Carmel Minogue CPA & Associates

10/06/2025

Separated or Divorced? Know Your Tax Obligations. If a couple gets separated or divorced, it affects tax obligations. The IRS considers couples married for tax purposes until a final decree is issued. After separating or divorcing, update your Form W-4 with your employer and check withholding using the IRS estimator.

10/03/2025

Are you a Senior age 65 or older? If so, for 2025 through 2028, individuals age 65 and older may be able to claim a new senior deduction of up to $6,000, subject to income-based phaseouts. This deduction is available whether or not the taxpayer itemizes. It begins to phase out when modified adjusted gross income (MAGI) exceeds $75,000 ($150,000 for married couples filing jointly). Give us a call if you need more information.

09/30/2025

ADOPTION CREDIT BENEFIT: For 2025, the maximum credit is $17,280 per adoption. But the credit phases out at higher MAGI levels than the CTC and COD:

Begins phasing out at $259,190
Fully phases out at $299,190

These amounts apply to all filing statuses. Under the OBBBA, up to $5,000 of the credit is now refundable, offering more immediate financial help to some adoptive parents. The nonrefundable portion can be carried forward; the refundable portion cannot. Your tax advisor can offer more information about the tax side of adoption.

09/25/2025

Interest rates remain the same for the fourth quarter of 2025. For individuals, the rate for overpayments and underpayments will be 7% per year, compounded daily. Here is a complete list of the rates:

7% for overpayments (payments made in excess of the amount owed), 6% for corporations.
4.5% for the portion of a corporate overpayment exceeding $10,000.
7% for underpayments (taxes owed but not fully paid).
9% for large corporate underpayments.

Give us a call today if you need more information.

09/22/2025

Real estate footprints are changing now more than ever. Right sizing square footage and shifting locations sometimes trigger abandonment, impairment, or termination lease accounting rules. Growing through mergers and acquisitions triggers business combination lease accounting rules. Choosing to utilize flexible office space can impact assets and liabilities on the balance sheet. Give us a call today if you need assistance.

09/19/2025

If you’re thinking about helping a child or grandchild pay for school, you’re not alone, and you’re not without help. While families have always saved for education, Section 529 plans have made it easier and more tax-efficient.

09/16/2025

The accounting method your business uses to report income for tax purposes, either cash or accrual, can significantly impact your tax bill. While the cash method can offer tax-saving opportunities, the accrual method may in some cases be more appropriate or even required. So review your current method to help ensure you’re using the best method for your business.

09/11/2025

McVey Entertainment Group and Lewiston Motor Company present Pumpkin Palooza! Also sponsored by Tri State Health, Mike's Mechanical and Carmel Minogue CPA & Associates, Pumpkin Palooza is an annual family event with trick or treating, Halloween-themed games, music, entertainment, food and merchandise vendors, costume contests for people and pets, The Great Pumpkin Roll and more! For more information, follow this link: https://www.eventeny.com/events/pumpkinpalooza-22621/

09/10/2025

What is your employee's status? The consequences of misclassifying an employee as an independent contractor can be costly. You could be liable for back taxes (including the employee’s shares of unpaid payroll and income taxes), penalties and interest. There may be serious nontax consequences as well. Please give us a call if you need payroll assistance.

09/05/2025

The number of students majoring in accounting has increased for the first time in many years -- but that doesn't mean firms can relax their efforts to recruit and retain top talent; instead, it points to ongoing evolution of the accounting workforce, and the importance of keeping up with those changes and adopting the best practices, management strategies, must-have benefits, compensation levels, cultural norms and everything else that goes into becoming a workplace of choice in the accounting profession. Give us a call today if you are interested in being an intern. https://share.google/images/v6TA5pIQieMHD8nJ

Found on Google from youtube.com