Telephone: (303) 449-3060

Helping people achieve their financial goals since 1991

Big Changes Ahead!

Changes Coming in 2025 written on a blackboard

We are very excited to announce that we are making major changes to the way we work together, with the goal of providing you with more advisory services, as well as more clarity and definition of all our services and fees. Our new engagements will be electronic: we will send you a PROPOSAL listing the services and fees which we will provide, and if you agree, you will sign the proposal and provide your payment information at the same time. These new monthly automatic payments will help you with budgeting for the year and help our firm with managing cash flow. No more time-billing, surprise invoices, or monthly statements accruing service charges! Additionally, by engaging our firm now via a signed proposal for 2026 services, we'll be able to better anticipate our staffing needs and plan accordingly.

This transition has already begun with new clients. For existing clients, we will start this month by sending new service proposals to many of our clients who have already filed their 2024 individual tax returns, so be watching for a letter from your Tax Manager. We will reach out to businesses and individuals with more complex returns after the October tax deadline.

Oh, and that BBB...

On top of working on extended tax returns, our professional staff is busy familiarizing themselves with the intricacies of the massive OBBBA (One Big Beautiful Bill Act, in case you haven't heard). This bill makes permanent many tax provisions from the 2017 Tax Cuts and Jobs Act, and also delivers many new changes which will affect tax planning for both individuals and businesses.

Here are some of the highlights effective for tax year 2025:

State and local tax deduction cap is increased to $40,000 per household, subject to income limitations, but no limit for pass-through entities
Enhanced child tax credits, new senior exemptions, charitable deductions for non-itemizers, expanded child savings accounts and 529 plan qualified expenses
No tax on tips and overtime, subject to limitations
Form 1099 reporting threshold increases from $600 to $2,000
Expanded bonus depreciation, Section 179 expensing, and QBI deductions for businesses
Terminates many clean energy tax credits, including for vehicles acquired after September 30, 2025 and home energy-saving upgrades after December 31, 2025
Car loan interest will be deductible for US-made cars, subject to limitations

Our team's new emphasis on advisory services and tax planning will help you prepare for these major developments, with a phased approach for short-term as well as long-term planning to optimize your tax situation. Reach out soon to schedule a consultation before the end of the year!