Holliday Law Firm

11/04/2026

Estate Planning.

A term often used, but rarely understood. Several questions come to mind including...
1) What is an estate plan?
2) Do I need one?
3) How do I get started?

Have you still not gotten around to doing your estate plan yet.

Don't worry, the Oklahoma Legislature in all their infinite wisdom has written one for you (see below).

Why leave something as important as the protection of your family to chance? Reach out to our office today to begin the process of planning for, providing, and protecting your family.

As with all of our practice areas, we offer free estate planning consultations to answer your questions. Reach out to our office to schedule your appointment today!

Make it a great day!

Justin Holliday
Phone: 405-577-6161
Email: [email protected]
or message us on here.
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Oklahoma Statutes Citationized
Title 84. Wills and Succession
Chapter 4 - Succession
Section 213 - Intestacy - Descent and Distribution
B. Beginning July 1, 1985, if any person having title to any estate not otherwise limited by any antenuptial marriage contract dies without disposing of the estate by will, such estate descends and shall be distributed in the following manner:
1. If the decedent leaves a surviving spouse, the share of the estate passing to said spouse is:
a. if there is no surviving issue, parent, brother or sister, the entire estate, or
b. if there is no surviving issue but the decedent is survived by a parent or parents, brother or sister:
(1) all the property acquired by the joint industry of the husband and wife during coverture, and
(2) an undivided one-third (1/3) interest in the remaining estate, or
c. if there are surviving issue, all of whom are also issue of the surviving spouse: an undivided one-half (1/2) interest in all the property of the estate whether acquired by the joint industry of the husband and wife during coverture or otherwise, or
d. if there are surviving issue, one or more of whom are not also issue of the surviving spouse:
(1) an undivided one-half (1/2) interest in the property acquired by the joint industry of the husband and wife during coverture, and
(2) an undivided equal part in the property of the decedent not acquired by the joint industry of the husband and wife during coverture with each of the living children of the decedent and the lawful issue of any deceased child by right of representation;
2. The share of the estate not passing to the surviving spouse or if there is no surviving spouse, the estate is to be distributed as follows:
a. in undivided equal shares to the surviving children of the decedent and issue of any deceased child of the decedent by right of representation, or
b. if there is no surviving issue, to the surviving parent or parents of the decedent in undivided equal shares, or
c. if there is no surviving issue nor parent, in undivided equal shares to the issue of parents by right of representation, or
d. if there is no surviving issue, parent, nor issue of parents, but the decedent is survived by one or more grandparents or issue of any grandparent, half of the estate passes equally to the paternal grandparents if both survive, or to the surviving paternal grandparent, or to the issue of any paternal grandparent if both paternal grandparents are deceased, the issue taking equally if they are all of the same degree of kinship to the decedent, but if of unequal degree those of more remote degree take by representation and the other half passes to the maternal relatives in the same manner; but if the decedent is survived by one or more grandparents or issue of grandparents on only one side of the family, paternal or maternal, the entire estate shall pass to such survivors in the manner set forth in this subsection, or
e. if there is no surviving issue, parent, issue of parents, grandparent, nor issue of a grandparent, the estate passes to the next of kin in equal degree;
3. If the decedent leaves no spouse, issue, parent, issue of parents, grandparent, issue of a grandparent, nor kindred, then the estate shall escheat to the state for the support of the common schools; and
4. For the purpose of this section, the phrase "by right of representation" means the estate is to be divided into as many equal shares as there are surviving heirs in the nearest degree of kinship and deceased persons in the same degree who left issue who survive the decedent, each surviving heir in the nearest degree receiving one equal share and the equal share of each deceased person in the same degree being divided among his issue in the same manner. The word "issue" means lineal descendants.

10/23/2026

Can I have the attention of the class please?

This one is for the teachers.

By now, we all know about the “old” Educator Expense Deduction. In short, it allows teachers to deduct up to $300 in out-of-pocket classroom expenses.

As part of the One Big Beautiful Act passed last year, eligible educators can now deduct expenses in excess of $300 on their Schedule A - so yes, you do have to itemize in order to claim it. There is no set dollar limit on this deduction. Another distinction of note is that the “Schedule A” deduction has a broader definition of eligible educators (because why not memorize two distinct definitions of “eligible educator”) and includes Sports Administrators and Coaches.

You can read it directly from the source here: https://www.irs.gov/taxtopics/tc458

Make it a great day!

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

10/12/2026

The Child Tax Credit…

Today's topic is one of high interest for a lot of taxpayers and families. This subject could be 4-5 pages on its own. I'm going to hit some of the highlights here.

