Laguna Crale, EA

"A couple sued multiple credit reporting firms under the Fair Credit Reporting Act, claiming the firms included inaccurate or incomplete information on credit reports. The couple hired a law firm, which negotiated a $64,750 settlement with the defendants."

"After reviewing the relevant law, the Court ruled that the couple is taxed on $64,750, and they can't deduct any of the corresponding attorney fees (Eiler, 167 TC No. 3)." - Kiplinger Tax Letter This couple sued the credit companies, WON, and lost money on the win.

"A couple sued multiple credit reporting firms under the Fair Credit Reporting Act, claiming the firms included inaccurate or incomplete information on credit reports. The couple hired a law firm, which negotiated a $64,750 settlement with the defendants."

Just as a heads up; I haven't been in my office this week because, well One of my neighbors got a new job. And I guess that new job starts at like 5 in the morning, because they've been getting picked up at 4:30. By someone hooking their car INSTEAD OF A GODDAMN CELL PHONE

I'm tired, boss

I'm aware of a post currently circulating about my firm. I'm not going to deny the claims made in the post, but I can't confirm them either. I have not been made aware of any of the issues claimed by the clients. This is not a place for excuses, so I will not offer any.

Tax Clients, take note! The IRS has, historically, used the postmark date to determine the date of paper filings. www.irs.gov/taxtopics/tc... Now that the USPS is changing the postmark date to the date of processing, a tax document mailed *the day that it's due* will no longer be filed on time.

When I was a child, America was the greatest nation in the word. It was the land of opportunity, where freedom reigned. This land was my land, and this land was your land. From the redwood forests, to the gulf stream waters. It was the land of the free, and the home of the brave.

These are all ideals that Charlie Kirk has actively fought against. The nation he wanted to build would not be my land, it would not be your land. He fought to take away our freedoms. He fought against opportunity. He wanted to turn away the tired, the poor, the huddled masses.

When I was a child, America was the greatest nation in the word. It was the land of opportunity, where freedom reigned. This land was my land, and this land was your land. From the redwood forests, to the gulf stream waters. It was the land of the free, and the home of the brave.

We were the leaders of the world! Lady Liberty welcomed everyone. She told the world, “Give me your tired, your poor, your huddled masses.” We were one nation, under God, indivisible. With liberty and justice for all. A nation that everyone could be proud of, that everyone wanted to live in.

Currently on vacation in Seattle, but when I get back to my office, I'm going to begin looking into payment options that aren't PayPal. I need a system my clients can use, and PayPal is proving that they aren't an option.

Interrupting my vacation to bring you the Tax Badger's notes on the Big Beautiful Bill. These are only the provisions that will affect you on a tax basis; there are additional provisions that affect millions of people, but these are beyond my official purview as an accounting firm.

Ability to deduct up to $10,000 of interest on new auto loans. Any loan taken out after Dec 31 2024 qualifies. State and Local Tax (SALT) are expanded from $10,000 to $40,000. As SALT makes up the majority of the average taxpayer's itemized deduction, that's alot.

Interrupting my vacation to bring you the Tax Badger's notes on the Big Beautiful Bill. These are only the provisions that will affect you on a tax basis; there are additional provisions that affect millions of people, but these are beyond my official purview as an accounting firm.

The TCJA Tax Brackets and rates are permanent. 10%, 12%, 22%, 24%, 32%, 35%, and 37%. As far as I can tell, the actual bracket numbers remain adjusted to inflation. Seniors making under $75,000 will see an additional $6,000 deduction, from $1,600 to $7,600.

This is your regular reminder: The reason that your taxes feel so much higher when you're self-employed is because there are taxes (15%, Social Security and Medicare) held out of your paycheck in traditional employment (i.e. Walmart). But you are your own employer. That means holding FICA taxes!

(Now, super technically, yes you are paying 7.5% more in FICA than if you were a traditional employee; that's because the employer pays 7.5% of FICA, and the employee pays 7.5%. When you're self-employed, you're both halves of that FICA scale, hence why it's 15%)

This is your regular reminder: The reason that your taxes feel so much higher when you're self-employed is because there are taxes (15%, Social Security and Medicare) held out of your paycheck in traditional employment (i.e. Walmart). But you are your own employer. That means holding FICA taxes!

FICA (Social Security and Medicare) have no floor - they're due on every dollar you earn. However, in traditional employment, you never have to worry about them, because you never get to touch that money. It's taken out of your paycheck before you get it - by your employer!