We Do Books™ Blog

We’ve heard the same questions you have: "Is Social Security closing?" "Are my benefits going away?" The short answer: no. What’s Actually Happening, no benefit cuts have been announced. Retirees and beneficiaries will continue to receive their monthly checks. Administrative reshuffling is underway. Some Social Security offices are being consolidated or reorganized, but this does not affect the benefit amounts people receive. The Trust Fund challenge remains.

We often receive questions about record retention, so let's take a moment to clarify what you need to know.Overall, the Federal law requires you to maintain copies of your tax returns and supporting documents for three years. This 'three-year law' leads many to believe that this 3-year period is set in stone and all-inclusive, but it is NOT.

Big changes are coming to clean energy incentives — and sooner than many realize. A wide range of popular tax credits for electric vehicles, home energy upgrades, solar installations, commercial clean fleets, and even new energy-efficient construction are all set to phase out starting in late 2025. If you’ve been considering an EV purchase, home solar, or energy-efficient improvements, the window to benefit from these incentives is closing fast. Dive into our full breakdown to see which credits are disappearing, when they end, and how to make the most of them before they’re gone.

The One Big, Beautiful Bill Act (OBBBA) was signed into law on July 4, 2025, and with it comes many new tax provisions that may directly affect you. There are many tax provisions contained in OBBBA beyond the ones we have highlighted here.

As required by law, in every Form 1040 instruction booklet there's a section that shows where our federal government gets its money and where it is spent. As taxpayers it makes sense to know this information. Here is the data for the government's fiscal year ending September 30, 2023, as reported by the IRS in the 2024 instruction booklet for Form 1040: