Williams Tax & Bookkeeping Services

07/14/2026

Tax Tip Tuesday:

Self-employed? Don’t get hit with a big bill in April. Make quarterly estimated tax payments!

Deadlines for 2026: April 15, June 15, Sept 15, and Jan 15.

Avoid underpayment penalties by paying as you earn. Tools like IRS Direct Pay make it easy.

https://www.irs.gov/payments

Make payments, view your account or apply for a payment plan with the IRS.

07/07/2026

Tax Tip Tuesday:

Paying student loans? You may deduct up to $2,500 in interest — even if you don’t itemize! The loan must be in your name in order to deduct the student loan interest.

The deduction begins to phase out for single filers with a modified adjusted gross income (MAGI) over $85,000 and for joint filers over $175,000.

07/04/2026

06/30/2026

Tax Tip Tuesday:

In 2026, the reporting threshold for Forms 1099-NEC and 1099-MISC will increase from $600 to $2,000 per payee per calendar year, and this threshold will be adjusted for inflation in future years. These changes are designed to simplify compliance for businesses and reduce the administrative burden associated with issuing these forms.

06/23/2026

Tax Tip Tuesday:

Did your teenage son/daughter get their first part-time job this summer? They may now be eligible to contribute to a Roth IRA! In 2026, they can contribute up to $7,500 (or their total earned income — whichever is lower).

Contributions to a ROTH IRA grow tax-free, and qualified withdrawals in retirement are also tax-free. That’s huge compound growth potential when they start early!

Imagine your 16-year-old turning their summer earnings into a powerful head start on financial independence. The money they put away now could grow for 50+ years. Starting small today teaches discipline, responsibility, and the magic of compound interest.

06/16/2026

Tax Tip Tuesday:

Don't mix business and personal finances! Keep a separate bank account to make accounting easier and cleaner come tax time.

06/09/2026

Tax Tip Tuesday:

Did you have a child in 2025 or are you planning to have one anytime in 2026, 2027 or 2028? Don't forget to set up a Trump account for your child! You can elect to receive a one-time $1,000 contribution from the US Treasury.

Trump Accounts are a historic new savings tool created under the One Big Beautiful Bill to give children in America a real financial head start.

06/02/2026

Tax Tip Tuesday:

Ohio Sales Tax Holiday will be Friday, 8/7 through Sunday, 8/9. The exemption will apply to all items of clothing priced at $75 or less, school supplies priced at $20 or less, and school instructional materials priced at $20 or less.

05/26/2026

Tax Tip Tuesday:

Avoid Surprise Tax Bills! Check your withholding using the IRS Tax Withholding Estimator. A quick adjustment now can save you stress later.

https://www.irs.gov/individuals/tax-withholding-estimator

Check your W-4 tax withholding with the IRS Tax Withholding Estimator. See how your withholding affects your refund, paycheck or tax due.