Mariner Tax Preparation

Major Individual Tax Changes for 2025

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1. Standard Deduction & Tax Rates
The standard deduction continues to be higher than in prior years, helping reduce taxable income for most filers. The seven federal income tax brackets (10% through 37%) remain in place and are indexed for inflation.

2. SALT Deduction Cap Increase
The cap on state and local tax (SALT) deductions is significantly increased from $10,000 to $40,000 for 2025 (with phase-outs for higher earners). This can benefit filers in high-tax states who itemize deductions.

3. New and Expanded Deductions
Several temporary deductions were introduced for tax year 2025, including:
• Tip income deduction (for qualifying tipped workers)
• Overtime pay deduction
• Auto loan interest deduction for qualifying new, U.S.-assembled vehicles
These deductions generally have income limits and expire after 2028.

4. 1099-K Reporting Threshold Reset
The reporting threshold for Form 1099-K was reset to $20,000 and at least 200 transactions, which means fewer small sellers and gig workers automatically receive 1099-K forms (though income is still taxable).

5. Clean Energy Tax Credits Ending
Some federal clean energy tax credits (like the EV credit and certain residential energy credits) are being phased out or eliminated for vehicles purchased after September 30, 2025.

📌 Other Notable Changes

  • The estate and gift tax exemption is set to increase to around $15 million per individual starting in 2026.
  • Many provisions of the Tax Cuts and Jobs Act (TCJA), such as the lower tax rates, are now made permanent or extended under recent legislation.

📌 What This Means for You

  • You may see larger deductions and a lower taxable income due to increased standard deductions and the higher SALT cap.
  • New temporary deductions (tips, overtime, etc.) could benefit eligible workers.
  • Some tax breaks (like EV credits) will no longer be available for property purchased after 9/30/2025.

📣 We’re Open for Tax Season! 📣

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Tax season is officially underway, and our 2026 schedule is now open. Whether you’re an new existing client, a new client or looking to get a head start, now is a great time to secure your appointment.

Appointments can be scheduled directly through our website, where you can choose a date and time that works best for you. We offer Zoom appointments, as well as secure document submission through our online portal. Documents may also be mailed or dropped off in our secure drop box.

As always, we recommend scheduling early to ensure availability and a smooth filing process.

👉 Schedule your appointment here: https://maguiretaxes.com/schedule-an-appointment/

📧 maguiretaxes@gmail.com
📞 781-471-4310

We look forward to working with you this tax season!

— Maguire Taxes

Your Kid Fell in Love with a College They’ve Never Even Met—Now What?

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Here’s something I’ve seen again and again:
A kid falls head-over-heels for a college based on a website, a TikTok tour, a hoodie, or some dreamy idea of what it represents. And now, that’s the school. The only school. The dream.

But here’s the truth:
They’re in love with the idea of it—not the reality.

And look, I’m not knocking ambition. I love that they’re excited about their future. That’s good. That’s healthy. But we’ve got to admit something: this whole college thing? It’s a lot like young love. Loud, emotional, idealized—and not always rooted in experience.

They haven’t been on campus. They haven’t sat through a lecture. They haven’t waited in line for laundry or fought for a parking space or dealt with the burnout that sometimes comes with taking on a massive loan.

What they have done is fallen for the story.
And colleges are really good at selling a story.

So what do you do when your kid’s fixated on one “dream school” that costs a fortune, and you’re the one stuck running the math at 2 a.m.?

You bring the family together. You talk. You really talk.

And yeah, that’s messy.
Because teenagers? Teenagers are motherfuckers.
They don’t want to hear it from you. They think they know everything, and you’re just standing in the way of their destiny.

But this is where family counseling becomes a gamechanger.

I’m not talking about sitting in a circle singing kumbaya. I’m talking about:

  • Getting in the same room and finally having the conversation
  • Hashing it out—maybe even yelling a little, crying a little, airing some old shit that’s been sitting under the surface for years
  • And then starting over—with honesty, with clarity, and with a real understanding of what everyone needs

We ask real questions, like:

  • What does your kid actually want from their college experience?
  • What are they trying to prove—or escape?
  • Is this about the school… or about feeling like they matter, like they made it?
  • And how does money—real, earned, long-term money—factor into all of this?

We stop talking in circles.
We stop letting guilt and pressure drive the conversation.
And we start figuring out what’s actually best for this kid, this family, right now.

Maybe that dream school makes sense. Maybe it doesn’t.
But if we’re going to commit to it—or walk away—we need to make that call together, as a family, not as a battlefield.

