LLMA Accounting Services

07/21/2026

Reporting Digital Assets on a Tax Return

Digital assets include cryptocurrencies, stablecoins, non-fungible tokens (NFTs), and other digital representations of value recorded on a cryptographically secured distributed ledger, such as a blockchain.

Generally, taxable digital asset transactions include:

Selling digital assets for U.S. dollars or another currency.
Exchanging one digital asset for another.
Using digital assets to purchase goods or services.
Receiving digital assets as payment for services performed.
Earning digital assets through mining, staking, or other reward programs.
Receiving digital assets through certain business activities.

Accurate recordkeeping is essential for IRS compliance. Taxpayers should maintain detailed records of every digital asset transaction, including:

Date of acquisition and date of disposition.
Type and quantity of the digital asset.
Cost basis and fair market value.
Amount received from the transaction.
Transaction fees.
Wallet addresses, exchange records, and transaction IDs.

Failure to accurately report digital asset transactions may result in additional tax, interest, penalties, or IRS enforcement actions. Taxpayers should carefully review all digital asset activities for the tax year and ensure that their federal tax returns are complete and accurate.

If you have questions about reporting digital assets or need assistance preparing your tax return, LLMA Accounting Services LLC can help. Our experienced professionals provide guidance on digital asset tax reporting, recordkeeping, and IRS compliance to help ensure your tax return is prepared accurately and in accordance with current tax laws. Contact LLMA Accounting Services LLC to discuss your tax situation and receive personalized assistance.

06/01/2026

Educator Expense Deduction

Are you an educator who purchased classroom supplies, books, computers, software, or other materials with your own money? You may qualify for an educator expense deduction. Contact LLMA Accounting Services LLC to learn more and see if you’re eligible.

At LLMA Accounting Services, I committed to delivering comprehensive financial solutions with a primary focus on Bookkeeping & Taxes. As a QuickBooks Certified ProAdvisor, licensed IRS Enrolled Agent (EA), and holder of a Master in Taxation (LL.M.)

05/23/2026

Did You Spend Money on Your Home?

If you recently upgraded your home with energy-efficient equipment or renewable energy systems, it may be worth checking whether your expenses qualify for a federal tax credit.

Questions to consider include:

* Did you replace windows or doors?
* Did you install a new HVAC system or heat pump?
* Did you add insulation?
* Did you install solar panels or battery storage?
* Did you complete a home energy audit?

Keeping receipts, manufacturer certifications, and installation records is important when claiming these credits on your taxes.

For more information about qualifying expenses, tax credits, and how these incentives may apply to your situation, consult with LLMA Accounting Services LLC.

05/19/2026

Should My Son or Daughter File Their Own Tax Return if They Are Under 24?

If your son or daughter is under 24 and earned income, they may still need to file a tax return. In many cases, parents can still claim them as a dependent if they are a full-time student and the parent provides more than half of their support.

Every tax situation is different, and filing incorrectly can delay refunds or credits. If you have questions about who should claim your child or whether they need to file taxes, contact LLMA Accounting Services LLC today for professional guidance.

05/18/2026

05/17/2026

New Savings and Retirement Plans Announced

The Internal Revenue Service says over 5 million children have been enrolled in new “Trump Accounts,” created under the One, Big, Beautiful Bill. These accounts allow families to save for minors, with some eligible children receiving a $1,000 federal contribution.

Separately, a new executive order proposes up to $1,000 per year in retirement contribution matches for lower-income workers without employer-sponsored plans. The effort builds on the SECURE 2.0 Act and includes plans for a federal enrollment platform developed by the U.S. Department of the Treasury.

05/06/2026

Starting in 2026, the new One Big Beautiful Bill Act (OBBBA) creates new tax benefits for charitable giving.

One of the biggest changes is a new charitable deduction for taxpayers who do not itemize deductions. Beginning in 2026:

* Single taxpayers may deduct up to $1,000
* Married couples filing jointly may deduct up to $2,000

So don’t worry if you are not itemized — you may still deduct some of your charitable donations and reduce your taxable income.

For taxpayers who itemize, charitable deductions are still available, although new rules include a 0.5% AGI floor and certain limits for high-income earners.

Be generous in 2026 and consider donating to a qualified charitable organization. Giving back can help your community while also providing valuable tax benefits.

For guidance on charitable deductions and tax planning, consult with LLMA Accounting Services, LLC.

04/30/2026

Child Support:

Child support is a court-ordered payment made by one parent to help cover the costs of raising a child after separation or divorce. It ensures that both parents contribute to essentials like housing, food, education, and healthcare.

The amount is usually based on factors such as each parent’s income, custody arrangements, and the child’s needs. Courts aim to create a fair arrangement that supports the child’s well-being.

For taxes, child support is not deductible for the parent who pays it and not considered income for the parent who receives it. While alimony used to be deductible under older tax laws, child support has never been deductible or taxable.

Overall, child support helps provide stability and financial support so children can continue to thrive even when family situations change.
Child support orders are usually established through family court. Either parent can request a child support order, and in many cases, it is addressed during divorce or custody proceedings. Once an order is in place, it is legally enforceable.

If a parent fails to make payments, enforcement actions may include wage garnishment, tax refund interception, suspension of licenses, or other legal penalties.

If you have questions, ask LLMA Accounting Services for guidance.

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04/23/2026

Reviewing Over 500 Tax Returns in One Season: From Simple Filings to Complex Cases

Tax season is often described as fast-paced, but reviewing over 500 tax returns in a single season takes that intensity to another level.

At the start of the season, many returns followed familiar patterns: W-2 income, standard deductions, and basic credits. These cases demanded precision and speed, ensuring compliance while maintaining consistency across a large workload. However, as the season progressed, the complexity increased. Returns began to include multiple income streams such as 1099 earnings, investment portfolios, rental properties, and small business activity. Each additional element required a deeper level of review and a more strategic approach to ensure accuracy and proper tax treatment.

One of the most valuable aspects of handling both simple and complex returns was developing the ability to quickly assess the level of risk and attention required for each case. Straightforward returns could be processed efficiently, while more intricate filings demanded a detailed review of documentation, cross-referencing financial information, and verifying that deductions and credits were both accurate and compliant with current tax regulations.

Beyond technical skills, this experience reinforced the importance of organization and time management. Managing hundreds of returns within tight deadlines required a structured workflow, prioritization of tasks, and the ability to maintain focus under pressure. It also highlighted the importance of clear communication, especially when coordinating with clients or team members to resolve discrepancies, gather missing information, or clarify financial details.

Get your tax questions answered from LLMA Accounting Services.