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📌 WELCOME TO THE TAXES TAB
This space is dedicated to everything tax preparation, compliance, and strategy. Use this tab to ask tax-related questions, discuss scenarios, share insights, and deepen your understanding of tax law and best practices. Here we focus on:• Filing statuses & dependents• Income types (W-2, 1099, Schedule C, etc.)• Credits, deductions, and adjustments• Due diligence, ethics, and compliance• IRS rules, forms, and real-world tax situations This is a learning-first space. Ask questions, but be specific and respectful. No guessing, no shortcuts, and no advice that puts your PTIN or business at risk. Drop a comment below with:1️⃣ Your biggest tax-related challenge right now2️⃣ A topic you want covered next Let’s sharpen our tax skills, protect our credentials, and prepare returns the right way. 💼📄✨
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📌 WELCOME TO THE BOOKKEEPING TAB
This space is all about building clean books, strong systems, and year-round income. Bookkeeping is the foundation of every successful tax business, and this tab is where we focus on keeping numbers accurate, organized, and audit-ready. Use this tab to discuss:• Bookkeeping basics & best practices• Income & expense tracking• Bank reconciliations• Chart of accounts setup• QuickBooks and bookkeeping workflows• Preparing books for tax filing and compliance This is a judgment-free learning space, but accuracy matters. No shortcuts, no mixing personal and business expenses, and no “we’ll fix it at tax time” habits. Drop a comment below and share:1️⃣ Your current bookkeeping setup (or struggles)2️⃣ What you want to learn or improve Clean books = easier taxes, better decisions, and more money. Let’s build it right. 💼📊✨
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👋🏽 WELCOME TO TAX & CASH GENIUS CO.!
Whether you’re new to tax preparation or already in the industry, you’re here because you want to sharpen your skills, stay compliant, and build a tax business that makes sense year-round. This community was created to help tax professionals strengthen their foundation in taxes, bookkeeping, cash flow, and compliance—so you can operate with confidence and protect your credentials while increasing your income. 🚀 NEXT STEPS Step 1️⃣: Download the Skool App on your mobile device so you don’t miss updates, trainings, or discussions. 📲(iOS App // Android App) Step 2️⃣: Introduce yourself in the General Discussion tab. Please share:• Your name• Where you’re located• Your experience level (new, returning, or seasoned)• What you want to learn or improve Step 3️⃣: Set up your profile• Add a profile photo• Complete your bio• Engage in posts and ask questions Step 4️⃣: Explore the community tabs• Taxes – tax prep, credits, filing statuses, ethics, and compliance• Bookkeeping – clean books, systems, and year-round services• Off the Ledger – a space to vent and relate (professionally) 📌 COMMUNITY GUIDELINES ❌ No selling or soliciting in posts or DMs ❌ No spamming ❌ No sharing client names or sensitive information ❌ No shortcuts that risk your PTIN or compliance This is a learning space built on professionalism, accuracy, and growth. Show up, stay engaged, and apply what you learn. Let’s get to work. 💼✨
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📌 WELCOME TO TAX THERAPY
This is your safe space. Use this tab to vent, laugh, release, and relate. Tax season gets heavy—clients, deadlines, paperwork, and the mental load of being “the expert” can be a lot. This space exists so you don’t have to carry it alone. What this space is:• A judgment-free zone• A place to vent about tax season stress• A space to share wins, frustrations, and “you won’t believe this client” moments• Community support and real talk What this space is not:• Client shaming (no names or identifying details)• Legal or tax advice• Disrespectful or harmful language Drop it here, breathe it out, then get back to business.We’re building empires—but we’re human too. 💼😮💨✨ If you want, I can also:✔️ Create posting rules for this tab✔️ Add emoji reactions suggestions✔️ Help you pin this as a community guideline post
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📌 2025 OBBB “No Tax on Overtime” — What Tax Pros Need to Know
The One Big Beautiful Bill (OBBB) signed into law in July 2025 introduces a new federal income tax deduction for qualified overtime compensation beginning with the 2025 tax year. This is one of the major individual tax provisions impacting filing this season. 🔎 What the Law Does • Employees may deduct qualified overtime pay from federal taxable income on their 2025 return — up to $12,500 for individuals or $25,000 for joint filers. • The deduction is available whether the taxpayer itemizes or claims the standard deduction. • Qualified overtime generally means the premium portion paid under the Fair Labor Standards Act — the extra above the regular rate (e.g., the “half-time” portion of time-and-a-half). 📄 Reporting & Calculation for 2025 • Employers are NOT required in 2025 to separately report qualified overtime on Form W-2 or 1099s — there’s a transition rule for the first year. • Because of this, taxpayers may need to calculate the qualified overtime deduction themselves using pay stubs or employer statements. • Guidance (IRS Notice 2025-69) and Form 1040 instructions will explain how to determine the deduction amount and where to claim it (likely on a new Schedule 1-A attachment). 📊 Phase-outs & Limits • The deduction begins to phase out for modified AGI over $150,000 ($300,000 married filing jointly). • The overtime provision expires after tax year 2028 unless Congress extends it. ⚠️ Key Practitioner Points • Overtime pay is still full taxable wages for payroll tax (Social Security/Medicare) purposes. • Proper documentation is essential for clients claiming the deduction — employers may not provide separate reporting for 2025. • When updated W-2 reporting becomes required in tax year 2026, the calculation will be easier. 💬 Summary for Tax Season Tax professionals should prepare to: 1. Educate clients on this new deduction, not an exclusion. 2. Help clients calculate qualified overtime amounts when separate reporting isn’t yet provided. 3. Ensure claims are supported with documentation — pay stubs or written employer statements. 4. Watch for updated IRS forms and instructions (Schedule 1-A).
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