ANAR Accounting Services, LLC

12/01/2025

Treasury and the announce penalty relief for new reporting requirements on cash tips and qualified overtime compensation under the One, Big, Beautiful B...

12/01/2025

10/30/2025

The U.S. Department of the Treasury and the provide transition relief in 2025 for businesses reporting car loan interest under the One, Big, Beautiful Bill.

See https://ow.ly/tyri50XfA5p for details.

10/30/2025

Explore options for getting your federal tax refund, how to check your refund status, how to adjust next year’s refund and how to resolve refund problems.

10/30/2025

Find methods to record business transactions.

10/30/2025

has issued FAQs on the Form 1099-K dollar threshold under the One, Big, Beautiful Bill. Third party settlement organizations are not required to file Forms 1099-K unless the gross amount of reportable payment transactions to a payee exceeds $20,000 and the number of transactions exceeds 200. https://ow.ly/W1yf50XgXb9

10/30/2025

Watch out for a scam email that may read, ‘Notification of IRS Audit & Investigation.’ The email may direct you to download a “secure” file (in some cases via sites like Cognito Forms) and submit documentation, but in fact the link leads to a fraudulent site that may steal your data or install malware. For more info on phishing scams, go to www.IRS.gov/phishing

10/30/2025

The IRS Online Payment Agreement system lets you apply and receive approval for a payment plan to pay off your balance over time.

10/30/2025

The One, Big, Beautiful Bill Act has a significant effect on your taxes, credits and deductions.

07/18/2025

Understanding the Big Beautiful Bill: What’s Changed in 2025 Tax Law
On July 4, 2025, President Trump signed the One Big Beautiful Bill into law, enacting widespread tax reforms and extending provisions of the 2017 Tax Cuts and Jobs Act (TCJA)
Here's what businesses and individuals need to know:

Increased Standard Deduction (Effective 2025)

Single/Sep Filers: $15,750
Head of Household: $23,625
Married Filing Jointly: $31,500
Seniors (65+) receive an extra $6,000 deduction (through tax year 2028) These amounts will automatically adjust each year for inflation .

Expanded SALT Deduction (Temporary 2025–2029)

The cap on SALT deductions (state & local taxes) is raised from $10,000 to $40,000 for tax years 2025–2029.
Taxpayers with MAGI over $500K will see gradual phase-outs, ending at $633K
“Trump Accounts” & Estate Exemptions
Introduces “Trump Accounts”, which are tax-deferred savings vehicles for children born between Dec 2025 and Dec 2028. These come with:

A $1,000 government contribution at birth
$5,000 yearly contribution limits
Estate and gift tax exemption raised to $15M per person (indexed for inflation)
New Tax Breaks & Credits (Temporary)
Child Tax Credit increases to $2,200 per child
Creation of new deductions:

Federal deduction for tips and overtime pay
Up to $10,000 deduction for interest on qualifying auto loans through 2028
Clean Energy Credits Ending

$4,000 used clean vehicle credit and $7,500 new EV credit expire Sept 30, 2025.
The residential clean energy credit (solar, wind installations) ends Dec 31, 2025
Corporate & Big Tech Benefits

Full deductibility of R&D expenses restored (previously required amortization under TCJA)
Corporate tax rate remains at 21%, with beneficial treatments preserved for FDII/GILTI
Why This Matters to You

Lower taxable income for individuals, especially seniors and families.
Temporary benefits mean planning now is essential—since many deductions expire after 2028.
SALT expansion helps in high-tax states—but begins phasing out for high earners.
EV and clean energy credit expiration may affect clients focused on green investments.
Trump Accounts and estate planning create new opportunities for wealth transfer.
Corporate tax breaks incentivize R&D and business reinvestment.
What You Should Do Next

Review your 2025-2028 tax forecasts. Include deductions for tips, overtime, and EV interest where applicable.
Plan SALT strategy this year if you're in a high state-tax area.
Consider contributing to Trump Accounts for eligible children born through 2028.
Evaluate retirement & estate plans in light of increased exemptions.
Act on energy investments before credits expire at year-end.
Consult your CFP or CPA for mid-year check-ups—especially if you’re a business or high-income filer.
In Summary
The Big Beautiful Bill brings significant tax relief, especially for middle-class households and businesses. But many of its key features are temporary, making proactive planning essential. At Anar Accounting Services, we’re here to guide you through these changes—helping you optimize deductions, adjust planning strategies, and secure your financial future in a changing landscape.

Would you like our team to prepare a custom tax impact report for you, or schedule a mid-year tax planning consultation? Just reach out!

07/16/2025

BBB Bill Business Provisions