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Newman's Investment & Tax Services LLC

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Lansing, IL
Newman's Investment & Tax Services LLC

Been in business for 22 Years. We provide fast, accurate, computerized tax returns! We offer E-filing. Newman's Investment & Tax Services, LLC.

Is a locally owned and operated company that is based on the steadfast belief that our customer's needs are of the utmost importance. We specialize in various accounting and tax preparation services, which include but are not limited to, Financial Statements preparation, Individual and Corporate tax preparation, IRS & State audit support, Bookkeeping and Records management and Business consultatio

n. We would welcome the opportunity to earn your trust and deliver you the best service in the industry.

01/28/2026

New Tax Form for Deductions Created by OBBBA – Did You Know?

The One Big Beautiful Bill Act (OBBBA) created multiple new deductions that people may take even if they do not itemize deductions on their tax returns. Unfortunately, traditional federal tax forms do not include space to claim these deductions. To address this problem, the IRS has introduced a new 2025 tax form called Schedule 1-A (Form 1040), Additional Deductions.

You will need to complete Schedule 1-A and include it with your return if you qualify for any of the following deductions:
- No Tax on Tips
- No Tax on Overtime
- No Tax on Car Loan Interest
- The Enhanced Deduction for Seniors (age 65 or older)

Several of these deductions require you to provide a significant amount of information about yourself and/or the basis for your deduction amount. A tax professional can help you properly file Schedule 1-A to take full advantage of every deduction available to you.

01/26/2026

Tax Filing Season Begins

The IRS has opened the 2026 tax filing season and is now accepting 2025 returns, with the federal filing deadline set for Wednesday, April 15, 2026. Most refunds are generally issued within 21 days, especially when e-filing and opting for direct deposit. Taxpayers claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) can expect most refunds by March 2, 2026, with projected deposit dates available through Where's My Refund? by February 21.

01/24/2026

Don’t guess your taxes. Let a Accounting professional handle it 💼💰📲 Scan the QR code

01/20/2026

2026 Standard Business Mileage Rates – Did You Know?

The IRS has announced that the standard mileage rate for business use of a vehicle will be:

Business: 72.5 cents per mile
Medical care or moving (certain active-duty military only): 20.5 cents per mile
Charitable: 14 cents per mile

Taxpayers may choose between the standard mileage rate or deducting actual vehicle expenses, but using actual expenses in the first year generally requires continuing that method in future years. A tax professional can help you determine whether you qualify to deduct business vehicle expenses, and if so, help you find the most advantageous strategy to figure your deduction.

01/12/2026

2026 Tax Filing Season Start

The IRS has announced that the individual federal tax filing season for the 2025 tax year will begin on January 26, 2026. The current deadline to file 2025 federal income tax returns and pay any taxes owed is April 15, 2026, unless an extension is requested or a taxpayer qualifies for additional relief.

Although IRS systems typically open for electronic processing on the official start date, taxpayers do not need to wait until then to begin preparing their returns. You can gather documents, organize income and deduction records, and even complete your tax return in advance so it is ready to file as soon as the IRS begins accepting submissions. Starting early may help reduce errors, speed up refunds, and provide more time to address unexpected issues, such as missing forms or questions about eligibility for credits and deductions.

01/11/2026

Health Savings Account Changes – Did You Know?

The One Big Beautiful Bill Act (OBBBA) made several changes to the eligibility rules for health savings accounts (HSAs). With an HSA, you can set aside money on a pre-tax basis to cover future healthcare costs, and later withdraw funds from the account tax-free to pay qualifying expenses. The new rules allow more people to create and contribute to HSAs.

In general, you must have health insurance classified as a high-deductible health plan (HDHP) in order to contribute to an HSA. However, beginning January 1, 2026, health insurance plans classified as bronze or catastrophic will generally be considered HSA-compatible. Therefore, people who participate in these plans may still be eligible to contribute to an HSA. This new rule applies both to plans purchased through the official Health Insurance Marketplace (also called the Exchanges) and those purchased elsewhere.

Similarly, as long as they meet other eligibility rules, people who enroll in direct primary care (DPC) arrangements may qualify to contribute to HSAs, and use HSA funds to pay DPC fees. In addition, the OBBBA extended rules enacted during the pandemic that allow HDHPs to cover telehealth and video doctor visits before a person has met their plan deductible. A tax professional can help you determine whether you qualify to contribute to an HSA, and if so, help you plan contributions and withdrawals to maximize tax benefits.

12/29/2025

IRS Issues Additional Guidance for "No Tax on Tips" Deduction – Did You Know?

