Wheeler News

Social Security VS Senior Deduction

Wed, 17 Dec 2025 23:24:38 GMT

Social Security VS Senior Deduction

In the 2025 filing season, seniors 65 and older, are eligible to receive an additional deduction on their tax return up to $6,000 a piece. This deduction will be based on taxable income and will not affect the taxability of your social security as previously presented. This will be a stand-alone additional deduction that is based off taxable income, and is not dependent on if the taxpayer or spouse is drawing on social security.

Big Beautiful Bill

Wed, 17 Dec 2025 23:11:29 GMT

Trump's Big Beautiful Bill

The Big Beautiful Bill has brought a lot to the table for taxpayers. Although there are still negotiations taking place, there are still a lot of changes happening in the 2025 filing season and the 2026 year. The bill is projected that the average American worker, will see an average increase in take-home pay of up to $10,000 a year. Due to all the current and upcoming tax changes, be prepared, there could be a slight filing delay in the 2025 filing season.

Big Beautiful Bill Highlights :

1.) S Corp, C Corp and Partnerships will no longer be able to take a standard mileage deduction without an accountable plan in place or taking actual expense on a depreciated vehicle.

2.) Seniors 65 and older will receive an additional deduction of up to $6,000 for single filers and $12,000 for MFJ filers. Additional deduction will be based on taxable income. It is not a requirement to be drawing on social security to be eligible for the additional deduction. (see social security vs senior credit blog for additional information)

3.) In 2026, Trump Accounts will be available for children ages 0-18. Newborns born from 2025-2028 will receive an additional $1000 contribution. These accounts will be eligible for pre-tax deduction through your wages. Taxpayers can make the election to participate when they file their tax return on IRS Form 4547.

4.) For 2025 filing season, the filing limit for 1099’s has increased from $600 to $2500. As of Dec 2025, it is set to drop back down in 2026 to $600. This is set to be addressed during the 2026 congressional session.

5.) Mortgage Insurance Premiums are back as a deduction starting in 2026.

6.) Starting in 2026, gambling losses will be limited to 90%.

7.) If you purchase a new vehicle in 2025 and the vehicle was made in the US, you may be eligible to deduct a portion of your interest. Go to vpic.nhtsa.dot.gov/decoder and enter your vehicle information to verify it qualifies for the interest deduction.

8.) Overtime and tips can be deductible, if certain criteria are met.

FAQ for 2025

Tue, 16 Jul 2024 22:02:39 GMT

Frequently asked questions

Due to continuing IRS changes, here are a few FAQ that will hopefully answer some of your questions.

1.) I received a bill from IRS regarding interest and penalties for not paying quarterly estimates. Why am I receiving this? IRS will charge interest and penalties for not prepaying throughout the year, regardless of the source of income. To avoid/limit future interest and penalties, we recommend you review your withholdings from all income sources to verify you are paying enough in. You can then make any adjustments to your withholding or work with your tax consultant to set you up on estimated tax payments.

2.) How do I know if my vehicle qualifies for the interest deduction? Go to vpic.nhtsa.dot.gov/decoder and enter your vehicle information to determine if you are eligible for the credit. If your vehicle qualifies, you will need to discuss with your tax consultant regarding what additional information they will require to claim the credit on your tax return.

Navigating Success: The Essential Guide to Forming and Thriving with Your LLC

Wed, 10 Jan 2024 21:04:55 GMT

Chapter 1: The Foundation - Understanding Limited Liability Companies (LLCs)

In this opening chapter, we delve into the fundamentals of forming a Limited Liability Company. We discuss the key features that distinguish LLCs from other business structures, emphasizing the limited liability protection they offer to their members.

Chapter 2: Strategic Decision-Making - Why Choose an LLC?

Explore the advantages of choosing an LLC as your business entity. We specifically highlight the flexibility it provides, setting the stage for a discussion on how this flexibility becomes a crucial asset as your company grows.

Chapter 3: Future-Proofing Your Business - The Perks of Starting with an LLC

This chapter explores the foresight involved in choosing an LLC from the outset. We examine practical scenarios where starting with an LLC can save you time, effort, and potential headaches in the future. This includes insights into the complexities of changing tax entities and the associated challenges when operating without the protective umbrella of an LLC.

Chapter 4: The EIN Advantage - Simplifying Your Business Identification

Dive into the significance of the Employer Identification Number (EIN) and how starting with an LLC streamlines the process. Understand the complications that arise when changing tax entities and how the LLC shields you from the need to obtain a new EIN.

Chapter 5: Seamless Finances - Banking with an LLC

This chapter explores the connection between your business structure and financial operations. Starting with an LLC means you won't need to change bank accounts if there's a shift in your tax entity. We discuss the practical aspects of banking for your LLC and how this contributes to the overall efficiency of your business.

Chapter 6: Tax Entities within an LLC - Maximizing Your Advantage

Delve into the diverse tax advantages available within an LLC. Understand how the flexibility of the LLC structure allows for different tax entities to coexist within the same framework. Each tax entity comes with its unique advantages, giving you the flexibility to adapt to changing business landscapes.

Chapter 7: Navigating Challenges - Practical Considerations for LLC Owners

While an LLC offers numerous advantages, this chapter addresses potential challenges and considerations that entrepreneurs may face. From compliance issues to management structures, we provide insights to help LLC owners navigate the complexities of running a successful business.

Conclusion: Building a Robust Future

Summarize the key takeaways from the book, emphasizing the long-term benefits of choosing an LLC for your business. Conclude with a forward-looking perspective on building a resilient and adaptive business for the future.

This outline provides a framework for your small book on forming and thriving with an LLC. Adjustments can be made based on your specific preferences, target audience, and additional topics you may want to include.

2025 IRS Mileage Reimbursement Rates

Mon, 30 Oct 2023 21:37:39 GMT

2025 IRS Mileage Reimbursement Rates

Here are the updated mileage rates for the 2025 filing season!!

For 2025 the mileage deduction has changed for some businesses. If you are a standard sole proprietor, who files a sch c, you are still eligible to claim the standard mileage rate. However, if you are an S Corporation, C Corporation, or a Partnership. You are no longer eligible to take a standard mileage deduction. You will be required to have an accountable plan in place with allowable per diem, in order to take any mileage deduction. If you depreciate your vehicle, you can still take your actual expenses as a deduction.

The 2025 Standard Mileage Rates:

Business mileage : 70 cents per mile

Charitable mileage : 14 cents per mile

Medical mileage : 21 cents per mile

Wheeler News

Social Security VS Senior Deduction

Social Security VS Senior Deduction

Big Beautiful Bill

Trump's Big Beautiful Bill

FAQ for 2025

Frequently asked questions

Navigating Success: The Essential Guide to Forming and Thriving with Your LLC

Chapter 1: The Foundation - Understanding Limited Liability Companies (LLCs)

Chapter 2: Strategic Decision-Making - Why Choose an LLC?

Chapter 3: Future-Proofing Your Business - The Perks of Starting with an LLC

Chapter 4: The EIN Advantage - Simplifying Your Business Identification

Chapter 5: Seamless Finances - Banking with an LLC

Chapter 6: Tax Entities within an LLC - Maximizing Your Advantage

Chapter 7: Navigating Challenges - Practical Considerations for LLC Owners

Conclusion: Building a Robust Future ﻿

2025 IRS Mileage Reimbursement Rates

2025 IRS Mileage Reimbursement Rates

Here are the updated mileage rates for the 2025 filing season!!

Conclusion: Building a Robust Future