Is It Wise to Take Out a Loan for a New Car Now That You Can Deduct the Interest?
The One Big Beautiful Bill Act (OBBBA), which became law in the summer of 2025, introduced a provision allowing a deduction for auto loan interest. After OBBBA passed, I shared my thoughts on this in a recent post. Auto loan interest deduction You can deduct up to $10,000 in interest for your newly purchased car […]
Liz Weston: Seniors on Medicare seek strategies to deduct medical costs
Dear Liz: My wife and I are in our early 90s and are lucky to have health insurance. Yet, we face significant out-of-pocket costs. As you might guess, we will be retiring soon and will rely on Social Security, pensions, and investments for income. Are we able to use a flexible spending account funded with […]