Peggy Beavers Tax Service

Peggy Beavers Tax Service For the 2026 Tax Year,
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03/23/2026

Twenty three (23) days....but who's counting 🤷

03/12/2026

The North Carolina Department of Revenue (NCDOR) began processing 2025 individual income tax returns and issuing refunds for the 2026 tax season during the week of March 9, 2026. Refunds are sent via direct deposit or mail, with early filers typically receiving them first. Taxpayers can track their refund status using the "Where's My Refund" tool on the NCDOR website.

02/05/2026

The first returns that I sent in are now receiving their refunds. The IRS has started making deposits.

01/27/2026

The IRS actually did accept returns today that I had sent in.

01/16/2026

The standard deduction has increased, which is a good thing. The standard deduction is subtracted from your income before you look up the tax. You want to get your income as low as possible before you look up the tax.

There is a new deduction for 65 and older taxpayers. That deduction is in addition to the one that we have had for years for 65 and older.

The child tax credit for children under 17 has increased by $200 for each child. The year your child turns 17 they no longer qualify for the credit.

The change that is being called no tax on overtime is a little more complicated than that. If you work overtime but you do not make time and a half, you do not qualify. If you do make time and a half it's only the 'half' part of the amount you are paid that is used to possibly calculate that deduction.

I have also had several people ask about the car loan interest deduction. In order to be eligible it must be a new (and not just new to you) vehicle, must have final assembly in the United States and you must include the VIN number on your tax return so they can verify. The loan must be taken out during the year that you were choosing the deduction. And of course interest must be paid during the year.

There are a few more changes that are more complicated and if anyone has any questions about the ones I have listed or any of the other ones, let me know and I will get you the information.

Thanks

01/16/2026

There are several changes this year. I will list a few. If you want more information about any change, let me know.

01/16/2026

My mail out with pre-addressed return envelopes etc has been sent. You should receive it by Wednesday.

01/09/2026

The Internal Revenue Service announced Thursday that the opening day of tax season this year will commence on Monday, January 26.

01/05/2026

The IRS has not yet announced an official start date for submitting 2025 tax returns, which are due in 2026. However, based on historical patterns, tax processing typically commences during the last full week of January.

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Siler City, NC
27344

Telephone

+19195339010

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