CJ Taxes and More

04/16/2026

As of April 16, 2026, the IRS updates refund statuses daily, usually overnight. Most taxpayers receive refunds within 21 days of e-filing, with average refund amounts up by 11% compared to last year. Use the IRS "Where's My Refund?" tool or IRS2Go App for the most current information

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04/14/2026

Every year I learn something new. I did not know about this benefit.

Peace Corps service can be credited toward federal retirement (FERS or CSRS) by "buying back" the time, which involves making a deposit of 3% (FERS) or 7% (CSRS) of the stipend received, plus interest after a two-year grace period. This service counts towards vesting and increases the annuity calculation, though training periods are typically excluded.

You can buy back military service time for federal retirement (FERS/CSRS) to increase your annuity, usually costing 3% of your military base pay plus interest.

Federal Agencies (FERS/CSRS): Almost all federal agencies allow this under the Office of Personnel Management (OPM) regulations. This includes the USPS, DoD, and other civil service departments.CalPERS (California Public Employees' Retirement System): Covers state of California employees, school districts, and many local city/county employees in California.

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04/09/2026

To all my tax clients we are on hold for a little bit because PG&E is working out in the street and just shut off my power to do repairs

03/22/2026

The new 2025 auto loan interest deduction, as reported by the IRS only applies to new vehicles purchased and financed between January 1, 2025, and December 31, 2028.

03/21/2026

GAMBLING WINNINGS 2026!
Starting January 1, 2026, the
IRS raises the minimum threshold for reporting gambling winnings on Form W-2G to $2,000, adjusted annually for inflation. However, a major law change caps deductions for gambling losses at 90% of winnings. This means 10% of winnings remain taxable even if total losses exceed total winnings

03/21/2026

INVESTMENT FEES!

For most individual taxpayers, investment fees (such as advisor fees) are not deductible on federal income tax returns for tax years 2018–2025 due to the Tax Cuts and Jobs Act. They were formerly reported as miscellaneous itemized deductions (subject to a 2% AGI floor) on Schedule A, but that provision is currently suspended.
Key Details Regarding Investment Expenses

Non-Deductible Federal Expense: Investment advisory fees, custodial fees, and similar expenses for managing taxable investments cannot be claimed as deductions on Schedule A (Form 1040) from 2018 through 2025.
Investment Interest Expense: Interest paid on money borrowed to purchase investment property (reported on Form 4952) is still deductible, but it must be reported on Schedule A and is limited to net investment income.
State Tax Exceptions: While not allowed federally, some states may still allow a deduction for these fees. You might enter them in the "Other Expenses" section of Schedule A, but they likely won't reduce your federal taxable income.
Trading Business: If you are a trader in securities (not an investor), you may be able to deduct expenses on Schedule C.

Disclaimer: Tax laws can change, and this information is based on current TCJA provisions through 2025.

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03/20/2026

PG&E has been working on her Street and we were supposed to have an outage on Monday we have an outage today with no warning so I guess I can't work

03/14/2026

The new "Senior Deduction" (often referred to as a "senior credit" or bonus deduction) enacted in the One Big Beautiful Bill is effective for
four years.

Applicable Tax Years: 2025, 2026, 2027, and 2028.
First Use: You can first claim this deduction on your 2025 federal tax return, filed in early 2026.
Expiration: The deduction is temporary and is set to expire after the 2028 tax year.

Key Details of the Senior Deduction (2025–2028)

Amount: Up to $6,000 for single filers and $12,000 for married couples filing jointly if both spouses are 65 or older.
Eligibility: Must be 65 years or older by the end of the tax year.
Stacking: This is in addition to the standard additional deduction for seniors already in place.
Income Limitations: The deduction phases out for individuals with a modified adjusted gross income (MAGI) over $75,000 and $150,000 for joint filers.

While current legislation states this is temporary, Congress could potentially extend or make it permanent before its expiration.

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03/08/2026

FOR 2025 AUTO INTEREST PAID IS A TAX DEDUCTION!

For tax years 2025–2028, qualified personal automobile loan interest (up to $10,000) is reported on
Schedule 1 (Form 1040), Part II (specifically line 13b or similar adjustment lines) and flows to the main Form 1040 to reduce taxable income. This deduction is available whether you itemize or take the standard deduction, provided the vehicle was purchased after Dec 31, 2024, and is new.
Key Reporting Details:
• Schedule 1 (Form 1040): The deduction is considered an "above-the-line" adjustment to income.
• Lender Information: Lenders are required to issue a 1098-VLI to report the qualified interest.
• Business Use: If the car is used for business, that portion is reported on Schedule C or E instead.
• Requirements: The vehicle must be a new, first-use vehicle, and final assembly must be in the U.S..

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02/08/2026

Deduction for Seniors
New deduction: Effective for 2025 through 2028, individuals who are age 65 and older may claim an additional deduction of $6,000. This new deduction is in addition to the current additional standard deduction for seniors under existing law.
The $6,000 senior deduction is per eligible individual (i.e., $12,000 total for a married couple where both spouses qualify).
Deduction phases out for taxpayers with modified adjusted gross income over $75,000 ($150,000 for joint filers).
Qualifying taxpayers

01/24/2026

Have you noticed the buzz about 2025 income tax changes yet? I’m curious — what might actually affect your wallet, and what’s just noise? Here are a few things worth watching (and asking your accountant about) as we head into the new tax year:

- Brackets & rates: Will your marginal tax rate shift? Some jurisdictions periodically adjust brackets for inflation or reform tax rates — that can change take-home pay more than you expect.
- Deductions & standard allowances: Expect possible tweaks to standard deductions, personal allowances, or caps on itemized deductions. Even small adjustments can alter whether it’s worth itemizing.
- Tax credits: Keep an eye on credits like child/family credits, earned income credits, education credits, and any targeted relief programs. Expansions or expirations of credits can be very impactful.
- Retirement rules: Changes to contribution limits, catch-up rules, or tax treatment of withdrawals could affect your retirement planning strategy.
- Capital gains & investments: Proposals around capital gains rates or exemptions sometimes surface — important if you’re selling investments or real estate.
- Crypto & digital assets: Reporting requirements and enforcement have been expanding — make sure your records are clear if you’ve bought, sold, mined, or earned crypto.
- Small business & pass-through rules: If you’re self-employed or run an LLC/S-corp, watch for changes to pass-through deductions, estimated taxes, or payroll rules.
- Green incentives & energy credits: Many governments are using tax policy to encourage clean energy — credits for solar, EVs, or energy-efficient upgrades could be extended or modified.
- Administration & enforcement: Funding for tax agencies often fluctuates, which can mean changes in audits, correspondence, or e-filing procedures.
- Filing deadlines & processes: Occasionally filing deadlines or electronic reporting rules are updated — double-check next year’s calendar and new forms.

Practical next steps:
- Review your withholding or estimated tax payments now — adjustments early in the year help avoid surprises.
- Organize receipts and records, especially for investments and digital assets.
- Talk to a tax professional about potential changes that could affect major decisions (selling property, retirement withdrawals, large gifts).
- Follow official updates from your country’s tax authority so you’re working from accurate info.

What tax change are you most curious (or worried) about for 2025? I’d love to hear what others are watching — and any tips you’ve already started using!