LPS Tax & Accounting

Providing Tax and Accounting Services to Indivduals and Businesses

[LPS Tax & Accounting @LPSAccounting]

Tax reminder: The extension deadline for calendar-year Partnerships (Form 1065) and S Corporations (Form 1120-S) is September 15. File to avoid penalties.

[LPS Tax & Accounting @LPSAccounting]

2025 Standard Deduction:

Single/MFS: $15,750
MFJ: $31,500
HOH: $23,625

65+? Add up to $6,000 bonus deduction!

Plan ahead — talk to your tax pro!

#Tax #OBBBA #TaxPlanning

[LPS Tax & Accounting @LPSAccounting]

New Tip Income Deduction (2025–2028)

Deduct up to $25,000 in tip income per filer

Phases out at:

• $150K MAGI (Single)
• $300K MAGI (Married Filing Jointly)

Talk to your tax pro to plan ahead!

#Tax #OBBBA

[LPS Tax & Accounting @LPSAccounting]

The New Auto Loan Interest Deduction

Deduct up to $10,000/year on interest for loans on U.S.-assembled vehicles (loans starting after 2024)

Phaseout begins at:
• $100K income (Single)
• $200K income (Married Filing Jointly)

Talk to your tax professional

#Tax #OBBBA

[LPS Tax & Accounting @LPSAccounting]

New Tax Break for Seniors (2025–2028)

If you're age 65+, you may qualify for a $6,000 deduction under the new tax law!

📉 Phases out above:
— $75,000 (Single)
— $150,000 (Married Joint)
Plan ahead and maximize your savings — talk to your tax pro!

#Tax #OBBBA

[LPS Tax & Accounting @LPSAccounting]

Signed into law July 4, 2025 — President Trump’s One Big Beautiful Bill Act (OBBBA) raises the standard deduction starting this tax year:

🧾 Single/MFS: $15,750
🧾 MFJ: $31,500
🧾 HOH: $23,625

Those 65+ are entitled to an extra standard deduction

#Tax #OBBBA

[LPS Tax & Accounting @LPSAccounting]

2025 Child Tax Credit Update:

✅ $2,200 per child — permanent
📈 Indexed for inflation starting 2026
💵 Refundable up to $1,700 in 2025 — inflation-adjusted
👨‍👩‍👧 Other dependent credit stays at $500
Plan ahead — contact your tax professional!

#Tax #OBBB #TaxCredit

[LPS Tax & Accounting @LPSAccounting]

100% bonus depreciation is back — and it’s permanent for property acquired after Jan 19, 2025. Big win for businesses!

#Tax #SmallBusiness #OBBB

[LPS Tax & Accounting @LPSAccounting]

Starting with the 2026 tax year, the threshold for issuing 1099-NEC and 1099-MISC forms increases to $2,000 (up from $600).

Helping reduce the amount of 1099 filings for small businesses

#TaxUpdate #OBBB #SmallBusiness

[LPS Tax & Accounting @LPSAccounting]

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✅ Tax Tips and Deadlines
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