Balanced Accounting by Stephanie

01/14/2026

The official start of the 2026 tax filing season is January 26, 2026. IRS Free File is already available for taxpayers with an AGI of $89,000 or less. The government is predicting an increase in the average tax refund.

12/02/2025

Tax Tip Tuesday: Something to consider on this Giving Tuesday... With the OBBB, "All things being equal – income and the amount that you're giving – you're generally going to be better off from a tax deduction standpoint to make that donation in 2025," according to EY's Damien Martin. You may want to consider accelerating your giving. (This applies to individual itemizers.)

10/07/2025

𝗧𝗮𝘅 𝗧𝗶𝗽 𝗧𝘂𝗲𝘀𝗱𝗮𝘆: ⏰⏰⏰
𝗧𝗵𝗲 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲 𝗳𝗼𝗿 𝗲𝘅𝘁𝗲𝗻𝘀𝗶𝗼𝗻 𝗳𝗶𝗹𝗲𝗿𝘀 𝗶𝘀 𝗻𝗲𝘅𝘁 𝘄𝗲𝗲𝗸! 𝗧𝗵𝗲 𝗲𝘅𝘁𝗲𝗻𝗱𝗲𝗱 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲 𝗶𝘀 𝗢𝗰𝘁𝗼𝗯𝗲𝗿 𝟭𝟱𝘁𝗵. 𝗧𝗵𝗲𝗿𝗲 𝗶𝘀 𝗮 𝗽𝗲𝗻𝗮𝗹𝘁𝘆 𝗶𝗳 𝘆𝗼𝘂 𝗺𝗶𝘀𝘀 𝘁𝗵𝗲 𝗱𝗲𝗮𝗱𝗹𝗶𝗻𝗲.

09/09/2025

Tax Tip Tuesday: According to a CNET survey, 44% of tax filers have anxieties and/or fears ("taxiety") about filing their taxes. (Gen Z - 51%, Millennial adults - 48% most concerned) Seek tax advice from reliable resources to help calm your taxiety. Despite this post, social platforms and AI chatbots are NOT reliable resources.

09/02/2025

Tax Tip Tuesday: For Virginia taxpayers, you may receive a 2024 income tax rebate this fall! If you had a net tax liability and filed before 11/03/2025, you may receive a refund of up to $200 for an individual, or up to $400 for married persons filing jointly.

The General Assembly passed a law giving taxpayers with a tax liability a rebate of up to $200 for individual filers and up to $400 for joint filers. You must file by November 1, 2023 to be eligible for the rebate.

08/26/2025

Tax Tip Tuesday: This one is a win-win for taxpayers and charities!
Charitable contribution deduction of $1,000 for single filers or $2,000 for MFJ non-itemizers.
After 2025, but no expiration!

08/19/2025

Tax Tip Tuesday: NEW tax provisions under the OBBBA - No tax on tips and overtime! Up to $25,000 deduction for qualified tips and up to $12,500 (25,000 for MFJ) deduction for qualified overtime compensation. Phase-outs apply. Expires 2028.

08/12/2025

Tax Tip Tuesday: Let's talk about the One Big Beautiful Bill Act (OBBBA)! Many provisions under the Tax Cuts and Jobs Act (TCJA) were set to expire (hence, the later start dates!), and the OBBBA modified or made permanent many of those provisions. Eg. Tax rates, standard deductions, child tax credit, etc.

07/29/2025

Tax Tip Tuesday: Virginia's Sales Tax Holiday is this weekend (August 1-3, 2025). You can buy qualifying products without paying sales tax.

07/22/2025

Tax Tip Tuesday: Squeezing in a vacation before the kids return to school? There are ethical ways to combine business and pleasure where the business expenses are deductible. Be transparent with your accountant about the trip 😉

07/15/2025

Tax Tip Tuesday: The year is halfway over, and the OBBBA has created, modified, and extended many tax provisions. Now is a good time to review your tax plan.

07/11/2025

Another friendly reminder...
State Corporation Commission registration fees are due July 31, 2025. No third-party person is necessary! I have seen advertisements and received mail for companies charging for this service. Visit the SCC website to make your payment. You can even prepay for 1-2 years.

The business entity search functionality does not only let you search for businesses registered with the Commonwealth, but also gives you the ability to view their filing history, RA history, and instantly download filing images all without needing to create a login to the Clerk's Information System...