Tens of Millions Claimed New Tax Breaks — Did You Miss One?

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Article Highlights: IRS Preliminary 2025 Tax Returns Filing Data What the Government Reported Overall Uptake Overtime (OT) Deduction Tip Income Deduction Enhanced Senior Deduction Carloan Interest for Americanmade…

Medically Related Home Improvements May Have Tax Benefits

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Article Highlights Aging Population Home Improvements for Medical Care or Treatment Improvements that Increase the Home’s Value Improvements that Do Not Increase the Home’s Value Medical AGI Limitations Hot Tub Deduction…

Charitable Giving in 2026: Navigating New Tax Laws and Maximizing Your Gift’s Impact

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Article Highlights: New Charitable Giving for Non-Itemizers New AGI Floor for Itemizers Cash Contribution AGI Limitation Made Permanent Phaseout of Itemized Deductions Strategic Charitable Giving in 2026 Charitable Giving…

Maximizing Business Deductions: An Introduction to Depreciation, Amortization, and Expensing

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Article Highlights: MACRS Depreciation Bonus Depreciation Section 179 Expensing Amortization Materials and Supplies Expensing The De Minimis Safe Harbor Rule Expensing Routine Maintenance Expensing Per Building Safe…

Occupations Qualified for Tip Deduction Released

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Article Highlights: Draft List of Occupations: Beverage & Food Service Entertainment and Events Hospitality and Guest Services Home Services Personal Services Personal Appearance and Wellness Recreation and…

A Comprehensive Guide for Itemized Medical Deductions

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Article Highlights: Adjusted Gross Income (AGI) limitation Itemized Deductions List of Over 60 Medical Issues and Their Deductibility In today's world, where medical costs are soaring, understanding the intricacies of tax-deductible…

Maximizing Business Deductions

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Maximizing Business Deductions: An Introduction to Depreciation, Amortization, and Expensing Article Highlights: MACRS Depreciation Bonus Depreciation Section 179 Expensing Amortization Materials and Supplies Expensing …

Untangling the Tax Maze: Who Claims the Kids After Divorce?

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Article Highlights: Custodial Parent Joint Custody Issues Conflicts Between Family Court and the Tax Code Tiebreaker Rules Impact on Dependent Care Credit Child Tax Credit Impact on Earned Income Tax Credit (EITC) Education…

Purr-fect Savings: The Secrets of Pet Tax Deductions

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When tax season rolls around every year, many pet owners wonder if they can get a tax break for their furry companions – after all, “pet parents” often consider their fur babies to be as much a part of the family as actual children. Pet…

Drug & Alcohol Addiction Treatments May Be Tax Deductible

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Article Highlights: Potential medical deductions Medical dependents Divorced parents Medical AGI limitations A taxpayer is allowed an itemized deduction for medical expenses paid during the taxable year and not compensated by…