Unlock Bigger Deductions on Rental Real Estate
Many rental property owners are surprised to learn that federal tax law often restricts their ability to deduct losses, treating most rental activities as passive unless specific requirements are met. But if you can qualify for the real estate professi... Read More
Can You Claim a Tax Deduction for Tips or Overtime Income?
If you received tips or overtime pay in 2025, you may be eligible for a new deduction when you file your income tax return. Both deductions can be claimed whether or not you itemize deductions. But various rules and limits apply. Also be aw... Read More
How Does the New Tax Deduction for Car Loan Interest Work?
Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has ... Read More
Bonus Depreciation and Other Year-End Tax-Saving Tools for Businesses
As this year comes to a close, business owners seeking to reduce their taxes for 2025 have a variety of opportunities. Here’s a look at two tax-saving tools: bonus depreciation and retirement plan contributions.
Assets Eligibl... Read More
Enhanced SALT Tax Break Will Help Many Homeowners
The One Big Beautiful Bill Act (OBBBA), enacted on July 4, will allow more taxpayers to fully deduct their state and local tax (SALT) expenses (including property tax). Here are the details.
SALT Deduction Expanded
Under the Tax Cuts and Jobs Act,... Read More