Robert Donica

Tax Extension for 2025 Returns: What Your Clients Need to Know Before April 15, 2026

As the tax deadline approaches, many individuals and business owners find themselves waiting on missing documents, reviewing last-minute details, or simply needing more time to prepare an accurate return. In those situations, filing a tax extension can be a smart and practical solution. For the 2025 tax filing season, the regular federal filing deadline for […]

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What’s New for 2025 Taxes? Key Deductions and Credits to Know

Tax Info / By Robert Donica

New deductions starting in 2025 through 2028 No tax on tips” deduction (up to $25,000) If you earn tipped income, a new deduction may allow up to $25,000 of qualified tips to be deducted, with a phaseout beginning at $150,000 MAGI (single) / $300,000 MAGI (married filing jointly). Who this may help: hospitality workers, service

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Trump Account Benefits for Future Generations

Tax Info / By Robert Donica

“Your child may qualify for a new Trump Account. If eligible, the government may deposit $1,000 one time into that account. To request it, we would use IRS Form 4547. Eligibility is generally based on the child’s birth year, citizenship, Social Security number, and whether the child is your qualifying child.” A Trump Account is

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New 65+ Senior Deduction for 2025 Tax Returns: What You Need to Know

Tax Info / By Robert Donica

If you are age 65 or older, there is a new tax deduction that may help reduce your taxable income on your 2025 tax return (the return you file in 2026). The IRS has announced that eligible seniors may be able to claim an additional $6,000 deduction per person. If you are married filing jointly

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IRA & Roth IRA Updates for the 2025 Tax Season (and What’s Changing for 2026)

Uncategorized / By Robert Donica

This update is written for clients who want to maximize retirement savings and avoid common IRA/Roth IRA mistakes. It highlights what applies to 2025 contributions (made in 2025 and up to the tax filing deadline) and what is already updated for 2026. 1) 2025 IRA contribution limits (Traditional + Roth) For tax year 2025, the

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Digital Assets & Taxes for Families

Tax Info / By Robert Donica

Many families bought little crypto, used apps like Robinhood/Coinbase, or received small rewards. The key is this: the IRS can treat many crypto actions like selling property, so taxes can apply even without “cashing out.” Common taxable situations • Sold crypto for cash• Traded one coin for another• Used crypto to buy something (even a

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Tax Season Is Open: 7 Documents You Need, Refund Changes, and What’s New for 2026

Tax Info / By Robert Donica

Filing Season Opens and 7 Documents to Gather Tax season is here. The IRS opens e-filing for 2025 returns on January 26, 2026. 1: To avoid delays, start a simple document stack today. Here are the top 7 items most clients need: · W-2s and/or 1099s (interest, dividends, retirement, unemployment) · Social Security (SSA-1099) if

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Important Updates to Our Tax Preparation Process for the 2025–2026 Tax Season

Tax Info / By Robert Donica

To continue providing timely, efficient, and high-quality tax preparation services, we are updating a few of our office procedures for this upcoming tax season. Please review the following important changes, as they will apply to all individual and business tax returns.________________________________________1. Payment Method Required at Drop-Off or CompletionBeginning this season, we will no longer bill

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Capital Gains Tax: How It Works, Rates and Calculator

Tax Info / By Robert Donica

(317) 912-2100 info@redonicataxpros.com Mon – Sat: 10:00 AM – 6:00 PM 10763 Allisonville Rd Fishers, IN 46038 Capital gains tax is a crucial consideration for investors, levied on the profit from the sale of assets like stocks or real estate. The tax rate varies based on the asset’s holding period and the taxpayer’s income level,

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Tax Extensions 2023: How and When to Get One

Tax Info / By Robert Donica

Tax season is coming to an end on April 18th. If you have not turned your taxes in yet, there is a good chance you will need to file an extension to avoid penalties for filing late. This article from Nerdwallet does a great job of explaining what an extension is and how it works.

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Tax Extension for 2025 Returns: What Your Clients Need to Know Before April 15, 2026

What’s New for 2025 Taxes? Key Deductions and Credits to Know

Trump Account Benefits for Future Generations

New 65+ Senior Deduction for 2025 Tax Returns: What You Need to Know

IRA & Roth IRA Updates for the 2025 Tax Season (and What’s Changing for 2026)

Digital Assets & Taxes for Families

Tax Season Is Open: 7 Documents You Need, Refund Changes, and What’s New for 2026

Important Updates to Our Tax Preparation Process for the 2025–2026 Tax Season

Capital Gains Tax: How It Works, Rates and Calculator

Tax Extensions 2023: How and When to Get One

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