Robyn D. Young, CPA, LLC

- - - - -

CLIENT PORTAL | INQUIRIES

QUICK AND TIMELY TAKES

BIG BEAUTIFUL BILL AND OTHER NEW TAX HIGHLIGHTS

• Individual tax and capital gains rates didn't change, but the brackets did.
• SALT limits increased to $40,000! You might want to itemize again - check your other medical and charitable contributions throughout the year!
• No change for social security benefits being partially taxable - however, seniors (over 65) get a standard deduction bump of $4,000 per taxpayer!
• Business competition gets a spending deduction boost by immediate expensing for Domestic R&E or retroactive cash-up deductions.

There are a number of individual changes that go into effect in 2026. We are able to help you plan for any major tax events such as these law changes, retirement, home sales, or inheritances or other lifetime changes. Questions? Contact us for an appointment.

THE IRS AND YOUR TAXES

• AFTER 09/30/2025, to help defend from fraud, the IRS will not accept checks for tax payments, including estimated taxes - recommended online payments at https://www.irs.gov/payments/
• We recommend accessing your taxpayer account and records with the IRS to match tax payments, credits, and what is being reported to the IRS.
• Amending a return? Filing late? The Statute of Limitations and claims for refunds may expire and differ depending on when or if you filed a tax return.
• For 2025 tax filing - Standard Mileage rates:
  • 70 cents per mile driven for business use (2024 - 67 cents)
  • 14 cents per mile driven in service of charitable organizations; this rate is set by statute and sadly remains unchanged
  • 21 cents per mile driven for medical (or moving purposes if for qualified active-duty members of the Armed Forces)
  • 21 cents for moving purposes if for qualified active-duty members of the Armed Forces

ARIZONA AND YOUR TAXES

• Keep your records a little longer - Arizona has a 4-year statute of limitations (the IRS is 3 years)
• Education Savings Deductions are per Beneficiary, not per Taxpayer.
• • Main choices are between a Coverdell Account and a 529 Plan account.
  • In any year, with no income limits, you can contribute to either or BOTH!!!
  • There is no deduction for Coverdell accounts - but the option of investing in specific stocks can be very appealing!
  • 529 Plans limit investment choices, but do have a deduction of $2,000 per *beneficiary* ($4,000 per beneficiary for a married filing joint return)
• The Arizona Standard Deduction can get a bonus of adding 33% of qualified charitable contributions not used for credits or claimed on your Federal return
• Use Arizona taxes with Charitable Tax Credits to pay your taxes, even up until 04/15/2026 to make donations and apply them to 2025!

Updated 09/10/2025

FOR YOUR DAILY DOSE OF HUMOR

---

- - - - -

Contact our office to address your specific accounting, tax, or other planning needs. This website is a valuable resource. Any website content is intended to provide accurate, current, and general information.