Episode 134: Senior Tax Breaks, Farm Gains, and the IRS Shake‑Up
Accounting and Accountability · Faw Casson CPAs
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Show Notes
In this episode:
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Detailed insight into the new $6,000 Senior Deduction for taxpayers age 65+, including income phaseouts and confusion around Social Security taxability.
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A look at the proposed depreciation of primary residences, a radical idea never seriously floated in prior administrations.
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Update on student loan garnishments: 2025 refunds will not be seized for defaults, offering temporary relief to millions.
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Confirmation that military housing dividend checks ($1,776) are non-taxable.
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New installment option for taxes on the sale of qualified farmland to other farmers, under strict use restrictions and the new Section 1062.
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Tax implications of NIL (Name, Image, Likeness) income for college athletes, including federal taxability and potential self-employment tax.
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Discussion on IRS readiness issues: 2M+ unprocessed returns, phone line service drops, and staffing shortfalls.
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Urgent heads-up: IRS is now using processing date—not postmark date—for paper filings, emphasizing the importance of e-filing or certified mail.