Scams: Everyone's Problem, Not Just a Few

The Rising Threat of Scams

Scams are everywhere, and they're getting smarter.

• The Impact: It's not just about the money you lose. It's about the mess it leaves behind.
• Example: Larry and his wife saved over a million dollars. Scammers took it all in just six months. The tax bill that came after? That was a surprise. And Medicare got more expensive too.

Scammers don't care who you are.

• They target anyone, regardless of age, location, or profession.
• They use social media, phishing, and phone calls.

IRS Advice and New Tax Rules

The IRS has some advice:

• Start early.
• Get your documents ready.
• Know the new rules.

New Tax Rules:

• No tax on tips.
• No tax on overtime.
• No tax on Social Security.
• No tax on car loan interest.

Important Notes:

• These are temporary deductions, not exemptions.
• There are rules and exceptions.

Claiming Dependents

Claiming Your Son as a Dependent:

• You don't have to, even if he qualifies.
• If you don't claim him, his income won't be included in your household income for premium tax credit purposes.

Charitable Giving Changes

Changes in Charitable Giving:

• The standard deduction is going up.
• Fewer people will itemize their deductions.
• Fewer people will get a tax break for charitable giving.

Congress's Answer:

• Starting in 2026, taxpayers who claim the standard deduction can claim a deduction for charitable giving.
• Up to $1,000 for single filers.
• Up to $2,000 for married couples.

Health Savings Accounts (HSAs)

Benefits of HSAs:

• Pre-tax contributions.
• Employer contributions.
• Tax-free growth.
• Non-taxable withdrawals for federal income tax purposes.
• Roll over from year to year.
• Portable (you can keep it if you change jobs or retire).

Important Deadlines

• December 31, 2025: Deadline for required minimum distributions.
• January 15, 2026: Deadline for the fourth quarter 2025 estimated tax payment.
• January 31, 2026: Deadline for employers to provide employees with wage statements.

Upcoming Conferences and Events

• December 29, 2025: Public meeting of the Community Development Advisory Board.
• January 5, 2026: National Society of Tax Professionals 2026 Las Vegas Grand Event.
• January 15-17, 2026: American Bar Association Section of Tax 2026 Midyear Tax Meeting.

Pets and Taxes

• Pets can be beneficiaries, but they can't be dependents.
• Example: Leona Helmsley left $12 million for the care of her Maltese Terrier, Trouble.