Burr Business Service

Burr Business Service Personal and business taxes, payroll and consultation. IRS representation.

05/29/2026

FYI The Treasury Dept introduced a mobile app Thursday enabling families to access Trump accounts... The new tax deferred accounts for children born between Jan, 1 2025 and Dec 31, 2028....

Stay tuned

05/26/2026

Ok, A big one...US Court of Federal Claims ruled Kwong vs US that the entire covid-19 period plus 60 days any underpayment interest and failure to file or failure to pay penalties can be refund... Refund opportunity for taxpayers fell within this period. This meas the 2019, 2020, 2021, 2022 tax filing for business and individuals should file a form 843 to claim refund and request for abatement... Of course the IRS is appealing this so it may be awhile but don't miss out on the opportunity. Filing a form 843 protective claim assures the outcome when all the sand settles.

Stay Tuned.

Barbara

04/30/2026

Hello all: It was a busy year... As some of you know Lisa the front desk is retiring. Yesterday was her last day with Burr Business Service, after 13 years of service..,We will miss her truly. She help me make this a great business over the years and was a dependable soul. Most of you have meet Carrie the new face at the front desk, she is there to help you just as we have always done.

Lisa stop by and visit us but have loads of fun.

All of the staff at Burr's
Just in case you got the reply email... Barbara is not retiring. Sorry for the confusion.

01/22/2026

Overview of the new deduction on Car Loan Interest

Effective 2025 through 2028, individuals may deduct interest paid on a loan used to purchase a qualified vehicle for personal use that meets other eligibility criteria. Lease payments do not qualify.
Maximum annual deduction is $10,000.
Phases out for taxpayers with modified adjusted gross income over $100,000 ($200,000 for joint filers).
What counts as qualified interest

Interest must be paid on a loan that:

Originated after December 31, 2024
Was used to purchase a vehicle originally used by the taxpayer
Was secured by a lien on the vehicle
Was for a personal-use (nonbusiness) vehicle

01/22/2026

Overview of the deduction Overtime

Effective 2025 through 2028, individuals may deduct the portion of qualified overtime pay that exceeds their regular rate of pay (for example, the “half” portion of “time-and-a-half”).
Overtime must be reported on Form W-2, Form 1099, another statement furnished to the individual, or directly by the individual.
Maximum annual deduction is $12,500 ($25,000 for joint filers).
Phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).

01/22/2026

Overview of the deduction Tips

Effective 2025 through 2028, employees and self-employed individuals may deduct qualified tips they received in occupations the IRS identified as “customarily and regularly receiving tips” on or before December 31, 2024, and are reported on a Form W-2, Form 1099, another statement furnished to the individual, or on Form 4137 if the individual directly reports the tips.
“Qualified tips” include voluntary cash or charged tips received from customers, including shared tips.
Maximum annual deduction is $25,000.
For self-employed individuals, deduction cannot exceed net income (before this deduction) from the trade or business where tips were earned.
Phases out for taxpayers with modified adjusted gross income over $150,000 ($300,000 for joint filers).

01/22/2026

Overview of the deduction

Effective 2025 through 2028, individuals age 65 and older may claim an additional $6,000 deduction.
This is in addition to the standard deduction for seniors available under existing law.
Applies per eligible individual (or $12,000 for a married couple if both spouses qualify).
Phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).
Who qualifies

You must be age 65 on or before the last day of the tax year.
Available for eligible taxpayers (both itemizing and non-itemizing).
How to claim the deduction

Include your Social Security number on the return.
File jointly, if you’re married.

01/19/2026

Office hours: We are here Mon-Fridays 8-4:30.. WE start Saturdays February 7th...See you soon.

01/15/2026

The IRS is phasing out most paper refund checks after Sept. 30, 2025, as part of a broader transition to electronic transactions. The change applies to 2025 tax returns filed in 2026. Taxpayers who do not provide direct deposit information may experience refund delays and receive an IRS request to update banking details within 30 days. Fourth quarter estimated payments are due Jan. 15, 2026. Taxpayers can choose from several electronic payment options, including IRS Direct Pay, IRS Online Account payments, EFTPS and electronic funds withdrawal when filing electronically. Debit card, credit card and digital wallet payments are also available, though fees may apply. Although electronic payments are strongly encouraged, the IRS will still accept paper checks

01/05/2026

Let's talk tax... It is that time. If you have not gotten the news letter email us and we will send you one.
As we know things are a changing. All standard deductions are up and larger for those over 65 years young.
Auto loan interest deduction Pre agi
2026 Charity Deduction Pre agi

Phase out amounts up. Limits for 2026 set. No tax on tips, over time and ss, hum not really... Let us explain.

Tax on tips oh ya no tax on tips if if you don't have income over 150k single and only 25k deduction.
No tax on overtime...... 12500 single and 25000 mfj only if your combine income is lower than 150k/300k only the amount over regular hour amount...W-2 box 19
Both of the above are not reported correctly in 2025 so ask your prepare for the last guidance, we are waiting......

If you have an Health Saving account....Ask me during interview... It is a great thing to save with and not use till later...

Things to remember::::

Mortgage Interest Limit only on the first 750k mortgage... If you barrow more than that it is not deductible.
Salt Limits increase
New charitable deduction floor
Eliminate 2% floor miscellaneous itemized.
Section 199a deduction permanent...QBI 20%
1009-NEC/Misc reporting limit 2000 starting in 2026
Section 129 Education Fringe Limit increased to 7500
Bonus Depreciation back at 100%
Section 179 Increased
Research Exp Deductible
Increase Child Tax Credit
New Trump Savings Acct
Estate Tax Limit
529 Qualified Expanded
AMT Exemption
Energy Credits Termination

Ok I am tired now...Yikes what will next year bring as they try to fix more things.....Or make them worse. Who knows.

Stay Tuned

Address

1655 S 25th Street
Lincoln, NE
68502

Opening Hours

Monday 8am - 4pm
Tuesday 8am - 4pm
Wednesday 8am - 4pm
Thursday 8am - 4pm

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