Facebook Linkedin Twitter

Federal Tax Deductions

There’s still time for businesses to benefit from clean energy tax breaks

Leave a Comment / Clean Vehicle Credit, Federal Tax Deductions, One, Big, Beautiful Bill Act, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Tax Deduction /

The One Big Beautiful Bill Act (OBBBA), signed into law July 4, 2025, extends or enhances many tax breaks for businesses. But the legislation terminates several business-related clean energy tax incentives earlier than scheduled. For example, the Qualified Commercial Clean Vehicle Credit (Section 45W) had been scheduled to expire after 2032. Under the OBBBA, it’s available […]

There’s still time for businesses to benefit from clean energy tax breaks Read More »

Making the most of the new deduction for seniors

Leave a Comment / Deductions, Federal Income Tax, Federal Tax Deductions, Modified Adjusted Gross Income (MAGI), One, Big, Beautiful Bill Act, Senior Deduction /

For 2025 through 2028, individuals age 65 or older generally can claim a new “senior” deduction of up to $6,000 under the One Big Beautiful Bill Act (OBBBA). But an income-based phaseout could reduce or eliminate your deduction. Fortunately, if your income is high enough that the phaseout is a risk, there are steps you

Making the most of the new deduction for seniors Read More »

New rules could boost your R&E tax savings in 2025

Federal Tax Deductions, Federal Taxes, One, Big, Beautiful Bill Act, Research & Experimental Expenses (R&E), Research Tax Credit, Small Business, Small Business Owners, Tax Deduction /

A major tax change is here for businesses with research and experimental (R&E) expenses. On July 4, 2025, the One Big Beautiful Bill Act (OBBBA) reinstated the immediate deduction for U.S.-based R&E expenses, reversing rules under the Tax Cuts and Jobs Act (TCJA) that required businesses to capitalize and amortize these costs over five years (15 years

New rules could boost your R&E tax savings in 2025 Read More »

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

Deductions, Federal Tax Deductions, Federal Taxes, Individual Income Tax, Individual Tax Tips, Modified Adjusted Gross Income (MAGI), One, Big, Beautiful Bill Act, Qualified Passenger Vehicle Loan Interest, Taxes 2025 /

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

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

How a business owner’s home office can result in tax deductions

Actual Expenses Method, Federal Tax Deductions, Home Office Deduction, Small Business, Small Business Owners /

As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand the IRS rules to ensure compliance and avoid potential IRS audit risks. There are two methods for claiming this tax break: the actual expense method and the simplified method. Here

How a business owner’s home office can result in tax deductions Read More »

Small business strategy: A heavy vehicle plus a home office equals tax savings

Depreciation Deduction (Section 179), Federal Income Tax, Federal Tax Deductions, Home Office Deduction, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips, Vechicle /

New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you must use the vehicle more than 50% for business. If your business usage is between 51% and 99%, you may be able to deduct that percentage of the cost in

Small business strategy: A heavy vehicle plus a home office equals tax savings Read More »

How inflation will affect your 2024 and 2025 tax bills

401K, 403 (b), Business Deductions, Deductions, Federal Gift Tax, Federal Tax Deductions, Federal Taxes, FSA, Inflation, IRA, Stand Deduction Will Increase in Slightly In 2025, Taxes 2025 /

Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will still increase for 2025. The IRS recently announced next year’s inflation-adjusted amounts for several provisions. Here are the highlights. Standard deduction. What does an increased standard deduction mean for you? A

How inflation will affect your 2024 and 2025 tax bills Read More »

When can you deduct business meals and entertainment?

Business Deductions, Business Meals and Entertainment, Business Travel Deductions, Business Travel Expense, Federal Tax Deductions, Small Business, Small Business Owners, Small Business Tax Tips, Small Business Tips /

You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s take a look at what you can deduct in 2024. Current law The Tax Cuts and Jobs Act eliminated deductions for most business-related entertainment expenses. That means, for example, that

When can you deduct business meals and entertainment? Read More »

Is your home office a tax haven? Here are the rules for deductions

Federal Tax Deductions, Home Office Deduction, Remote Working, Self Employed, Tax Cuts and Job Acts (TCJA) /

Working from home has become increasingly common. The U.S. Bureau of Labor Statistics (BLS) reports that about one out of five workers conducts business from home for pay. The numbers are even higher in certain occupational groups. About one in three people in management, professional and related occupations works from home. Your status matters If

Is your home office a tax haven? Here are the rules for deductions Read More »