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For your convenience, the 2025 Tax Questionnaire is available via the button below and can be accessed on our website. To ensure we can process your return in time for filing by April 15th, 2026, please submit your completed questionnaire by February 28th, 2026. Your prompt response is greatly appreciated.
Warm regards,
The Team at Giambalvo, Stalzer & Company
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Tax Season Hours
Effective Jan 15 - April 15
Monday - Thursday 9am-7pm
Friday - 9am-5pm
Saturday - 9am-2pm
Sunday - Closed
| | Tax & Financial News You Can Use | | | |
Estate Planning for 2026 and Beyond
Until recently, much tax uncertainty surrounded estate planning. The Tax Cuts and Jobs Act doubled the federal gift and estate tax exemption to an inflation-adjusted $10 million, but only for 2018 through 2025. Fortunately for those with larger estates, in 2025, legislation was signed into law that increases the exemption to $15 million for 2026, with annual inflation adjustments going forward — and no expiration date. This provides more estate planning certainty, but not complete certainty. Lawmakers could still reduce the exemption in the future.
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Which Parent Gets the Tax Breaks After Divorce?
IRS rules determine who can claim many child-related federal income tax breaks after parents divorce or legally separate. Generally, the parent with whom the child spends the most nights gets the benefits. But the rules allow this “custodial” parent to release to the other, “noncustodial,” parent the right to claim the child for certain tax breaks if specific tests are passed.
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Taking Control with Self-Directed IRAs
You have until April 15, 2026, the tax filing deadline, to make 2025 contributions to an IRA. If you’re seeking more than the traditional mix of stocks, bonds and mutual funds, a self-directed IRA offers greater autonomy and diversification. But it also introduces added complexity.
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Unlock Bigger Deductions on Rental Real Estate
Many rental property owners are surprised to learn that federal tax law often restricts their ability to deduct losses, treating most rental activities as passive unless specific requirements are met. But if you can qualify for the real estate professional exception, you may be able to turn otherwise suspended losses into immediate tax savings.
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If You're Closing Your Business, Don't Forget These Tax Steps
Closing a business can be overwhelming. But it’s important not to let tax duties fall through the cracks. File a federal income tax return for your business’s final year and, if you have employees, make final federal tax deposits and report employment taxes. If you engaged independent contractors and, in your final year, paid anyone $600 or more ($2,000 for 2026, indexed for inflation after that), report the payments.
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2026 Tax Law Changes for Businesses
Here’s a sampling of some significant tax law changes going into effect this year:
- Increase of the Section 179 expensing limit to $2.56 million and the phaseout threshold to $4.09 million (up from $2.5 million and $4 million, respectively, for 2025).
- Expansion of the income ranges over which the Section 199A qualified business income deduction limitations phase in, generally to $201,750 — $276,750 (up from $197,300 — $247,300 for 2025), double those amounts for married couples filing jointly.
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Upcoming Tax Due Dates
February 10th:
Employers: File a 2025 return for federal unemployment taxes (Form 940) if all associated taxes due were deposited on time and in full.
Employers: Report Social Security and Medicare taxes and income tax withholding for the fourth quarter of 2025 (Form 941) if all associated taxes due were deposited on time and in full.
Individuals: Report January tip income of $20 or more to employers (Form 4070).
February 17th:
Employers: Deposit nonpayroll withheld income tax for January if the monthly deposit rule applies.
Employers: Deposit Social Security, Medicare and withheld income taxes for January if the monthly deposit rule applies.
Businesses: Provide Form 1099-B, 1099-S and certain Forms 1099-MISC (those in which payments in Box 8 or Box 10 are being reported) to recipients.
Individuals: File a new Form W-4 to continue exemption for another year if you claimed exemption from federal income tax withholding in 2025.
March 2nd:
Businesses: File Form 1098, Form 1099 (other than those with a January 31 deadline), Form W-2G and transmittal Form 1096 for interest, dividends and miscellaneous payments made during 2025. (Electronic filers can defer filing to April 1.)
March 10th:
Individuals: Report February tip income of $20 or more to employers (Form 4070).
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Our Hours
Effective Jan 15 - April 15
Monday - Thursday 9am-7pm
Friday - 9am-5pm
Saturday - 9am-2pm
Sunday - Closed
Hours may vary, feel free to call us to confirm.
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© 2025 GIAMBALVO, STALZER & COMPANY, CPAS, P.C.
3500 Sunrise Highway Suite 100, Building 200 | Great River, NY 11739 | (631) 321-8000
75 N. Central Avenue | Elmsford, NY 10523 | (914) 592-3944
100 Merrick Road, Suite 500 West | Rockville Centre, NY 11570 |
(516) 536-8500
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Any accounting, business or tax advice contained in this communication, including attachments and enclosures, is not intended as a thorough, in-depth analysis of specific issues, nor a substitute for a formal opinion, nor is it sufficient to avoid tax-related penalties. If desired, we would be pleased to perform the requisite research and provide you with a detailed written analysis. Such an engagement may be the subject of a separate engagement letter that would define the scope and limits of the desired consultation services.
Copyright © 2026 All materials contained in this document are protected by U.S. and international copyright laws. All other trade names, trademarks, registered trademarks and service marks are the property of their respective owners.
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