TJ Marshall Tax Service & Accounting

01/22/2026

01/22/2026

It's Tax Time let's Goo!!!!

01/05/2026

It’s Tax Time!!!! Let’s Goooooo!!!!!

02/26/2025

Increased Standard Deductions and IRA Contribution Limits for 2024

Several key deductions and account contributions limits have increased from 2023 to 2024. In particular, standard deductions rose to $14,600 for single filers and married people filing separate returns, $21,900 for head of household filers, and $29,200 for joint filers. All of these figures represent increases of at least $750 over 2023 levels.

The annual contribution limit for IRAs also increased by $500 in 2024, up to $7,000 for people under 50 years old, and $8,000 for those of age 50 or older. If you have not yet reached this limit, then you may still make 2024 contributions to your traditional or Roth IRAs up until April 15, 2025.

A tax professional can help you take advantage of these and other IRS rule changes for 2024, and file your return electronically to get your refund as quickly as possible.

02/24/2025

FinCEN Updates BOI Reporting Deadlines

Under the rules of the Corporate Transparency Act (CTA), most U.S. companies, including many small businesses, must disclose ownership information to the federal government. Specifically, affected business entities must file a report of beneficial ownership information (BOI) with the federal Financial Crimes Enforcement Network (FinCEN).

Originally, FinCEN set a BOI reporting deadline in early January 2025 for all affected businesses that were founded before the end of 2024. However, that deadline was suspended multiple times due to pending litigation related to the CTA. Recently, FinCEN officials announced the following, updated filing deadlines:
- For businesses that were previously given deadlines after March 21, 2025 (for example, due to disaster-related filing extensions), those deadlines remain in place.
- For all other affected businesses, the deadline to file an initial or updated BOI report is now March 21, 2025.

Multiple court cases related to the CTA are still ongoing, and Congress is debating legislation that would further delay the first BOI reporting deadline. In addition, FinCEN is considering additional deadline extensions and/or exemptions for some small businesses. Note that most sole proprietorships are already exempt from BOI reporting requirements.

02/20/2025

IRS Online Account Setup Scams – Did You Know?

Each year, the IRS issues a list of the most prevalent scams that put taxpayers' identities and hard-earned money at risk.

In the IRS Online Account scam, the scammer contacts a taxpayer, posing as a representative of a supposedly helpful service for people with limited computer skills. The scammer offers to help the taxpayer set up an online IRS account, asking for sensitive information like the taxpayer's address, photo ID, and Social Security number (SSN) or Individual Taxpayer Identification number (ITIN). The scammer then sells this information to criminals, who use it for tax fraud and other forms of identity theft.

The IRS warns taxpayers that ANY such offer is a scam. Most people can readily set up their own IRS online accounts by following the instructions at irs.gov. If you do need help, only seek it from a trusted person, like a family member or tax professional.

IRS Online Account: https://www.irs.gov/payments/your-online-account.

02/18/2025

Potentially Taxable Income - Did You Know?

In addition to any wages you received as an employee (usually shown on Form W-2), other types of income that you may need to report include:

- Earnings from self-employment activities like freelancing or gig economy work
- Revenue from selling crafts or other goods online
- Investment income like dividends, interest and capital gains
- Prizes, awards or gambling winnings
- Earnings from part-time or seasonal work, or from offering services through a mobile app
- Gains from transactions involving cryptocurrency or other digital assets

Note that certain types of income, such as child support, may be excludable from the total income you report on your tax return. A tax professional can help you determine whether you qualify for any income exclusions, and help you properly report all of your other income to ensure a hassle-free filing season.

02/14/2025

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02/13/2025

Gathering Important Tax Filing Documents

The surest way to get your tax refund quickly is to e-file an accurate, complete return. In order to do that, you may need to reference a variety of tax documents. In addition to your Social Security Number (SSN) or Individual Taxpayer Identification Number (ITIN) and the SSN/ITINs for your spouse and dependents, you may also need:

- Income statements like W-2s and 1099s
- 1098 forms showing expenses that may qualify you for tax deductions or credits, like mortgage or student loan interest, charitable contributions or college tuition
- Form 1095-A (Health Insurance Marketplace statement)
- Records of transactions involving digital assets like cryptocurrency or NFTs
- Purchase records for any vehicle that qualifies for the Clean Vehicle Credit
- Any IRS notices you have received
- Bank account and routing numbers to set up direct deposit of your refund

Once you have gathered up all these materials, a tax professional can help you file your return electronically with direct deposit, to ensure the fastest possible processing.

02/11/2025

Duplicate Dependent Claims – Did You Know?

Under IRS rules, two different people cannot claim the same dependent on their tax returns. Therefore, the IRS has historically rejected any e-filed return where a person claimed a dependent who was already listed on a return filed by someone else. In such cases, the second filer had to submit their return on paper, causing lengthy processing delays. However, a new IRS policy for overlapping dependent claims has taken effect this filing season.

This year, the IRS will accept an e-filed return that duplicates a dependent claim from another return, as long as the second return includes an IRS identity protection ID number (IP PIN). You can obtain a 2025 IP PIN for free through the IRS website (link below). Once you have your IP PIN, you must include it on all tax forms you submit to the IRS this year, which will protect you against other people filing false tax forms in your name.

Although this new rule means that more e-filed returns will be accepted, the IRS will still investigate duplicate dependent claims to determine who may rightfully claim the dependent. A tax professional can help you properly identify your dependents, and help you obtain an IP PIN and e-file your return for secure, fast processing.

Get an IP PIN: https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin