Spirakis, CPA, PLLC

01/15/2026

It's bookkeeping clean-up season

Every January, busy small business owners dread tax season because their accounting records are a mess. Bookkeeping clean-up does more than prepare you for tax filings. It lays the foundation for proactive tax planning, strategic advisory support, and smarter business decisions year-round.

01/13/2026

IRS E-File start date announced!

The IRS has announced in that they will begin accepting and processing 2025 individual tax returns on January 26, 2026.

10/21/2025

Lost in the shuffle of the tax return extension deadline was the IRS releasing their 2026 federal income tax brackets.

Standard deductions are also increasing in 2026:
MFJ - $32,200
Single - $16,100

08/05/2025

Another Tax Change:

SALT Deduction Cap Increase
State and Local Taxes (SALT) have always been deductible on federal tax returns for taxpayers who itemize their deductions. However, up until last year they had been capped at $10,000. This cap has been raised to $40,000 for 2025-2029 with a high-earner phase-out above $500k AGI.

Business owners based and operating in North Carolina can still take advantage of pass-through entity SALT workarounds to ensure they take full advantage of potential SALT deductions.

07/23/2025

100% Bonus Depreciation is Back!!!

The new tax bill recently pass into law has reinstated full business property expensing any permanently extended it. Businesses can now immediately deduct 100% of the cost of eligible property acquired after January 19, 2025. Prior to this change, bonus depreciation was capped at 40% in 2025, 20% in 2026, and completely phased out in 2027.

This is a big relief to small business owners who may have been planning on upgrading an old work truck or van or who were in the market for new equipment.

07/21/2025

Charitable Contributions:

A significant change was made which aims to encourage charitable giving. The tax law creates a new above-the-line charitable deduction allowing taxpayers who claim the standard deduction to additionally deduct up to $1,000 of charitable contributions (or $2,000 for joint filers) each year.

This will benefit taxpayers who donate to charities but do not have enough itemized deductions to receive a tax benefit for their generosity.

07/16/2025

Auto Loan Interest Deduction:

Let's start with a change that could impact individual taxpayers. Starting in the 2025 tax year, taxpayers can now deduct up to $10,000 of interest on new auto loans annually. This is limited to NEW (not used) U.S.-assembled vehicles purchased after 12/31/2024. The deduction phases out when modified AGI exceeds $100,000 ($200,000 for joint filers). This deduction is available even if you do not itemize deductions and is scheduled to sunset after 2028.

My take and potential savings: if you are in the market for a new vehicle, this is definitely a valuable incentive to consider when choosing what to buy. A taxpayer in the 22% bracket could receive as a maximum tax savings of $2,200 per year through 2028.

07/15/2025

Many of my clients have been asking about the recent changes to the tax law now that the One Big Beautiful Bill has been signed into law. Over the coming weeks, I’ll be sharing some of the most significant provisions affecting both businesses and individuals and my thoughts about how they might be used to save on taxes.

Stay tuned for updates to help you understand how these changes could impact your tax planning.

05/26/2025

The Spirakis CPA offices will be closed today in celebration and remembrance of Memorial Day.

We would like to thank the men and women who sacrificed everything for the freedom that we enjoy today.

05/23/2025

https://www.msn.com/en-us/news/politics/marriage-tax-arrives-with-the-new-salt-deduction-from-trump/ar-AA1FjjXD?ocid=winp2fptaskbarhover&cvid=1c73d9af81dd41b591c3f4587af62a90&ei=12

Proposed SALT cap changes could have potentially large impacts on certain tax payers. This and other changes proposed in the latest tax reform bill will be interesting to watch over the next couple of months.

The recent tax and spending bill passed by the U.S. House aims to make Trump's 2017 tax cuts permanent, introducing significant changes to the state and local tax (SALT) deduction.