G & G Tax

08/05/2025

I will be out of the office 08/10 - 08/17. Office will be open Tuesday - Thursday from 10-3

Feel free to call outside of those hours.

Thank you,
Jeremy Roe
GGTAX

05/22/2025

Quick Tax Tip: Know When to Hold ’Em, Know When to Fold ’Em with 100% Bonus Depreciation
Context: The “One Big Beautiful Bill” permanently restores 100% bonus depreciation, allowing businesses to immediately deduct the full cost of qualified property (e.g., machinery, vehicles, equipment) placed in service after 2025, instead of depreciating it over years. This applies to your small farm (40%), small business (20%), and S-corp (10%) clients, who often invest in equipment like tractors, tools, or delivery vans. But using 100% bonus depreciation isn’t always the best play—here’s how to know when to “hold ’em” (use it) and when to “fold ’em” (skip it).
When to Hold ’Em: Use 100% Bonus Depreciation
High Taxable Income This Year: If your farm, small business, or S-corp has significant taxable income in 2025 (e.g., a bumper crop year for farmers), taking 100% bonus depreciation maximizes your deduction, reducing your tax bill now. For example, a $100,000 tractor purchase could save $23,000 in taxes (assuming a 23% effective rate with the QBI deduction).

Cash Flow Needs: If your client needs immediate tax savings to reinvest in their business (e.g., more equipment, hiring), bonus depreciation frees up cash by reducing taxes upfront. This is ideal for farms or S-corps planning expansions.

New Equipment Purchases: Bonus depreciation applies to new or used property (e.g., farm machinery, computers) with a recovery period of 20 years or less. If your client buys qualifying assets in 2025, using bonus depreciation simplifies their tax filing and maximizes deductions.
When to Fold ’Em: Avoid 100% Bonus Depreciation
Low or No Taxable Income: If your client’s income is low (e.g., a tough year for a farm or small business), bonus depreciation could create a net operating loss (NOL). While NOLs can carry forward, they don’t provide immediate cash flow. Instead, consider regular depreciation (e.g., MACRS) to spread deductions over future, higher-income years.

State Tax Limitations: Oklahoma conforms to federal bonus depreciation, but some states don’t. If your client operates across state lines, check state rules to avoid losing deductions. Spreading depreciation might align better with state tax savings.

Planning for Future Sales: If your client plans to sell the asset soon, taking 100% bonus depreciation could trigger recapture (taxable income) upon sale, reducing long-term benefits. Opting for regular depreciation might minimize this risk.
Pro Tip for Southeast Oklahoma Clients: For farmers (40% of your base) buying equipment like tractors or irrigation systems, pair 100% bonus depreciation with the increased $2.5M Section 179 limit from the bill for maximum savings. For small businesses or S-corps (30%), consult with us to balance bonus depreciation with the 23% QBI deduction to optimize taxes. Timing is key—know when to hold ’em for big deductions now, or fold ’em to save for later!

Call now to connect with business.

05/22/2025

The "One Big Beautiful Bill" passed the House Budget Committee on May 18, 2025, and it’s now headed to the full House for a vote. This bill could bring BIG tax savings for our farmers, small businesses, families, and S-Corps, including:

23% deduction on business income for farms and businesses

$2,500 Child Tax Credit for families

Up to $2.5M in equipment deductions

No taxes on tips or overtime for employees

And many, many more updates. This will be the year we take on additional continuing education courses to ensure our community benefits 100% from these changes.

Call now to connect with business.

04/06/2025

2021 Stimulus Claim will expire on 4/15/2025

03/25/2025

We saved a client $5,400 yesterday through effective strategies. This success stemmed from clear communication and a thorough examination of all possible scenarios.

03/18/2025

The iRS is not being deleted - just in case it needs to be said. At this time to the best of my knowledge.

03/17/2025

Worried about your taxes? We can help.
Concerned about someone else’s taxes? We can help them too.
Wondering what the government does with your taxes? Well, we’re tax experts, not miracle workers.
From personal returns to tricky business filings, we’ve got your back.

Call today before the IRS is deleted!!! (J/k)

Call now to connect with business.

02/27/2025

WHY ARE TAXES SO HIGH? There is a real chance you are over paying simple because the governments lack of transparency.

Need help filing back years? We can sort it out!
Don’t understand your tax liability? We’ll explain it plain and simple.
Don’t understand how paying your kids works? We’ll show you how it pays off.
Don’t understand if an S-Corp could save you money? We’ll walk you through it.
Don’t understand the Premium Tax Credit for healthcare? We’ll make it clear.
Don’t understand how to file long-form Schedule A? We’ve got you covered.
Don’t understand inheritance taxes (and how most never pay a dime)? We’ll set it straight.
Don’t understand energy credits? We’ll help you grab what’s yours.
Don’t understand how to fill out your W-4? We’ll keep it simple.

Reach out today for friendly, no-nonsense tax help!

Call now to connect with business.

