theconnectionsnj.com HOME & DESIGN PAGE 40 erving successful individuals and closely held businesses for over 75 years! For the third year in a row, 2025 made equity markets cheer! Of course, it is not only what you make but what you keep. Investors may be met with an unpleasant surprise tax bill. It is anticipated that 1099 tax forms will be reporting significant taxable income. To avoid the issue, we help clients monitor and avoid excess capital gains. We have the capabilities to monitor investment income year-round. Those who choose to use our integrated services have the added benefits of a single point of personal contact and the efficient and stress-free convenience that tax reporting documents are received electronically by our offices. A little math for a big, beautiful bill (OBBA). Something for everyone, seniors to newborns. For married filing joint taxpayers (MFJ): the standard deduction continues to rise to $31,500, along with an extra $12,000 for senior couples, subject to income limitation, no tax on tips or overtime up to $25,000 and partial relief for state and local tax deduction. There is a new limit of $40,000, again subject to income limits, and the annual gift tax exclusion remains $19,000 per person, in case any grandparents are thinking of gifts. Parents of newborns can establish an investment fund starting this July, called a Trump account. The government will contribute $1,000, with opportunity for contributions of up to $5,000 annually. These accounts will be tax deferred and invested in securities that track the US stock index. Taxpayers should closely monitor adjusted gross income (AGI). These amounts are used to determine eligibility for both Federal and State deductions and credits. Many deductions are phased out based upon income. Increases in AGI can be particularly painful for seniors, Medicare premiums are means tested, commonly referred as IRMAA. Resident NJ taxpayers have several property tax relief programs based upon AGI which should not be overlooked, for example Senior Freeze, Anchor, and pilot-Stay NJ. Controllable income, such as Roth conversion and investment income should consider AGI outcomes. For businesses, permanent 100% bonus depreciation on qualifying assets. Research and development (R&D) costs can be currently expensed rather than capitalizing and amortizing over time. For pass-through type entities, such as partnerships and certain corporations, the QBI 20% deduction is made permanent. Stress Free Tax Season We are a small firm that provides big results. While larger CPA firms are abandoning the individual and family business, we at Shapiro CPAs continue to embrace it. We are accepting a select group of new clients this tax season. By choosing Shapiro CPAs, you will get better outcomes and confidence that your taxes are done right. Experienced CPAs are trained to improve accuracy, maximize deductions, and minimize tax liability. Robert Shapiro, CPA and his professional team will answer your questions and are skilled in advanced planning techniques. Shapiro CPAs’ caring and experienced team guides clients to a stress-free tax season. We have provided proactive professional service since 1937. Our team is experienced and equipped to manage the complex needs of successful individuals and closely held businesses. Benefits to our clients extend beyond tax season, with year-round personalized access and service. I would welcome the opportunity to put my 40 years of experience to work for YOU. If you would like us to help you with any concepts in this article, please do not hesitate to contact me directly at Shapiro CPAs, 30 Technology Drive Warren, NJ, 908-222-3770. You should discuss any tax or legal matter with your tax or legal advisor. Shapiro CPAs does not provide legal services. This article is not to be construed as written advice under IRS circular 230. FINANCIALFORUM Tax Math and the Pros You Need to Calculate It By Robert Shapiro CPA ABV-Shapiro CPAs S Major Credit Cards Accepted 3/30/26 3/30/26 REMOTE SUPPORT • CARRY-IN SERVICE • ON-SITE SERVICE Mannyspaint@gmail.com Fax 908-561-2415 DO THE RIGHT THINGTHE FIRST TIME! 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