Author: Edward

If you requested an extension for your 2024 tax return, the final deadline to file is October 15, 2025. Missing it can trigger costly penalties. The IRS charges 5% of unpaid taxes per month, up to 25%, for late filing. If you’re over 60 days late, the minimum penalty is $510 or 100% of the tax due, whichever is less. Even if you can’t pay, filing on time reduces your exposure. Interest also compounds daily. Protect your refund, minimize damage—don’t let the deadline pass you by.

New rules under Section 70114 of the One Big Beautiful Bill Act let you net gambling wins and losses across the whole year — not just per session. That means smarter reporting and fewer audit headaches. Yes, there’s a 10% haircut on losses, but most folks lose way more than they win, so it won’t sting. The real win? You can finally match your casino records to your tax return without bending over backwards. Use player cards, ATM logs, and keep it clean. No napkin math. We know the game — let us help you play it right.

Starting in 2026, you don’t need to itemize to claim a charitable deduction! Thanks to the One Big Beautiful Bill, taxpayers can deduct up to $1,000 (or $2,000 if married filing jointly) for cash donations to qualified charities—even if they take the standard deduction. That’s real money back for doing good.
So if you’re planning a gift, consider waiting until January to maximize your benefit.
Give smart. File smarter. 💸❤️

Filing as Married Filing Separately might seem safer—but it often costs more. Compared to Single status, MFS can trigger higher tax rates, disqualify you from key credits (like the Earned Income Credit), and limit deductions. Unless legally required or strategically planned, Single filers usually fare better. Even if married, you might be considered “unmarried” for tax purposes. Call me for free advice!

If you relocated for a new job or to start fresh, don’t overlook potential tax benefits. While most moving expenses aren’t deductible anymore, active-duty military members moving due to orders may still qualify. Even if you don’t qualify for a deduction, updating your address with the IRS and keeping records of your move can prevent delays in receiving your refund.

Whether you’re mowing lawns, tutoring, or selling handmade goods online, that extra income counts—and the IRS wants to know about it. But here’s the good news: you may be able to deduct related expenses like supplies, mileage, or even part of your home office. Keep detailed records now, and you’ll thank yourself next tax season. Side gigs can be a blessing, not a burden—if you treat them like a business. Need help sorting it out? Gordon Tax Service is here to guide you every step of the way.

One of the most important things you can do is open an IRS Account. You actually already have one, you just need to establish online access to it. With all the cuts to IRS staffing, I highly recommend this. Most tax problems with the IRS can be solved if you have access to your account, especially if you’re using my services to help you.

Just go to  irs.gov/your-account  and follow the instructions. You’ll need a smartphone, an e-mail account you can check on your phone, and your driver’s license. It can be a bit of a challenge, but once it’s done, it’s done, and then don’t ever lose your login e-mail or password. Good luck.

The IRS recently ended its free Direct File program for simple tax returns. Though short-lived, it was widely viewed as unnecessary—especially since many tax prep companies already offer free filing for straightforward returns.

But as anyone who’s filed knows: taxes rarely stay simple. Sell a home, invest in the market, switch to contract work, or start drawing RMDs—and suddenly, you’re in complex territory. And complex returns come with a price.

So why pay top dollar at a chain store? Get expert, year-round support from Gordon Tax Service—where expertise meets affordability.

https://www.cnbc.com/2025/07/30/irs-chief-says-agency-plans-to-end-free-direct-file-program.html

Standard Deductions will be Higher for 2025

Single filers : $15,750 (a $1,150 increase from 2024. That’s a big increase.)

Married couples filing jointly: $31,500, an increase of $2,300 from 2024.

Heads of households:  $23,625 for 2025, an increase of $1,725 from 2024

Over 65 you get an additional amount of $2,000  or $3,200 if filing jointly.

And don’t forget: Over 65 will have an additional $6,000 deduction on top of their standard deductions if they earn under $75,000 as a single person or $150,000 if married and filing jointly.

June 16th is the deadline for sending in estimated payments to the IRS. Most people don’t have to do that because their employer holds out taxes from their check and sends it in every quarter, but if you have your own business, a side-gig, or your employer isn’t holding out enough taxes, then you would have to make estimated tax payments. The best way to do this is to open an IRS account using ID.me, and set it up that way. Once you do, it’s very easy to make an estimated payment. If you need advice or help with that, just give me a call, message me, or shoot me an e-mail.