A&A Accounting Associates, LTD

02/11/2026

Tax Season is in full swing. Don't forget....overtime is not taxable in 2025! Come see us if you need help preparing your tax return properly to reflect all of the tax benefits offered under the One Big Beautiful Bill!

01/09/2026

The announced Monday, January 26, 2026, as the opening of the nation’s 2026 filing season. You will have until Wednesday, April 15, 2026, to file your 2025 tax returns and pay any tax due. Don’t forget that IRS.gov has online tools and resources you can use before, during and after filing your federal tax return. For a list of filing season tools, reminders and resources, read: https://ow.ly/1yqq50XTweL

12/17/2025

We often are asked how to value donated goods for tax purposes. Here is a great reference that will be useful to you as you gather your 2025 tax information!

11/10/2025

The One Big Beautiful Bill implemented some changes to the deductibility of Meals and Entertainment. This is a great article summarizing the allowable M&E deduction for both the 2025 & 2026 tax year!

Customer events and team-building costs may seem deductible—but the IRS doesn’t treat them all the same. This blog explains how tax pros can help clients distinguish between fully deductible, partially deductible, and non-deductible expenses in 2025 and 2026.

09/05/2025

SALT LIMIT INCREASED!

Did you know that the One Big Beautiful Bill Act increases the limit for the deduction of state and local taxes to $40,000 beginning in 2025 (Previously limited at $10,000)? The prior limit meant MANY taxpayers could not benefit from a deduction for the full amount of their RE Tax Payments and IL Income Tax Expense. This change will result in many more taxpayers benefiting from an itemized deduction in 2025! This will be a huge tax savings to MANY!

08/06/2025

NO TAX ON OVERTIME!

Did you know....The One Big Beautiful Bill Act includes a deduction for qualified overtime compensation.

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.
---Maximum annual deduction is $12,500 ($25,000 for joint filers).
---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.

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.

GUIDANCE: The IRS will provide transition relief for tax year 2025 for taxpayers claiming the deduction and for employers and other payors subject to the new reporting requirements.

07/30/2025

ONE BIG BEAUTIFUL BILL ACT - NO TAX ON CAR LOAN INTEREST

DID YOU KNOW....Effective for 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle.

--Maximum annual deduction is $10,000.
--Deduction phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers).

QUALIFIED INTEREST:
To qualify for the deduction, the interest must be paid on a loan that is:
--originated after December 31, 2024, used to purchase a vehicle, the original use of which starts with the taxpayer (used vehicles do not qualify)
--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.

FINAL ASSEMBLY IN THE USA:
The location of final assembly will be listed on the vehicle information label attached to each vehicle on a dealer's premises. Alternatively, taxpayers may rely on the vehicle’s plant of manufacture as reported in the vehicle identification number (VIN) to determine whether a vehicle has undergone final assembly in the United States.

TAXPAYER ELIGIBILITY:
Deduction is available for both itemizing and non-itemizing taxpayers.
--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.

07/28/2025

Taxpayers 65 and older.....Did you know? The Big Beautiful Bill includes a $6,000 senior deduction if your income is $75,000 ($150,000 MFJ) or less. This means a Married Couple who are both at least 65 may benefit from a standard deduction of $46,700 for 2025! This will be a huge tax savings for Seniors!

07/06/2025

A quick summary of how the Big Beautiful Bill may impact your taxes.

01/29/2025

Are you subject to Required Minimum Distributions (RMD) from your Retirement Accounts due to your age? Find out how you can benefit from Qualified Charitable Distributions (QCD) to achieve a tax benefit! Contact our office for more information!

01/07/2025

We often receive questions regarding Business Meal & Entertainment deductions. Here is a quick chart to guide you!

10/23/2023

If you're looking for something to do this Halloween, come on out to the "Johnsburg Business District" for our Halloween Trail of Treats!!!

From 11am until 4pm on October 31st, 3-zero-1 Boys BBQ Supply, Salon Artistix, Happy Cleaners, Paradise Financial Partners, Prime Dental Care, Edward Jones Financial Advisor: Matt Perley, Heidi Peterson RE/MAX Plaza, Team Hjorth Real Estate- Keller Williams North Shore West, TOMS Productions, LLC. and A&A Accounting Associates, LTD will be handing out candy to early trick-or-treaters!

🧟‍♀️🧟🧟‍♂️🧟‍♀️🧟🧟‍♂️🧟‍♀️🧟🧟‍♂️🧟‍♀️🧟🧟‍♂️🧟‍♀️🧟🧟‍♂️🧟‍♀️🧟🧟‍♂️🧟‍♀️

*****Please see the map displayed for the locations of participating businesses*****