standard deduction upon reaching age 65. However, there are income limitations, with phase-out beginning at $75,000 for individuals and $150,000 for married couples. Notably, this deduction is distinct from the previously discussed concept of exempting Social Security from taxation, as Social Security benefits remain taxable as before. As always, I am pleased to assist with any questions regarding the several changes that may impact your tax return this year. Please feel free to contact me at your convenience.

A little bit more on the tax bill from this year. If you purchased a NEW vehicle this year and financed the purchase wit...
11/20/2025

A little bit more on the tax bill from this year. If you purchased a NEW vehicle this year and financed the purchase with a loan on the vehicle you may be eligible to deduct up to $10,000 in interest on that loan. As always, the purchase has to meet several conditions, including final assembly requirement in the United States, the VIN must be reported on your return and the deduction may be limited based upon your income. This deduction is in addition to the standard deduction claimed on your return. If you have any questions please call me, I’m here to help.

09/16/2025

I'm going to talk today about the exemption for overtime in the most recent tax bill passed by Congress this year. It has quite a few provisions of which you should be aware. First, the exclusion from income only applies to the “half” portion of time and a half. For example, if a worker makes $20 an hour, their overtime rate would be $30. Only $10 (the half from time and a half) is exempt. The $20 from the extra hour of work is fully taxable. Additionally, the exemption is only for income taxes; Social Security and Medicare taxes still apply. Additionally, there is a cap on how much overtime pay is exempt from income tax. It is $12,500 for an individual and $25,000 for a couple. One last hurdle: taxpayers who make more than $150,000 individually or $300,000 jointly are not eligible for this exclusion. The IRS will be publishing a list of those occupations that are eligible to receive this exclusion by year-end. The exclusion is retroactive to January 1, 2025. One last note, the exclusion only applies to federal income taxes and not state income taxes. Please call me if you need any assistance with the new tax law.

I'll be posting some of the changes in how the tax bill passed by Congress this year will impact your 2025 federal indiv...
08/27/2025

I'll be posting some of the changes in how the tax bill passed by Congress this year will impact your 2025 federal individual income tax return. Some of the things that were eliminated by the bill are for purchases of items that previously qualified for energy credits. Those purchases must now be made by September 30, 2025, to qualify for the credit. Purchases made after 9/30/2025 will not qualify. Energy credits eliminated include electric vehicles, windows, doors, and items such as water heaters. If you plan on purchasing or replacing any of the items for which tax credits were available in prior years, it must be done by 9/30/2025. If you have specific questions about eliminated energy credits, please contact me.

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Huntington, WV
25701

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