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D.T. Ton & Associates

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D.T. Ton & Associates

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12/29/2025

IRS Issues Additional Guidance for "No Tax on Tips" Deduction – Did You Know?

The One Big Beautiful Bill Act (OBBBA) specifies that only tips separately reported on a year-end tax document like a W-2 or 1099 form qualify for the new "no tax on tips" deduction. However, the current versions of those forms do not necessarily allow for reporting that complies with the OBBBA requirement. Therefore, the IRS will allow eligible tipped employees and self-employed people to use alternative methods to figure the deduction for 2025.

Under these special, temporary rules, qualifying tip recipients may be able to use any of the following as the basis for their deduction:
- Tips shown in box 7 of Form W-2 (Social Security tips)
- Tips properly reported to an employer, even if the tips do not separately appear on a W-2 form
- Tips recorded separately in detailed records of self-employment income, even if the tips are not specifically reported on a Form 1099

If you are eligible to claim the "no tax on tips" deduction, the maximum annual deduction is $25,000, subject to income limits, with a phase-out range beginning at a modified adjusted gross income (MAGI) of $150,000 for individuals, or $300,000 for joint filers. A tax professional can help you determine whether you may deduct tip income on your tax return, and if so, help you properly compute your deduction amount.

12/22/2025

'Tis the Season to Prepare for Tax Time – Start Assembling Important Documents Now

With a New Year fast approaching, tax filing season cannot be far behind. Taking a few simple steps to prepare over the next several weeks can significantly reduce stress when you complete your return. First, make sure you have important records readily at hand, like last year's return and receipts for deductible expenses or donations. Second, keep your eyes out for year-end income statements in January and early February. These documents may include:

- W-2 forms from employers
- Forms 1099-NEC and/or 1099-MISC showing your income from sources like rents, self-employment activities (such as gig work) and royalties
- Forms 1099-INT and 1099-DIV showing interest, dividends and other investment income

Other important forms you might receive include Forms 1095-A (Health Insurance Marketplace Statement) and 1098-T (Tuition Statement). Also remember that you must answer questions about your involvement with digital assets like crypto on your tax return, and report any resulting income. Make sure you have complete records of all your 2025 digital asset transactions, so you can meet these reporting requirements.

12/15/2025

Holiday Season Gift Card Scams – Did You Know?

Gift cards, both physical and digital, often make perfect holiday presents. Unfortunately, they are also very popular targets for scammers. The IRS recently issued a reminder to all Americans to stay vigilant about gift card fraud throughout this holiday season. Many scammers impersonate the IRS or other government agencies, and threaten people with arrest if they do not immediately obtain gift cards to pay fictitious tax penalties or fines.

Remember, the IRS will never call to demand a specific form of immediate payment such as gift cards, prepaid debit cards or wire transfers. The IRS also does not threaten to dispatch local police or immigration enforcement agencies to arrest someone who does not pay. In many cases, the IRS first sends a bill through the mail, with a letter acknowledging the person's right to appeal the judgment.

If you receive any request from someone you do not know to send gift cards or share the identifying numbers from those cards, do not respond. Hang up or delete the text, voicemail, email or social media message, and do not call back or click on any links.

12/08/2025

Healthcare Open Enrollment Deadline

This is the final week to sign up for coverage through HealthCare.gov that will begin in January of next year. The open enrollment period ends next Monday, December 15, 2025, for plans that start on January 1, 2026.

Enrollment can be done at https://Healthcare.gov, and a simple checklist of documents you'll need can be found here: https://marketplace.cms.gov/outreach-and-education/marketplace-application-checklist.pdf.

12/02/2025

Giving Tuesday and Charitable Donations - Did You Know?

Giving Tuesday is an annual event that highlights charitable giving after Thanksgiving.

If you are considering charitable donations, you may be able to donate to a Donor-Advised Fund (DAF) every two or three years instead of every year. This may qualify you to receive tax benefits now, allow the amount to grow tax-free, and the decision on which qualified charity to fund can be made later.

If you are 70.5 years or older, you may also be able to make a qualified charitable distribution (QCD) directly from your IRA this year which can allow the donation to be excluded from your taxable income. A tax advisor can help you structure your charitable giving.

The IRS has released a tool to make it easier to get information about qualified charitable organizations. The Exempt Organizations Select Check tool can be found at: https://www.irs.gov/charities-non-profits/tax-exempt-organization-search.

