Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another exception for eligible car loan […]
Read More No tax on car loan interest under the new law? Not exactlyBeing prepared for disasters is always important. But the IRS warns that you should also be on the alert for an uptick in scams aimed both at survivors and those who donate to help them. Scammers often sweep in after a disaster to solicit donations. They may pose as employees of federal agencies or legitimate […]
Read More Fraudsters Target Donors After Disasters—Stay AlertWhat should you do if you’re victimized by a tax fraud scam? The IRS instructs defrauded taxpayers to first cut off all contact with the perpetrator. Then, take steps outlined on the Federal Trade Commission’s (FTC’s) identity theft website. These include calling your financial institutions, placing a fraud alert on your credit reports, notifying the […]
Read More Victim of Tax Fraud? Follow These Critical StepsIf you own an unincorporated small business, you may be frustrated with high self-employment (SE) tax bills. One way to lower your SE tax liability is to convert your business to an S corporation. SE tax basics Sole proprietorship income, as well as partnership income that flows through to partners (except certain limited partners), is subject […]
Read More Lower your self-employment tax bill by switching to an S corporationThe Trump administration has suggested asking the U.S. Congress to extend federal funding at current levels until Jan. 31, 2026. Such an extension would help prevent a government shutdown if Congress fails to agree on a budget by Sept. 30, 2025 (the end of the current fiscal year). Congress has yet to finalize appropriations bills […]
Read More Trump Administration Pushes for Funding Extension – Here’s WhyEmployers who hire new workers may qualify for a tax benefit, but they shouldn’t wait too long. The Work Opportunity Tax Credit (WOTC) is a valuable one-time federal tax credit that incentivizes employers to hire from certain groups that face employment barriers. The WOTC will expire after 2025 (unless Congress acts to extend it). So […]
Read More WOTC Can Lower Your Tax Bill—But Only If You Act Before 2026Although most disaster preparation information is aimed at individuals, businesses also need emergency plans. Your first concern should be planning to safely evacuate employees, customers and other people. But you also need to regularly back up essential files, including tax and payroll data. This should be done in the cloud or in a separate physical […]
Read More Disaster Planning with a Tax Lens: What Every Business Should KnowOnline Sports Betting Taxes, 2025 https://bit.ly/4pNT2OX
Read More Online Sports Betting Taxes, 2025The Congressional Budget Office (CBO) says that changes to the premium tax credit (PTC) will likely increase the number of uninsured Americans. Because the One Big Beautiful Bill Act allows the “enhanced” PTC made available by earlier legislation to expire, eligibility income caps will be lower and more taxpayers will be required to repay excess […]
Read More Premium Tax Credit Revisions Could Affect Future Tax Liability and CoverageFootball season has kicked off. This means that betting on college and NFL games is ramping up. Federal tax law requires taxpayers to report winnings on their tax returns, even if they don’t receive a Form W-2G for gambling winnings. Additionally, be aware that the One Big Beautiful Bill Act (OBBBA) will implement a major […]
Read More New Tax Rule Could Punish Break-Even Gamblers in 2026
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