Trump Accounts under the Working Families Tax Cuts (Section 70204)
Overview of Trump Accounts Withdrawal and use
Read moreNo Tax on car loan Interest ( Section 70203)
Overview of the new deduction What counts as qualified interest Interest must be paid on a loan that: If a qualifying vehicle loan is later refinanced, interest paid on the…
Read moreNo Tax on Tips
Overview of the deduction Who qualifies Individuals who: Who doesn’t qualify Individuals who are: How to claim the deduction Reporting requirements
Read moreWhat You Need to Know About the 2025 Premium Tax Credit Updates
The IRS has released new guidance on the Premium Tax Credit (PTC), which helps eligible individuals and families afford health insurance through the Marketplace. Here are the key changes you…
Read moreIRS sets 2026 business standard mileage rate at 72.5 cents per mile, up 2.5 cents
WASHINGTON — The Internal Revenue Service today announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate…
Read moreInterest rates remain the same for the first quarter of 2026
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Jan. 1, 2026. For individuals, the rate for overpayments and…
Read more401(k) limit increases to $24,500 for 2026, IRA limit increases to $7,500
WASHINGTON — The Internal Revenue Service announced today that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025. The IRS…
Read moreIRS releases tax inflation adjustments for tax year 2026, including amendments from the One, Big, Beautiful Bill
WASHINGTON — The Internal Revenue Service today announced the tax year 2026 annual inflation adjustments for more than 60 tax provisions, including the tax rate schedules and other tax changes. Revenue Procedure 2025-32 provides details about these…
Read moreInterest rates remain the same for the fourth quarter of 2025
WASHINGTON — The Internal Revenue Service today announced that interest rates will remain the same for the calendar quarter beginning Oct. 1, 2025. For individuals, the rate for overpayments and…
Read moreIRS assesses $162 million in penalties over false tax credit claims tied to social media
WASHINGTON — The Internal Revenue Service is alerting taxpayers about a growing number of fraudulent tax schemes circulating on social media that promote the misuse of credits such as the…
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