Abear Accounting Services, LLC

03/23/2026

IRS Verification – In Person:

What to bring for your in-person ID.me appointment
• An appointment or walk-in appointment
• 2-3 identity documents
• Your QR or registration code
1. Book your in-person ID.me appointment
Start by booking your appointment or walk-in online:
Sign in or create an ID.me Wallet
1. Go to the website of the organization or agency you’re accessing.
2. Select Verify with ID.me, then sign in to your ID.me Wallet. If you’ve never had a wallet, create one, confirm your email address, then set up multi-factor authentication (MFA).
3. Select In-Person.
4. Confirm that you’re verifying for state benefits or federal services by selecting Yes.
5. Consent to ID.me collecting your biometric data and personal information.
6. Enter your information and select Continue.

ID.me Wallet simplifies how individuals discover and access benefits and services through a single login and verified identity.

01/23/2026

Tax brackets for 2025
Married, filing jointly (%)
$0–$23,850 10.0
$23,851–$96,950 12.0
$96,951–$206,700 22.0
$206,701–$394,600 24.0
$394,601–$501,050 32.0
$501,051–$751,600 35.0
Over $751,600 37.0

Single (%)
$0–$11,925 10.0
$11,926–$48,475 12.0
$48,476–$103,350 22.0
$103,351–$197,300 24.0
$197,301–$250,525 32.0
$250,526–$626,350 35.0
Over $626,350 37.0

12/16/2025

IRS Guidance on Tips
The guidance outlines several key points regarding the new tip deduction:
• Deduction Amount: Eligible individuals can claim an above-the-line deduction of up to $25,000 annually for "qualified tips".
• Income Phase-Out: The deduction phases out for taxpayers with a modified adjusted gross income (MAGI) exceeding $150,000 ($300,000 for married couples filing jointly).
• F**A Taxes: Tips are still subject to Social Security and Medicare payroll taxes.

10/20/2025

IRS to require Direct Deposit and Payment next year. If you don’t already have direct deposit set up through your financial institution, you can do by providing a valid bank routing and account number to the IRS when filing your return. If you don’t have a bank or credit union, you can go to FDIC.gov/GetBanked and MyCreditUnion.gov for more information.

GetBanked

02/27/2025

The Act was signed into law on January 5, 2025.

The Act ends the Windfall Elimination Provision (WEP) and Government Pension Offset (GPO). These provisions reduced or eliminated the Social Security benefits of over 3.2 million people who receive a pension based on work that was not covered by Social Security (a “non-covered pension”) because they did not pay Social Security taxes.

12/19/2024

To fund Maine’s Paid Family and Medical Leave Program (PFML), the state will impose a 1% payroll tax split evenly between the employer and employee. The payroll tax will take effect on January 1, 2025, and employees can start taking leave on May 1, 2026.

12/05/2024

Nationwide injunction halts BOI reporting for now
By Martha Waggoner

A federal district court, finding that the Corporate Transparency Act (CTA) is likely unconstitutional, issued an order Tuesday prohibiting the enforcement of the CTA and the beneficial ownership information (BOI) reporting rule in the CTA's accompanying regulations.

The injunction, which applies nationally, was issued in Texas Top Cop Shop, Inc. vs. Garland, No. 4:24-CV-478 (E.D. Texas 12/3/24).

Under the injunction, the CTA and the BOI reporting rule cannot be enforced, and reporting companies need not comply with the CTA's Jan. 1, 2025, BOI reporting deadline pending a further order of the court.

09/03/2024

New Federal Reporting Requirement for Beneficial Ownership Information (BOI)
Effective January 1, 2024, many companies in the United States must report information about their beneficial owners—the individuals who ultimately own or control the company—to the Financial Crimes Enforcement Network (FinCEN), a bureau of the U.S. Department of the Treasury.

A final rule implementing the beneficial ownership information reporting requirements of the Corporate Transparency Act (CTA) was issued in September 2022. These regulations go into effect on January 1, 2024. Beneficial ownership information will not be accepted prior to January 1, 2024.

12/18/2023

Take Advantage of Energy Efficiency Credits!

You can reduce your taxes by taking advantage of energy efficiency improvements. These credits became available to homeowners through the Inflation Reduction Act, passed in 2022. When you upgrade your HVAC system or add insulation to your home, you can claim a federal tax credit. Adding solar panels also qualifies as an energy efficiency improvement. Make sure you keep all your receipts if you want to claim this credit.

For 2023, households can claim as much as 30% of the project costs for various improvements. The total amount you can claim in a single year is $1,200 alongside a $150 credit for a home energy audit. If you have a heat pump installed in your home, you can claim a credit as high as 30% of the project costs. The maximum benefit for a heat pump is $2,000.

12/05/2023

The Surprise Bill Coming to Those Who Underpay Their Taxes!
The IRS penalty for shortfalls jumps to 8%, up from 3% just a couple years ago - via Wall Street Journal
Payments after April 15th are subject to interest, even if you file and extension.

05/22/2023

Abear's Outlook email was down over this past weekend. I apologize for any inconvenience!