J & J TAXES AND MORE

08/29/2026

New this year: You can take a deduction for CASH charitable contributions for up to $1000 for single/$2000 for married filing joint.

08/28/2026

Q: I’ve been seeing a lot of references to capital gains rates, and I know that they’re supposed to be better than normal tax rates. But what is the difference between income tax and capital gains tax?

A: Capital gains are generally the profits you make from selling a capital asset. A capital asset is generally property you own for personal or investment purposes, such as stocks, bonds, real estate, or other investments.

Your capital gain is generally the difference between what you receive when you sell the asset and your adjusted basis. (Adjusted basis is generally what you paid for an asset, adjusted for improvements, depreciation, and other items.)

How much tax you pay on a capital gain depends largely on how long you owned the asset. Short-term capital gains generally result from assets held for one year or less. They’re taxed at the same rates as ordinary income.

Long-term capital gains generally result from assets held for more than one year. Most are taxed at preferential federal rates of 0% for less than $48,350., 15% for less than $533,400., or 20% for over $533,400., for single tax payers, (double it for married filing joint.) depending on your taxable income. (Certain gains, including collectibles and unrecaptured §1250 gain, have different maximum rates.)

Ordinary income generally includes income that isn’t taxed as a capital gain, such as wages, interest, and business income. For 2026, ordinary income tax rates range from 10% to 37%, depending on your taxable income.

[Thanks to Taxgirl newsletter]

08/27/2026

The warns of an evolving digital assets scam where fraudsters are sending fake IRS letters that direct you to enroll your cryptocurrency in a “Digital Asset Compliance Portal” by a certain deadline. No such portal exists.

If you receive this notice, do not scan the QR code or provide any personal or financial information. Scammers are trying to steal your information and digital assets.

Stay alert and report these scams at www.irs.gov/scams

08/26/2026

It's been 2.5 weeks since I reported on the tens of thousands of Michiganders still asking, 'Where's my state tax refund?' I've heard from nearly two dozen Michigan taxpayers directly

We have more info in the comments below:

08/25/2026

Look at the calendar!
If you filed an extension on your taxes in April, you need to get your paperwork in ASAP!

08/21/2026

https://www.mysuncoast.com/2026/08/20/onlyfans-star-sentenced-prison-not-paying-15-million-taxes/

From 2019-2023, Perez earned more than $5.4 million from her social media accounts.

08/07/2026

It's been almost four months since the April 15 tax filing deadline, yet tens of thousands of people in Michigan are still wondering where their state refund is. Our Alicia Smith reached out to the state treasury to see what the hold up is.

See the full story at the link in the comments.

08/06/2026

Michigan, Michigan!
I hate this suggestion but.............
In a class I attended last week, it was suggested (by other students/tax preparers) to tell people that have yet to receive their state refunds:
To call their state representative and ask them for help with the Michigan Department of Treasury.
I have heard that they may have more luck than the tax payer or the tax preparer.
As a reminder, I'm sorry to say (as a tax preparer), once the return is sent and accepted, the tax preparer has no more insight than anyone else and that is to go to the treasury website "Where's my Refund" page or attempt to call them and inquire (which they rarely answer and if they do you're waiting hours).
I apoligize that I cannot give better guidence than this.

08/06/2026