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In The Black Company

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Rockford, IL
In The Black Company

In The Black is Profit. A company is said to be in the black if it is profitable or, more specifical

02/11/2026

Adoption Tax Credit – Did You Know?

The Adoption Tax Credit helps parents recoup costs necessary to adopt a child. Thanks to rule changes implemented under the One Big Beautiful Bill Act (OBBBA), parents who adopted a child in 2025 may qualify for enhanced tax benefits. Qualifying adoptive parents may claim a credit of up to $17,280 per eligible child for domestic, international, private or foster care adoptions. Expenses covered by the credit may include adoption fees, home studies, reasonable travel costs to complete the adoption, and court and legal fees.

Beginning with tax year 2025, up to $5,000 of the Adoption Tax Credit may be refundable. Therefore, if your credit is greater than the amount of tax you owe, you may receive up to $5,000 of the excess credit as a tax refund. Any remaining excess credit may typically be carried forward for up to five years. However, carryovers cannot be used to generate a tax refund.

For 2025, you can claim the full credit if your modified adjusted gross income (MAGI) is $259,190 or less. The credit decreases gradually as your MAGI rises from $259,191 to $299,189, and it is no longer available if your MAGI is $299,190 or higher.

To qualify for the Adoption Tax Credit, an adopted child generally must be younger than 18 years old or have special needs, and cannot be your spouse's child. A tax professional can help you determine whether you qualify for the credit, and if so, help you take full advantage of new benefits available under the OBBBA.

02/09/2026

IRS 2026 IP PIN - Did You Know?

The IRS encourages everyone to get an identity protection number (IP PIN) for the 2026 tax filing season. An IP PIN is a unique code that you include on your tax return and other IRS forms that you file during a given year. Using this code prevents scammers from submitting fraudulent tax documents in your name, in an attempt to steal your refund or identity.

The easiest way to obtain an IP PIN is to create an online IRS account (link below). You can also request one by mail by filing IRS Form 15227. Note that an IP PIN only lasts for one calendar year, so even if you had one in 2025, you will need a new one this year. Once you receive your 2026 IP PIN, make sure to include it on your 2025 tax return, so that the IRS will accept the return and reject any fakes. A tax professional can help you file your return electronically with your IP PIN properly entered, to ensure the fastest possible processing.

Open an IRS online account: https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin

02/04/2026

Earned Income Tax Credit Eligibility - Did You Know?

Millions of Americans qualify for the Earned Income Tax Credit (EITC), which can significantly reduce a person's tax or increase their IRS refund. Unfortunately, many people miss out on this valuable credit each year because they do not realize that they are eligible.

Even if you have not qualified for the EITC in the past, you may be eligible if you experienced a life change in 2025 like a reduction in income, a change in marital status, or the birth or adoption of a child. Others who may overlook the opportunity to claim the credit include veterans, grandparents raising grandchildren, Native Americans, and people who live in rural areas or have limited English skills.

For tax year 2025, eligibility depends in part on your adjusted gross income (AGI) and the number of children or relatives you claim. For example, taxpayers with no qualifying children may qualify with income up to $19,104 ($26,214 if married filing jointly). With one child, income limits rise to $50,434 ($57,554 married filing jointly). With two children, the limit is $57,310 ($64,430 jointly), and with three or more children, up to $61,555 ($68,675 jointly).

In order to claim the EITC, you must file a tax return, even if your income is below the filing requirement. A tax professional can help you file your return electronically, to get your refund as quickly as possible.

02/02/2026

Tax Documents May Come in Different Formats This Filing Season

Keep an eye out over the next 2-3 weeks for important documents you will need to file a complete and accurate tax return. These documents may include Form W-2 (Wage and Tax Statement for employees), along with various 1099 forms showing interest, dividend, rental, royalty or self-employment income. Traditionally, these forms came in the mail or were distributed to employees at a workplace. However, they may now be sent digitally, or made available through an online system.

Gathering up needed forms may be different this tax season for people who qualify for the new "No Tax on Tips," "No Tax on Overtime" and/or "No Tax on Car Loan Interest" deductions. In the future, the information needed to claim these deductions will be included on W-2, 1099 or other standard IRS forms. This year, however, employers and lenders may use alternative reporting formats. For example, you may receive a form that does not look like a normal tax document, or instructions to log in to an online portal to access the figures you need.

In order to claim any of these deductions, or the enhanced deduction for seniors, you will need to file a new tax form just released by the IRS called Schedule 1-A. A tax professional can help you assemble all the needed information, complete this form and file your entire return electronically so you can receive your refund as quickly as possible.

01/28/2026

New Tax Form for Deductions Created by OBBBA – Did You Know?

The One Big Beautiful Bill Act (OBBBA) created multiple new deductions that people may take even if they do not itemize deductions on their tax returns. Unfortunately, traditional federal tax forms do not include space to claim these deductions. To address this problem, the IRS has introduced a new 2025 tax form called Schedule 1-A (Form 1040), Additional Deductions.

