Holliday Law Firm

Holliday Law Firm Holliday Law Firm strives to find efficient & creative solutions to your tax & estate plan needs.

Holliday Tax Group provides tax law and resolution, estate planning, and tax preparation services to Oklahoma!

07/28/2025

H.R. 1 and charitable contributions...

This is another component of the One Big Beautiful Bill Act that will not take effect until tax year 2026 / filing year 2027.

Beginning in tax year 2026, taxpayers that take the standard deduction will be able to deduct up to $1000 in CASH donations ($2000 for MFJ returns). Taxpayers claiming the standard deduction will not be able to claim a deduction for noncash contributions (ie; donating furniture to Goodwill).

Additionally, those that itemize will have a floor threshold they must exceed before they can claim a charitable deduction. This applies to both cash and non cash donations. The threshold is 0.50% of their AGI. For example, a taxpayer with a $100,000 AGI will have a $500 threshold to meet before they will see a tax benefit for their charitable contribution. So if the above taxpayer made a $2000 cash donation to their 501c3 organization of choice, their qualified charitable deduction would be $1500

$100,000 x's 0.50% = $500. Then take the donation of $2000 minus the $500 floor. This leaves a deduction of $1500.

Clear as mud? Don't worry. We still have some time to get used to this one.

As always, make it a great day!

Justin Holliday, owner
405-577-6161
[email protected]

07/14/2025

H.R. 1...

also known as the One Big Beautiful Bill... officially became a law on July 4th of this year. The Bill covers a range of topics in its 800+ pages. Our focus here will be on the tax implications.

In general, the OBBB changes include:

1) No income tax on tips
2) No income tax on overtime
3) Increased child tax credit and other dependent credit amounts
4) It makes the 20% QBI deduction permanent
5) New tax deductions for auto loan interest
6) SALT deduction increase to $40,000
7) Changes in gambling losses allowed
8 ) Larger deduction for taxpayers 65+

These are just a few of the changes. Most of these take effect for TY 2025.

We'll cover these in greater detail in the coming weeks. In the meantime, be sure to "like" our page and subscribe so that you can keep your tax knowledge current and relevant.

As always, when you're dealing with tax law, don't just read the headline. There are caveats and restrictions to each of these changes. If you would like to set up a consultation to see how you can maximize the changes to your advantage, set up your free consultation today.

Make it a great day!

Justin Holliday, owner
405-577-6977
[email protected]

These are my kind of "Before and After" pictures. The Before: IRS demand for an additional $90,000 (taxes of $75,000 a...
07/02/2025

These are my kind of "Before and After" pictures.

The Before: IRS demand for an additional $90,000 (taxes of $75,000 and $15,000 in penalties).

The After: After our office got involved... well you can read it directly from the United States Tax Court... no deficiency in income tax and no penalty due. The beauty of $0.

Just because they say so, doesn't make it so!

Of course, this is just one case with its own specific circumstances. Contact our office today to set up your free consultation so we can find a solution for you.

Make it a great day!

Justin Holliday, owner
405-577-6161
[email protected]

01/27/2025

One of the questions I get asked most often is, "What do I do if I need to file back tax returns?"

My response is always:

1) File the returns.
2) Do it quickly.

Our office has helped hundreds of taxpayers become compliant by filing back tax returns. It's what we do. And we can help you too.

Reach out to us today to set up your free consultation.

Make it a great day!

Justin Holliday, owner
405-577-6161
[email protected]
or message us on here.

07/08/2024

Have you sold your house in 2024? Were you able to make a gain on the sale? Are you worried about having to pay taxes on that gain?

Well worry no more. Probably. Section 121 of the US Tax Code has you covered. (26 U.S. Code § 121 - Exclusion of gain from sale of principal residence - if you're just REALLY wanting to read the actual statute).

In short, single filers are able to exclude up to $250,000 on the gain of the sale of their primary home. For married couples filing a joint return the exclusion amount is $500,000.

There is some fine print to this statute. Most notably, the home needs to have been your primary home for two of the preceding five years.

If you sold your home this year and have questions about how it will impact your 2024 tax return, reach out to our office today to set up your free consultation.

Phone: 405-577-6161
Email: [email protected]
or message us on here.
Make it a great day!

Justin Holliday, owner

Reminder, these posts are meant to provide general tax information and are not meant to be a replacement for one-on-one advice. Always reach out with questions specific to your situation before relying solely on these posts. Thank you.

Do not adjust your eyes. This is an actual letter received from a tax resolution client of ours. Come on IRS... No one...
05/07/2024

Do not adjust your eyes. This is an actual letter received from a tax resolution client of ours.

Come on IRS... No one was expecting a Christmas card from you all. But this?!?! 😂😂😂

*** Attention small business owners, self-employed, and gig workers *** Our office has partnered with MileIQ to offer a ...
05/01/2024

*** Attention small business owners, self-employed, and gig workers ***

Our office has partnered with MileIQ to offer a discounted rate for their service. This is a great opportunity for anyone that drives for their work to have - what is often their biggest deduction - tracked automatically for you. Sorry W2'ed employees - the TCJA took this deduction from you. But for all of you small business owners, self employed, and gig workers (DoorDash, Uber, etc) this is a great resource to have working for you - and it's tax deductible.

