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D.T. Ton & Associates, 16051 Brookhurst, Suite B, Fountain Valley, CA (2026)

02/25/2026

"No Tax on Overtime" Deduction – Did You Know?

In order to claim the deduction, you must be an FLSA overtime-eligible employee, where FLSA stands for the Fair Labor Standards Act. Many full-time employees fit this category but some do not, so if you are unsure about your FLSA designation, check with your employer.

You may only claim the "No Tax on Overtime" deduction if you have a Social Security number (SSN) valid for U.S. employment. If you are married, you must file a joint tax return with your spouse. Note that the deduction applies only to "bonus" overtime pay above your normal salary or wage rate. For example, if your normal pay rate is $20/hour but you get paid $30/hour for overtime work ("time and a half"), then at most $10/hour of your overtime pay will be deductible. Your 2025 W-2 form might not clearly show your qualifying overtime pay, so you may need to obtain the information another way, such as logging into a portal created by your employer.

You do not need to itemize deductions in order to deduct overtime pay. The maximum deduction amount is $12,500, or $25,000 for joint filers if both spouses have qualifying overtime pay and valid SSNs. The deduction amount decreases for people with modified adjusted gross incomes above $150,000 (or $300,000 for joint filers). A tax professional can help you determine whether you qualify to deduct overtime, and if so, help you properly figure your deduction amount.

02/23/2026

Changing Life Circumstances Can Affect Your Taxes – Did You Know?

When a momentous life event like a marriage or the birth of a child occurs, taxes are probably the furthest thing from your mind. However, once the excitement of the moment settles down, it is important to perform a quick tax checkup to avoid an unpleasant IRS surprise. Here is a checklist of some of the most common life changes that may affect your taxes:

Change of Name:
Your name on your tax return must match the name on file for you with the Social Security Administration (SSA). Therefore, if your name changes due to marriage, divorce, or for any other reason, it is important to request a new Social Security card, which can be done at ssa.gov.

Change of Filing Status:
Married couples may choose to file either jointly or separately, and this choice can affect both tax rates and eligibility for certain deductions and credits. If your marital status changes during the year, or you and your spouse decide to change your filing method, it is a good idea to use the IRS Withholding Estimator tool to determine whether a change in your paycheck withholding amount is needed.

Change of Address:
From time to time, the IRS may need to contact you about your return, refund, or other matters. If you move during the year, inform the IRS by filing Form 8822, Change of Address, to ensure that you do not miss any important communications.

Change in Number or Ages of Dependents:
If your family grows this year due to a birth or adoption, you may be eligible for additional tax deductions and credits. Conversely, your eligibility for certain credits might change as your children grow older.

Some of the tax implications of these and other life changes can get complicated. A professional tax advisor can help you evaluate these impacts, and if necessary, take action to stay on track with your tax payments and qualify for the deductions or credits available to you.

02/19/2026

Digital Asset Transaction Reporting and New IRS Form 1099-DA

A wide range of digital asset transactions such as buying, selling, trading, exchanging, or using crypto and other digital assets must be reported on tax returns. In particular, you may get a Form 1099-DA if you worked with a U.S.-based broker to sell or trade crypto or other digital assets, or used those assets to pay broker transaction fees. The form will show any potentially taxable gain from the transaction, and may also show your basis, a critical figure to know for tax purposes. In most cases, though, you will need to figure your basis separately.

If you believe that a Form 1099-DA you receive is incorrect or should not have been issued, contact the sender promptly to request that the form be replaced or voided. A tax professional can help you interpret 1099-DA forms and properly report the related transactions, and also help with basis calculations to ensure that you do not overpay in tax.

02/17/2026

Filing Season Scams

Tax filing season unfortunately brings with it a spike in activities by scammers looking to steal people's identities, money or both. The IRS recently warned all Americans to stay alert for fraudulent email or text messages that claim to come from the IRS or a tax service company. These messages may include requests for sensitive information like a Social Security number (SSN), or links to impostor websites created to harvest personal data or trick people into sending money. Many of these scams specifically target seniors. If you receive a suspicious message about tax season, delete it promptly, and do not reply or click on any links.