02/20/2025

Following the February 18, 2025, decision by the U.S. District Court for the Eastern District of Texas in Smith, et al. v. U.S. Department of the Treasury, et al., 6:24-cv-00336, the Financial Crimes Enforcement Network (FinCEN) has announced that beneficial ownership information (BOI) reporting requirements under the Corporate Transparency Act are back in effect, with a new deadline of March 21, 2025 for most companies.

FinCEN has also announced that it will assess its options to further modify deadlines, while prioritizing reporting for those entities that pose the most significant national security risks. FinCEN intends to initiate a process this year to revise the BOI reporting rule to reduce burden for lower-risk entities, including many U.S. small businesses.

Notice:

02/14/2025

At G&G Tax, we believe that your tax professional should be your key to financial understanding—not just someone who files your returns. We dedicate ourselves to researching and analyzing tax codes that impact our community, ensuring you have the knowledge and resources needed to navigate the complexities of taxation.

Our goal is to help you maximize savings, minimize liabilities, and avoid being caught off guard by the lack of transparency in the tax system. With proper tax planning, individuals can save thousands in potential tax burdens.

Let us help you take control of your financial future.

📍 G&G Tax – Your Trusted Accounting Partner
📞 Schedule an appointment today: 580-298-5974

02/13/2025

The importance of timing in asset transfers considering inheritance.

When considering transferring ownership of assets before death, it's crucial to understand the implications of inheritance and taxation. Transferring assets prematurely can result in the loss of the step-up in basis benefit, which could otherwise significantly reduce capital gains tax for the inheritors. This step-up adjusts the asset's tax basis to its fair market value when the decedent's death, potentially eliminating taxable gains if the asset's value has appreciated.

Step-Up in Basis: This mechanism can be particularly beneficial as it adjusts the cost basis of inherited assets to their market value at the time of inheritance. This can minimize or eliminate capital gains taxes upon the sale of the asset by the beneficiary.

Medicaid Planning: The strategy of asset transfer is often used to limit exposure to Medicaid's asset limits for long-term care coverage. However, this must be done with caution:

Look-Back Period: Medicaid has a look-back period (typically 5 years) where asset transfers can be scrutinized and may lead to penalties or ineligibility for benefits if not handled properly.

Tax Implications: Transferring assets might trigger gift taxes or affect the estate tax exemptions, depending on the value transferred and the timing relative to the death of the owner.

Inheritance Tax Exemption: Ensure you are aware of current federal and state inheritance or estate tax exemptions. The federal estate tax exemption amount changes, so it's vital to consult with a tax professional to understand the latest figures and how they apply to your situation.

Legal and Financial Advice: Given the complexity of tax laws, estate planning, and Medicaid rules, it's advisable to consult with both a tax advisor and an estate planning attorney to navigate these waters effectively. They can provide tailored advice that considers all facets of your financial and health situation.

Call now to connect with business.

02/06/2025

Here's how a homeschooling parent in Oklahoma can apply for the Oklahoma Parental Choice Tax Credit, which is part of the school choice program, through the Form 591-D on their state tax return:

Eligibility:
Residency: You must be an Oklahoma resident.

Student Eligibility: The student must be eligible to enroll in a public school in Oklahoma, which generally means they are between the ages of 4 (on or before September 1 of the current school year) and 21.

Expenses: You can claim a tax credit for qualified homeschool expenses up to $1,000 per eligible student per year.
Steps to Apply for the Tax Credit:
Gather Documentation:
Receipts: Keep all receipts for qualified homeschool expenses. These include:
Tuition and fees for nonpublic online learning programs.

Academic tutoring services.

Instructional materials (textbooks, curriculum, etc.).

Fees for nationally standardized tests.
Prepare for Tax Filing:
Form 591-D: This is the specific form for claiming the Parental Choice Tax Credit for Homeschool Expenses. Ensure you have this form when you prepare your Oklahoma state tax return.
Filing Your Taxes:
Claiming the Credit:
Fill out your Oklahoma income tax return (Form 511).

Attach Form 591-D to your Form 511. On Form 591-D:
List each eligible student.

Detail the qualified expenses for each student, ensuring they do not exceed $1,000 per student.

Attach the receipts for these expenses.
Submission:
Filing: File your state tax return either electronically or by mail. If you're filing electronically, ensure your software supports the Oklahoma forms, including Form 591-D, or use the Oklahoma Tax Commission (OTC) online filing portal if available.

No Application Needed: Unlike some grants, there's no separate application process for this tax credit; it's claimed during your annual tax filing.

Deadlines: File your taxes by the due date (usually April 15) or request an extension if you need more time to gather all your documentation.

Consultation: If you're unsure about anything, consider consulting with a tax professional familiar with Oklahoma tax laws or contacting the Oklahoma Tax Commission for guidance.

Give your child the best start in life with the Oklahoma Parental Choice Tax Credit! Applications open February 15, 2025.