CCM INSIGHTS
A Newsletter by Compass Capital
Management
PROTECTING WHAT MATTERS MOST
Safety and security for your family is the number one priority --- Whereas the safety and security for your wealth is a close second. Compass Capital Management is partnering with the McAlester Fire Department donating funds to help place smoke detectors and carbon monoxide detectors in local homes
With the changing of the season as well as Daylight Savings Time, the McAlester Fire Department says now is the best time to check your smoke and carbon monoxide detectors to ensure they are functioning properly for your family’s safety.
“That first alert, being able to get out of your structure, it all matters – the seconds count when you’re trying to get out of the house in an emergency,” Fire Marshall Clint Armstrong said. McAlester Fire Chief Brett Brewer added roughly 50 percent of the homes in the McAlester community do not have working smoke detectors or carbon monoxide detectors in their homes.
A LOOK INSIDE THIS ISSUE:
1.Protecting What Matters Most
2.Last Minute Tax Tips to Save You Money
3.Cornhole Tournament Registration
With CCM’s monetary donation, the McAlester Fire Department will be purchasing around 60 life-saving detectors for local homes in the McAlester community They explained these detectors will be installed in various homes inneed right away across the community, while keeping the rest of the detectors on-hand when new cases arise.
“When we have a house fire somewhere, we like to go back and canvas that neighborhood around that home to see if there are anymore homes in need of detectors,” Chief Brewer said. For those interested in receiving updated smoke and carbon dioxide detectors for their home --the McAlester Fire Department is inviting everyone to come to any of the fire stations and fill out the detector application.
LeAnn Lewis, Chief Operations Officer of Compass Capital Management remarked, “Supporting local organizations and initiatives is one way we show gratitude for the trust our neighbors place in us. When our community thrives, everyone benefits, and we’re proud to play a small part in helping it grow stronger.”
If you are within five years of retiring, it is important that you create a plan for success. Don’t live life by default, live it by your design. Our team specializes in retirement planning on a tax efficient basis. Lowering your tax burden allows you to keep more of your hard-earned assets for your family. Without proper planning, your retirement may come down to a “guess”. Be confident and comfortable in your retirement. Contact Compass Capital Management and speak with one of our retirement planning specialists.
LAST MINUTE TAX TIPS TO SAVE YOU MONEY
BY: JIMMY J WILLIAMS, CPA/PFS, CFP , CRPC ® ™
The time has arrived for individuals in the United States to file their annual income tax returns Typically, this time of the year creates anxiety and trepidation for many people. Our hope is that these simple, yet effective, methods of last-minute tax savings strategies will relieve some of your angst.
Always invest in yourself first. This simply means that you should consider any viable opportunities to save income taxes so that your family keeps more of its money for its own needs. Tax preparation and filing are not simple tasks. The laws that govern our required annual tax filings are complex. Each year the income tax laws seem to grow in number and sophistication.
To help you take advantage of your family’s opportunities for tax reduction, consider the following strategies:
1. If you, or your spouse, are employed in an industry that compensates you with tips, be mindful that you should track the amount of tips you receive during the tax year. This is a new deduction that allows you to deduct up to $25,000 from your total taxable income if your total income does not exceed $150,000 for individuals and $300,000 for joint filers. This benefit is available to you through December 31, 2028.
2. The same can be said for overtime paid you as an additional deduction similar to Item 1 above. However, the amount of tips to be deducted from your taxable income is $12,500 for individuals and $25,000 for joint filers. Again, it is important that you track your overtime pay component of your total wages. Employers should be reporting this amount to you in your pay stub. Limits on income for claiming this deduction are the same as the tip deduction discussed in Item 1 above.
3 If you purchased a new automobile in 2025, you may be able to deduct up to $10,000 of interest paid on the vehicle purchased. Income limits do apply to this deduction, too.
4. To help you reduce your taxable income from 2025, prior to filing your return, consider contributing to an Individual Retirement Account (IRA) or, if self-employed, a Simplified Employer Pension Plan (SEP). The two types of accounts require that contributions be performed before April 15, 2026, for an IRA and the due date of your tax return filing, including extensions, for the SEP.
5. If your family utilizes a high-deductible health plan for insurance purposes, consider contributing to a Health Savings Account (HSA). This is a type of investment that allows you to increase your contributions tax-free if used for allowable medical expenses. Unlike an employer-provided Flexible Spending Account (FSA), you are not required to utilize your contributions each year. This type of account allows for considerable potential growth over a long period of time and may be used for nursing care or home health costs where Medicare does not provide assistance. You control the timing of withdrawals and may continue to fund this type of account until such time as are 65 years of age.
6 Analyze your most appropriate filing status – married filing separate or married filing jointly. If you were married in 2025, you cannot file as a single filer. Further, you may not file as head of household even with minor children in your care. Think about preparing your tax return considering both filing statuses to see which provides the greatest benefit to the family. Further, if your spouse had previous IRS or other taxing agency assessments, it may be more advantageous to file separately until such time as the past balances are resolved.
7. If you are a business owner, consider immediate expensing of assets purchased in 2025. This election may be performed on your original return until its filed in 2026. Further, you may create a significant loss for your business but receive employment income on Form W-2 that would give you additional income to claim the immediate expense. The negative to this type of deduction is that you must continually build your business by purchasing depreciable assets each year or pay a larger tax burden due to the loss of depreciation expense over a period of time.
Taxes are a part of life. Proactive planning may help you reduce the stress of filing each year and provide you the knowledge of what you may owe. Consider speaking with a Certified Public Accountant or a CERTIFIED FINANCIAL PLANNER professional to receive a complimentary consultation. It is critical that you retain as much of your family’s earnings as possible. Enjoy the Springtime weather! ®
CORNHOLE TOURNAMENT REGISTRATION
Don’t forget!!!!
Registration for our Cornhole Tournament is NOW OPEN!!!
First place winner will get to take home a brand new cornhole board set!
All proceeds go to Parkinson’s Alliance of Oklahoma!
Register Here: https://share.scoreholio.com/UbL8jL0qu0b