Tag: tax

Teachers and others can deduct eligible educator expenses this year — and more next year and beyond

At back-to-school time, much of the focus is on the students returning to the classroom — and on their parents buying them school supplies, backpacks, clothes, etc., for the new school year. But teachers are also buying school supplies for their classrooms. And in many cases, they don’t receive reimbursement. Fortunately, they may be able […]

Read More Teachers and others can deduct eligible educator expenses this year — and more next year and beyond

Investing in qualified small business stock now offers expanded tax benefits

By purchasing stock in certain small businesses, you can diversify your investment portfolio. You also may enjoy preferential tax treatment, some of which is getting even better under the One Big Beautiful Bill Act (OBBBA) that was signed into law in July: Qualified small business (QSB) stock now offers more tax-saving opportunities. QSB defined A […]

Read More Investing in qualified small business stock now offers expanded tax benefits

No tax on car loan interest under the new law? Not exactly

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 exactly

Lower your self-employment tax bill by switching to an S corporation

If 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 corporation