Ascension Advisory and Accounting Groups LLC

08/26/2026

Happy !

Waffles are best served fresh, and tax tasks are best done early. The Oct. 15 extension deadline is approaching, so now is a great time to file your return electronically using Free File. Start today: IRS.gov/FreeFile

01/09/2026

Are you considering downsizing or moving to another location? If so, you may be able to exclude up to $250,000 of gain ($500,000 if you’re married filing jointly) on the sale of your home from your income for federal tax purposes. To qualify, you must have owned and used the home as your principal residence for at least two of the five years prior to the sale. If you don’t meet this requirement but sell the home due to unforeseen circumstances, you may be eligible for a partial exclusion. If you want to sell a second home, you may first want to spend enough additional time there that it can qualify as your principal residence. Please contact us with any questions you may have.

01/07/2026

Your tax deductions might not be as powerful as they used to be, but proper timing of deductible expenses can still help maximize your tax savings.

Latest tax law news

11/23/2024

💼📈 Attention Small Business Owners!

Are you running a growing, unincorporated small business and feeling the pinch of high self-employment (SE) tax? 🤔 Here's what you need to know:

📝 The SE Tax Breakdown:
🔹 2024: The maximum 15.3% SE tax rate applies to the first $168,600 of net SE income.
🔹 2025: This threshold increases to $176,100.
💡 The 15.3% rate includes:

12.4% Social Security tax
2.9% Medicare tax
📉 Once you surpass the threshold, the 12.4% Social Security tax disappears, but the 2.9% Medicare tax keeps going!

💡 Looking to reduce your SE tax? Operating as an S corporation might be the solution for you! Contact us to learn more about SE tax and smart strategies to save. 💬📊

📖 To learn even more, check out our blog! >>>https://bit.ly/3ZhYput📚

📞 Let's tackle taxes together!

11/20/2024

🌍💡 Take Advantage of Energy Tax Credits Before They’re Gone! 💰🏡

The Inflation Reduction Act introduced several tax credits to promote clean energy, but they might not be around for long! President-Elect Donald Trump has pledged to “terminate” the law, which could mean these credits disappear in 2025. ⏳

Here are a few you can benefit from:
🌟 Energy Efficient Home Improvement Credit: Covers 30% of eligible improvements (think energy-efficient windows, doors, and insulation) — up to $1,200/year!
🔥 Heat Pumps & Biomass Stoves Credit: Get up to $2,000 for qualifying upgrades like heat pumps or water heaters.
☀️ Solar Panels Credit: Covers 30% of the cost to install solar panels!

📖 Want the full scoop? Check out our blog! >>> https://bit.ly/3Cy3mpQ

💻✨

11/17/2024

🎄✨ The Holidays Are Here—But Tax Season Is Right Behind Them! ✨🎄

Don’t let the holiday hustle distract you—start preparing for tax season now! 🎁 The best gift you can give yourself (and us!) this season is getting set up in our Client Portal App ahead of time.

📲 Scan and upload your documents easily—right from your phone!
✔️ Stay organized.
✔️ Be ready when tax time hits.
✔️ Make life easier for YOU and US!

Need help setting up? Give our office a call today! Let’s get ahead together.

🗂️📞

11/06/2024

🚗💼✈️ Business travel can mean big tax savings for owners on the go! From airfare and car rentals to meals (50% deductible!) and even dry cleaning, many expenses can be written off—if you meet the requirements. Click on the link to learn more>>> https://bit.ly/3UIeW8i

10/16/2024

College costs have gone up sharply in the past few decades, so starting to save early is a smart move. One option is to invest in a tax-advantaged 529 plan. Learn more on our blog>>> https://bit.ly/4h6RT0s