Wlm ProAdvisors Program

07/22/2026

2026 tax update: tips + overtime deductions are real — but the rules matter.

Quick breakdown from current IRS guidance:

• Qualified tips may be deductible up to $25,000 for tax years 2025–2028.
• Qualified overtime deduction limits are $12,500 for single filers and $25,000 for joint filers.
• Both deductions begin to phase out when MAGI is over $150,000 single / $300,000 joint.
• You can claim these whether you itemize or take the standard deduction.
• Tips still need to be reported. “No tax on tips” does not mean “hide your tips.”
• Overtime generally means the premium portion above your regular rate — not automatically your entire overtime check.

Boss move: keep the records now. Pay stubs, tip logs, 1099s, W-2s, and clean deposit trails can make or break the deduction.

This is general education, not personal tax advice. If tips or overtime are part of your income, talk to a tax professional before you file.

Sources: IRS Working Families Tax Cuts guidance; IRS guidance for individuals who received tips or overtime during tax year 2025; IRS “No Tax on Tips” deduction guidance.

07/13/2026

The IRS just raised the mileage rate MID-YEAR — and that almost never happens. 🚨

Effective July 1, 2026 (Announcement 2026-11):
🚗 Business: 72.5¢ → 76¢ per mile
🏥 Medical/moving: 20.5¢ → 23.5¢
❤️ Charitable: stays 14¢

Why? Fuel prices. Why should YOU care? Because your 2026 mileage log now has TWO rates — one for January through June, one for July onward. Your deduction (or your company's reimbursement policy) has to split by date.

Do the math: a rep driving 20K business miles a year picks up roughly $350 extra in second-half deductions or tax-free reimbursement. Fleets and field teams — that adds up fast.

Boss tip: mid-year splits punish sloppy records. If your "mileage log" is a shoebox of gas receipts, now's the moment to fix it. Date-stamped. Contemporaneous. Every trip.

Need your reimbursement policy or tracking system squared away before Q3 closes? DM the WLM ProAdvisors team. 💼

This is general information, not personalized tax advice.

07/10/2026

Self-employed? Tips aren't free money from the IRS. Clean books, reported income, separated sales from tips. No cash-app magic. Tax planning, not karaoke.

07/10/2026

Headline: No tax on tips. Sounds simple, exciting even. But tax rules add layers of complexity. Qualified tips in tipped occupations are key, and it's not just about the word 'tip'.

07/09/2026

Car loan interest deduction? It's not that simple. Not every car or loan qualifies. A deduction reduces income, it doesn't pay you back dollar-for-dollar. Don't buy a car just for a deduction. If you need a car and it qualifies, confirm eligibility, track interest, and understand income limits. Guessing isn't a tax strategy.

07/08/2026

# # The IRS Wants Records, Not Vibes 💸📊
Listen up, my self-employed crew! If your current tax strategy is basically “freestyle bookkeeping” and hoping you hit the right note, it’s time for a quick reality check. Let’s be real: the IRS does *not* clap for tax karaoke. 🎤❌
Just because money flows through payment apps or comes in as cash tips doesn’t mean it vanishes from the radar. If your records are messy, it gets infinitely harder to prove what actually qualifies for deductions.
# # # 🛠️ Your Clean Books Checklist
* **Separate Sales from Tips:** Keep your core business revenue and additional tips clearly defined.
* **Track Every Single Platform:** This means payment apps, cash, and credit card deposits. No exceptions.
* **Stop Mixing Money:** Keep business and personal accounts completely separate to make tracking painless.
> ⚠️ **The Big Misunderstanding:** A deduction might reduce your taxable income, but that doesn’t mean your income disappears for every purpose. You still have to think about self-employment taxes, state taxes, and income-based programs.
>
Don’t fall for blanket viral statements claiming *”tips are completely tax-free now.”* When you hear advice like that, always protect yourself by asking the real questions: *Which worker? Reported how? For which tax year? Subject to what limit?*
Keep your books clean, stay protected, and leave the vibes for your content—not your taxes.
TaxTips SelfEmployed SmallBusinessOwner Bookkeeping TaxSeason FinancialLiteracy BusinessOwnerTips TaxCompliance

07/04/2026

Business owners, look at your books *before* tax season. Is income correct? Expenses separated? Receipts? W-9s? Mileage tracked? Accounts reconciled? Clean records are non-negotiable for tax strategy. Imagination doesn't hold up in an audit.

07/03/2026

07/02/2026

Making smarter financial decisions & keeping more of your money starts here. Straightforward tax news, bookkeeping tips, and IRS updates explained simply.

07/02/2026

Protect yourself before signing tax returns! Don't let them be a mystery. Review income, deductions, and expenses. Ask questions. Keep copies of everything.