Justin Smith CPA

07/26/2026

Just because a bank approves you for a loan does NOT mean you can afford it.

Lately, I've met with several young parents who want to live on a single income so mom can stay home. But they're trapped under late-model SUV payments, a 5-bedroom mortgage, and endless subscriptions.

Inflation is real, but the rules haven't changed:
• Live below your means.
• Don't confuse wants with needs.
• Sacrifice luxury for what actually matters to your family.

My wife and I made hard choices early on to stay out of debt so she could be home. It wasn't always easy, but it was worth every penny.

Proverbs 22:7 reminds us that the borrower is slave to the lender. Debt isn't a sin, but it is a severe constraint on your family's freedom. Don't let your stuff own you.

07/04/2026

01/22/2026

The One Big Beautiful Bill improved the federal adoption tax credit for tax years 2025 and forward. The maximum credit is now $17,280 per eligible child (AGI phase outs begin at $259,190). Up to $5,000 of the credit is now refundable. Any carryover can be used up to 5 years post adoption.

01/09/2026

The IRS has announced it will begin accepting individual tax returns on January 26.

The IRS acknowledged that new tax provisions could affect federal taxes, credits, and deductions. The start of filing season is in line with previous years.

01/04/2026

We are excited to announce we have "gone live" with the TaxDome Client portal for the 2026 tax season. TaxDome streamlines communications, engagement letters/organizers, secure document upload and customer relationship management.

I appreciate the "white-glove" onboarding from the support team, and appreciate your patience as we work toward enhancing the customer experience this year.

Our site address is portal.jsmithcpa.net and can be accessed only after receiving an invitation to create a free account.

We will continue accepting paper documents but believe this new solution will be convenient and efficient!

12/15/2025

The One Big Beautiful Bill Act (OBBA) permanently extends the individual tax cuts from the 2017 Tax Cuts & Jobs Act (TCJA) and provides a number of valuable, but temporary, new deductions as well. Individuals and businesses will benefit from the law.

The One Big Beautiful Bill Act (OBBA) permanently extends the individual tax cuts from the 2017 Tax Cuts & Jobs Act (TCJA) and provides a number of valuable,...

12/14/2025

Charitable contributions have changed under the One Big Beautiful Bill Act (OBBBA). There is a new $1,000 ($2,000 if married) charitable contribution deduction for taxpayers who take the standard deduction, and a 0.5% floor for charitable contributions for taxpayers who itemize

Under the One Big Beautiful Bill Act (OBBA), there is a new $1,000 ($2,000 if married) charitable contribution deduction for taxpayers who take the standard ...

12/14/2025

The Senior Deduction for taxpayers 65+ is available for 2025-2028, and provides an additional $6,000 ($12,000 married) deduction on top of the Standard Deduction. This isn't "No Tax On Social Security", but it's a substantial deduction.

Under the One Big Beautiful Bill Act (OBBA), taxpayers over 65 receive an additional deduction tax years 2025 - 2028 ($6,000 single / $12,000 married).

12/08/2025

We'll be talking about several tax provisions of the One Big Beautiful Bill Act. Check out this video for a discussion of "No Tax On Car Loan Interest".

Under the One Big Beautiful Bill Act (OBBA), taxpayers can deduct up to $10,000 of car loan interest for tax years 2025 - 2028 for new cars.

11/24/2025

The IRS has released Form 1040 Schedule 1A for No Tax On Tips, No Tax On Overtime, and Vehicle Loan Interest Deduction. There are a lot of rules and regulations surrounding these deductions, so don't get caught off guard! This is why you hire an expert!