Bookkeeping by Doreen
What is happening!
It is November, so I thought I would touch on elections here today.
By all accounts, I am not here to support a political party, a specific politician or change your mind or opinions. I am just sharing some of what I have seen first hand and learned by talking to friends, colleagues and family members.
Monumental changes are happening in this country and this past election is proving it. In Montgomery County, PA a record breaking turn out of voters has been reported in press release issued by Montgomery County on their website, montgomerycountypa.gov on November 5th. 307,840 of the 618,301 voters let their voices be heard! That is 49.78%, y'all! Of these votes, 90,757 of them were mailed in, which is also a record breaking turn out for a non-presidential election. In Bucks County, a neighboring county, the people who were up for election in local law enforcement (the Sheriff) and district court judges were all unseated by the opposing party! This is huge people!
Several states are reporting that democrats have unseated their republican governor's for the first time since the 1960's! That is 60 years of dominance for these states, give or take!
What I see as part of the cause of this huge shift? Young voters, women voters and minority voters. These groups of people are changing the percentages based on demographics now. I also have raised two young adults and we talk about political views and where they learn about current events as well as how they feel about the Presidents they have paid attention to in their lifetime and it looks like more new voters are registering democratic than republican.
Why I think this is important to discuss here? Because the local only elections are putting the people who care most about you in Washington ultimately. These are the incoming influences determining tax code, tax brackets, how much of your medical costs can be deducted, whether or not you can get an extra deduction when you have children or credits for sending those kids to college.
We are all just one vote, but together we do make a difference!
Doreen M Letofsky | Your Bookkeeper with 💜
-
Sales Taxes Due PA:
-
Monthly - on the 20th of each month for the prior month
-
Quarterly - on the 20th of April, July, October and January for the prior quarter
-
Semi-annually - on the 20th of February and August for the 6 months ended June 30th and December 31st
-
-
Business Taxes Due Dates:
-
Pass Thru entities - March 16, 2026
-
C Corporations - April 15, 2026
-
-
Personal Taxes
-
1040's and Trusts - April 15, 2026
-
-
Payroll Taxes - Qtly payroll reports and taxes - April 30th, July 31st, October 31st, January 31st (Annual Payroll too)
Important Dates
For Businesses and Individuals
What the passing of the one big beautiful bill means for the average tax payer
*ALWAYS consult with your tax professional to see how these changes apply to your specific circumstances. These are just a few of the items affecting individuals.
Starting in 2026, individuals can expect the following as a result of the passing of the OBBB:
-
Permanently extends the TCJA for individuals that was passed in 2017:
-
Higher standard deductions remain with the lowered tax rates and the elimination of the exemption.
-
-
Expanded Child Tax Credit for dependents under 17:
-
The credit will be 2200/child in 2026 and is being indexed for inflation.
-
-
Tip income deduction up to 25,000 for tipped employees
-
New Senior Tax Break - an additional standard deduction of $6k for taxpayers over 65 - subject to income limits
-
TEMPORARY lift on the $10k Tax Deduction if you itemize. 40k is the new limit through 2029
-
Charitable giving - above the line deductions for 'non- itemizers'
*
My Global Local - Support Local
I have a true passion for supporting the "underdog". It is just a part of who I have been for as far back as I can remember. So this section is dedicated to those I support. They are not necessarily an "underdog" but they are passionate about what the do or make and any products they are putting out into the world.
I have had the honor and privilege of working with Regyna Curtis for a few years now and all I can say is, "Wow!"
Regyna is an amazing, intuitive and insightful business coach. She uses unique strategies to teach you, as her client, to connect with your soul and lean into what your soul needs and wants for you and your business to evolve and grow!
Regyna is not a traditional coach by any stretch of any imagination which is one of the things I truly love about working with her. Sometimes, we just gotta get out of our own way and try something out of the box! Think, feel, see, do in new ways and new, inventive things will happen!
To learn more or connect with Regyna, please use the button below!