Last year, the One Big Beautiful Bill Act made permanent the Tax Cuts and Jobs Act increase in the child tax credit (CTC). If no action had been taken, the credit would have reverted to $1,000 per child.

For 2026, the CTC amount is $2,200 and will adjust for inflation moving forward.

The refundable portion of the CTC, which is the Additional Child Tax Credit (or ACTC), remains "up to" $1,700 for 2026.

Other Notes
1) Taxpayers may qualify for the full amount for each child if they earn $200,000 as an individual filer or $400,000 for joint filers. The credit phases out for incomes above that threshold.
2) Children must be under age 17 as of December 31of the tax year to be eligible.
3) A Social Security number will be required for the taxpayer (or at least one spouse for joint filers) who is claiming the credit and for the child.
4) Additionally, the child must still meet the Age, Relationship, Residency, Citizenship, and Financial Support tests to claim the credit.

As stated above, this is a very general post and is not a substitute for one-on-one tax planning.

If you have further questions, or want to see how these changes will impact your tax return, schedule your free consultation with our office today.

Make it a great day!

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

10/08/2026

Did you receive a letter from the IRS similar to this?

For once, they’re sending you good news! It’s for details about how to claim the “Saver’s Match” credit.

Passed back in 2022 as part of the SECURE 2.0 Act, the Saver’s Match is a new federal program that matches a portion of the money you save for retirement. The Saver’s Match is replacing the Saver’s Credit for contributions made to retirement plans or IRAs.

How does it work?
The federal government matches up to 50% of what you contribute – a match of up to $1,000 per person each year deposited directly into your designated retirement account. For married couples filing jointly, the match applies to each spouse. Matching funds will go directly into a retirement plan or IRA and grow alongside your own contributions. There is no minimum contribution amount to qualify for this credit.

Who qualifies?
To qualify, you must meet all these requirements:
• You make contributions to your retirement plan or IRA (there is no minimum amount)
• You are 18 by the end of the tax year
• You are not a student
• You are not claimed as a dependent on another person’s return
• You are a U.S. resident
You can qualify even if you owe little or no federal income tax.

Income limits
Whether you qualify and what percentage match you receive depends on your modified adjusted gross income (MAGI) and filing status. See the table below. These income limits will be adjusted for inflation in years after 2027.

How do I prepare for the Saver’s Match?
• No action is required right now. The Saver’s Match applies to retirement contributions you’ll make starting in 2027.
• In 2027, take these steps:
• If you are able to contribute to an eligible retirement plan.
• If you are not able to contribute to an eligible retirement plan and do not have either a traditional or Roth IRA, open a new IRA. Starting in 2027, TrumpIRA.gov will list financial institutions that offer IRAs, accept Saver’s Match contributions, and satisfy other criteria.
• Keep records of your contributions.
• In 2028, you can claim the Saver’s Match by filing Form 8880-A with your 2027 federal tax return.

And finally, a few resources if you want to research further:
IRS.gov: https://www.irs.gov/credits-deductions/savers-match
Saver’s Match: https://saversmatch.org/

I promise, I tried keeping this short - it's a lot of information to cover. As always, these posts are for general information only. For questions specific to your situation, reach out to our office directly.

Make it a great day!

Justin Holliday
405-577-6161
[email protected]
or message us on here !

10/07/2026

Did you sell your house in 2026? Were you able to make a gain on the sale? Are you worried about having to pay taxes on that gain?

Worry no more! 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… Most notably, you need to own the home and treat it as your primary residence for at least two of the preceding five years.

If you sold your home this year and have questions about how it will impact your 2026 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

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.

10/06/2026

Charitable contributions and your taxes.

Beginning in tax year 2026 (for returns filed in 2027) , 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're here to answer your questions on this one.

As always, make it a great day!

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

10/05/2026

08/12/2026

In a move that surprises absolutely no one...

FinCEN Permanently Ends Beneficial Ownership Reporting Requirements for Millions of Small Business Owners; Will Delete Information Previously Reported by U.S. Persons

Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership information to FinCEN under the Corporate Transparency Act. The final rule is effective on its publication in the Federal Register. FinCEN today also announced that it will delete previously reported information by U.S. persons—now exempt from the reporting requirements—from the beneficial ownership information database. Under the final rule, foreign entities that are reporting companies will still be required to report beneficial ownership information for foreign individuals.

Direct from the source:

Will Delete Information Previously Reported by U.S. PersonsWASHINGTON––Today, the U.S. Department of the Treasury’s Financial Crimes Enforcement Network (FinCEN) is issuing a final rule that permanently removes the requirement for U.S. companies and U.S. persons to report beneficial ownership ...

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]