Foos-Garvin Accounting, Inc. - Ostrander

05/29/2026

Ohio Sales Tax Holiday - Save the Date - August 7th - 9th

https://tax.ohio.gov/business/sales-and-use-tax/sales-tax-holiday

04/15/2026

09/25/2025

09/01/2025

Closed Monday. Open Tuesday - Friday this week. 9am-5pm

08/11/2025

Meet Kate

08/06/2025

Ohio Sales Tax Holiday
August 1, 12:00 a.m. – August 14, 11:59 p.m.

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07/08/2025

What You Need to Know About the New Tax Law – “The Big Beautiful Bill”

Dear Valued Client,

Congress recently passed a sweeping new tax law known as the “Big Beautiful Bill.” This legislation brings several major changes aimed at simplifying taxes and providing relief to families, workers, and small businesses. This bill is one of the most impactful laws to be passed in 30 years. It will take some time to digest and fully understand the extent of these changes for you and your tax life. We are committed to getting accurate information in your hands as quickly as possible. At Foos-Garvin Accounting, we’re here to break it down in plain English so you can feel confident moving forward.

The following information is some key components of the bill:

Key Takeaways from the Big Beautiful Bill:

1. Lower Tax Rates for Most Individuals and Families
Tax brackets have shifted downward slightly for most income levels, meaning many taxpayers may see modest reductions in their overall tax liability beginning in 2025.

2. Expanded Standard Deduction
The standard deduction has been increased again, helping more taxpayers avoid itemizing and simplifying the filing process.

3. Enhanced Child Tax Credit (CTC)
The Child Tax Credit has been temporarily increased and partially expanded to cover more families. Some may see higher refunds as a result.

4. Small Business Boosts
For our business clients, Section 199A (the 20% qualified business income deduction) remains intact and slightly expanded for some industries. Equipment expensing limits under Section 179 have also been increased, which is great news for those investing in tools, vehicles, and technology.

5. 1099-K Threshold Delayed Again
The reporting threshold for third-party payment platforms like PayPal, Venmo, and Square remains at $20,000 and 200 transactions for now. This delay helps protect casual sellers and side-hustlers from confusion.

6. Capital Gains Adjustments
Some capital gains brackets have been modified, but the favorable long-term rates still apply for most investments held over a year.

Important Clarification:

This bill does not eliminate taxes on Social Security income.
Despite some circulating rumors and headlines, Social Security benefits may still be taxable depending on your total income. If you file jointly and your combined income exceeds $32,000, a portion of your Social Security may still be taxable, just like before.

What Should You Do?

We recommend scheduling a mid-year review with our office to assess how these changes may impact your 2025 return. With proper planning, you may be able to take advantage of new deductions, credits, or timing strategies under the updated law.

As always, we are committed to helping you keep more of what you earn — with clarity, strategy, and peace of mind.

Warm regards,
Jared Foos, EA
Foos-Garvin Accounting, Inc.

06/27/2025

IRS processing delays for electronic payments

02/20/2025

Current BOIR filing due date is March 21, 2025