F. A. Hotlosz Accounting

02/01/2026

Keep those charitable receipts!

📊⚖️ The 2026 tax changes shifted the math on charitable giving in opposite directions depending on income.

If you take the standard deduction, there is now a small benefit that did not exist before. Up to $1,000 for individuals, $2,000 for married couples. It only applies to cash gifts to public charities.

If you itemize, two new limits apply.

The first $500 of giving per $100,000 of income is no longer deductible. And if you are in the top bracket, the value of your deduction is capped at 35 cents on the dollar instead of 37.

None of these changes are large in isolation.

But they reflect a deliberate rebalancing. Lower earners get a modest new incentive.

Higher earners lose a small piece of the benefit they used to receive.

The tax code still rewards charitable giving. It just rewards it a little differently now depending on where you sit.

02/01/2026

Don’t miss out on these new deductions.

📋 The 2025 tax return comes with a stack of new deductions from the One Big Beautiful Bill. Here's what changed.

The SALT cap jumped from $10,000 to $40,000. If you've been hitting that limit in a high-tax state, this could make itemizing worthwhile again. The higher cap phases out for incomes above $500,000.

Four entirely new deductions were added, and they can be claimed on top of the standard deduction. You do not need to itemize to use them.

The tips deduction allows qualifying workers in tipped occupations to deduct up to $25,000. The overtime deduction covers the "half" portion of time-and-a-half pay, up to $12,500. Both phase out above $150,000 MAGI.

The auto loan interest deduction allows up to $10,000 for new vehicles assembled in the U.S. It phases out above $100,000 for single filers.

The senior deduction gives those 65 and older an extra $6,000 per person. This is separate from the existing additional standard deduction for seniors. It phases out quickly, starting at $75,000 MAGI.

The standard deduction itself also got a bump: $15,750 for single filers, $31,500 for joint. That's $750 and $1,500 more than the normal inflation adjustment would have provided.
Most of these new deductions are temporary and expire after 2028. The SALT cap reverts to $10,000 in 2030.

12/01/2025

Have you heard of the One, Big, Beautiful Bill? Many Americans can now deduct the tips they receive from their taxes. For more information, see: https://ow....

11/27/2025

11/18/2025

The has announced the 2026 annual contribution limits have increased to $24,500 for 401(k) plans and $7,500 for IRAs. Learn more about the rise in pension limits at https://ow.ly/usIS50Xr80z.

10/14/2025

Take a look at the and The U.S. Department of the Treasury new guidance on the One, Big, Beautiful Bill’s “no tax on tips” provision: https://ow.ly/u3N550WZzVx

10/06/2022

Good Information on the Employee Retention Credit.

Tax thought leaders from Apiro share their expertise regarding the employee retention credit (ERC) in this webcast archive from May 19, 2021.

10/03/2022

If you have not checked on your eligibility you should. Call with questions.

Listen to this archived webcast from Jan. 22, 2021 where a panel discusses Consolidated Appropriations Act, 2021 changes to the Employee Retention Credit.

02/24/2022

01/04/2022

IRS issued standard mileage rates for 2022→58.5 cents per mile driven for business use. The optional standard mileage rates are used to calculate the deductible costs of operating a car for business, charitable, medical or moving purposes.

To learn more, click here: https://go.usa.gov/xetnV

03/16/2021

Be sure to take this exclusion on your tax return.

f your modified adjusted gross income (AGI) is less than $150,000, the American Rescue Plan enacted on March 11, 2021, excludes from income up to $10,200 of unemployment compensation paid in 2020, which means you don’t have to pay tax on unemployment compensation of up to $10,200.

02/13/2021

Pandemic Tax Tip: Non-Itemizers Can Deduct $300 for Charity Donations in 2020 and 2022. Married couples up to $600.

https://www.aarp.org/money/taxes/info-2020/how-to-deduct-2020-charity-donations.html