Sankofa Financial Group, LLC

Sankofa Financial Group, LLC Accounting, Tax and Wealth Management

https://youtu.be/nyrHcgwMIeA?si=4W6IB1YNnC456M1lCelebrating Black History this month and every month!
02/14/2026

https://youtu.be/nyrHcgwMIeA?si=4W6IB1YNnC456M1l

Celebrating Black History this month and every month!

Located in Tulsa, Oklahoma, this residential neighborhood known as Greenwood provided an opportunity for Blacks to accumulate wealth and make advancements du...

Get ready... it's almost time to start filing your 2025 tax returns.  Call us today or visit our website to schedule you...
01/09/2026

Get ready... it's almost time to start filing your 2025 tax returns. Call us today or visit our website to schedule your appointment!

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

Starting Sept 30, 2025, all federal payments will be processed electronically.Executive Order 14247 entitled “Modernizin...
09/23/2025

Starting Sept 30, 2025, all federal payments will be processed electronically.

Executive Order 14247 entitled “Modernizing Payments To and From America’s Bank Account” was signed on March 25, 2025. It states that “Effective September 30, 2025, … the Secretary of the Treasury shall cease issuing paper checks for all Federal disbursements inclusive of … tax refunds”. The Order also requires all payments made to the federal government be processed electronically.

Important points to note from the Executive Order:

• No paper refund checks will be sent to taxpayers after September 30, 2025.
• All federal disbursements including tax refunds, benefit payments and vendor payments will be made electronically.
• Payments made to the federal government (e.g. tax payments) must also transition to electronic payments.
• Limited exceptions will be made available for those who do not have access banking services, certain emergency payments, or national security activities.

While no formal guidance or instructions have been issued at this time by the IRS, we recommend that taxpayers should take the following steps to ensure compliance with the new requirements

• Establish an IRS online account at www.IRS.gov
• Verify banking details for electronic deposits and payments

It is important to note that this Executive Order only applies only to federal payments. State-level payments are not impacted and will continue to follow existing procedures.

https://www.whitehouse.gov/presidential-actions/2025/03/modernizing-payments-to-and-from-americas-bank-account/?utm_source=chatgpt.com

By the authority vested in me as President by the Constitution and the laws of the United States of America, it is hereby ordered:Section 1. Purpose.

Sharing this info for any senior in PG county who live in District 8 and may need assistance.   https://wjla.com/news/lo...
08/07/2025

Sharing this info for any senior in PG county who live in District 8 and may need assistance.

https://wjla.com/news/local/prince-georges-county-seniors-offered-millions-in-relief-funded-by-mgm-casino-revenue-resort-additional-revenue-maryland-dmv-seniors-retirees-benefits-taxes-housing-relief-medical-expenses?fbclid=IwY2xjawL-clpleHRuA2FlbQIxMQABHgcKqqiP-LJmBzILZlJA46y9os5QgEqEQ4fS4mjWz4NqfQxBoo97GJIVEYf7_aem_2Q2vf0T1KhlnkCM6ToHBNw

Thousands of seniors living in parts of Prince George's County can now access up to $5 million in financial relief to help with anything from mortgage, rent, pr

The Child Tax Credit will increase to $2,200 for your 2025 tax return.  Some of the eligibility requirements are going t...
08/05/2025

The Child Tax Credit will increase to $2,200 for your 2025 tax return. Some of the eligibility requirements are going to be more restrictive. Read all about it in this article.

President Trump’s ‘One Big, Beautiful Bill’ changes the federal child tax credit. Here's how.

Expect delays in return processing and communications with the IRS.  Per this article…“Over half of the IRS’s leadership...
08/01/2025

Expect delays in return processing and communications with the IRS. Per this article…

“Over half of the IRS’s leadership has left this year and a quarter of the agency’s staff of 100,000 is gone after President Donald Trump’s initiatives to shrink the federal government.”

Two highly placed IRS leaders were put on administrative leave Tuesday, according to a person familiar with the situation.

Are you considering purchasing a new car?  You may be able to deduct up to $10,000 of interest on your 2025 tax returns ...
07/31/2025

Are you considering purchasing a new car? You may be able to deduct up to $10,000 of interest on your 2025 tax returns if the meets the qualifications and if you meet the income limits. This article provides a good overview of this new tax deduction.

To fulfill Trump's campaign promise, GOP lawmakers are offering a tax deduction for auto loan interest. How will it work?

The OBBBA includes a new cap on gambling losses.  Starting in 2026, you will only be able to deduct 90% of your gambling...
07/29/2025

The OBBBA includes a new cap on gambling losses. Starting in 2026, you will only be able to deduct 90% of your gambling losses against your winnings. This will result in paying taxes on 10% of your gambling winnings evening if you have a net loss or break even. For 2025 you will still be able to deduct 100% of your losses up to but not exceeding you gambling winnings.

A gambling losses tax deduction cap in Trump’s “big beautiful bill” is causing an uproar. Here’s what you need to know.

The new tax bill includes several changes for how funds in 529 plans can be used.  The list of covered expenses for K-12...
07/27/2025

The new tax bill includes several changes for how funds in 529 plans can be used. The list of covered expenses for K-12 has been expanded, licensing and CEUs are covered, and the K-12 distribution limit has been doubled. Curriculum materials (hello homeschool families!) and tutors are now covered. Read all about it...

Tax planning idea - most states allow a deduction for funds contributed to their state sponsored 592 plan. Homeschool families and parents with children attending private schools should max out their 529 contribution and then use the funds to pay for the current year education expenses.

Learn how the 2025 Big Beautiful Bill expands 529 plan uses, boosts ABLE account options, and introduces Trump accounts for long-term child savings.

Stay alert!  Don’t click on a link in any email unless you know and trust the sender.  If it seems suspicious, call the ...
07/24/2025

Stay alert! Don’t click on a link in any email unless you know and trust the sender. If it seems suspicious, call the IRS to confirm the validity of the email.

Beware of phishing schemes aimed at stealing your identity through fake emails, including those directing you to click on fraudulent links to obtain your tax documents or “account summary.” See: www.irs.gov/phishing

Many clean energy tax credits are expiring this year including electric vehicles, solar panels, heat pumps and water hea...
07/23/2025

Many clean energy tax credits are expiring this year including electric vehicles, solar panels, heat pumps and water heaters. This article provides the dates that each credit will expire. You may need to move quickly if you want to take advantage of these credits before they're gone!

The One Big Beautiful Bill is quickly sunsetting tax credits for all sorts of clean energy purchases—from EVs and heat pumps to batteries and solar panels. If you want to claim them, here are the dates each are ending.

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9101 Cherry Lane, Suite 101
Laurel, MD
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