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Income-Based Phase-out

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 »

Numerous tax limits affecting businesses have increased for 2020

401K, HSA, Retirement, Simples, Small Business, Social Security /

An array of tax-related limits that affect businesses are annually indexed for inflation, and many have increased for 2020. Here are some that may be important to you and your business. Social Security tax. The amount of employees’ earnings that are subject to Social Security tax is capped for 2020 at $137,700 (up from $132,900

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