If you’re planning to purchase a new personal-use vehicle, there’s a major tax change you’ll want to know about. Thanks to Section 70203 of the recently passed One Big Beautiful Bill Act, individuals may now qualify for a brand-new above-the-line deduction—specifically for interest paid on loans used to buy qualified vehicles. This new deduction could offer significant savings for taxpayers starting in 2025.
Category: Taxes
Business Meal Deductions Are Changing: What Employers Need to Know Before 2026
If you missed the fine print in the new tax legislation, you’re not alone. Tucked into the One Big Beautiful Bill Act, signed into law on July 4, 2025, is a significant change that will impact many businesses starting in 2026: employer-provided meals will no longer be deductible.
One Big Beautiful Bill Act: What You Need To Know
The One Big Beautiful Bill Act was signed into law on July 4, 2025. It includes several extensions of the Tax Cuts and Jobs Act of 2017 as well as many new provisions. Here are some key business and individual tax items we want to highlight.
Erroneous CP161 Notices for 2024 Form 1041 Filings
Did you receive a CP161 notice from the IRS? It’s possibly an IRS error.
Are You Liable for “Nanny Taxes?” What Employers Should Know
Maximizing Deductions: Lesser-Known Tax Savings
Discover often-overlooked deductions to maximize your tax savings! From depreciation and cell phone expenses to bank fees, unlock hidden opportunities with our expert guidance.
Understanding Financial Statements
Financial statements are like the heartbeat of any business. They reveal essential information about its financial health and performance.
