Tax Man London

Don't panic.

A mistake doesn't necessarily mean you're in serious trouble.

Depending on the circumstances, you may need to correct the return.

For many individual federal returns, this can involve Form 1040-X, Amended U.S. Individual Income Tax Return.

Example

Suppose someone files their return.
Two weeks later they receive a corrected tax document and discover the information differs from what they reported.

The taxpayer may need to amend the return.

The IRS specifically notes that if a taxpayer files using an estimate because a document was missing and later receives a corrected document that differs from the estimate, they may need to file Form 1040-X.

🚨 PARENTS, THIS ONE IS FOR YOU! 🚨

“My child has a job and files their own taxes. Does that mean I can't claim them anymore?”

Not necessarily!

Your child filing their own tax return does NOT automatically mean you can't claim them as a dependent.

There are specific IRS rules that determine whether your child qualifies.

👀 Don't assume. Check the rules before filing.

Tax Man London Says: One tax return doesn't automatically cancel another person's dependency claim.

🚨 TAX TALK WITH TAX MAN LONDON 🚨

💰 Your tax refund isn't free money!

A tax refund is generally money that was already yours that you overpaid or are entitled to receive through refundable credits.
If your employer withholds $8,000 from your paychecks during the year, but your actual federal income tax liability ends up being $6,500, you may receive the $1,500 difference as a refund.

That doesn't necessarily mean you "won" $1,500. It can mean you gave the government an interest-free loan throughout the year.

Important nuance: Refunds can also come from refundable tax credits, so not every dollar of a refund represents excess withholding.

SIGN UP!!! ITS FREE!!! Artmore & Associates Tax Pros LLC

Hey everyone! It’s the last day to file your taxes! If you need to file, come file with us!! 👇🏽👇🏽

https://artmoretaxpros.com/

We are here for you during tax season and beyond! April 15th deadline is approaching. Give us a call or shoot us a dm to get your taxes filed!

What happens when you go exempt on your taxes?
Immediate Effects:
- Zero Federal Withholding
- Mandatory Deduction Remaining
- Does not apply to State Taxes
Risks:
- Criminal Penalties
- Large Tax Bill
- Lock-In Letters
- And plenty more.
So, before you go exempt on withholding, remember to weigh your pros and cons.

In 2026, there are no tax laws on Car Loan Interest
Qualifications are:

1. Vehicle must be new, purchased for personal use, have a gross vehicle weight rating (GVWR) under 14,000 lbs, and have its final assembly in the United States

2. Loan must originate after December 31, 2024

3. Maximum annual deduction is
$10,000

Income Limits: The deduction begins to phase out for taxpayers with modified adjusted gross income (MAGI) over
$100,000 (single) or $200,000 (married filing jointly)

If you exceed limit (every $1000 made above that limit there will be $200 subtracted from the $10,000 maximum)

Tips applies to voluntary cash or charged tips received in service industries that "customarily and regularly" received tips as of Dec. 31, 2024.

Applies to employees and self-employed individuals in occupations "customarily and regularly" receiving tips as of Dec. 31, 2024, such as food service, hospitality, and personal services. (Like DoorDash drivers)

Tips federal income tax deduction for up to $25,000 of qualified tips annually for eligible workers. This does not eliminate payroll taxes (Social Security/Medicare) or state taxes, and the deduction phases out for those with a modified adjusted gross income over $150,000 ($300,000 for joint filers).