Spring Quarterly Newsletter 2025

May 6

President’s Message

We made it through another successful tax season! Thank you for your continued support and utilizing our services. Please know, we are here for you all year round and are happy to help in any way we can whether you have a question or need a projection on how you are tracking for the year.

Potential Tax Law Changes on the Horizon

Almost eight years ago, Congress passed the Tax Cuts and Jobs Act (TCJA). The changes increased the standard deduction, lowered rates for all seven tax brackets, increased the child tax credit, put caps on the state and local tax (SALT) deductions, and provided deductions for businesses. If Congress does not extend those changes, that would impact almost all of you. We are looking closely at seeing what Congress will do and will keep you informed.

Tax Tips as we enter Summer

As we enter the warmer months of the year, now is the time we think of home projects or improvements. Some of these improvements can put more dollars in your pocket. Energy improvements are a great way to save energy costs and allow for tax credits as well. These improvements include new exterior doors, windows, insulation, costs of electrical components, and solar panels. You could also qualify for the credit by replacing your furnace, A/C, or water heater. To qualify for the credit, the replacements need to meet Energy Star rated requirements.

Students who are working and earn under $15,000 should claim exempt on their W4 for both Federal and MN to avoid filing a tax return next year.

FREE Market!

You may be asking yourself, what is FREE Market? Well, the church my family and I attend are having their 2nd FREE Market. The event will be on June 7th from 9am – 4pm at Oak Grove Church (5920 Golden Valley Rd, Golden Valley, MN 55422). Our church collects lightly used items and offers those items to the community for free. We will also be giving out ten $100 Cub Foods gift cards. Feel free to come or tell others about the upcoming event. www.oakgrovechurch.org/community/special-event/