CCM INSIGHTS
A Newsletter by Compass Capital Management
STAYING STEADY WHEN CONDITIONS CHANGE
When a snowstorm arrives, daily routines can quickly shift. Roads become unpredictable, schedules adjust, and priorities refocus. With today’s flexible work environments, working from home allows business to continue safely while keeping people protected and supported
Remote work during inclement weather puts safety first. Avoiding hazardous travel helps reduce stress and allows professionals to stay focused on serving clients without distraction. When teams feel secure, they can continue providing thoughtful, reliable guidance regardless of the conditions outside.
Snow days often bring a quieter pace that allows for deeper focus. With fewer interruptions, this time can be used for planning, reviewing strategies, and ensuring everything remains aligned with long-term goals. Even when the world slows down, meaningful progress continues behind the scenes.
A LOOK INSIDE THIS ISSUE:
1. Staying Steady When Conditions Change
2.TAX TIME HAS ARRIVED
3.Upcoming Closures
Flexibility is essential during moments of uncertainty. Just as weather can change without warning, life and markets can shift as well.
Organizations that build flexibility into their approach are better positioned to adapt, respond thoughtfully, and maintain stability during unexpected events.
Snowstorms may temporarily alter how we work, but they don’t change our commitment. By prioritizing safety, flexibility, and preparation, we remain focused on what matters most: supporting clients and helping them stay on track through every season
TAX TIME HAS ARRIVED
BY: JIMMY J WILLIAMS, CPA/PFS, CFP , CRPC ® ™
The only two things in life that are predictable – death and taxes I cannot opine the former but I can affirm the latter This is the time of year that U S taxpayers are forced to seriously review their choices of the previous year Did you plan well? There are additional steps you can take now to lower your income tax burden and correct some of the missteps of 2025
First, perform an estimated tax projection using your available information from 2025. You will soon, if you have not already, receive your Form W-2 “Wage and Tax Statement” from your employer. This form is packed with valuable information to provide your tax preparer with a glimpse of the impact your employment has on your income tax return
New tax deductions and income offsets are available to qualified taxpayers through the One Big Beautiful Bill Act signed into law on July 4, 2025 For example, you should take extra steps if you are a person in food service and hospitality that receives tips as a part of your total compensation. The new law allows you to claim a Qualified Tip Deduction for taxpayers who receive tips and their modified adjusted gross income (MAGI) is less than $400,000 ($550,000 for joint filers). However, the $25,000 maximum deduction per tax year, initiating in 2025, is reduced for each $1,000 by which your MAGI exceed $150,000 for a single filer ($300,000 for married individuals filing a joint return)
The amount of your tips may need to be provided by your employer through their payroll system as the Form W-2 does not have a specific location to delineate the information for your tax preparer This may be remedied in future developments for the form
Another deduction for qualified senior filers is the $6,000 Temporary Senior Deduction. This amount is reported as an additional deduction if the taxpayer attains age 65 before the close of the tax year (i e , 2025) The deduction is allowed in tax years 2025 through 2028 As with all matters of taxation, the wealthy, as defined by Congress in the law, will lose the benefit of the senior deduction if their MAGI exceed $75,000 ($150,000 for joint filers) Author’s note: Not certain I would classify anyone earning $75,000 wealthy but that is what the law claims to do But I digress
Second, start early on assembling your information for your tax preparer. Many opportunities such as IRA contributions are not available after April 15, 2026.
The United States utilizes an honor system for filing and self-assessing income taxes Of course, the Internal Revenue Service will analyze the returns filed and determine which should be more closely examined for compliance with the law With the higher standard deductions, it has been published by the IRS that a small percentage of filers are the ones that itemize deductions I recommend you take a cursory look at your personal itemized deductions and compare the total to your appropriate standard deduction before you spend too much valuable time on the process to achieve little or no benefit.
As a CPA and CERTIFIED FINANCIAL PLANNER™, we are trained specialists in achieving your goals of asset accumulation and minimizing your tax burden. Planning is the key. If you have questions regarding your tax burden, contact an independent, feebased CERTIFIED FINANCIAL PLANNER™ professional Happy New Year!
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UPCOMING CLOSURES
FEBRUARY 10 T H
FEBRUARY 16 T H
Closed for team training
Closed for Presidents’ Day