You will need to complete Schedule 1-A and include it with your return if you qualify for any of the following deductions:
- No Tax on Tips
- No Tax on Overtime
- No Tax on Car Loan Interest
- The Enhanced Deduction for Seniors (age 65 or older)

Several of these deductions require you to provide a significant amount of information about yourself and/or the basis for your deduction amount. A tax professional can help you properly file Schedule 1-A to take full advantage of every deduction available to you.

01/26/2026

Tax Filing Season Begins

The IRS has opened the 2026 tax filing season and is now accepting 2025 returns, with the federal filing deadline set for Wednesday, April 15, 2026. Most refunds are generally issued within 21 days, especially when e-filing and opting for direct deposit. Taxpayers claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) can expect most refunds by March 2, 2026, with projected deposit dates available through Where's My Refund? by February 21.

01/20/2026

2026 Standard Business Mileage Rates – Did You Know?

The IRS has announced that the standard mileage rate for business use of a vehicle will be:

Business: 72.5 cents per mile
Medical care or moving (certain active-duty military only): 20.5 cents per mile
Charitable: 14 cents per mile

Taxpayers may choose between the standard mileage rate or deducting actual vehicle expenses, but using actual expenses in the first year generally requires continuing that method in future years. A tax professional can help you determine whether you qualify to deduct business vehicle expenses, and if so, help you find the most advantageous strategy to figure your deduction.

01/12/2026

2026 Tax Filing Season Start

The IRS has announced that the individual federal tax filing season for the 2025 tax year will begin on January 26, 2026. The current deadline to file 2025 federal income tax returns and pay any taxes owed is April 15, 2026, unless an extension is requested or a taxpayer qualifies for additional relief.

Although IRS systems typically open for electronic processing on the official start date, taxpayers do not need to wait until then to begin preparing their returns. You can gather documents, organize income and deduction records, and even complete your tax return in advance so it is ready to file as soon as the IRS begins accepting submissions. Starting early may help reduce errors, speed up refunds, and provide more time to address unexpected issues, such as missing forms or questions about eligibility for credits and deductions.

01/08/2026

In The Black provides NetSpend Cards to expedite your refund process.

Call us today!!

01/05/2026

Health Savings Account Changes – Did You Know?

The One Big Beautiful Bill Act (OBBBA) made several changes to the eligibility rules for health savings accounts (HSAs). With an HSA, you can set aside money on a pre-tax basis to cover future healthcare costs, and later withdraw funds from the account tax-free to pay qualifying expenses. The new rules allow more people to create and contribute to HSAs.

In general, you must have health insurance classified as a high-deductible health plan (HDHP) in order to contribute to an HSA. However, beginning January 1, 2026, health insurance plans classified as bronze or catastrophic will generally be considered HSA-compatible. Therefore, people who participate in these plans may still be eligible to contribute to an HSA. This new rule applies both to plans purchased through the official Health Insurance Marketplace (also called the Exchanges) and those purchased elsewhere.

Similarly, as long as they meet other eligibility rules, people who enroll in direct primary care (DPC) arrangements may qualify to contribute to HSAs, and use HSA funds to pay DPC fees. In addition, the OBBBA extended rules enacted during the pandemic that allow HDHPs to cover telehealth and video doctor visits before a person has met their plan deductible. A tax professional can help you determine whether you qualify to contribute to an HSA, and if so, help you plan contributions and withdrawals to maximize tax benefits.

12/29/2025

IRS Issues Additional Guidance for "No Tax on Tips" Deduction – Did You Know?

The One Big Beautiful Bill Act (OBBBA) specifies that only tips separately reported on a year-end tax document like a W-2 or 1099 form qualify for the new "no tax on tips" deduction. However, the current versions of those forms do not necessarily allow for reporting that complies with the OBBBA requirement. Therefore, the IRS will allow eligible tipped employees and self-employed people to use alternative methods to figure the deduction for 2025.

Under these special, temporary rules, qualifying tip recipients may be able to use any of the following as the basis for their deduction:
- Tips shown in box 7 of Form W-2 (Social Security tips)
- Tips properly reported to an employer, even if the tips do not separately appear on a W-2 form
- Tips recorded separately in detailed records of self-employment income, even if the tips are not specifically reported on a Form 1099

If you are eligible to claim the "no tax on tips" deduction, the maximum annual deduction is $25,000, subject to income limits, with a phase-out range beginning at a modified adjusted gross income (MAGI) of $150,000 for individuals, or $300,000 for joint filers. A tax professional can help you determine whether you may deduct tip income on your tax return, and if so, help you properly compute your deduction amount.

Address

Rockford, IL
61107

Opening Hours

Monday	8am - 8pm
Tuesday	8am - 8pm
Wednesday	8am - 8pm
Thursday	8am - 8pm
Friday	8am - 8pm

Telephone

+17795130272

Website

http://www.intheblack.company/

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