Budget lawmakers reject tax deductions for tips, overtime, or seniors in the ‘Big Beautiful Bill’
Tax Changes and Their Implications for South Carolina Residents Taxpayers aged 65 and older, those who rely on tips or overtime income, and individuals taking out new car loans in 2025 are facing significant risks associated with the Big Beautiful Bill deduction. Interestingly, nearly 90 percent of taxpayers opt for the standard federal deduction, but […]
New tax deductions provide support for service workers and seniors
The “One Big Beautiful Bill” has introduced new federal tax credits designed to assist service industry workers, seniors, and those purchasing American-made vehicles. Dr. Kelly Tassin, an accounting professor at Missouri State University, noted, “A lot of taxpayers, especially those in the service sector, will qualify for this deduction. It starts to decrease as you […]
What changes in deductions and credits will affect your 2026 tax return?
Changes to Tax Law for the 2025 Filing Season As we enter the 2026 filing season, it’s clear that numerous adjustments to tax law will impact most taxpayers’ returns significantly, particularly in contrast to last year’s limited inflation adjustments from the IRS. Passed in July 2025, the so-called “One Big Beautiful Bill” not only extended […]
Are you a homeowner? Discover the tax deductions you could be eligible for this tax season.
As homeowners get ready to file their taxes this year, many are likely reflecting on what deductions they might qualify for and whether to choose itemizing or the standard deduction. Each person’s tax situation can vary widely. “Everyone’s situation is different,” says Kate Wood, a lending expert at NerdWallet. “For most homeowners, it’s tough to […]
Tax season introduces fresh deductions and updates for Wisconsin taxpayers
Tax Managers Brace for Busy Season in Wisconsin MADISON, Wis. – As new federal and state tax modifications roll out, local accountants are gearing up for what one described as a “crazy tax season.” These updates were enacted under President Donald Trump’s recently signed “Big Beautiful Bill,” finalized in July. Scott Schweiger, who is with […]
Kosciusko County Auditor Provides Information on Tax Deductions, Exemptions, and Credits
news release WARSAW – