Michaellatoi LLC

Michaellatoi LLC We offer full Notary Services and business consulting and various other services such as business formation and the creation of LLC's. Available 24 hours.

We also offer professional tax services.

02/02/2026

Taxpayers claiming the Additional Child Tax Credit (ACTC) should understand that refunds will not be accepted until mid-to-late February.

This delay is due to the PATH Act Mandate, a 2015 law that prohibits the IRS from accepting refunds for the Earned Income Tax Credit (EITC) and ACTC before February 15.

Additionally, the delay allows the IRS to implement fraud prevention measures by cross-checking income reported on tax returns with W-2s and 1099s submitted by employers, thereby minimizing fraudulent claims.

It is essential to note that the hold applies to the entire refund, not just the portion associated with the credit, meaning that even overwithheld taxes are delayed.

The extra time also enables the IRS to conduct verification processes, such as identifying discrepancies, including incorrect Social Security numbers for dependents or mismatched income.

02/02/2026

Additional Tax Incentives for 2026

New Senior Deduction: Individuals 65 and Older
A temporary, special deduction of up to $6,000 for individuals or $12,000 for married couples (if both are 65+) is available for 2025–2028, with income phase-outs.

Auto Loan Interest Deduction:
A new deduction for interest on loans for new, personal-use vehicles, “subject to specific requirements”.

Charitable Donation Deduction:
A potential new $1,000 deduction for cash donations for single non-itemizers, $2,000 if married

Higher Estate/Gift Exemptions:
The 2026 lifetime estate and gift tax exemption increases to $15 million per individual.

Dependent Care Expansion:
The annual limit for dependent care benefits increases from $5,000 to $7,500.

These changes are largely driven by the One Big Beautiful Bill Act (OBBBA), which impacts 2025 returns filed in 2026, or the 2026 tax year itself.

When filing your individual tax return, it is advisable to report your income accurately. My recommendation: It is bette...
01/30/2026

When filing your individual tax return, it is advisable to report your income accurately.

My recommendation:
It is better to overstate your income than to understate it. It is better to be owed money than to owe money.

01/30/2026

2025 Tax Incentives: OVERTIME PAY

IF YOU’VE WORKED OT, YOU MAY OWE LESS IN TAXES!!!!

For the 2025 tax year, with taxes filed in 2026, a new federal income tax deduction permits eligible workers to deduct up to $12,500 ($25,000 for married filing jointly) of 'qualified overtime compensation.' This deduction applies to the additional 'half-time' premium pay (0.5x) for hours worked over 40 in a week under the Fair Labor Standards Act (FLSA), not the full 1.5x rate.

How to determine if your overtime is reported on your W2.

Your overtime pay is included in the total wages in Box 1 of your W-2 and may not be listed separately.
If it is separated, Box 14 will have a code like 'FLSA OT Prem,' which indicates the portion of qualified overtime. If not in Box 14, please refer to your final 2025 pay stub.

~Blessings~

l

01/28/2026

Tax Incentives for All Taxpayers: Understanding the 2025 Earned Income Tax Credit (EITC) and Additional Child Tax Credit (ACTC).

The 2025 EITC is calculated based on earned income (wages, self-employment), adjusted gross income (AGI), and the number of qualifying children, with maximum credits ranging from $649 to $8,046. The credit increases with earnings up to a maximum amount (phase-in), then decreases as income rises (phase-out).

Key 2025 EITC Parameters:
* Maximum Credits: $649 (0 kids),
$4,328 (1 kid)
$7,152 (2 kids)
$8,046 (3+ kids)

* Income Limits:
To qualify, AGI and earned income must generally be under $19,104–$68,675, depending on filing status and family size.

For the 2025 tax year, the maximum Additional Child Tax Credit (ACTC) is up to $1,700 per qualifying child. This is the refundable portion of the overall $2,200 Child Tax Credit (CTC) available to lower-income families who owe little or no federal income tax.
To claim the ACTC, you must have earned income of at least $2,500 for the tax year. The refundable amount is generally calculated as 15% of your earned income that exceeds $2,500, up to the $1,700 maximum per child.
*The child must be under age 17 at the end of 2025*

The ACTC is an income-based refundability and is calculated as 15% of your income over $2,500.

For example:
if you earned $6,500, the calculation is ($6,500 - $2,500) x 0.15 = $600.
This amount is often significantly less than the maximum $2,000 per child, even if your total tax liability is zero.

