Williamson & Co Tax Advisors

08/20/2026

Tax Throwback!🎱

Imagine getting taxed for your pool table!

During the Civil War, the federal government taxed all kinds of goods to help raise money for the war including billiard and pool tables.

08/19/2026

What Overtime Qualifies for the New “No Tax on Overtime” Deduction?

Here is the important part to know…not all of your overtime pay is tax free.

Example:

If you normally make $20/hour, and your overtime rate is $30/hour (time-and-a-half):

$20 = your regular pay
$10 = the overtime premium
The $10 overtime premium is generally the portion that qualifies for the deduction.
_____

Overtime that is paid because of a state law, union contract, or employer policy, rather than being required under the federal FLSA, may not qualify.
_____

For 2025–2028, the deduction is limited to $12,500 per person ($25,000 for married couples filing jointly), with income limitations.

08/18/2026

Benefits of using a professional tax advisor:

• Maximize deductions and credits
• Save time
• Reduce costly mistakes
• Business experience
• Keep up with tax law changes
• Help during an IRS issue
• Provide peace of mind

The biggest benefit? A good tax advisor doesn't just help you file your taxes, they help you plan for them.

08/17/2026

Will Co clients during tax season knowing everything has been taken care of with ease.

08/14/2026

Living in a small town means looking out for one another…and that's exactly how we approach tax season.

• Personal Tax Returns
• Small Business & Self-Employed Taxes
• Farm Tax Services
• Tax Planning & Advice
• Friendly, Local Service

08/13/2026

Did you spend $150,000 on farm equipment this year?

Before you assume the entire purchase is a tax deduction, your tax advisor will likely want to know:

• What equipment did you purchase and when was it placed in service?
• Was it new or used?
• Did you pay cash or finance it?
• Was there a trade-in?
• How much will the equipment be used for farming vs. personal use?
• Did you purchase any other major assets this year?
• What does your farm income look like this year?
• Are you expecting your income to increase or decrease next year?

08/12/2026

08/11/2026

Just because you buy something before December 31 doesn’t automatically mean you’ll save money on your taxes.

For a purchase to potentially provide a tax benefit, it generally needs to qualify under the tax rules and meet the requirements for a deduction or credit.

And remember…spending $1 to save money on taxes doesn’t mean you actually saved $1.

The bottom line is…don’t spend money just for the tax deduction. Make the purchase because it makes financial sense for you or your business, and then see whether it also provides a tax benefit.

08/10/2026

Parents, don’t leave money on the table!

Just to be clear…

We are NOT suggesting anyone have more kids just to get more money back from the IRS! 🤭

However…if you already have children, make sure you’re taking advantage of the tax benefits you may be entitled to.

The Child Tax Credit has now doubled to $2,200 per qualifying child, so depending on your situation, that can make a BIG difference when you file your taxes.

*Remember…not everyone will qualify for the full amount, and the credit depends on your income and other IRS requirements.

08/07/2026

Floor plan interest isn't just a financing cost. It’s also a tax planning opportunity. Many dealerships may benefit from special rules that allow full deduction of floor plan interest.