PSC Accounting and Tax Service LLC

07/20/2026

Taking a moment to send wishes to our military. Jeff and Relena's son is overseas at this moment and has been in some percarious places where there safety has been threatened.
Regardless of how you feel or where you stand, we should be supporting those providing us continued freedoms.

07/15/2026

When the staff stuffs my office with birthday balloons, I make them play a game with them!! Happy Wednesday!!

07/15/2026

Key change for Premium Tax Credits on Healthcare.gov for tax return year 2026 filed in 2027! In the past, all filers with PTC advances and their income is too high to claim advance, they would have to pay back a portion of the subsidy. Starting with 2026 returns, all filers with PTC advances that exceed the PTC must repay the FULL amount of the excess, regardless of reported income.

07/09/2026

A client requested a post on how long to keep records:

Bank statements and credit cards that are used to back up taxes need to be kept for 7 years.

Any receipts that back up taxes is also 7 years.

All other regular bills after you reconcile them. (I recommend at least one year)

Bank statements in general that do not back up any tax related deductions at least 1 year.

Any warranty/home improvement documents should be the life of the product or as long as you own the home.

If you have any pressing questions and want a post about them, drop a note on this post.

07/07/2026

Yep…I’m old and I feel it! Thanks for the reminder….i mean love. Love this crew!

07/06/2026

If you opened a Trump Savings Account this year, July 4th was the first day to contribute to it. Information below:

Trump Accounts are expected to be available in July 2026 for certain children under the age of 18. Some newborns may even be eligible for a $1,000 government deposit. Learn how these accounts work and how they compare to other investing options.

07/02/2026

America Day!! Games, potluck and red white and blue!!!

06/29/2026

Standard Deduction For 2026
Married, Filing Jointly and Surviving Spouses $32,200

Single and Married, Filing Separately $16,100

Heads of Household $24,150

2026 standard deduction age 65 and older
Taxpayers age 65 and older, as well as those who are blind, can claim an additional standard deduction. For 2026, that additional amount is $1,650 ($2,050 if unmarried and not a surviving spouse).

06/27/2026

Please know what you are voting for in Missouri on August 4th.

The primary reasons to vote against Amendment 5—the proposal on Missouri's August 4, 2026, ballot to eliminate the state income tax—center on concerns that it will raise costs for most families, reduce public school funding. Many Analysts from the Institute on Taxation and Economic Policy estimate that 80% of Missourians will see a net tax increase especially for the low income- middle income families. A middle-income family earning between $50k and $75k would pay an average of $500-600 more per year in taxes if the income tax is replaced by expanded sales taxes. Low-income families spend a much larger percentage of their earnings on daily necessities than wealthy individuals effectively their sales tax would be higher on these services and goods. This will also significantly affect seniors who have a large portion of pensions and social security already not taxed as well as active duty military that do not pay on their earnings in Missouri.

Amendment 5 also authorizes lawmakers to expand sales taxes to "any goods and services". Missourians could face new sales taxes on previously untaxed transactions.
If the state sales tax is drastically raised to replace the lost $5 billion in income tax revenue, stacked local levies could push individuals to seek large purchases in surrounding
states.

06/18/2026

Did you know that some summer activities can affect your taxes? Check out the latest tax tip where we explain how things like day camps, getting married, having a seasonal job and even traveling for business can affect your tax filing.

Get the latest information at https://ow.ly/zhNI50Z7Lwm.