We will be implementing some new services that will help us and our clients improve our experience and keep our information secure and protected. Stay tuned for the updates and changes.
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News and Information
One, Big, Beautiful Bill Provisions
The majority of the tax provisions will go in effect in tax year 2025 and the others will go in effect in 2026. The bill permanently extends certain tax provisions from the 2017 Tax Cuts and Jobs Act. This means lower individual tax rates from 10%, 12%, 22% and up to 37%. Nearly double your standard deductions, child tax credit expansion and the elimination of personal & dependent exemptions and itemized deductions.
* If you are a home owner who paid real estate taxes, state income taxes or sales tax you may see the tax savings due to the increased SALT deduction cap which increased from $10,000 to $40,000, allowing you to claim a much larger deduction.
No Tax on Tips
Effective 2025 – 2028. Employees and self employed individuals may deduct qualified tips from a occupation listed by the IRS as customarily and regularly receiving tips on a W2, 1099 or other tips reported on FORM 4137. A maximum annual deduction of $25,000 and phases out depending on your MAGI. Click here to read more.
Example: If you earned $5,000 in tips and you are in a 10% tax bracket, then your tax savings would be $600.
No Tax on Overtime
Effective 2025 – 2028. Individuals who receive qualified overtime compensation may deduct a portion of their overtime up to $25,000 for MFJ and $12,500 Single. The deductible amount is the “half” in your “time-and-a-half” overtime pay. Click here to read more.
Example: If you make $20/ hr. and worked 50 hours, 10 hours would be paid as overtime wages. Half of $20 is $10. The deductible portion would be $100 (10 hrs of overtime x $10 the “half” of overtime).
No Tax on Car Loan Interest
Effective 2025 – 2028. Individuals may deduct interest paid on a loan used to purchase a qualified vehicle, only if the vehicle was purchased for personal use and meets certain criteria. The maximum annual deduction is $10,000 and phases out depending on your MAGI. Click here to read more.
- Must have originated after 12/31/2024.
- Must be a New Vehicle.
- For Personal use only, not business or commercial.
- Secured by a lien on the vehicle.
- A qualified vehicle must have a gross weight rating of less than 14,000 lbs.
- And undergone final assembly in the USA. You can check here at NHTSA using your VIN.
Deduction for Seniors
Effective 2025 – 2028. Any individuals of the age 65 and older may claim an additional deduction of $6,000 and the individual must attain age 65 on or before the last day of the taxable year. This includes the standard deduction for seniors. If you file a joint return that means your deduction is $12,000. The deduction does have a phases out depending on your MAGI.
Example: If you are filing a Married filing Joint return you would add:
- Base standard deduction: $31,500
- Age-based deduction: $3,200
- Senior bonus deduction: $12,000 Total deduction is $46,700 for couple with a MAGI of $150,000 or less.
April 17, 2025 NOTICE: Due to the lingering effects of Hurricane Helene, the Internal Revenue Service today further postponed until Sept. 25, 2025, a wide range of tax deadlines for taxpayers throughout North Carolina. Previously, the deadline had been May 1, 2025, for Form 1040 filers, among many others.
April 17, 2025 NOTICE: NC Dept. of Revenue has also postponed the filing deadlines until Sept. 25, 2025.
Please see the links below for more details.
Our Extension policy:
1. Your tax return will automatically be Extended if you have already submitted your information, but we have not been able to prepare them yet.
2. Or if we prepared your tax return the previous year(in 2023) and we have not received your information or had contact from you to date, then we will file a extension for you.
Note: If you are our client and you have not filed your tax return for the previous year yet, then a Extension will not be automatically filed.
3. All other clients will need to contact our Office and request an extension or you can file a extension yourself or by using a free service by using a trusted IRS partners. https://www.irs.gov/…/get-an-extension-to-file-your-tax…
New 2025: Protection Plus
Updated 7/8/2025: Every individual tax return our office electronically files for any client starting 1/1/2025, is now covered through Protection Plus. This give our clients an extra layer of protection from the unknown. Protection Plus will handle all IRS and State Notice, Tax Audits, and Identity Theft restoration.
You may think, “I don’t need protection or insurance for my tax return. If your firm prepared my tax return and made a mistake, then wouldn’t you help resolve it for no additional fee”? This is true but majority of the time the tax issues have nothing to do with the tax preparers. We are all imperfect and you could forget a form and make a honest mistake, or the government just decides to question a line item and you receive hate mail. Situations like these are out of our control and this will give you peace of mind knowing that any tax issues that may arise will be taken care of by a team of extensive professionals because you had Protection Plus coverage.
Protection Plus works just like any other kind of protection or insurance policy. You buy home insurance to have protection from the unknown. If a tree falls on your house or you get in a car accident you did not cause it and could not dodge it or have control over it but since you have insurance it protects you from a huge cost out of your pocket. Protection Plus is a one time fee each year, which is included with your tax preparation fee. You can read more through the links below this page or on the resource page.
