STANSBURY-POPLAR SERVICES

We offer the following options for filing your taxes:

• In person appointment at our local office

• Document Drop off service at our local office

• Document Upload 

 

Unsure if changes in tax regulations will impact your filing experience this tax year? Feel free to consult our newsletter below which captures changes announced by the IRS.

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Tax Year 2025 Annual Stansbury-Poplar Services Newsletter 

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Welcome to another tax year with us in our old, familiar offices. We are open for appointments and drop-offs starting on Saturday, January 24th.  We will be able to accept your documents through drop-off, mail, fax, or email using our website – www.Stansburytax.com

 

Here are some of the key changes in place for filing tax year 2025

• Standard Deduction Increased and Made Permanent: Single and Married filing separately $15,750, Head of Household $23,625, Married filing jointly $31,500.

• New Senior Deduction: Taxpayers age 65 and older can claim an additional deduction of $6,000. per individual, available whether you itemize or take the standard deduction. The $6,000 deduction begins to phase out if your income is more than single $75,000. / $150,000 for married filing joint.

• Higher state and local tax deduction (SALT Deduction): Temporary SALT deduction for taxpayers who itemize deductions increased from $10,000 to $40,000 in 2025. 

• Car Loan Interest Deduction (Temporary): Interest from car loan for a new vehicle whose final leg of production was produced in the United States could be deductible up to $10,000 a year.

 The deduction begins to phase out if your income is $100,000 single/ $200,000 married filing joint.  The VIN number and car interest form is needed to complete the IRS tax form for this deduction. 

• Tax Deduction for Tips (Temporary): Qualified tips from approved industries and listed in social security tip box on the W2 qualify for the deduction.  The deduction begins to be phased out for income over $150,000 single / $300,000 if married filing joint. 

• Tax Deduction for Overtime (Temporary): Qualified overtime is defined by the Federal Labor Standards Act, not state, city or union rules. The Overtime is limited to half in time-and-a-half pay and a 40-hour work week.  The deduction begins to be phased out for income over $150,000 single / $300,000 if married filing joint. If Overtime is not reported on your W2, you will need your final paystub.

• Higher Child Tax Credit: The credit increased to $2200 for each qualifying child. Parents and qualifying children must have social security numbers 

• Expiration of Clean Vehicle Credits: The new car clean vehicle $7500 credit or used clean vehicle credit up to $4000.still applies for plug in electric or fuel cell vehicle purchased before September 30, 2025. 

• Expiration of Energy Efficient Home Improvement Credit-Maximum credit is $1200 for energy property costs and efficient home improvements with limits on doors ($250. per door and $500. total), windows ($600.) and home energy audits ($150.) In addition, you can claim a credit of $2000. a year for qualified heat pumps, biomass stoves or biomass boilers. Expired 12/30/2025.  

• Federal Solar Tax Credit - Solar energy credit of 30% for panels, installation, equipment and sales tax. You must own and not lease the solar photovoltaic (PV) system, it must have a capacity rating of at least 3 kilowatt-hours and located at your primary or secondary US residence. Expired 12/30/2025. Solar carryover credit continues in subsequent tax years.

• Tax brackets- Indexed up for inflation. Rates are 10%, 12%, 22%, 24%, 32%, 35% and 37%.

• Gift exclusion - You may gift someone up to $19,000 without reporting the gift to the IRS

• Mileage Rates Change for 2025: Mileage Deductions- Business only (LLC, S Corp, Corp, Private Entrepreneur) rate: 70 cents per mile; Charity: 14 cents a mile; Medical: 21 cents per mile

• 1099K Threshold: Reporting threshold for third party payment networks (ex. Venmo, PayPal) reverted to over $20,000. In payments and more than 200 transactions annually. 

• New Crypto Reporting Form: For the first time, brokers (like centralized exchanges) must report digital asset transactions on a new form 1099 DA. This form is necessary to complete your taxes if you had crypto transactions. 

• Premium Tax Credit and Health Insurance:

If you purchased insurance for all or any part of the year through the marketplace known as Health Insurance Marketplace via HealthCare.gov, then you will receive form 1095 A indicating the amount of the Premium Tax Credit. For 2025 tax year, you must bring the form 1095A in order to file.

 

As of this date, the IRS will begin accepting returns late January; however, those filing taxes with an Earned Income Credit, and Child Tax Credits, may be processed later in February, 2026. Cathy, Barbara, Cindy and Anne will be preparing taxes starting January 24, 2026. Please call 410-284-1301 for an appointment. The tax deadline is April 15, 2026. We look forward to hearing from you!

 

 

Tax Checklist

 

General Information:

_____Social Security numbers for all people on tax return

_____Birthdates and addresses of children and dependent adults

_____Estimated payments made to IRS and State of Maryland

 

Income:

_____W 2s, 1099 Misc., 1099 NEC, 1099 DA

_____Interest - Banks, Checking and Savings Acts, CD’s Treasury Bills

_____Dividends - Mutual Funds, Stocks

_____State Refund from last year if you filed 1040 with itemized deductions

_____Alimony received from divorce decrees made pre-2018

_____Unemployment Compensation

_____Traditional IRA, Pension, Annuity, Retirement withdrawals

_____IRA Rollovers; Roth Conversion

_____Pension Income - 1099 R

_____Social Security Statements

_____Stock Disposals/Sales - 1099 B (Need original purchase date, original cost, sell date)

_____Rental Income and expenses

_____Business income and Expenses

_____Other Income: Lottery Winnings, Miscellaneous Income, 1099 C (Cancellation of Debt), 1099 K (Internet

           Sales)

_____Sale of house: Settlement papers when bought and sold

 

Adjustments and or Tax Credit Information

_____IRA Contributions – Traditional or Roth

_____Penalty on early withdrawal of savings

_____Child Care Credit: Need social security or EIN number of childcare provider, address, and amount paid

_____Educational expenses relating to post-secondary education – 1098 T

_____Student Loan Interest

_____Self-employed medical insurance

_____Educator expenses

_____Elective deferrals to a 401(k) or other qualified employer plan, voluntary employee contributions and      

          501 c (18) plan

_____Residential energy efficiency improvements – solar cells, energy saving roof*, windows*, doors* (lifetime cap $500.)

_____ 1095 A, 1095 B, 1095 C – Cost and information about Health insurance premiums

_____ Health Savings Account participants– forms 5498-SA; 1099 SA

_____529 College plans for Maryland deduction, 1099Q

 

Itemized Deductions Still deductible:

____Medical and dental costs which include:

Doctor and dentist fees, braces, prescription medicines, insulin, acupuncture, air conditioner necessary for allergies, nursing fees, hospital fees, contacts and supplies, chiropractic services, medical, dental and long-term care insurance, hearing aids, dentures, guide dog for physically disabled, birth control prescribed by a doctor, special equipment installed in a home to provide a medical benefit, surgery to improve vision, long term care premiums

_____State income taxes paid in 2025

_____Real Estate taxes - Personal Property Taxes - Ground Rent

_____Sales tax on motor vehicles, motor home  

_____Home mortgage Interest, new car loan Interest                                                         

_____Points paid on a refinance and purchase of residence           

_____Investment interest                                                                

_____Charitable contribution                                                          

_____Casualty and theft losses                                                       

_____Gambling losses to the extent of Gambling Winnings