4 Types of Deductible Interest Expense for Individuals
How can you deduct interest expense on your 2025 individual federal income tax return and beyond? Let us count the ways. Although personal interest expense isn't deductible in general [...]
Are You Eligible for Mileage Deductions?
Whether you’re filing your 2025 individual income tax return or planning for 2026, it’s important to know if you can deduct vehicle-related expenses. A change that was made permanent by [...]
Rules of the Game: The Right Way to Handle Gambling Winnings
It's not true that the "house" always wins — but it's close. Various estimates put casino "winners” — gamblers who walk away from a casino with more money than they entered [...]
Don’t Miss Your Opportunity to Make a 2025 IRA Contribution — Whether You Can Deduct It Or Not
Generally, each year you can contribute up to the annual limit to a traditional or Roth IRA (or a combination of the two). But once the contribution deadline has [...]
7 Tax Breaks for Older Taxpayers
The Internal Revenue Code has long had much to offer taxpayers who are 50 or older, nearing retirement, or already in their golden years. And the One Big Beautiful [...]
It’s Your Last Chance to Claim These Clean Energy Tax Breaks
Last year’s One Big Beautiful Bill Act (OBBBA) terminated several clean energy tax incentives earlier than previously scheduled. But if you bought an electric vehicle or made certain green [...]
What To Do When You Can’t Pay Your Tax Bill
Taxpayers often discover after their federal income tax returns are prepared that they owe more than expected. If you can't pay your bill in full, you may be unsure [...]
What’s Your Potential Business Vehicle Deduction?
If you used one or more vehicles in your business during 2025, you may be eligible for valuable tax deductions on your 2025 income tax return. Businesses can generally [...]
Is This the Right Time to Sell Your Business?
Selling a business requires a great deal of time and effort on both the buyer's and seller's behalf. In addition, determining the right time to finalize the transaction can [...]
Update on the First-Year Depreciation Tax Rules for Businesses
The One Big Beautiful Bill Act (OBBBA) included favorable changes to the federal income tax rules for depreciating business assets. And there are annual inflation adjustments to keep track [...]
Parents: Claim All the Tax Credits You’re Entitled To
Raising a family comes with plenty of expenses, but it may also make you eligible for various tax breaks. Some of the most valuable are tax credits, because they [...]
Avoiding IRS Penalties: Strategic Relief Backed by Federal Case Law
IRS penalties are not automatic—and they are often avoidable. Many taxpayers assume that once the IRS assesses penalties, payment is inevitable. That assumption is costly—and often wrong. Federal courts, [...]
Quadrupled SALT deduction limit means more taxpayers will benefit from itemizing on their 2025 returns
An important decision to make when filing your individual income tax return is whether to claim the standard deduction or itemize deductions. A change under the One Big Beautiful Bill [...]
If You’re Married, Should You File Jointly or Separately?
Married couples have a choice when filing their 2025 federal income tax returns. They can file jointly or separately. What you choose will affect your standard deduction, eligibility for [...]
Deducting Business Meal and Entertainment Expenses Today
Do you know the current rules for claiming tax deductions for business meals and entertainment? Whether you're wining and dining a prospective customer or taking an employee to lunch, [...]