Great news for working families—starting in 2026, the annual contribution limit for Dependent Care Flexible Spending Accounts (FSAs) is increasing from $5,000 to $7,500. This change, introduced by the One Big Beautiful Bill Act, offers significant tax savings for eligible households.
Category: Taxes
New Tax Break for Car Buyers: Deducting Interest on Personal Auto Loans
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.
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.
