This is effective for tax years 2025-2028.   New deduction of auto loan interest of up to $10K each year.  This includes motorcycles. ...

This deduction applies to tax years 2025-2028. We all heard the repeated campaign promises about “no tax on Social Security.” ...

This change applies to tax years 2025-2029. No changes to pass-through entity tax deduction for partnerships and S-Corps.  The...

This change is permanent, effective for 2025.   Both the child and the taxpayer(s) must have valid SSNs.   The CTC increases to $2,200...

By now we have all heard about the bill that was passed on July 4.  The bill is 870 pages long, and addresses everything tax from...

He doesn’t owe tax after his IRA was forfeited to the federal government.  He went to jail, and the feds took the IRA funds.  The IRA...

Since the Supreme Court ruled that college athletes can be compensated for their name, image and likeness (NIL), many student athletes...

The stakes can be very high for employers in this situation.  IRS is seeking back payroll taxes from employers that wrongly treat workers...

This is a brand new deduction, effective for 2025-2028.   If an employee receives time and a half for overtime, the deduction is only for...

Announced in early January, 2025, H&R Block has settled a complaint from the Federal Trade Commission for the amount of $7M.  This order...

A form 1099-K is issued by third-party networks, such as PayPal, Venmo, Ebay, Square, etc.  For 2024, they will issue form 1099-K if the...

The 2017 Tax Cuts and Jobs Act kept the individual AMT (Alternative Minimum Tax) on the books, but it reduced its impact until the end of...

The Medicare Part B monthly premium will rise to $185 for 2025.  However, upper-income seniors have to pay even higher Part B and D...

A Qualified Charitable Distribution is when you have an IRA distribution paid directly to a charity.  IRA owners who are 70 ½ and older...

No, this is not a scam.  There is a class action settlement for all businesses that accepted debit and credit cards at any time between...

Assuming Trump is installed as president, we can expect to see a shift to the right.  The Republicans will have the White House and both...

Here is a link to the IRS announcement:   https://www.irs.gov/newsroom/irs-announces-special-payments-going-this-month-to-1-million-taxpa...

On Monday, December 23, 2024, the 5th Circuit Court of Appeals has granted the government’s emergency motion to stay the Texas court’s...

It depends. Yes, you can take a deduction for damages due to a natural disaster that has been declared a federal disaster. This is...

For those who timely filed a 2023 tax extension, your extension has been extended again. For taxpayers whose address, or whose tax...