The IRS reminds us with the issuance of IR-2025-129 that with the OBBBA act set to take effect Jan 1, 2025 new starting Jan 1, 2025 is the availability for taxpayers to deduct up to $10,000 of interest on new car loans (not leases) for passenger vehicle assembled in the US. The Department of the […]
Starting for the 2026 tax season for 2025 US income tax returns the IRS will offer first-time abatements (FTAs) to taxpayers who file their return late, provided they meet certain criteria, including having no unreversed penalties in the preceding three tax years, except estimated tax penalties. Without the need to reference the Statutory or Regulatory […]
The IRS explains in Tax Tip 2025-71 to parents of adopted children in 2025 that that finalized an adoption in 2025 or started the adoption process before 2025 the new more affordable Adoption Tax Credit options for international, domestic, private and public foster care adoptions, as a result of the OBBBA. Taxpayers who finalized an […]
The IRS reminds us with the issuance of IR-2025-114 that with the OBBBA Act set to take effect Jan 1, 2025 new starting Jan 1, 2025 is the availability for taxpayers to Avoid US income tax on Tip income on certain listed occupations only for the Tip Deduction and Overtime Income, through a deduction of […]
For U.S. citizens and residents with financial accounts overseas, compliance with the Report of Foreign Bank and Financial Accounts (FBAR) is a critical legal requirement. Each year, taxpayers must disclose foreign financial accounts if their total value crosses a specified threshold. Missing the FBAR filing deadline can result in significant penalties, ranging from monetary fines […]
The IRS reminds us with the issuance of IR-2025-92 that with the OBBBA Act set to take effect Jan 1, 2025 new starting Jan 1, 2025 is the availability for taxpayers to Avoid US income tax on Tip and Overtime income on certain listed occupations…the IRS now shares those Occupations. The Department of the Treasury […]
The IRS reminds us with Tax Tip 2025-47 that Ip PINs are a vital tool to protect taxpayers from scammers trying to steal their personal and financial information, how taxpayers can obtain their IP PIN. IRS identity protection PINs, or IP PINs, are a vital tool to protect taxpayers from fraudsters trying to steal personal […]
The IRS reminds us through Tax Tip 2025-42 of Hobby Loss deductibility restrictions, please keep these in mind when preparing your US income taxes!! Hobbies and businesses are treated differently when it comes to filing taxes. The biggest difference between the two is that businesses operate to make a profit while hobbies are for pleasure […]
The IRS explains in Tax Tip 2025-41 how getting married can affect your US income tax filings, from changing your name, addresses, changing your withholdings and adjusting your filing status. Summertime is common time for wedding bells to ring, and newlyweds can make their tax filing easier by doing a few things now. A taxpayer’s […]
IRS explains in Tax Tip 2025-40 as a homeowner what is deductible on Schedule A as an Itemized Deduction and what is not deductible. Owning a home costs money, but there are tax benefits available to help homeowners save on some of common costs of homeownership. Homeowners should review the tax deductions, programs and housing […]
