CPA Myra Carlisle & Company, PC

05/04/2026

FYI: Calculating no tax on overtime for tax year 2025.
The employer reports total overtime earnings. The reported amount is the overtime rate, which is your regular pay multiplied by 1.5 = O.T. Rate.
Tax preparation rules: ONLY the overtime portion is exempt from tax. In accordance with IRC (Internal Revenue Code) the overtime paid is divided by 3 to determine the .5 portion equal to overtime. This is the tax-exempt portion of overtime.

Circular 230 Notice: This written advice was not intended to be used, and cannot be used by anyone for the purpose of avoiding penalties that may be imposed by any and all applicable federal, state or local tax provisions.

04/17/2026

Effective May 1 through June 30, 2026, state grocery tax rate on food suspended Act 2026-604 suspends the state sales and use taxes on food items for two months. City and county sales and use tax rates on food are not affected by this act.

Source: My Alabama Taxes

04/15/2026

To every thing there is a season...

04/12/2026

Yes, the office is open year-round. Tax season never truly ends with extensions, business taxes, etc.

04/12/2026

Gov. Ivey would like to thank all of you who did NOT itemize on your state returns. You paid too much state tax. Always remit itemized deductions. Alabama itemized deductions also include social security withheld on your W2. The Alabama standard deduction varies based on filing status and Adjusted Gross Income (AGI), and starts at a mere $3,000. Throughout tax season I have prompted clients to provide their itemized deductions. Many opt not to itemize. Reference the checklist on my website:

(A Customized Tax Organizer is available for all existing clients upon request.  A general tax organizer is available on the client management page.)

04/12/2026

Tax MYTH of 2025/2026 - that there is no tax on social security. This is simply NOT true.

04/12/2026

FYI Y'all need to know - Short Term Capital Gains are taxed as ordinary income, NOT at the lower capital gains rate.

04/12/2026

The End is Near. Clients - text the office if you need an extension. Be sure to include your name. 205-884-4829

04/06/2026

An extension of time to file (typically Form 4868) gives you an extra six months—until October 15—to submit your federal tax return, but it does not grant more time to pay any taxes owed. You must still estimate and pay your taxes by the April deadline to avoid penalties and interest. irs.gov

04/02/2026

The office is open on April 3rd - Good Friday.