At 3909 N 16th St, Phoenix, AZ 85016, we offer a range of services including accounting and bookkeeping, business tax preparation, IRS Tax Problem Resolution, and personal tax preparation to meet your financial needs.
Expert Tax Services for Individuals and Businesses
Increases in Standard DeductionFor 2025
For 2025, the standard deduction amounts are:
- Single & Married Filing Separately: $15,750
- Married Filing Jointly & Surviving Spoues: $31,500
- Heads of Household: $23,625
No Tax on Overtime
If you are a:
- non-exempt wage employee,
- have a social security number, and
- earn less than $150,000 (single) or $300,000 (married)
. . . you (and your spouse) do not pay tax on overtime pay up to $12,500 per person
Note: This only applies to the "overtime premium". So, if you receive "time and a half" overtime pay, the "half" is not taxed
What to do: Your employer may not report this on your W-2 for 2025, so make sure to SAVE YOUR LAST PAYSTUB OF 2025 and PROVIDE IT TO US FOR YOUR TAXES
No Tax on Tips
If you:
- work in one of the 68 professions listed here:
- with a social security number, and
- earn less than $150,000 (single) or $300,000 (married)
. . . you (and your spouse) do not pay tax on tips up to $25,000 per tax return
Note: This only applies to VOLUNTARY gratuities, not mandatory gratuities
What to do: Make sure to KEEP RECORDS OF VOLUNTARY TIPS RECEIVED and PROVIDE IT TO US FOR YOUR TAXES
The "Senior Bonus" Deduction
If you (or your spouse):
- are over age 65, and
- have a social security number
- earn less than $75,000 (single), or $150,000 (married)
. . . you (and/or your spouse) get an additional tax deduction of $6,000 per person
Trump Accounts
The OBBBA created new "Trump Accounts". These are essentially tax deferred savings accounts for children born in 2025 - 2028. They work like this:
- Upon receiving the child's Social Security Number, you get $1,000 from the government deposited to the Trump Account,
- Parents can also contribute up to $5,000 additional per year,
- Parents Employers can also contribute up to $2,500 additional per year,
- The account must be primarily invested in US companies or funds, and
. . . when your child reaches age 18, the Trump Account basically converts to a Traditional IRA
Note: Under the current law, Trump Accounts cannot be opened until July 4, 2026
Elimination of Paper Refund Checks
In an effort to protect taxpayers, speed up refunds, and cuts costs, the IRS will no longer issue paper refund checks. With limited exceptions, this means that most taxpayers will need a bank account to receive a 2025 tax refund. More info can be found here.