Seniors, Tip Earners, Car Loan Payers — This Tax Update’s for You

Certain taxpayers will claim deductions made available by the One Big Beautiful Bill Act on a new tax form. These include new deductions for seniors, those who earn tips or overtime, and taxpayers who pay eligible interest on car loans. The IRS has released a draft of the new Schedule 1-A, Additional Deductions (https://bit.ly/4nkYaZ1). It’s […]

Fed Lowers Benchmark Rate Amid Cooling Labor Market

For the first time this year, the Federal Reserve has approved an interest rate cut. The Fed opted for a quarter-point reduction to the central bank’s benchmark rate. The rate range is now set at 4% to 4.25%. According to Fed Chair Jerome Powell, one reason for the reduction is that “the labor market is […]

Crunch Time on Capitol Hill: PTCs Hold Up Government Funding Deal

A Sept. 30 deadline to fund the government for fiscal year 2026 is approaching. Republican lawmakers introduced a continuing resolution (CR) to fund the government until Nov. 21, 2025. A sticking point is that many Democrats and some Republicans want to extend an enhancement to the Affordable Care Act’s Premium Tax Credits (PTCs). Beginning in […]

Avoid This 401(k) Rollover Tax Trap

If you’re leaving a job soon and you have a 401(k), you may want to roll it over into an IRA. However, beware of a potentially costly tax trap before you act. To keep your savings growing tax-deferred, the safest move is to arrange a direct trustee-to-trustee transfer from the 401(k) to your IRA. If […]

FinCEN Reviewing Corporate Transparency Act Rules After Suspension

Recently, Financial Crimes Enforcement Network (FinCEN) Director Andrea Gacki updated a U.S. House Financial Services subcommittee on Corporate Transparency Act requirements. In March 2025, FinCEN suspended a mandate for U.S. companies and individuals to submit beneficial ownership information to the government. (Foreign companies and individuals must continue to comply.) However, many U.S. entities had already […]

EV Tax Credits Expire Soon – Act Before Sept. 30, 2025!

The clock is ticking on the availability of federal tax credits for buying an electric vehicle (EV) or other eligible clean vehicle. Credits of up to $7,500 for a new EV and $4,000 for a previously owned EV are scheduled to expire after Sept. 30, 2025. Recent data shows that car buyers have been rushing […]

CBO Lowers 2025 Economic Growth Forecast

The Congressional Budget Office (CBO) has published an update to its economic forecast. According to the CBO, President Trump’s tariffs, the tax provisions of the One Big Beautiful Bill Act (OBBBA) and lower net immigration are likely to have competing effects on the economy. For 2025, the growth of real gross domestic product is 0.5 […]

Starting 2027: Roth Required for Some Catch-Up Contributions

The IRS has issued final regulations to address SECURE 2.0 Act provisions related to “catch-up” contributions. Eligible taxpayers age 50 or older can make additional catch-up contributions to employer-sponsored 401(k), 403(b), or 457 plans, SIMPLES and IRAs. Among other things, the regs provide rules related to a SECURE 2.0 Act provision requiring that catch-up contributions […]

Selling Your Primary Residence? Don’t Miss These Tax Tips

There’s a bill in Congress to eliminate capital gains tax on the sale of primary residences. It’s unclear whether it might pass in the future. Until then, if you’re selling your principal home, you may owe taxes on the profit, especially if you’ve lived there a long time. Here are two ways you may be […]

Fraudsters Target Donors After Disasters—Stay Alert

Being 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 […]