11/25/2025

Name Changes - Did You Know?

A name change can affect your taxes. As all the names on a tax return must match Social Security Administration (SSA) records, a name mismatch can delay your tax refund.

Report Name Changes: Got married and now using a new spouse's last name or hyphenate a name? Divorced and now back to using a former last name? In either case, you should notify the SSA of a name change. That way the new name on IRS records will match the SSA records.

Make Dependent's Name Change: Notify the SSA if a dependent had a name change. For example, if you adopted a child and the child's last name changed. If the child does not have a Social Security number, you may use an Adoption Taxpayer Identification Number on your tax return. An ATIN is a temporary number. Apply for an ATIN by filing Form W-7A with the IRS.

Get a New SS Card: File Form SS-5, Application for a Social Security Card. The form is on SSA.gov or by calling 800-772-1213.

11/17/2025

Military Combat Pay – Did You Know?

Members of the military may generally exclude combat pay from their taxable income up to a certain limit. However, if you receive military combat pay, including it as earned income may help you qualify for the Child Tax Credit or Earned Income Tax Credit. In some cases, this can even result in a larger tax refund.

11/10/2025

Injured Spouse Relief - Did You Know?

If you file a joint tax return and the IRS withholds your refund due to debts owed only by your spouse, you may be able to claim your share of the refund. This program, known as Injured Spouse Relief, may be available to you regardless of whether you live with your spouse.

11/03/2025

"No Tax on Car Loan Interest" Deduction – Did You Know?

The recently enacted One Big Beautiful Bill Act (OBBBA) created a new tax deduction for interest paid on certain car loans. Eligible people who initiate qualifying auto loans after December 31, 2024 may deduct up to $10,000 per year of loan interest, regardless of whether they itemize deductions on their tax returns.

Eligibility criteria for the deduction include income limits, and a requirement that the vehicle be purchased new for personal (not business) driving purposes. In general, to deduct car loan interest in full, a married couple filing a joint return must have a modified adjusted gross income (MAGI) under $200,000. For other filing statuses, the MAGI limit for the full deduction is $100,000. The deduction phases out at higher income levels. Other restrictions include a requirement that the vehicle underwent final assembly in the U.S.

If you qualify for the deduction, you will need to document the amount of auto loan interest you paid. You may receive a year-end tax form from the lender providing this information, but for this year, lenders may make the information available to borrowers in other ways. A tax professional can help you determine whether you qualify to deduct auto loan interest, and if so, help you properly report the interest you paid to get the largest deduction possible.

10/28/2025

2026 Healthcare Open Enrollment - Did You Know?

The 2026 open enrollment period for Marketplace health insurance begins this Saturday, November 1, 2025, and ends December 15, 2025 for plans starting January 1, 2026. During this period, you will be able to enroll in, renew, or change health plans for the coming year.

Once the Open Enrollment period is over, you will only be able to enroll if there's a qualifying life event for the Special Enrollment Period.

Enrollment can be done at https://healthcare.gov, and a simple checklist of documents you'll need can be found here: https://marketplace.cms.gov/outreach-and-education/marketplace-application-checklist.pdf.

10/21/2025

Flexible Spending Arrangements - Did You Know?

Changing jobs? Before leaving your current position, check the balance in your flexible spending arrangement (FSA). FSAs are generally not transferable to a new employer, and unused funds are often forfeited when you leave your job. Some employers may offer a short grace period or allow a small rollover amount, but many do not. To make the most of your pre-tax dollars, use any remaining FSA balance before your last day, such as by scheduling medical appointments or purchasing eligible health items.

10/15/2025

Qualified Dividends - Did You Know?

If you earn dividend income, take a close look at your year-end Form 1099-DIV to see whether any of your dividends are reported as “qualified dividends.” Qualified dividends meet certain IRS criteria, such as being paid by a U.S. corporation or qualifying foreign company and meeting specific holding-period requirements. These dividends are taxed at the lower long-term capital gains rates instead of ordinary income rates, which can reduce your overall tax bill.

Address

16051 Brookhurst, Suite B
Fountain Valley, CA
92708

Opening Hours

Monday	10am - 6pm
Tuesday	10am - 6pm
Wednesday	10am - 6pm
Thursday	10am - 6pm
Friday	10am - 6pm

Telephone

(714) 775-9077

Website

http://ton-associates.com/

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