Because the goal here isn’t to crush dreams.
It’s to build something solid. Something real.
Something that doesn’t leave your kid (or you) buried in resentment and debt five years from now.

So if you’re at that point where every college conversation turns into a standoff… if you feel like you’re on different planets and no one’s hearing each other…
Let’s get everyone in the room.
Let’s hash it out. Let’s bury the hatchet.
And let’s figure out what’s actually going to work.

For all of you.

– James

2021 Preparation

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Happy new year! I’m looking forward to working with everyone this year.

I will not be having in person appointments this year. I will be offering new preparation options this year.

Anyone who took an early distribution from retirement in 2020 under the special Covid rules should wait until Feb 18th to schedule – The IRS has not produced the necessary forms yet. This makes it impossible to finish returns until the forms are finalized.

Scheduled Zoom Appointments

Schedule a Zoom call as you would a regular appointment. The only difference is I will need your documents at least two days in advance. Documents can be dropped off through the mail slot at any time. They can also be mailed to the office. Additionally documents can be submitted online through Intuit Link.

If I do not receive your documents in advance, I may have to reschedule your appointment. I need to review them beforehand in order to maintain my time schedule.

Remote Appointments

Remote appointments will have a scheduled preparation time but will not have a Zoom component. Documents should be submitted at least two days in advance of preparation time. Documents can be dropped off through the mail slot, mailed in, or submitted online through Intuit Link.

You might want to file a 2019 return to receive your stimulus check

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The IRS’s website currently does not have information available regarding how the stimulus checks will be distributed. I will make updates as more information is made available to us.

Who is eligible for a stimulus payment

  • Single taxpayers who have an adjusted gross income of $75,000 or less
  • Head of household who earns $112,500 or less
  • Married taxpayers who earn $150,000 or less
  • The credit is $1,200 per adult, and 500 per child

As income increases over these thresholds, the amount of credit received will diminish.

I didn’t file a 2019 tax return

You should be okay. If the IRS doesn’t have 2019 on file, they will base it on the 2018 return.

Who should consider filing a 2019 return

There are some instances where it may be in your best interest to file a 2019 return.

  • Your income was abnormally high in 2018. Maybe you unloaded stocks, sold property, or cashed in retirement to buy a house. If your income was over the threshold you won’t receive a payment.
  • You don’t normally file a tax return. This doesn’t apply to people receiving veterans benefits or social security. There are some taxpayers who don’t file a return. Maybe you graduated college and didn’t have income yet. The way I’m reading it, you won’t get a stimulus payment if they don’t have a return on record.
  • You closed your bank account that was used on your 2018 return. So far they’re saying if you provided direct deposit information on your return the stimulus payment will go into that account. When a direct deposit is rejected the IRS cuts a check and mails it to you. This usually takes months.
  • You moved after 2018 and didn’t have direct deposit. If the IRS mails a check to the wrong address a couple of things could happen. It might get forwarded if you still have a forward on your mail (might want to renew that if your in this situation). The check might also get returned. Again, there will probably be a lengthy process to have it reissued.

I’m currently prioritizing any clients who meet the above criteria. This process will probably change as the IRS provides more information.

What if I was underpaid or overpaid?

So far if your advance payment is LESS than what you’re owed when you compute your 2020 return, you’ll get the excess as a credit on that return. But if your advance credit is GREATER than what you’re actually owed when you file your 2020 return, there currently is no mechanism to 1) repay the excess payment, or 2) recognize the excess amount as income.

Rental Deductions

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What deductions can I take if I have a rental?

Costs you incur to place the property in service, manage it and maintain it generally are deductible. Even if your rental property is temporarily vacant, the expenses are still deductible while the property is vacant and held out for rent.

Deductible expenses include, but are not limited to:

  • Advertising
  • Auto Expenses
  • Travel (including air fare, car rental etc…)
  • Cleaning and maintenance
  • Commissions
  • Depreciation
  • Mortgage Interest
  • Other Interest
  • Homeowner association dues and condo fees
  • Insurance premiums
  • Real Estate taxes
  • Other Taxes
  • Management fees
  • Pest control
  • Professional fees
  • Rental of equipment
  • Rents you paid to others
  • Repairs
  • Supplies
  • Trash removal fees
  • Travel expenses
  • Utilities
  • Yard maintenance

All expenses you deduct must be ordinary and necessary, and not extravagant.

You can deduct the cost of travel to your rental property, if the primary purpose of the trip is to check on the property or perform tasks related to renting the property. If you mix business with pleasure, though, you’re required to allocate the travel costs between deductible business expenses and nondeductible personal costs. Be careful not to cheat yourself on the breakdown.