Gahwiler Tax Service

Gahwiler Tax Service We offer small business owners and individuals help with the following: income tax preparation; college FAFSA; and QuickBooks - Desktop. Phone is 570-780-5159.

Do you need help with payroll? Call for a free 30-minute consultation. 570-780-5159. Thanks & have a great day! Let us know when you want to Drop off your paperwork.

07/23/2026

IRS Tips for tracking charitable donations

Taxpayers who have made or plan to make charitable donations during the year should keep good records of all their contributions. Organized records can make tax filing easier and help support a deduction if it's claimed on a federal tax return.

Here are some tips to help taxpayers keep track of charitable donations: General deduction rules. Generally, taxpayers must itemize deductions on Schedule A (Form 1040), Itemized Deductions to claim a deduction for charitable contributions. However, beginning with tax year 2026, taxpayers who do not itemize may be able to deduct up to $1,000 in cash contributions, or $2,000 for married taxpayers filing jointly, made to certain qualified organizations.

Know what qualifies. Donations to individuals are not deductible. Examples of this include gifts or individual fundraising accounts. Taxpayers can use the Tax Exempt Organization Search tool on IRS.gov to verify whether an organization is eligible to receive tax-deductible contributions.

Keep proof of all cash donations. For any cash, check or other monetary gifts, taxpayers should keep a bank record or written communication from the charitable organization showing the organization's name, the date of the contribution and the amount donated.

Get a written acknowledgment for larger donations. Contributions of $250 or more, cash or property, require a written acknowledgment from the qualified organization before the deduction can be claimed. The documentation must include the amount of cash or description of the property. It also must state if the organization provided any goods or services in exchange for the gift. If so, description and a good faith estimate of the value of those goods or services must be provided.

Maintain records for non-cash donations. Taxpayers should keep records describing donated property and its fair market value. Additional documentation, including Form 8283, Noncash Charitable Contributions, and a qualified appraisal may be required for larger noncash donations.

Special rules apply to donations of certain types of property such as automobiles, inventory and certain other readily valued property. For more information, refer to Publication 526. For information on determining the value of noncash contributions, refer to Publication 561.

07/13/2026

Capital Gains & Losses

Capital gains are profits from selling assets and are generally taxable in the year the asset is sold. The holding period and your tax bracket matter: Short‑term capital gains are taxed at ordinary federal income tax rates based on your tax bracket, while long‑term gains may qualify for a lower rate.

Capital gains are calculated using the asset's cost basis, which typically includes the purchase price plus certain adjustments.
Capital gains taxes generally apply only to investments held in a taxable account; investments held in retirement plans and other tax‑advantaged accounts follow different rules.

Capital losses can offset capital gains and reduce taxable income.

07/01/2026

The FinCEN Beneficial Ownership Information Report (BOIR)
is not an annual filing. You file once, & then only file again if something changes or if you need to correct an error.

✔️ Official FinCEN Rule (Confirmed by Treasury)
FinCEN states clearly that:
• “Beneficial ownership information reporting is not an annual requirement.”
• A report only needs to be submitted once, unless the company must update or correct information.
✔️ When You Do Have to File Again
You must submit an updated BOIR within 30 days if:
• A beneficial owner’s name, address, or ID number changes
• Ownership percentages change
• A new beneficial owner is added
• A beneficial owner leaves
You must submit a corrected BOIR within 30 days if:
• You discover an error in a previously filed report
✔️ Initial Filing Deadlines
• Existing companies (formed before Jan 1, 2024): File by Jan 1, 2025
• New companies formed in 2024: File within 90 days
If you want, I can give you a checklist for PA/NJ/NY small businesses so you know exactly when you must update a BOIR.

06/25/2026

Mid-year is the perfect time for a quick tax check

It’s halfway through the year, which is a great time for taxpayers to do a quick check to make sure they’re on a smooth track to next filing season.

Here are some tips: Keep good tax records. Taxpayers should keep all important tax records in one place. They can use electronic recordkeeping software or clearly labeled paper folders and add documents as they receive them. Organized records make tax return preparation easier and may help taxpayers identify deductions or credits they might otherwise miss.

Identify filing status. A taxpayer’s filing status affects their tax requirements, deductions, credits, and tax liability. Life changes such as marriage, divorce, birth, or death may affect filing status and eligibility for certain tax benefits. Taxpayers can use the IRS’s Interactive Tax Assistant, What is my filing status? to get help choosing the best one for their tax situation.

Understand adjusted gross income. AGI is income from all sources minus any adjustments. A higher AGI generally means a higher tax rate. Tax planning may help lower AGI and reduce taxes owed.
Check withholding. Taxpayers need to pay their tax as they receive their income, and they do this through withholding. The IRS Tax Withholding Estimator is a free, easy-to-use tool that helps workers and retirees estimate the amount of federal income tax to withhold from their paychecks now for the taxes they will owe next year.

The estimator now reflects the changes to credits and deductions under the One, Big, Beautiful Bill. This includes the deductions for tips, overtime, car loan interest and enhanced deduction for seniors. It also accounts for updates tied to family-related credits, homeownership, and charitable giving.

Make address and name changes. Taxpayers should promptly report address changes to the USPS, employers, and the IRS using Form 8822, Change of Address. They should also report name changes to the Social Security Administration. Keeping this information current can make filing a tax return easier.
Save for retirement. Saving for retirement can also lower a taxpayer's AGI. Certain contributions to a retirement plan at work and to a traditional IRA may also reduce taxable income.

06/11/2026

An reminder for : A mid-year withholding review can help your clients avoid an unexpected tax bill or penalties when they file next year. Help them get started using the Tax Withholding Estimator: www.irs.gov/withholding

03/17/2026

Avoiding surprises at tax time with the Tax Withholding Estimator. The free and easy-to-use tool now reflects changes to credits and deductions under the One, Big, Beautiful Bill. https://ow.ly/ek1550YsVg0

New office address is 402 N. Dexter Ave, Scranton, PA 18504
02/21/2026

New office address is 402 N. Dexter Ave, Scranton, PA 18504

Address

402 Dexter Avenue
Scranton, PA
18504

Telephone

(570) 780-5159

Website

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