Praxis CPA, LLC

09/15/2025

https://www.facebook.com/reel/1062057365998944/?s=single_unit&__cft__[0]=AZVzjSiC7AnX3a9eZssx5VbS22SrAvaBlUYdHCCpB32bsL8C5rPb5gVOppcdmhyiLPGE5YQO7JsRFwDiP0gxgRTJyJh-sR_ITkqeYkk17pemNExeF80qWhkdGqbMdNqpXGgrTNwMa2sHw3DgWekq4n1dyyPmFtAm6HwSWcNcopr99zSLjVbhwhGZUX8Q6-sharqoCyaQ_v4Ph6S-7npHu0OT&__tn__=H-R

02/05/2025

01/17/2025

BREAKING: It was just confirmed by legal counsel at the Nebraska legislature that the taxpayers of Nebraska are being cheated out of a year of property tax credit for tax year 2024. In prior years, we reported the property tax credit for a year on the Nebraska income tax return which either increased the refund we received or decreased the balance due on the return. The last year that process was used was on your 2023 tax return. It is NOT used for the 2024 tax return. Instead, the legislature changed the rules and is now giving you a tax credit on your assessment to reduce your real estate tax payments made in 2025. They are not giving us a credit for property taxes paid in 2024. They try to spin the math (on a CPA, nice try) but eventually admitted that "it's not a lost year, you just won't receive the credit". For most of our clients, this is a lost tax credit ranging from $1,000 to $2,000 depending upon where you live and the value of your home. I encourage you to contact your legislator to voice your displeasure. Don't fall for the incorrect math that they'll throw at you. Track it through by TAX YEAR, not when the returns are filed or when the credits are paid/received.

https://nebraskalegislature.gov/senators/senator_list.php
Senator R. Brad von Gillern (402) 471-2621
Senator Rick Holdcroft - (402) 471-2642

Nebraska Legislature

01/03/2025

Are any other Nebraska property owners concerned about the gap in the property tax credit? Have you reconciled how and when the credits are being reported and paid? Tax paid for 2022 was refunded on the tax return filed for 2023. The tax credit, which would normally be reported on the 2024 tax return, has been removed from the tax return thanks to the legislature. The tax credit for 2024 will be received via an adjustment to the 2025 tax assessment. Where did the tax credit for 2023 go??? Seems to me there is a GAP. I encourage you to contact your legislators and get their take. Unbelievably, there is a disagreement between the legislators. Some agree that they are scamming us out of the 2023 tax credit while others argue they're not. PLEASE help me understand how we are NOT getting screwed. The math doesn't lie.

Side note: For those who are unaware of the Nebraska property tax structure, we pay real estate taxes in arrears meaning we pay LAST year's taxes THIS year so the timing of reporting is off a year.

12/11/2024

Fresh information from the FAQ page of FinCEN regarding the Corporate Transparency Act (CTA) and the Beneficial Ownership Information (BOI) reporting requirement. This post is for INFORMATIONAL PURPOSES ONLY. This information DOES NOT create a relationship between you and Praxis CPA and we have no future obligation to notify or update you of any changes that may occur. Neither I nor Praxis CPA are providing tax or legal advice by posting this information. We strongly recommend you consult with your legal counsel to determine the appropriate steps to take moving forward.

12/09/2024

Chat GPT was able to pass the Bar Exam but could not pass the CPA exam due to the complexity of the tax code. But, by all means, trust what it says over a professional CPA ….. NOT.

09/05/2023

PSA #271: If you get your tax and business advice at the “water cooler” (friends, TikTok, YouTube, etc), be prepared for the same kind of legal defense for your audit because you’ll likely have a hard case to argue and professionals will likely not touch it.

Seek out a tax/business professional. You don’t know what you don’t know and the do-it-yourself software options DO NOT ask all the right questions, contrary to what they might say.

07/05/2023

A new scam involves a mailing coming in a cardboard envelope from a delivery service. The enclosed letter includes the masthead and wording that the notice is “in relation to your unclaimed refund.” Don’t fall for it: https://ow.ly/t7Uv50P2K8k

01/03/2023

https://www.savingforcollege.com/article/roll-over-529-plan-funds-to-a-roth-ira?utm_source=mailchimp&utm_campaign=sfc_pro-update_2023_01-03&utm_medium=email

Congress passed a spending bill in December 2022 that included a provision that allows you to roll over a 529 plan to a Roth IRA. Here's what to know.