The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, maintains federal income tax rates between 10% and 37%. The key for tax planning is understanding your marginal tax rate—the rate applied […]
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Many retirees wonder whether their Social Security benefits will be taxed. While the new “senior deduction” offers some relief, the actual taxability of benefits depends on your provisional income, overall income, and IRS thresholds. Let’s […]
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Running a side gig alongside your regular job can be rewarding, whether it’s selling handmade crafts online or performing music locally. But when it comes to taxes, the IRS will expect you to report that […]
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If you’re self‑employed, maximizing tax deductions is essential to reduce your taxable income. Whether you’re a freelancer, consultant, or small business owner, understanding what you can deduct on your federal income tax return can save […]
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Donating artwork to charity can be rewarding, but the tax deduction you receive depends on several factors. From the type of organization to how the artwork will be used, understanding the rules can help you […]
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For LLP and LLC owners, understanding material participation is crucial. The passive activity loss (PAL) rules can restrict your ability to deduct business losses, but if you meet the material participation standards, you may be […]
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Mileage deductions can save taxpayers significant money, but eligibility rules have changed. With the One Big Beautiful Bill Act (OBBBA) making permanent adjustments, it’s essential to know whether you qualify for vehicle-related deductions in 2025 […]
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Did you know that animals serving a legitimate business purpose may qualify for tax deductions? This benefit isn’t limited to farms — many industries can claim expenses for working animals.Working Animals vs. Personal PetsTo qualify, […]
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Most personal interest expenses aren’t deductible for federal tax purposes. However, there are several exceptions worth knowing about. Below are four types of interest expenses that may qualify — including a new deduction introduced under […]
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If you used one or more vehicles for business in 2025, you may qualify for valuable tax deductions. These deductions can include both operating expenses and depreciation, but the rules vary depending on how the […]
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