Harris Accounting & Tax Services, LLC

01/10/2026

Tax Season set to begin Jan 26, 2026.

The 2026 tax season starts on Jan. 26, according to the IRS. Here are some key things filers need to know.

01/09/2026

https://taxfoundation.org/blog/tax-refunds-one-big-beautiful-bill-act/?fbclid=IwdGRleAPMujdleHRuA2FlbQIxMQBzcnRjBmFwcF9pZAo2NjI4NTY4Mzc5AAEefygE4BzSfrL4zUJSkOZBnwWeyo3MpEub7x0IcuLYCQUNYG7ZtWtg5VhaVc8_aem_CPoln9vfHsa5c6ljuqoj_w

When taxpayers file their 2025 tax returns in 2026, many will see larger refunds than in recent years. That’s due to the One Big Beautiful Bill Act (OBBBA), which reduced individual income taxes for 2025 by an estimated $144 billion.

07/07/2025

More info I wanted to pass along about the new tax bill. Several clients have asked me about the 100% depreciation coming back. It is included in the new bill and is actually permanent going forward. As info, the concept is to allow businesses a full expense for an asset purchased after 1/19/25 in order to stimulate spending in the economy. The asset doesn’t necessarily have to be depreciated over its useful life.

07/05/2025

Been getting a few questions about Social Security on the new tax bill. Here are some details:

“No tax on Social Security" is not in the new One Big Beautiful Bill Act. There is however a provision for Seniors who are over the age of 65 are eligible for an extra deduction of up to $6,000.

If you are receiving Social Security retirement benefits and are not yet age 65, you do not qualify for the deduction.

If you are receiving disability and are not yet age 65, you do not qualify for the deduction.

You do not have to receive Social Security benefits to get the deduction.
It's age-dependent, not benefits-dependent. So if you've deferred your benefits to age 70 for example, then you can still claim the deduction if you've reached age 65.

It is NOT an exclusion, it's a deduction, which means you must still report your Social Security income on your tax return if you are required to file.

It is NOT refundable (so if the deduction is more than your income, you don't get a refund).

It is temporary (it expires in 2028).

It is available for those who itemize and those who do not.

It is subject to phaseouts, which means the deduction decreases as income increases. The phaseout kicks in at $150,000 for joint filers ($75,000 for all other taxpayers), and the deduction disappears completely once income reaches $250,000 for joint filers ($125,000 for all other taxpayers).

01/12/2025

The eFile start date has been set to 1/27. Looking forward to serving you again this year.

The Internal Revenue Service announced that the 2025 tax filing season will officially begin on Jan. 27, when taxpayers can file returns for the 2024 tax year.

01/18/2024

7 Days of Major Tax Changes to the upcoming tax season...

Day 7 - the IRS received from Congress, through the "Inflation Reduction Act", a massive amount of new funding over the next 10 years. 47% of the new funding of allocated for enforcement efforts - meaning additional tax collection efforts such as audits and IRS letters. Make sure to only use tax professionals who back up their work year-round (we do)!

01/17/2024

7 Days of Major Tax Changes to the upcoming tax season...

Day 6 - The IRS is targeting people who have been making money with cryptocurrency but not reporting or paying taxes on it. The IRS has successfully sued several of the biggest crypto exchanges to force them to give the IRS data about certain users for the purposes of collecting tax. 1099's will start to be issued on these as well, but that likely won't happen until 2025.

Stay tuned tomorrow for the final major tax change to the upcoming season!

01/15/2024

7 Days of Major Tax Changes for the upcoming tax season...

Day 5 - Student loan repayments have started up again (for most people) after the COVID induced "pause" in repayment requirements. To lighten the burden, the IRS has a new rule that allows certain employees to count their student loan repayment as a 401K contribution for the purposes of "employer matching". This could result in some "free money" being put into your 401K by your employer.

Stay tuned tomorrow for the next major upcoming tax change!

01/14/2024

7 Days of Major Tax Changes to the upcoming tax season...

Day 4 - The IRS is "beefing up" their self-service to handle more of your needs on their website, rather than needing to call the IRS by phone. You can now view much of your own tax info such as past due tax amounts, income amounts, etc. You will need an IRS Online Account, which can be created at https://www.irs.gov/payments/your-online-account.

Stay tuned tomorrow for the next major upcoming tax change!

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01/14/2024

7 Days of Major Tax Changes to the upcoming tax season...

Day 3 - "Green energy" tax credits for homeowners, landlords, and vehicle owners have changed and in some cases improved. If you invested into solar panels, energy efficient windows or doors, electric vehicles, please provide the details to your tax preparer to maximize any applicable tax breaks.

Stay tuned tomorrow for the next major upcoming tax change!

Home energy investments made in 2023 can reap significant tax credits.

01/13/2024

7 Days of Major Tax Changes to the upcoming tax season...

Day 2 - the government has put in place a new requirement for "smaller" business entities (20 or fewer full-time employees). The businesses, such as LLC's and corporations, must now file a "Beneficial Ownership Information Report" that gives info about who owns and controls the businesses.

Stay tuned tomorrow for the next major upcoming tax change!

Many companies are required to report information to FinCEN about the individuals who ultimately own or control them. FinCEN began accepting reports on January 1, 2024. Learn more about reporting deadlines.

01/12/2024

7 Days of Major Tax Changes to the upcoming tax season...

Day 1 - The IRS postponed a new rule that was supposed to take effect this year, which would have caused millions of people to receive 1099's for money received via digital payments such as Venmo, CashApp, and PayPal.

Stay tuned tomorrow for the next major tax change!

IR-2023-221, Nov. 21, 2023 — Following feedback from taxpayers, tax professionals and payment processors and to reduce taxpayer confusion, the Internal Revenue Service today released Notice 2023-74 announcing a delay of the new $600 Form 1099-K reporting threshold for third party settlement organi...