The One Big Beautiful Bill Act (OBBBA) specifies that only tips separately reported on a year-end tax document like a W-2 or 1099 form qualify for the new "no tax on tips" deduction. However, the current versions of those forms do not necessarily allow for reporting that complies with the OBBBA requirement. Therefore, the IRS will allow eligible tipped employees and self-employed people to use alternative methods to figure the deduction for 2025.

Under these special, temporary rules, qualifying tip recipients may be able to use any of the following as the basis for their deduction:
- Tips shown in box 7 of Form W-2 (Social Security tips)
- Tips properly reported to an employer, even if the tips do not separately appear on a W-2 form
- Tips recorded separately in detailed records of self-employment income, even if the tips are not specifically reported on a Form 1099

If you are eligible to claim the "no tax on tips" deduction, the maximum annual deduction is $25,000, subject to income limits, with a phase-out range beginning at a modified adjusted gross income (MAGI) of $150,000 for individuals, or $300,000 for joint filers. A tax professional can help you determine whether you may deduct tip income on your tax return, and if so, help you properly compute your deduction amount.

12/22/2025

'Tis the Season to Prepare for Tax Time – Start Assembling Important Documents Now

With a New Year fast approaching, tax filing season cannot be far behind. Taking a few simple steps to prepare over the next several weeks can significantly reduce stress when you complete your return. First, make sure you have important records readily at hand, like last year's return and receipts for deductible expenses or donations. Second, keep your eyes out for year-end income statements in January and early February. These documents may include:

- W-2 forms from employers
- Forms 1099-NEC and/or 1099-MISC showing your income from sources like rents, self-employment activities (such as gig work) and royalties
- Forms 1099-INT and 1099-DIV showing interest, dividends and other investment income

Other important forms you might receive include Forms 1095-A (Health Insurance Marketplace Statement) and 1098-T (Tuition Statement). Also remember that you must answer questions about your involvement with digital assets like crypto on your tax return, and report any resulting income. Make sure you have complete records of all your 2025 digital asset transactions, so you can meet these reporting requirements.

12/15/2025

Holiday Season Gift Card Scams – Did You Know?

Gift cards, both physical and digital, often make perfect holiday presents. Unfortunately, they are also very popular targets for scammers. The IRS recently issued a reminder to all Americans to stay vigilant about gift card fraud throughout this holiday season. Many scammers impersonate the IRS or other government agencies, and threaten people with arrest if they do not immediately obtain gift cards to pay fictitious tax penalties or fines.

Remember, the IRS will never call to demand a specific form of immediate payment such as gift cards, prepaid debit cards or wire transfers. The IRS also does not threaten to dispatch local police or immigration enforcement agencies to arrest someone who does not pay. In many cases, the IRS first sends a bill through the mail, with a letter acknowledging the person's right to appeal the judgment.

If you receive any request from someone you do not know to send gift cards or share the identifying numbers from those cards, do not respond. Hang up or delete the text, voicemail, email or social media message, and do not call back or click on any links.

12/08/2025

Healthcare Open Enrollment Deadline

This is the final week to sign up for coverage through HealthCare.gov that will begin in January of next year. The open enrollment period ends next Monday, December 15, 2025, for plans that start on January 1, 2026.

Enrollment can be done at https://Healthcare.gov, and a simple checklist of documents you'll need can be found here: https://marketplace.cms.gov/outreach-and-education/marketplace-application-checklist.pdf.

12/02/2025

Giving Tuesday and Charitable Donations - Did You Know?

Giving Tuesday is an annual event that highlights charitable giving after Thanksgiving.

If you are considering charitable donations, you may be able to donate to a Donor-Advised Fund (DAF) every two or three years instead of every year. This may qualify you to receive tax benefits now, allow the amount to grow tax-free, and the decision on which qualified charity to fund can be made later.

If you are 70.5 years or older, you may also be able to make a qualified charitable distribution (QCD) directly from your IRA this year which can allow the donation to be excluded from your taxable income. A tax advisor can help you structure your charitable giving.

The IRS has released a tool to make it easier to get information about qualified charitable organizations. The Exempt Organizations Select Check tool can be found at: https://www.irs.gov/charities-non-profits/tax-exempt-organization-search.

Address

18525 Torrence Avenue, Ste F3
Lansing, IL
60438

Opening Hours

Monday	9am - 6pm
Tuesday	9am - 6pm
Wednesday	9am - 6pm
Thursday	9am - 6pm
Friday	9:30am - 5pm
Saturday	10am - 2pm

Telephone

(708) 552-3215

Website

http://www.newmanstaxllc.com/

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