My Brothers and Sisters, here we are again. It’s the beginning of a new year which means what to all of us?
It’s time to do another round of tax returns.
I’ve spent most of last month getting everyone ready for all of the changes, but one thing is certain. This year’s returns are going to be a lot different from last year’s. Those changes include…
1 – Refunds are going to be much different. They may go up or they may go down. Please don’t go into this with any expectations.
2 – It’s going to take the IRS forever to do anything. They weren’t efficient before 30% of their staff was cut. Imagine how bad it will be this season. Refunds will take forever.
3 – If you call one of the 800 numbers, don’t expect it to be answered. If I couldn’t get anyone on the phone in December, I doubt it will be any better in January.
4 – We may still have some new tax laws to learn for this season. Illinois still has legislation pending for 2025. We’ll just have to wait to see what happens.
5 – Let’s also remember that the government was only funded until January 30th and nothing has happened yet on health care. What will happen if they shut down the government again? They’re still going to want our returns and our money. This I can guarantee. So get your work into us today.
I’ve done this for 37 years and can tell you that this year is going to be challenging. The sooner we can get your returns done, the sooner we’ll be able to deal with those challenges.
Let me leave you with this…
2025 was difficult for many entrepreneurs. Those difficulties included but weren’t limited to…
1 – Interest rates remained high given what we’ve become accustomed to. That put many projects on hold.
2 – The Labor Market is still extremely tight. Finding good people is always difficult, but the deportations didn’t help many businesses.
3 – Inflation remains higher than historical averages and continues to cause pricing difficulties in maintaining margins.
4 – The continued devaluation of the US Dollar has hurt everyone’s buying power.
5 – Tariffs continue to put upward pressure on prices.
6 – Many are concerned about the markets taking a nosedive this year. The major market indicators haven’t done much if anything in the past two months.
7 – Many are still concerned about a major correction such as a recession or stagflation in the overall economy this year.
Just writing those sentences made me want to mix a Martini, a Martwoni, or even a Marthreeni. But I’m going to remind all of you of a couple of things…
First, we’re entrepreneurs, the masters of our fate. We have the ability to control our destinys and make changes when necessary.
If the world gives you lemons, make meringue. We might just earn our pay this year.
Second, I’m right there with you. No one knows what the world will throw at us this year, but know that you aren’t alone.
If things turn south and we need to dig a hole and shoulder a weapon, we’ll do it together.
As always, if you need help with your accounting, I’m waiting for your call.
We’re all going to get through this. Let’s get through it together.
Accounting Solutions Ltd. stands ready to complete our mission and purpose of protecting you, your family, and your business. Whether you need Payroll Services, or Accounting and Tax Work, you have but to ask. I’m here and I remain,
Sincerely yours,
Chris Amundson
President
Accounting Solutions Ltd.
773-267-7500
888-310-0300
www.AccountingSolutionsLtd.com
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