Other scammers post messages or videos on social media about made-up tax deductions or credits that the IRS is supposedly hiding from the public. They may use these claims to lure people into paying for fraudulent tax preparation services. Or they may just want to sow chaos, by persuading people to file false returns and incur IRS penalties.

One of the hardest scams to spot is false return filing, where a person files bogus tax returns in other people's names, in an attempt to steal IRS refunds. Victims of this scam may face lengthy processing delays for their legitimate returns, and therefore have to wait months or even years for their refunds. You can protect yourself by obtaining an IP PIN from the IRS, which is a unique identifying number that prevents anyone else from submitting a return in your name.

Apply for an IP PIN: https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin

02/11/2026

Adoption Tax Credit – Did You Know?

The Adoption Tax Credit helps parents recoup costs necessary to adopt a child. Thanks to rule changes implemented under the One Big Beautiful Bill Act (OBBBA), parents who adopted a child in 2025 may qualify for enhanced tax benefits. Qualifying adoptive parents may claim a credit of up to $17,280 per eligible child for domestic, international, private or foster care adoptions. Expenses covered by the credit may include adoption fees, home studies, reasonable travel costs to complete the adoption, and court and legal fees.

Beginning with tax year 2025, up to $5,000 of the Adoption Tax Credit may be refundable. Therefore, if your credit is greater than the amount of tax you owe, you may receive up to $5,000 of the excess credit as a tax refund. Any remaining excess credit may typically be carried forward for up to five years. However, carryovers cannot be used to generate a tax refund.

For 2025, you can claim the full credit if your modified adjusted gross income (MAGI) is $259,190 or less. The credit decreases gradually as your MAGI rises from $259,191 to $299,189, and it is no longer available if your MAGI is $299,190 or higher.

To qualify for the Adoption Tax Credit, an adopted child generally must be younger than 18 years old or have special needs, and cannot be your spouse's child. A tax professional can help you determine whether you qualify for the credit, and if so, help you take full advantage of new benefits available under the OBBBA.

02/09/2026

IRS 2026 IP PIN - Did You Know?

The IRS encourages everyone to get an identity protection number (IP PIN) for the 2026 tax filing season. An IP PIN is a unique code that you include on your tax return and other IRS forms that you file during a given year. Using this code prevents scammers from submitting fraudulent tax documents in your name, in an attempt to steal your refund or identity.

The easiest way to obtain an IP PIN is to create an online IRS account (link below). You can also request one by mail by filing IRS Form 15227. Note that an IP PIN only lasts for one calendar year, so even if you had one in 2025, you will need a new one this year. Once you receive your 2026 IP PIN, make sure to include it on your 2025 tax return, so that the IRS will accept the return and reject any fakes. A tax professional can help you file your return electronically with your IP PIN properly entered, to ensure the fastest possible processing.

Open an IRS online account: https://www.irs.gov/identity-theft-fraud-scams/get-an-identity-protection-pin

02/04/2026

Earned Income Tax Credit Eligibility - Did You Know?

Millions of Americans qualify for the Earned Income Tax Credit (EITC), which can significantly reduce a person's tax or increase their IRS refund. Unfortunately, many people miss out on this valuable credit each year because they do not realize that they are eligible.

Even if you have not qualified for the EITC in the past, you may be eligible if you experienced a life change in 2025 like a reduction in income, a change in marital status, or the birth or adoption of a child. Others who may overlook the opportunity to claim the credit include veterans, grandparents raising grandchildren, Native Americans, and people who live in rural areas or have limited English skills.

For tax year 2025, eligibility depends in part on your adjusted gross income (AGI) and the number of children or relatives you claim. For example, taxpayers with no qualifying children may qualify with income up to $19,104 ($26,214 if married filing jointly). With one child, income limits rise to $50,434 ($57,554 married filing jointly). With two children, the limit is $57,310 ($64,430 jointly), and with three or more children, up to $61,555 ($68,675 jointly).

