IRS Announces Mid-Year Optional Vehicle Mileage Rate Increase 

, , , , , ,
Article Highlights: Mid-year Increase Items Included in the Optional Mileage Rate What Can Be Deducted in Addition to the Optional Mileage Rate Switching Methods With gas prices soaring it has been expected the IRS would increase…

Weddings, Childcare, Children’s Summer Employment, and Travel: Navigating Summer’s Tax Minefield

, , , ,
Weddings, Childcare, Children’s Summer Employment, and Travel: Navigating Summer’s Tax Minefield Article Highlights: Why Summer Matters for Taxes Marriage in Summer Childcare and Summer Camps Summer Jobs for Children …

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

, , , ,
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…

Did You Repay Money You Paid Taxes on in a Prior Year?

, , ,
There is a Solution to Provide Tax Relief. Article Highlights: Repaid Income that Was Taxed in a Prior Year Claim of Right Doctrine Common Situations for Repayment Relief Mechanisms: Deduction or Credit Determining the Best…

Estimated Tax Payments Are Not Just for the Self-Employed

, , , , , ,
Article Highlights: Employees Self-Employed Individuals Periodic Payments Underpayment Penalty Safe Harbor Payments Unlike employees, who have income, Social Security, and Medicare taxes withheld from their wages, self-employed…

Unlock Tax Savings with the New Auto Loan Interest Deduction, A Must-Read for Savvy Taxpayers!

, , , , ,
Article Highlights: Taxpayer Eligibility and Deduction Limits Personal Use Requirement Deduction on Mixed-Use Vehicles Types of Eligible Expenses Qualified Vehicles What Interest Qualifies Lender Reporting Requirements The…

Unraveling the 2025 Tax Overhaul: How New Laws Could Impact You

, , , , , ,
Article Highlights Standard Deductions Increased New Senior Deduction Qualified Sound Recording Production Expenses Required Minimum Distributions (RMD) No Tax on Tips No Tax on Qualified Overtime New Vehicle Loan Interest…

The 2025 Guide to Small Business Tax Deductions You Can’t Afford to Miss

, , , ,
When it comes to running a successful small business, every dollar counts. Yet every year, many owners miss out on valuable tax deductions — and with them, the chance to strengthen their cash flow and reinvest in growth. In 2025, smarter…

Tax Break for Businesses: 100% Bonus Depreciation is Back Plus New Expensing of Qualified Production Property

,
The reinstatement of bonus depreciation is a critical component of recent U.S. tax legislation aimed at fostering economic growth. The 2017 Tax Cuts and Jobs Act (TCJA) had already put significant emphasis on bonus depreciation, but its permanent…

Understanding the New Deduction for Overtime Under the OBBBA: A Comprehensive Guide

, ,
The recent passage of the One Big Beautiful Bill Act (OBBBA) marks a significant shift in the tax landscape, bringing with it a range of changes aimed at easing the financial burden on American workers. Among these changes, the introduction…