Tax News
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SALT Deduction Explained: Limits, Eligibility, and Tax Planning Tips
OVERVIEW See how the SALT deduction can cut your tax bill. Learn which state and local taxes you can deduct, how the SALT cap applies, and why it matters. Plus,…
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CHILDREN EMPLOYED BY PARENTS
One of the advantages of operating your own business is hiring family members. However, employment tax requirements for family employees may vary from those that apply to other employees. The following…
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TAX FILING SEASON (2025 TAX RETURN)
Monday, January 26, 2026, as the opening of the nation’s 2026 filing season.Taxpayers have until Wednesday, April 15, 2026, to file their 2025 tax returns and pay any tax dueExtension:…
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Business use of car
If you use your car only for business purposes, you may deduct its entire cost of ownership and operation (subject to limits discussed later). However, if you use the car…
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One Big Beautiful Bill
Explore the key provisions of the One Big Beautiful Bill starting Tax Year 2025. Learn about new tax exemptions for cash tips, overtime pay, car loan interest, and increased SALT…
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No tax on tips (Section 70201)
Overview of the deduction Who qualifies Individuals who: Who doesn’t qualify Individuals who are: How to claim the deduction Reporting requirements
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No tax on car loan interest (Section 70203)
Buying a new car in 2025? You could deduct up to $10,000 in loan interest from your taxes. Find out which vehicles qualify, income limits for joint filers, and how…
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Deduction for seniors (Section 70103)
Learn about the new Section 70103 tax deduction for seniors. Eligible taxpayers age 65+ can claim an additional $6,000 ($12,000 for couples) starting in 2025. Discover eligibility rules and income…
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No tax on overtime (Section 70202)
Save on taxes with the new Section 70202 overtime deduction. Find out if your “time-and-a-half” pay is tax-exempt and how the $12,500 annual limit works for 2025.
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Trump Accounts
WASHINGTON – The Department of the Treasury and the Internal Revenue Service today issued a notice announcing upcoming regulations and providing guidance regarding Trump Accounts, which are a new type…