This does NOT include protection for a BUSINESS TAX RETURN. If you would like protection for your Business returns it will be an additional $100. Due to the length and time it is required to handle a business notice from the government Protection Plus fees for business tax returns are a lot higher. Due to this we can not cover the cost within your normal tax preparation fee.
If you do not have Protection Plus and require our assistance in responding to the notice we will be glad to help at our standard hourly rate.
Deadlines Dates to Remember
- 4/15/2025: (1.) Annual Report & (2.) Franchise Tax. All businesses who is required to file an annual report with NC Secretary of State and NCDOR Franchise Tax.
- 9/25/2025: All 2023 & 2024 Corporate/Business tax returns and Individual tax returns for our clients have been extended to September 25, 2025 due to Hurricane Helene.
- 9/25/2025: Business tax return filing deadline with extension.
- 10/15/2025: Individual tax return filings & Calendar year businesses with extension.
Secure Act 2.0
New start up Retirement Plan tax credit: You will receive a credit to cover 100% of Administrative cost (max $5,000/ yr.) for the next 3 years (Up to $15,000). An additional up to $1,750 per employee tax credit is also available.
Expanded catch-up plans, increased contribution limits, Student Loan matching Contributions, Retirement withdrawals penalty updates.
What if I can’t pay my taxes? Don’t panic – you may qualify for a self-service, online payment plan (including an installment agreement) that allows you to pay off an outstanding balance over time. Read more here on the IRS website.
Our office will not e-file your tax return(s) unless we’ve received a signed FORM 8879: e-file Signature Authorization form back from you.
Beneficial Ownership Information Reporting
[Updated March 26, 2025]: All entities created in the United States — including those previously known as “domestic reporting companies” — and their beneficial owners are now exempt from the requirement to report beneficial ownership information (BOI) to FinCEN. Existing foreign companies that must report their beneficial ownership information have at least an additional 30 days from March 26, 2025—until April 25, 2025, for most companies—to do so. For more information, see press release and alert. https://www.fincen.gov/boi
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ALERT:
The IRS and State government recommends filing all information and tax returns and making all tax payments Electronically. This option is for the tax payers protection, not so that the government can have your information.
A lot of people opt out of direct deposits or paying electronically because people may say “I don’t want the government to know my bank or financial information or have access to it so I’ll send them a check or have them just mail me my check.” In all honesty, if the government wants access to any of your personal information they can get it without your knowledge or consent as long as they have a reason.
Due to the high numbers of Identity theft and fraud the best way to get your tax returns and payments submitted to the government is by electronically sending it directly to them. This way your information and payments can not be intercepted or stolen. It is not very hard these days to get a fake ID and open a bank account in another person’s name.
This has been going on for many many years but recently 3 USPS employees who had stolen over $24 million dollars in IRS checks was finally caught in 2023 and finally sentenced. I don’t think they got enough time but they each were sentenced to estimated 60 months of prison time and 3 years of probation. They sold the IRS checks on a website called Telegram channel OG Glass House and cashed the remaining checks. If a payment is not over $10k the IRS will usually not try to go after it.
Most people who write a check from their bank are covered by FDIC and so they can recover their money back under a certain amount and the bank will have to pursue the legally cashed check but usually it doesn’t go anywhere. When writing a check to the IRS you want to make sure you spell out the whole words and make your checks out to “United States Treasury”. If you write a check out to U.S. Treasury, IRS, etc. then it is easy enough for someone to open a bank account under another name for example Ulysses Smith Treasury and so when they cash a check for US Treasury the banks will not question them. In the past another USPS worker was caught as will with a bank account opened under the name IRS as Isaac Robert Smith and cashed another millions of dollars worth of checks and finally got caught when he became to greedy and cashed a check over $50,000.
You do not have to be scared of the government when it comes to paying or filing your taxes and so do not expose yourselves more by being stubborn or scared. We just want our clients to be vigilant and careful so that they do not become a victim of theft. A great thing is this year we started offering all of our clients Protection Plus and all businesses also are covered under Protection Plus.
Our mission
Let’s be honest, preparing taxes is no fun. All of us at Absolute Tax and Financial Services believe that preparing taxes should be a pleasant experience and you shouldn’t have to pay a premium for that level of service. Therefore, we’re committed to building long-term and genuine relationships with our clients.
“There is no such thing as a good tax.” -Winston Churchill
Contact Information
Let us provide you with the absolute best in tax and financial services.
Address
3723 Benson Drive
Raleigh, NC 27609
Phone
919-888-4042
FAX
919-888-4047
Email Address
info@taxabsolute.com
Business Hours
We are thrilled to announce that we have teamed up with Protection Plus to offer $1 Million Tax Audit Defense™ to our individual 1040 clients and business return clients. When you file with us, you’ll receive expert tax advice as well as a team of tax resolution experts to guide you if you receive a tax notice or audit. This feature now extends to business returns as well, giving you peace of mind during tax season.
Confidence comes from knowing you’re supported from all sides. Beyond expert tax filing, we provide $1,000,000 Tax Audit Defense™ and Identity Theft Restoration via Protection Plus. Your financial information matters, and we’re here to ensure you are well-supported no matter what comes your way.