Simply download the app and enter the promo code from the flyer to start lowering your tax bill today.

Make it a great day!

Justin Holliday, owner

04/24/2024

$1,000,000,000

That’s billion with a “b”. According to the IRS, that’s the combined amount in unclaimed refunds owed to nearly 940,000 individuals for tax year 2020. Are you one of them?

We all remember 2020 and what a fun time that was. Maybe you forgot to file your tax return for that year. I get it. We were a little distracted. However, that was the year that saw two stimulus payments along with several other tax advantages – mainly penalty free retirement withdrawals, reduction in the taxable portion of unemployment benefits, and increased charitable contributions limits.

The deadline to file that 2020 return AND claim any refund due is quickly approaching. Returns must be e-filed (or postmarked if mailing) by May 17, 2024.

Tax problems – or in this case tax opportunities – don’t always fit conveniently into that January 01 – April 15 timeframe. This is one of the many reasons why our office is open year-round. If you need to file your return, reach out to us TODAY to set your appointment.

Call us: 405-577-6977
Email: [email protected]
or message us on here.

As always, these posts are meant to provide general tax law updates and are not a substitute for direct advice specific to your situation.

Make it a great day!

Justin Holliday

01/24/2024

Did you know... The IRS has a program where you can file your federal tax return for free?

IRS Free File lets qualified taxpayers prepare and file federal income tax returns online using guided tax preparation software. It’s safe, easy and no cost to you. Those who don’t qualify can still use Free File Fillable Forms.

Details can be found on IRS.gov

https://www.irs.gov/filing/free-file-do-your-federal-taxes-for-free #:~:text=More%20In%20File&text=IRS%20Free%20File%20lets%20qualified,use%20Free%20File%20Fillable%20Forms.

11/02/2023

IRS increases 401(k) and IRA contribution limits.

Great news for all you savers! On Wednesday, the Internal Revenue Service said that it is increasing the amount that individuals can contribute to their 401(k) plans and IRA’s in 2024.

For those with a 401(k), 403(b) and most 457 plans, along with the federal government's Thrift Savings Plan, the limit is rising to $23,000 (up from $22,500 for 2023). The catch-up contribution for taxpayers age 50 and up remains at an additional $7,500 – for a total of $30,500.

For those with an IRA, the 2024 limit is $7,000 (up from $6,500 for 2023). The catch-up contribution for taxpayers age 50 and up remains at an additional $1,000 – for a total of $8,000.

Every time I’m asked about tax deductions, I always start with maxing out retirement contributions. These are the only tax deductions where the money stays in your household. I can provide a list of tax deductions a mile long – but they all involve writing a check to someone else.

As always, these posts are meant to provide general tax law updates and are not a substitute for direct advice specific to your situation.

Make it a great day!

Justin Holliday

10/18/2023

For all you self-employed, contract workers, and gig workers... How are you tracking your mileage?

If your answer is "I'm not" you're costing yourself money. If your answer is "I'm tracking it in my head", you're delusional.

There is no substitute for accurate, contemporaneous mile tracking. There's a reason I'm undefeated in audits where the client tracked their mileage but get to be the bearer of bad news when they don't.

Our office has partnered with MileIQ to provide a discount for our clients. Use promo code WHOL754A to receive 20% off of their standard pricing. They even have a free option for up to 40 drives per month.

Mileage expenses are often the largest deduction for many self employed taxpayers. Why wing it when the solution is so easy and affordable (or even free)?

Check out their website here:
https://mileiq.com/

Make it a great day!

Justin Holliday

10/17/2023

Educator Expense Deduction...

Are you a teacher? Did you go into your own pocket to purchase books, supplies, or equipment?

If so, you'll want to make sure you utilize the educator expense deduction on your net tax return.

Simply put, eligible educators can deduct up to $300 of eligible expenses that weren't reimbursed.

The IRS defines an "eligible educator" as "a kindergarten through grade 12 teacher, instructor, counselor, principal or aide. They must also work at least 900 hours a school year in a school that provides elementary or secondary education as determined under state law."

Deductible expenses include:
-professional development course fees
-books and supplies
-protective items to stop the spread of disease in the classroom
-computer equipment, including related software and services
-other equipment and materials used in the classroom.

If you find these tips helpful, please give this post a share and make sure you're subscribed to our page so that you continue to see our posts.

For questions specific to your situation, please reach out to our office.
Phone: 405-577-6977
Email: [email protected]
or message us on here.

Make it a great day!

Justin Holliday

Address

P. O. Box 851265
Yukon, OK
73085

Opening Hours

Monday 9am - 5pm
Tuesday 9am - 5pm
Wednesday 9am - 5pm
Thursday 9am - 5pm
Friday 9am - 5pm

Telephone

+14055776977

Website

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