Producing Clean Fuel? You May Qualify for a Valuable Tax Credit

The Section 45Z Clean Fuel Production Tax Credit is a tax incentive designed to encourage U.S. production of transportation fuels with lower lifecycle greenhouse gas emissions. It’s available for qualifying fuel produced after Dec. 31, 2024, and sold through Dec. 31, 2029. To claim the credit, taxpayers must produce qualifying fuel at a U.S. facility, […]

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

The IRS has issued final regulations on the car loan interest deduction. For loans taken out after Dec. 31, 2024, on new, U.S.-assembled vehicles used primarily for personal use, eligible taxpayers may be able to deduct up to $10,000 in interest annually (through 2028), whether they itemize or claim the standard deduction. The deduction begins […]

Getting Paid Early? Your Business May Be Able to Defer the Tax

Does your business receive advance payments from customers? For federal tax purposes, these payments generally are taxable in the year received. But accrual-basis businesses may have another option. If certain requirements are met, these businesses can defer some or all eligible advance payments to the next tax year. That means qualifying payments received in 2026 […]

RMD Deadline Approaching: Don’t Wait Until Year End

Year end is an important time to check required minimum distributions (RMDs). If you’re age 74 or older in 2026 and already subject to the RMD rules, you generally must take your 2026 RMD from traditional IRAs and applicable employer retirement plans by Dec. 31, 2026. If you turned — or will turn — 73 […]

Are You Taking Full Advantage of the 20% QBI Deduction?

Sole proprietors and owners of pass-through entities, listen up! Last year’s tax legislation made permanent the Section 199A qualified business income (QBI) deduction. Generally, QBI is the net amount of qualified income, gain, deduction and loss from a U.S. business. In most circumstances, the deduction equals 20% of QBI (not to exceed 20% of taxable […]

Loaned Money to a Friend or Family Member? You May Be Able to Deduct the Loss

If you make a personal loan to a family member or friend, are you out of luck if he or she doesn’t pay you back? Actually, you may be able to deduct “bad debt” as a short-term capital loss if you follow the rules: 1) You must have made a bona fide loan, not a […]

Tax Debt Can Affect Your Passport: What You Need to Know

If you have significant tax debt, your passport may be at risk. The IRS defines seriously delinquent tax debt (SDTD) as an unpaid, legally enforceable federal tax liability exceeding $66,000 (for 2026) for which a federal tax lien has been filed and administrative remedies have been exhausted or a levy has been issued. Under a […]

There is still time to reduce tax liablility

Business owners and self-employed individuals with extended 2025 federal income tax returns may still have an opportunity to reduce their 2025 federal income tax liability. If you extended your tax return, you can make deductible 2025 employer contributions to certain retirement plans until the Oct. 15, 2026, extended deadline. If you don’t already have a […]

Disaster Strikes? Reconstructing Your Financial Records

If a wildfire, hurricane or other disaster destroys important financial records, you may be able to reconstruct them for tax purposes, insurance claims or federal assistance. You can access tax transcripts through an IRS Individual Online Account or by request. Banks and credit card companies may provide past statements. Photos, receipts and canceled checks can […]

Could a Roth Conversion Make Sense for You?

If you have a traditional IRA, you may want to consider converting some or all of the balance to a Roth IRA. Such moves typically allow people to turn tax-deferred future growth into tax-free growth and take advantage of a Roth IRA’s estate planning benefits. The converted amount is taxable the year of the conversion. […]