Kevin O. Garrett, CPA PC

02/27/2026

REMINDER: IF YOU HAD OVERTIME IN 2025 AND IT IS NOT LISTED ON YOUR W-2, PLEASE BRING IN YOUR LAST PAY STUB.

11/26/2025

11/06/2025

Clients
Year-end Tax Planning is available. Call us to schedule!

09/02/2025

Attention:
We are taking on new clients. Please call us for more information! 712-243-4187

08/18/2025

The credits for new and previously owned clean vehicles terminate for vehicles acquired after Sept. 30, 2025. The credit for qualified commercial clean vehicles also terminates for vehicles acquired after Sept. 30, 2025.

08/17/2025

The residential clean energy expenditures credit is terminated for any expenditures made after 2025.

08/15/2025

For payments made after 2025, the reporting thresholds for Forms 1099-NEC and 1099-MISC are increased from $600 to $2,000 (adjusted for inflation after 2026).

08/13/2025

For property placed into service after 2024, the Code Sec. 179 expensing limits are increased to $2,500,000 and the phasedown threshold is increased to $4,000,000 (both subject to inflation adjustments).

08/11/2025

The Act makes additional first-year (bonus) depreciation for certain qualified property permanent at 100% (under prior law, it was to phase out to zero). This provision is effective for property acquired after Jan. 19, 2025.

08/09/2025

Changes to 529 savings plans allow families to use tax-free distributions for a much broader range of K-12 education expenses, including not just tuition. but also curriculum, books, online materials, tutoring, standardized test fees, dual enrollment, and educational therapies for students with disabilities. Starting in 2026, the annual limit for K012 distribution doubles from $10,000 to $20,000 per beneficiary. To maximize tax savings, consider timing 529 withdrawals to match qualified expenses within the same tax year, and coordinate with other education tax credits to avoid overlap.

08/07/2025

Taxpayers can open a new tax-deferred investment account for children, called a "Trump account" for each eligible child. Taxpayers can contribute up to $5,000 per year in after-tax dollars for each child, and funds must be invested in a diversified U.S. equity index fund. For children born between Jan. 1, 2025, and Dec. 21, 2028, the federal government will automatically contribute $1,000 to each account. Taxpayers should open the account before their child turns 18 to maximize contributions and secure the government benefit if eligible.

08/05/2025

IMPORTANT!!!
If you plan to buy new doors or a new furnace, consider purchasing it by the end of 2025. Starting January 1, 2026, you will no longer be eligible to claim a credit on your tax return for these energy-efficient purchases.