Mike Johnson promotes deduction for workers with ‘no tax on tips’ before Tax Day
Tax Cuts Highlighted Ahead of Tax Day As Tax Day approaches, House Speaker Mike Johnson (R-Louisiana) is emphasizing tax cuts enacted by Republicans last year, aimed at increasing take-home pay for many Americans. Bob Mitchell, an Uber driver from South Florida, shared his experience with Johnson about a new “tax-free” deduction that led to a […]
Steps to take advantage of the new car loan interest deduction for your 2025 taxes
Ed Yardeni, president of Yardeni Research, discusses the future of tax refunds and the concept of “making money.” This tax season, a new tax reduction is available for individuals taking out auto loans on specific vehicles. Last year, Republicans pushed the One Big Beautiful Bill Act (OBBBA) through Congress using the reconciliation process, and the […]
This tax season introduces a new deduction for interest paid on car loans.
This tax season introduces a new deduction that might catch some people’s attention. Starting in 2025, those purchasing a new car could deduct the interest on their auto loans in certain situations. It’s, um, interesting for many buyers, I think. The creation of this credit comes from the One Big Beautiful Bill Act, which also […]
Time is running out to take advantage of the new senior tax deduction
Changes to Tax Law Affecting Older Adults Starting with the 2025 tax year, notable changes have been introduced to the tax law. One significant adjustment targets seniors, specifically those aged 65 and older, who will benefit from a new tax break that could lead to considerable savings. Retirees should pay attention to this new tax […]
No taxes on overtime: Understanding how the new deduction functions
Understanding the Overtime Pay Tax Deduction It’s pretty interesting that overtime pay is not taxed in the same way, but what does that really mean for you? The recent tax cut doesn’t completely remove taxes on overtime pay, but if you qualify, it could put a little more money in your pocket. The One Big […]
Looking for a larger tax refund this year? Certain workers might qualify for a new deduction.
Tax Experts Highlight Important New Law for Filers Tax professionals are encouraging taxpayers to familiarize themselves with a new law that could lead to larger refunds. The 2026 tax deadline is approaching quickly, set for April 15. In Washington, as the April 15 filing date nears, something important is changing for many hourly workers: a […]
Looking for a larger tax refund this year? Certain workers might qualify for a new deduction.
New Overtime Deductions Could Boost Tax Refunds Tax professionals are encouraging filers to familiarize themselves with a recent law that might lead to higher refunds. The upcoming tax deadline is April 15, 2026. As taxpayers gear up for the April 15 filing date, they should be aware of a significant new deferral impacting many hourly […]
What to understand about the increased SALT deduction and how to apply for it
New SALT Deduction Cap for Homeowners Homeowners in states with high taxes can breathe a bit easier as the limit for the state and local tax (SALT) deduction skyrockets to $40,000 for the tax year 2025. This increase, a jump from the previous cap of $10,000, marks a significant shift for those earning higher incomes. […]
Four important points retirees should understand about the updated senior tax deduction
February 1, 2026, 3:55 PM ET This year’s tax filing period might be somewhat easier for certain retirees due to a new senior tax credit established in President Trump’s “Big and Beautiful Bill.” However, it’s essential to clarify what this deduction entails. If you’re considering this deduction for your 2025 taxes, here are four key […]
Older adults receive a new tax deduction of up to $6,000 for the 2025 tax filing period.
IRS Introduces New Tax Benefits for Seniors The upcoming tax season is set to bring several changes that will impact older Americans, starting when they file their returns next year. The IRS will allow individuals to begin submitting tax returns on January 26 for the 2025 tax year. Notably, a recent legislation known as the […]