MIDWEST Tax Group, Inc.

10/27/2026

Some of the most commonly missed tax write-offs are the deduction of state sales taxes, out-of-pocket volunteer expenses (including mileage) and the deduction for student loan interest paid by parents.

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10/27/2026

Did you receive an unexpected IRS tax refund? The IRS recently announced that it began issuing automatic tax refunds to over 50,000 taxpayers who have unused Adoption Tax Credits from prior years. Eligible taxpayers can receive a refund of up to $5,000 per eligible child, depending on the amount of your unused adoption tax credit and your overall tax liability. There is NO ACTION required. The IRS is automatically sending refunds to those that qualify. You will receive a letter from the IRS within 30 days of receiving the automatic payment that will explain the refund. Please be sure to include this letter with your tax documents when you bring them to the office or upload them to our secure portal.

10/23/2026

👜CALLING ALL HANDBAG LOVERS! 👜

We are actively looking for donations of designer handbags and purses for our
December Facebook Live Sale. 🎉

📅 SAVE THE DATE: Saturday, December 5, 2026!

🔴Donation Drop off locations:

Holly’s House of Hope
MWF 10:30AM-1:30PM

Myrtle and Grace
Tuesday-Friday 10:00AM-5:30PM
Saturday 10:00AM-2:00PM

Please email us at [email protected] with any questions! More details to come.

10/20/2026

Did you know that filing your tax return electronically actually helps to prevent identity theft? It is true according to the IRS. Electronic filing also reduces errors and speeds up refunds.

10/13/2026

Do you have realized capital gains for 2026? If so, you may want to speak to your financial professional about selling any underperforming investments to offset the capital gains before 12/31/2026.

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09/29/2026

For 2026, elective deferrals for 401K and similar plans is capped at $24,500 with a catch-up limit of $8,000 for workers aged 50-59 & 64+. Did you know there is a “super” catch-up limit of $11,250 for those aged 60-63 (if allowed by your plan)? This enhanced $11,250 super catch-up created by the SECURE 2.0 Act applies to certain workplace plans (like 401(k)s, 403(b)s) and specific employer-sponsored accounts like SIMPLE IRAs, not standard individual IRA’s. Traditional and ROTH IRA limits are $7,500 with a catch-up limit of $8,600 for those over the age of 50.

09/15/2026

The annual federal gift tax exclusion for 2026 is $19,000. It is projected to be between $19,000
to $20,000 per recipient for 2027. The IRS will confirm the total exclusion amount by late 2026.
The lifetime exemption starts at $15 million and will be adjusted for inflation.

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09/08/2026

The USDA has announced its annual adjustments to the Child and Adult Care Food Program
(CACFP) payment and reimbursement rates, effective July 1, 2026 - June 30, 2027. For Tier 1
day care homes in contiguous states, the 2026-27 rates are $1.74 breakfasts, $3.31 lunch or
supper, and $0.98 for each snack. Tax law allows the deduction of up to 3 snacks per day per
child, even though food program does not. These adjustments reflect changes in the consumer
price index.

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09/03/2026

Tax tip for the 2026 filing season: Effective for the 2026 filing season, the threshold for issuing a 1099-NEC jumps from $600 to $2,000. You must issue an unincorporated independent
contractor or vendor a Form 1099 when your trade or business pays $2,000 or more for services during the calendar year.
RECOMMENDATION: Make sure to collect a completed W-9 form BEFORE you make the payment. Sometimes it is hard to collect one after the payment has already been made.

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08/25/2026

The Treasury said in a recent news release that FinCEN is issuing a final rule permanently
removing the requirement for U.S. companies and U.S. persons to report beneficial
ownership information (BOI) to FinCEN under the Corporate Transparency Act, Title 64 of
P.L. 116-283. For those who already complied with the requirement, their information will
be removed from the BOI database. We are thrilled that this is no longer a burden for the
small businesses that we work with!