J & J TAXES AND MORE

10/05/2026

Just to clear up a "Social Media" myth:
Opening an LLC, does not give you any additional tax advantages! In other words: there are no special deductions an LLC can take that a sole proprietor can't.
There could be some liability protection advantages to an LLC, but not with your taxes.
So, you have to weigh out, is the cost of the LLC paperwork worth it?

10/01/2026

Beginning October 1, The U. S, Treasury says it will automatically establish Trump Accounts for eligible children who don’t already have one.
But: an automatic account does NOT automatically come with the $1,000 federal contribution. The $1,000 is limited to qualifying children born in 2025–2028, and someone still has to elect for the child to receive it.
They have also changed some rules for these accounts, which we'll be getting additional details soon.
My advice: Be very cautious and do your homework before investing your money in these accounts. .

10/01/2026

If you filed an extension on your 25 taxes, the due date is October 15!
Get that paperwork in!

09/30/2026

I'm getting numerous reports that the IRS is stepping up enforcement for those people that have not filed taxes in previous years.
If this is you, it would be very beneficial for you to get those filed, before the letters hit your mailbox.
Please share this with your friends and family to hopefully avoid them getting in any deeper than they may already be.

09/24/2026

Reminder:
October 15, is the due date for your extension!

09/24/2026

09/07/2026

Time to make changes!

Check fraud is rising even as the number of checks in circulation is declining. If you're still sending them in the mail, it may be time to stop.

09/02/2026

The IRS collected 5.3 Trillion dollars from taxpayers last year! (A little under 8% of our national debt)
Yet collection audits was down 35% as they are operating extremely short staffed.

08/29/2026

New this year: You can take a deduction for CASH charitable contributions for up to $1000 for single/$2000 for married filing joint.

08/28/2026

Q: I’ve been seeing a lot of references to capital gains rates, and I know that they’re supposed to be better than normal tax rates. But what is the difference between income tax and capital gains tax?

A: Capital gains are generally the profits you make from selling a capital asset. A capital asset is generally property you own for personal or investment purposes, such as stocks, bonds, real estate, or other investments.

Your capital gain is generally the difference between what you receive when you sell the asset and your adjusted basis. (Adjusted basis is generally what you paid for an asset, adjusted for improvements, depreciation, and other items.)

How much tax you pay on a capital gain depends largely on how long you owned the asset. Short-term capital gains generally result from assets held for one year or less. They’re taxed at the same rates as ordinary income.

Long-term capital gains generally result from assets held for more than one year. Most are taxed at preferential federal rates of 0% for less than $48,350., 15% for less than $533,400., or 20% for over $533,400., for single tax payers, (double it for married filing joint.) depending on your taxable income. (Certain gains, including collectibles and unrecaptured §1250 gain, have different maximum rates.)

Ordinary income generally includes income that isn’t taxed as a capital gain, such as wages, interest, and business income. For 2026, ordinary income tax rates range from 10% to 37%, depending on your taxable income.

[Thanks to Taxgirl newsletter]