IRS Updates FAQs on Premium Tax Credits After ACA Enhancements Expire

The Affordable Care Act’s enhanced premium tax credits (PTCs) have now expired. The IRS recently updated its FAQs on PTCs. In a nutshell, a taxpayer can elect to have the federal government pay an advanced PTC directly to the insurer based on his or her estimated annual income. The advanced PTC is then reconciled with […]

New Car Loan? You May Be Able to Deduct the Interest

Have you taken out a new car loan? The IRS has unveiled proposed regulations on the car loan interest deduction provision under the One Big Beautiful Bill Act. For loans taken out after Dec. 31, 2024, on new, U.S.-assembled vehicles used primarily for personal purposes, taxpayers may be able to deduct up to $10,000 annually […]

Should I claim Head of Household?

When you file your 2025 tax return, should you do so as a head of household? Assuming you qualify, it could be more favorable than filing as single. To be eligible as head of household, you must be single and maintain a home that for more than half the year is also occupied by a […]

Guidance coming soon

The IRS has announced that it will soon provide guidance on a new refund process for federal excise taxes paid on certain dyed fuel. Under the One Big Beautiful Bill Act, taxpayers may be able to recover excise taxes paid on clear diesel fuel or kerosene if the fuel is later removed from a terminal […]

Sold Farmland? The IRS May Waive Estimated-Tax Penalties

The IRS has issued estimated-tax penalty relief for taxpayers who properly elect under Sec. 1062 to pay tax on qualifying farmland sale or exchange gains in four annual installments. Under Notice 2026-3, you may exclude 75% of the applicable net tax liability from your estimated tax payment calculations for the year of sale or exchange, […]

Over 65? This New Tax Deduction Could Make a Big Difference

Are you age 65 or older? If so, for tax years 2025 through 2028, a provision of the One Big Beautiful Bill Act may allow you to claim an additional deduction of up to $6,000. And you can potentially double that amount if you’re married filing jointly and both you and your spouse are 65 […]

Taxes on travel

If you traveled for the holidays, you probably also payed additional federal taxes and fees. For example, the price of airline tickets typically includes a 7.5% excise tax, a $5.60 September 11 Security Fee and a Passenger Facility Charge of up to $4.50 for travel through certain airports. Depending on your destination, you might also […]

Holiday sales have impact on government tax collections

Most people know that holiday retail sales are important to state and local governments that rely on the collection and remittance of sales tax in their jurisdictions. But the success of the holiday shopping season also impacts federal tax collections, albeit indirectly. When businesses enjoy a profitable period, they generally owe more income tax. Plus, […]

President Trump signs executive order to expedite rescheduling of cannabis

On Dec. 18, 2025, President Trump signed an executive order to expedite the rescheduling of cannabis from a Schedule I to a Schedule III drug. Although this action wouldn’t legalize marijuana on the federal level, rescheduling will have significant tax implications for cannabis businesses. Currently, they’re subject to IRC Sec. 280E, which prevents them from […]

ACA vote forced

The Affordable Care Act’s enhanced premium tax credit (PTC) is scheduled to expire on Dec. 31, 2025. In an unexpected turn, four House Republicans have joined House Democrats to force a vote on extending the enhanced PTC. This comes a day after House Speaker Mike Johnson (R-LA) said a vote under “normal procedures” wouldn’t happen. […]