Rhymer CPA PC

01/24/2025

The Social Security Fairness Act is now officially law, and it’s great news for our public service heroes.

👩‍🚒 Who benefits? Service workers (like teachers, firefighters, police officers, and government employees) who couldn’t get full Social Security benefits before.
👮‍♂️ What’s changed? These workers get backdated payments of around $4,320 from January–December 2024.
🧑‍🏫 What else? They’ll see roughly a $360 monthly increase going forward.

To our public service heroes, THANK YOU. We see you, and we appreciate you.

01/23/2025

Did you think TikTok was gone for good? After being banned for 12ish hours, President Trump stepped in to perform TikTok CPR – giving the app 75 days before its fate is decided. Then the battle continues: Cooking videos, cringey dances, and comedy skits vs national security concerns.

President Trump’s “warm spot” for TikTok might mean it gets to live. But SHOULD it?

Not voicing an opinion here, just starting a conversation. 🙂

President Donald Trump has signed an executive order Monday to keep TikTok operating for 75 days, a relief to the social media platform’s users even as national security questions persist.

01/22/2025

Budgeting app or the old-fashioned paper method?

01/21/2025

You didn't think you'd heard the last of the BOI drama, did you? Last week, the New Civil Liberties Alliance (NCLA) urged the Supreme Court not to reinstate the (currently null) BOI reporting requirements. And just in case they don't cooperate, a group of Republican lawmakers introduced a bill on January 15th get rid of BOI reporting entirely.

But no one is for sure what the Supreme Court will do (or when a deadline might suddenly be enforced). So make sure you’re prepared – you could risk some serious penalties if you aren’t.

Have questions? Drop them in the comments below.

01/20/2025

ITIN is the new SSN – at least for non-U.S. residents. If you’re a nonresident earning income in the U.S. and not eligible for a Social Security Number, you’ll need an Individual Taxpayer Identification Number to file your taxes.

You can apply for your ITIN year-round. But don’t wait – during peak tax season (January 15 – April 30), processing can take months. To apply, just complete Form W-7 and provide proof of identity and foreign nationality status.

Have questions? We’d be glad to field them.

01/18/2025

The Tik Tok ban could mean a lot more than just a drought of cringey dance videos.

“Businesses across America depend on TikTok's unique ability to help them reach otherwise unreachable customers, generate new revenue streams and drive awareness of their brands, products and services."

What do you think? Would a Tik Tok-less world be an overall positive or negative?

TikTok will be banned in the United States on Jan. 19, 2025, after a federal appeals court rejected its bid to overturn the ban that President Biden signed in April. The law states that if TikTok's parent company, ByteDance, doesn't divest its ownership to non-Chinese companies, the app will be bann...

01/16/2025

Do you use your vehicle for your business? The IRS bumped up the mileage rate for 2025 to 70 cents per mile – up a whopping 3 cents from last year.

If you really want to take advantage of the mileage deduction, good record-keeping is a MUST. Don’t leave money on the table because of messy logs or missed miles.

We can help take the hassle out of tracking – just give us a holler.

01/15/2025

Did you say "I do" in 2024? Or maybe you said “I don’t” – and signed divorce papers. Either way, a change in your marital status means changes to your tax filing. Here’s what you need to do:

❗️Notify the Social Security Administration ASAP about name changes (or your refund could get delayed).
🏠 Update your address with the IRS, U.S. Postal Service, and your employer so you get tax documents and notices on time.
💰 Check your withholding – it might need adjustment.
🤔 Decide whether you’re filing jointly or separately. Run the numbers to see what makes the most sense for your situation.

Life changes can make taxes complicated. And if you’re unsure about all these changes, we can help simplify the process.

01/14/2025

Getting dizzy from all the recent BOI reporting changes? Here’s a quick recap (and what you need to focus on NOW):

On December 3rd, the original BOI reporting deadline – January 1, 2025 – was called off (thanks to the U.S. District Court for the Eastern District of Texas). The government appealed this decision, but the court upheld it. Not long after, the court reversed THAT decision – setting a new deadline of January 13th.

THEN, on December 27th, the reporting requirements were called off again. Got BOI whiplash by now?

So, the current status is: You DON’T need to file BOI reports. But DO stay informed, and keep your filing information handy in case of any sudden changes. And if you need any help with that, just give us a call.

01/13/2025

The IRS just announced the 2025 tax season official starting date: January 27. That's when they'll start accepting and processing tax returns.

Let's start getting you scheduled for your tax filing appointment. The sooner the better.

01/13/2025

Are you a fan of daylight savings? If you said yes, we have some concerns. (Not really).

Our new president apparently isn’t a fan. And the Trump administration could mean you’ll never have to change your clocks again.

President-elect Donald Trump wants to turn the lights out on daylight saving time. In a post on his social media site Friday, Trump said his party would try to end the practice when he returns to office.