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- IRS Sends $1,776 + Idaho Faces a Budget Hit
IRS Sends $1,776 + Idaho Faces a Budget Hit
just added the borders
Thank you for all the kind “get well” emails. Seriously appreciated. They worked. I’m back today.
I share the 4-5 most important accounting that actually matter. I scroll so you don’t have to.
So grab your coffee, take a quick break, and lets catch up.
In this issue:
Free $1,776 and the IRS says don’t touch it
Idaho cuts taxes and lights the budget on fire
Clean fuel credits still alive but way harder
SpaceX IPO could bend public markets
- Ledger Lowdown Team
WTF of the Day🤯
$1,776 from the government. And yes, it’s tax free.
If you’re active duty and saw an extra $1,776 hit your account in December, don’t overthink it. The Internal Revenue Service just confirmed it does not count as taxable income. It won’t show up on your return. It won’t bump your bracket. It’s clean.
Why this matters, do not add this to your income when you file. Don’t let TurboTax scare you. Don’t let a preparer “just to be safe” report it. The IRS calls it a qualified military benefit. That’s code for tax free.
If you already filed and included it by mistake, amend. If you haven’t filed yet, ignore it completely. Free money stays free.
What’s poppin in accounting🍿
Idaho just said yes to Trump’s tax cuts. Budget pain coming.
Idaho lawmakers just voted to copy the new federal tax cuts and use them on Idaho state taxes too. That means some people will pay less state tax starting with their 2025 return.
What you might get, if your client earn tips or overtime, some of that income won’t be taxed by Idaho. Seniors get a bigger deduction. That’s it. More money in your pocket.
The tradeoff is the state collects about $155M less. Idaho already doesn’t have enough money. So cuts to things like Medicaid, schools, and police are more likely.
IRS Update 🍿
IRS drops new rules for clean fuel credits.
The Internal Revenue Service just released proposed rules for the clean fuel production credit (45Z). The credit still runs through 2029. It’s still for U.S.-made clean fuels like biodiesel. But the rules are tighter.
What you can’t miss, feedstocks must come from the U.S., Mexico, or Canada. No double-dipping credits. The aviation fuel bonus is gone. Foreign-owned or foreign-influenced companies get kicked out starting 2025 and 2027. Emissions now must be calculated using a DOE model, which means more compliance work.
What to do if you rely on 45Z, make sure you’re registered with the IRS using Form 637 or the credit is zero. And reread your projections. This credit still helps, but the IRS just narrowed who actually qualifies.
Weekly Trend Chart 📊
SpaceX IPO could break every record. And maybe fuse Musk’s empire.
SpaceX is reportedly lining up a mid-June IPO at a wild $1.5 trillion valuation. That would make it one of the biggest IPOs ever. They want to raise up to $50B, which would be a straight-up record.
There’s talk of merging SpaceX with Tesla or xAI. Basically creating “Musk Inc.” One giant, Musk-controlled planet. Powerful? Yes. Clean and simple? Not even close.
If this goes through, Elon Musk’s SpaceX stake alone could be worth $600B+. Bigger than his Tesla stake. Bigger than almost anyone’s anything. Even without a merger, this IPO would instantly reshape public markets.
Meme of the Day😂
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