Tag Archives: Schedule 1-A
Rising vehicle prices and higher interest rates have made financing a car more expensive than ever. Fortunately, a major change in federal tax law—passed as part of the One Big Beautiful Bill Act (OBBBA)—is providing much-needed relief. For the first time in decades, certain taxpayers can now deduct auto loan interest from their federal taxes. […]
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Taxpayers preparing for the 2025 federal return season have a new opportunity to lower their taxable income—but it requires preparation. Under the One Big Beautiful Bill Act, new deductions for overtime premiums and tip income take effect for the 2025 tax year. While these deductions can significantly increase refunds for eligible workers, early IRS guidance […]
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