Please ask questions if you don’t understand the tax laws as they change every year. It’s your money and responsibility to know how the tax laws apply to your situation.

~Blessings~

l

I have limited appointments available for new clients. So, if you are interested in professional services, please inquir...
01/27/2026

I have limited appointments available for new clients. So, if you are interested in professional services, please inquire via [email protected].
I am a PTIN and EFIN member of the Internal Revenue Service.

Monday, January 26, 2026 marks the commencement of the nation's 2026 tax filing season. This year, several new tax law provisions of the One, Big, Beautiful Bill take effect, potentially impacting federal taxes, credits, and deductions.
Taxpayers have until Wednesday, April 15, 2026, to submit their 2025 tax returns and settle any outstanding tax liabilities. The IRS anticipates receiving approximately 164 million individual income tax returns this year, with the majority of taxpayers opting for electronic filing.

FYI: When filing your individual taxes, exercise caution as new rules and regulations apply annually for the current tax year. If you are uncertain about the current year's tax laws, it is advisable to seek guidance before proceeding with self-filing.

Thank you to everyone who entrusted me with your financial needs. Ya’ll kept ya girl busy this tax year and I am gratefu...
04/11/2025

Thank you to everyone who entrusted me with your financial needs. Ya’ll kept ya girl busy this tax year and I am grateful for each of you.

My books are closed and I look forward to seeing all of you again next year.

~Blessings~

l

02/09/2025

We would like to express our gratitude to everyone who has entrusted us with their income tax filing over the years. We have had the pleasure of working with a large number of individuals and business customers. We are taking appointments only, due to the overwhelming response this year.

So with that being said, we are scheduling appointments on a first come first serve basis. If you would like to schedule an appointment, please email [email protected] and someone will respond as promptly as possible.❤️

~Blessings~

l

02/09/2025

The PATH Act of 2025

Protecting Americans from Tax Hikes (PATH)
This Act requires the IRS to hold refunds for taxpayers who claim the Earned Income Tax Credit (EITC) or Additional Child Tax Credit (ACTC) until after February 14, in order to prevent tax fraud.

02/09/2025

The 2025 tax year standard deduction for married couples filing jointly rises to $30,000 — an $800 increase from $29,200 for the 2024 tax year. For single taxpayers, the standard deduction is $15,000, a $400 increase from the 2024 deduction of $14,600

02/09/2025

It's that time of year when questions are asked specifically about the issuance of federal refunds.

If you are entitled to the Earned Income Credit and Additional Child Tax Credit, refunds will not be processed until after February 15th, and the earliest the IRS expects refunds to be available is February 27th, 2025.

12/16/2024

New adjustments for 2024 Tax

The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, an increase of $1,500 from tax year 2023.
For single taxpayers and married individuals filing separately, the standard deduction rises to $14,600 for 2024, an increase of $750 from 2023; and for heads of households, the standard deduction will be $21,900 for tax year 2024, an increase of $1,100 from the amount for tax year 2023.

Marginal rates: For tax year 2024:
The top tax rate remains 37% for individual single taxpayers with incomes greater than $609,350 ($731,200 for married couples filing jointly).

The other rates are:
35% for incomes over $243,725 ($487,450 for married couples filing jointly)
32% for incomes over $191,950 ($383,900 for married couples filing jointly)
24% for incomes over $100,525 ($201,050 for married couples filing jointly)
22% for incomes over $47,150 ($94,300 for married couples filing jointly)
12% for incomes over $11,600 ($23,200 for married couples filing jointly)

The lowest rate is 10% for incomes of single individuals with incomes of $11,600 or less ($23,200 for married couples filing jointly).

The Alternative Minimum Tax exemption amount for tax year 2024 is $85,700 and begins to phase out at $609,350 ($133,300 for married couples filing jointly for whom the exemption begins to phase out at $1,218,700).
For comparison, the 2023 exemption amount was $81,300 and began to phase out at $578,150 ($126,500 for married couples filing jointly for whom the exemption began to phase out at $1,156,300).

The tax year 2024 maximum Earned Income Tax Credit amount is $7,830 for qualifying taxpayers who have three or more qualifying children, an increase of from $7,430 for tax year 2023.

Address

Grand Prairie, TX
75052

Telephone

+12677093824

Website

https://www.texasnotary.com/members/locator-listing

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