DK Bookkeeping Service

DK Bookkeeping Service Accounts Payable
Accounts Receivable
Journal Entries
Budgeting
Account Reconciliations
Payroll

10/07/2025

Bonus Senior Deduction: A new, temporary deduction of up to $6,000 for qualifying seniors. This bonus is per eligible individual and is not available to those who itemize.
The total deduction amounts, assuming your income is below the bonus deduction phaseout threshold, are:

Filing Status Base Deduction Additional Age Deduction Bonus Senior Deduction Total Deduction
Single $15,750 + $2,000 + $6,000 = $23,750
Married Filing Jointly (1 spouse 65+) $31,500 + $1,600 + $6,000 = $39,100
Married Filing Jointly (both 65+) $31,500 + $3,200 + $12,000 = $46,700
Head of Household $23,625 + $2,000 + $6,000 = $31,625

Income limits for the bonus deduction
The temporary $6,000 bonus deduction phases out for higher-income seniors.
For single filers and heads of household: The bonus begins to phase out if your Modified Adjusted Gross Income (MAGI) is over $75,000.
For married couples filing jointly: The bonus begins to phase out if your MAGI is over $150,000.
For every $1 your income is over these thresholds, your bonus deduction is reduced by 6 cents.

10/10/2022

The IRS has announced that Florida residents and businesses located within designated Federal Emergency Management Agency (FEMA) relief zones now have until February 15, 2023 to file their taxes. Accordingly, all counties within the state of Florida qualify for the newly extended due date. The postponed tax deadline includes tax filings and payments that have a due date starting September 23, 2022. The IRS will automatically provide the filing and penalty relief for any taxpayer with an address of record within a disaster area.

As part of the relief, 2021 individual income tax returns that were extended until October 17, 2022 are now due in February. However, since the 2021 tax payments were due by April 18, 2022, there will not be any late payment relief if remitted late. Furthermore, 2022 fourth quarter estimates due on January 17, 2023 are also extended to February 15, 2023.

Similarly, corporate tax filers with valid extensions through October 17, 2022 now have until February to file their returns. The relief also includes fiscal-year corporations that have due dates or extended due dates falling within the relief period.

Note that penalties for payroll taxes due on or after September 23, 2022 and before October 10, 2022, will be abated as long as the deposits are made by October 10th.

03/20/2021

As others are probably seeing, the next stimulus payments of $1,400 each are going out starting this week. The rules are similar to the last. Those making over $75,000 single and $150,000 Married Filing Jointly will not receive one. And like the others the money will go towards back child support and possibly other debts but shouldn't be taken if you owe Federal taxes. That is the latest and greatest with the stimulus payments. And if I hear more I will definitely pass the news along. Hope everyone has a sparkling weekend.

03/11/2021

With the approval of the new stimulus payments I am sure there will be a lot of questions. Give me time to gather the facts and I will be glad to answer those questions.

10/23/2020

Most individuals I speak to are asking about the stimulus check and affects it will have on their taxes. The IRS is classifying those payments as refundable credits, like Earned Income Credit, Education credits. Thus far there will be no tax burdens from those stimulus payments. But there are other business credits that companies were entitled to that helped them during the pandemic. One credit, specifically the PPP loan will need to be addressed by businesses. If you don't adhere to the rules and have your books in check you may owe the funds back. Be sure to have your books in order and if need assistance DK Bookkeeping Service is here to help. And remember my tagline "Accountants Have Nice Figures"

03/20/2020

UPDATE: IRS extends both tax filing and tax payment date to July 15.

Treasury Secretary Steven Mnuchin announced that tax day will be delayed from April 15 to July 15. He made the announcement on Twitter on Friday, days after announcing a deferral on tax payments but not on filing day.

“All taxpayers and businesses will have this additional time to file and make payments without interest or penalties,” Mnuchin tweeted.x payment date to July 15.

03/20/2020

FYI. The deadline to file your tax return is still April 15. The deadline to pay taxes has been extended to July 15. You can file an extension if you cannot file by April 15 but can still face penalties if taxes are owed.

02/13/2020

Being in my profession as an Accountant/Bookkeeper and having to study cows for clients is pretty intense. The bookkeeping is done differently depending on their purpose and in my field I am able to decipher that and provide quality service for my farming clients. If in the farming business and interested in my services just moooooove on over my way! 🙂🙂

09/06/2019

Tax season is almost upon us but don't wait until the end to keep your books in check. Still plenty of time to prepare and not have to stress come tax time when Uncle Sam starts showing up. And for quality work contact DK Bookkeeping Service where I care about your business as well.

06/08/2019

Tax season is over and it is business as usual for companies. But with bookkeeping there is more business to be done and many accomplishments to be made before next tax season. Most owners don't have time to deal with the day to day activities of their business and the paperwork that goes along with that. I can take care of your finances so you can run your business smoothly. Contact me and I will help your business run like a well oiled machine.

Address

Port Charlotte, FL

Website

Alerts

Be the first to know and let us send you an email when DK Bookkeeping Service posts news and promotions. Your email address will not be used for any other purpose, and you can unsubscribe at any time.

Shortcuts

Share