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The fireworks were popping on this patriotic day the One Big Beautiful Bill was signed.
What is July 4, 2025
The form for a sole proprietor to file their tremendous profits (or losses!)...easier that a C Corp.
What is Schedule C?
This tax credit rewards you for raising small humans - who you then spend your refund on for things they will ignore by next week!
What is Child Tax Credit?
College costs how much??? You can get this much tax credit with qualified expenses if you claim the AOTC (American Opportunity Tax Credit).
What is $2,500?
This Treasury document reminds practitioners that "creative" is a compliment in art, not in tax positions.
What is Circular 230?
This amount is the max deduction service workers can claim for qualified tips, unless they work in fancy fields like accounting or law.
What is up to $25,000?
Hold your horses, someone that is self employed pays this % SE taxes. FICA times 2
What is 15.3%?
This credit is the reason some taxpayers are breaking down the tax preparers door in early January to file their taxes (but can only be claimed by those who have earned a paycheck).
What is the Earned Income Tax Credit (EITC)?
This due diligence form is required of tax preparers. They have to ask a million questions, document all the info and still lose sleep wondering if they missed one checkbox.
What is form 8867?
This criminal act involves willfully filing a false tax return, just ask Al Capone.
What is tax evasion?
Workers can deduct up to this amount of their earnings for long working hours that qualify as OT.
What is OT premium up to $12,500?
Retirement Math. SE individuals can contribute this amount to SEP before 4/15 of the next year.
What is $70,000 or 25% of compensation (20% of net SE income after 1/2 SE tax deduction)?
This tax credits help lower your health insurance costs - unless your income changes, in which case it turns into a surprise bill that says "remember me?".
What is Premium Tax Credit?
QBI is like some relationships--It's complicated! This percentage sounds small - until it saves business owners thousands under the QBI deduction.
What is up to 20%?
The document that turns "Can you just send it to my banker real quick?" into a 6-step compliance process.
What is a Consent to Disclose form (Form 7216)?
Name 2 of the requirements to claim the Auto Loan Interest deduction.
What is: (1) first owner, (2) for use on public streets, (3) have at least 2 wheels, (4) is a car, minivan, van, SUV, pickup, motorcycle (5) GVW less than 14,000 lbs (6) final assembly in US?
Uncle Sam lets you claim this amount for simplified home office deduction. You don't have to keep up with all those actual expenses!
What is $5 per square foot up to 300 sq ft?
Contributions to 401K and IRAs can earn you this credit but don't take it out too soon because then there is a penalty.
What is the Retirement Savings Contributions Credit (or Saver's Credit)?
The number of IRS forms we all know exists but hope never come up on real life!
What is over 1,100 for various deductions, wages, income and credits?
The IRS form that says, "Yes, this person may now argue with the IRS on my behalf so I don't have to experience it directly"
What is Form 2848 (Power of Attorney)?
Form needed to establish a Trump account and maybe score the little one a cool grand from Uncle Sam if born between 2025 and 2028.
What is Form 4547?
This amount per mile replaces keeping up with actual expenses. You only need mileage for all those "Business" trips.
What is $0.725?
This credit was for making certain improvements to your home but ended as Baby New Year 2026 arrived.
What is Energy Efficient Home Improvement Credit?
This amendment, in 1913, gave Congress the power to tax income and gave accountants job security forever.
What is the 16th amendment?
This law requires firms to explain privacy practices in documents nobody reads but everybody has technically agreed to.
That is the Gramm-Leach-Bliley Act (GLBA)?