Frequently Asked Questions (FAQ)
WHERE ARE WE LOCATED?
We just moved to a new office! You can find us at 6315 Fly Rd in East Syracuse, in the Fly Road Commons. We're just off Exit 5W of Interstate 481, near where Kirkville and Fly Roads cross. Cliffs Local Market and Bishop Grimes School are nearby. From 481, turn right onto Fly Road and then your second left into the parking lot. Maximum Return is at the back of the building, where there's plenty of parking. You'll see our sign on the back of the building.
HOW MUCH DOES TAX PREPARATION COST?
The cost of tax preparation depends on the complexity of the return. A simple return typically costs around $135. If your return is more complex, you can expect to pay a higher fee. Amended tax returns cost between $150-$175. For a more precise estimate, please contact us to discuss your specific requirements.
No Tax on Overtime
This deduction only applies to the extra pay you get for overtime (the “premium” part), not your regular pay.
For the 2025 tax year, you’ll need to calculate this yourself using your pay stubs because employers don’t have to show it separately on W-2 forms.
Steps:
Find your total overtime pay for the year. Check your year-end summary or add up the overtime amounts on your pay stubs.
Calculate the premium portion:
If you earn time-and-a-half (1.5x): Divide your total overtime pay by 3.
Example: $15,000 ÷ 3 = $5,000.If you earn double-time (2x): Divide by 4.
Example: $20,000 ÷ 4 = $5,000.If your pay stub lists “Overtime Premium” separately, just use that amount.
Apply the limit: Compare your result to the maximum allowed ($12,500 for single filers, $25,000 for joint filers). Use the smaller number.
No Tax On Tips
You can claim this deduction when you file your federal income tax return for 2025 (filed in early 2026).
Determine Total Qualified Tips:
Gather records of all tips you reported for the tax year.
Employees: Check Box 7 (Social Security tips) on your W-2 and include any tips reported on Form 4137.
Self-Employed: Use the total tips reported as part of your business income.
Apply the $25,000 Limit:
Maximum annual deduction is $25,000, regardless of filing status.
If you earned more than $25,000, your deduction is capped at $25,000.
If you earned less, deduct the full amount you earned.
How does an amenDed tax return work?
IRS Form 1040X is used to amend or correct a tax return. On this form, taxpayers show the IRS the changes to their tax return and the corrected tax amount. Starting in 2020, Form 1040X can be filed electronically, which was not previously an option. Only tax year 2023-2024 Forms 1040 and 1040-SR returns can be amended electronically. If amending more than one year of returns, a separate Form 1040X must be filled out for each year. Any forms or schedules affected by the changes must also be included. If filing Form 1040X to get a refund, the taxpayer generally has three years from the date the original return was filed or two years from the date the tax was paid, whichever is later. If an error is discovered before the IRS does, or if new tax documents are received after the tax return has been filed, amending the tax return may be an option. Contact Maximum Return for assistance with amending a tax return.
IS STUDENT LOAN FORGIVENESS TAXABLE?
No, student loan forgiveness is not federally taxable in 2025 because the American Rescue Plan Act (ARPA) made it tax-free through December 31, 2025, covering programs like Income-Driven Repayment (IDR) and Public Service Loan Forgiveness (PSLF). However, this tax exclusion is set to expire, meaning most forgiveness after January 1, 2026, will likely be taxable, creating a "tax bomb" for future borrowers unless Congress acts, though PSLF and Total & Permanent Disability discharges remain exempt.
NYS - Consumer Bill of Rights Regarding Tax Preparers
Before hiring a tax return preparer, it is essential to be aware of your rights. While most tax return preparers conduct themselves according to the law and treat their clients with fairness, a minority do not. For more information, please consult the NYS Consumer Bill of Rights at