McLucas & Company Inc

03/14/2026

https://www.irs.gov/newsroom/questions-and-answers-about-executive-order-14247-modernizing-payments-to-and-from-americas-bank-account?fbclid=IwdGRjcAQidGZjbGNrBCJ0W2V4dG4DYWVtAjExAHNydGMGYXBwX2lkDDM1MDY4NTUzMTcyOAABHgF0RETZahdkLiPMPMGLLtGoCjwWuzvRTWmQQ19J6pKyYPKCkFC7uTzA2_NB_aem_3Wt0hUPZ1ger8mWsI3fxMA

FS-2026-02, January 2026 — This Fact Sheet provides answers to frequently asked questions about the implementation of Executive Order 14247, Modernizing Payments To and From America’s Bank Account.

03/14/2026

Did you know the IRS does not have a current commisioner?

Update on IRS Commissioner position | Internal Revenue Service

IR-2026-36, March 13, 2026 — Consistent with applicable law and longstanding practice, the Secretary of the Treasury oversees the operations of all Treasury offices and bureaus, including the Internal Revenue Service. Secretary Scott Bessent’s service as Acting Commissioner of the IRS under the ...

02/28/2026

With AdminBooks – I just got recognized as one of their top fans! 🎉

02/28/2026

Today near the office.

02/22/2026

"No tax on tips" refers to a new U.S. federal tax deduction, part of the One Big Beautiful Bill Act (2025), allowing eligible tipped workers (like servers, bartenders, gig workers) to deduct up to $25,000 in qualified tips from their taxable income, reducing their overall federal income tax liability, though this benefit comes at tax filing time, not immediately in paychecks, and has income phase-outs for higher earners.

How It Works

Federal Income Tax Deduction: Instead of paying income tax on a portion of their tips, eligible workers can claim this deduction to lower their Adjusted Gross Income (AGI).
Maximum Deduction: The deduction is capped at $25,000 annually, phasing out for single filers with MAGI over $150,000 and joint filers over $300,000.
Eligible Occupations: The deduction applies to jobs where tips are customarily and regularly received, including food service, personal care, delivery, and entertainment, as defined by the Treasury Department.

How to Claim: Workers report qualified tips (from W-2, 1099, Form 4137) and claim the deduction when filing their federal income tax return, potentially leading to a larger refund or lower payment.
Not Immediate: Employers still withhold taxes from tips in paychecks; the relief comes later when filing taxes for that year.
Who Qualifies? Workers in roles like servers, bartenders, hair stylists, fitness trainers, delivery drivers, and gig workers who "customarily and regularly" receive tips are eligible.

What's Not Covered? The deduction generally excludes tips from "Specified Service Trade or Businesses" (SSTBs) like certain legal, financial, or health services, though transition relief might apply.
In Simple Terms It's a significant tax break for millions of tipped workers, reducing the federal tax burden on their tips by turning a portion of those earnings into a deductible expense, making more money available to them.

If you have any further questions or need help with preparation of your 2025 tax return please contact our office.

02/21/2026

Good morning and happy Saturday to you all. We will hope to post more often moving forward.

Here is a little about no tax on over time compensation.

There are many changes in tax law from new tax credits for elderly to no tax on certain type of employee compensation. McLucas & Company has up to date information and has detail for implementation of procedures to follow to benefit of tax law change.

02/17/2026

Change is more than just wishful thinking. Last year, World Vision contributed to 1,010 policy changes in 77 countries, addressing root causes of vulnerability.

Now that’s real change. And it begins with everyday people deciding to use their voices for good. Join us to create lasting change: https://ow.ly/prSt50YbUR0

02/17/2026

02/17/2026

Amen.

Save this reminder for later…
Even if it doesn’t feel productive.
Even if it feels slower than you hoped.
Nothing obedient is wasted.

02/15/2026

Who knows who this picture of me....is with???

03/12/2025