In order to claim the EITC, you must file a tax return, even if your income is below the filing requirement. A tax professional can help you file your return electronically, to get your refund as quickly as possible.

02/02/2026

Tax Documents May Come in Different Formats This Filing Season

Keep an eye out over the next 2-3 weeks for important documents you will need to file a complete and accurate tax return. These documents may include Form W-2 (Wage and Tax Statement for employees), along with various 1099 forms showing interest, dividend, rental, royalty or self-employment income. Traditionally, these forms came in the mail or were distributed to employees at a workplace. However, they may now be sent digitally, or made available through an online system.

Gathering up needed forms may be different this tax season for people who qualify for the new "No Tax on Tips," "No Tax on Overtime" and/or "No Tax on Car Loan Interest" deductions. In the future, the information needed to claim these deductions will be included on W-2, 1099 or other standard IRS forms. This year, however, employers and lenders may use alternative reporting formats. For example, you may receive a form that does not look like a normal tax document, or instructions to log in to an online portal to access the figures you need.

In order to claim any of these deductions, or the enhanced deduction for seniors, you will need to file a new tax form just released by the IRS called Schedule 1-A. A tax professional can help you assemble all the needed information, complete this form and file your entire return electronically so you can receive your refund as quickly as possible.

01/28/2026

New Tax Form for Deductions Created by OBBBA – Did You Know?

The One Big Beautiful Bill Act (OBBBA) created multiple new deductions that people may take even if they do not itemize deductions on their tax returns. Unfortunately, traditional federal tax forms do not include space to claim these deductions. To address this problem, the IRS has introduced a new 2025 tax form called Schedule 1-A (Form 1040), Additional Deductions.

You will need to complete Schedule 1-A and include it with your return if you qualify for any of the following deductions:
- No Tax on Tips
- No Tax on Overtime
- No Tax on Car Loan Interest
- The Enhanced Deduction for Seniors (age 65 or older)

Several of these deductions require you to provide a significant amount of information about yourself and/or the basis for your deduction amount. A tax professional can help you properly file Schedule 1-A to take full advantage of every deduction available to you.

01/26/2026

Tax Filing Season Begins

The IRS has opened the 2026 tax filing season and is now accepting 2025 returns, with the federal filing deadline set for Wednesday, April 15, 2026. Most refunds are generally issued within 21 days, especially when e-filing and opting for direct deposit. Taxpayers claiming the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) can expect most refunds by March 2, 2026, with projected deposit dates available through Where's My Refund? by February 21.

01/20/2026

2026 Standard Business Mileage Rates – Did You Know?

The IRS has announced that the standard mileage rate for business use of a vehicle will be:

Business: 72.5 cents per mile
Medical care or moving (certain active-duty military only): 20.5 cents per mile
Charitable: 14 cents per mile

Taxpayers may choose between the standard mileage rate or deducting actual vehicle expenses, but using actual expenses in the first year generally requires continuing that method in future years. A tax professional can help you determine whether you qualify to deduct business vehicle expenses, and if so, help you find the most advantageous strategy to figure your deduction.

01/12/2026

2026 Tax Filing Season Start

The IRS has announced that the individual federal tax filing season for the 2025 tax year will begin on January 26, 2026. The current deadline to file 2025 federal income tax returns and pay any taxes owed is April 15, 2026, unless an extension is requested or a taxpayer qualifies for additional relief.

Although IRS systems typically open for electronic processing on the official start date, taxpayers do not need to wait until then to begin preparing their returns. You can gather documents, organize income and deduction records, and even complete your tax return in advance so it is ready to file as soon as the IRS begins accepting submissions. Starting early may help reduce errors, speed up refunds, and provide more time to address unexpected issues, such as missing forms or questions about eligibility for credits and deductions.

D.T. Ton & Associates

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