Buying a New Car? You May Qualify for a Tax Deduction

A temporary federal income tax deduction for interest on qualifying auto loans for 2025 through 2028 was created by the One Big Beautiful Bill Act. The write-off, available even if you don’t itemize, is capped at $10,000 per tax return, subject to income-based phaseouts. It applies only to interest on first-lien loans to buy new, […]

Time Is Running Out to Claim Your 2022 Tax Refund

Federal tax refunds worth approximately $1.2 billion remain unclaimed for the more than 1.3 million taxpayers who haven’t filed their 2022 federal income tax returns. Those individuals have until April 15, 2026, to file their 2022 tax returns and claim their refunds. Taxpayers generally have three years to file a federal tax return and claim […]

New information return and payroll tax reporting rules require attention

The One Big Beautiful Bill Act (OBBBA) introduced or updated numerous business-related tax provisions. The changes that are likely to have a major impact on employers and payroll management companies include new information return and payroll tax reporting rules. Let’s take a closer look at what’s new beginning in 2026 — and what businesses need […]

Crypto Taxes Just Got a Little Easier—For Now

Eligible taxpayers holding digital assets (such as cryptocurrency) through custodial brokers can continue using alternative methods to adequately identify units that are sold, disposed of or transferred — for now. Under Notice 2026-20, the IRS has extended this relief for an additional year. It now applies to transactions made from Jan. 1, 2025, through Dec. […]

Filed, Then Found an Error? You’ve Got Options

Did you know you can amend your tax return if you need to revise information after you filed it? Amended returns let taxpayers fix errors or omissions — such as income, deductions, credits or filing status — and make certain late elections. They can also be used to address tax law changes, claim losses and […]

Before claiming a charitable deduction for 2025, make sure you can substantiate it

If you itemize deductions on your 2025 individual income tax return, you potentially can deduct donations to qualified charities you made last year. But your gifts must be substantiated in accordance with IRS requirements. Exactly what’s required depends on various factors. In some cases, you must have a written acknowledgment from the charity. Substantiating cash […]

Roth + Traditional: A Powerful Combo?

If you already contribute pre-tax dollars to a traditional 401(k) plan or IRA, you may also want to contribute to a Roth version. You’ll forgo tax savings now because Roth contributions are made with after-tax dollars. But diversifying retirement contributions across account types can help lower income tax bills later. That’s because you’ll owe tax […]

The Fine Line Between ‘Ordinary’ and ‘Necessary

It’s not always clear what costs businesses can deduct on their federal income tax return. According to the Internal Revenue Code, taxpayers are allowed to write off “all the ordinary and necessary expenses paid or incurred during the taxable year in carrying on any trade or business.” It’s important to stress that an expense must […]

Increase your current business deductions under tangible property safe harbors

Did your business make repairs to tangible property, such as buildings, equipment or vehicles, in 2025? Such costs may be fully deductible on your 2025 income tax return — if they weren’t actually for “improvements” that must be depreciated over a period of years. Betterment, restoration or adaptation In general, a cost that results in […]

2026 Mileage rates rise

Are you a business owner or self-employed? Do you drive for business purposes? If so, you’ll be happy to know that the IRS’s standard mileage rate for business driving in 2026 is 72.5 cents per mile (up from 70 cents in 2025). Meanwhile, medical and moving mileage rates are 20.5 cents per mile, while the […]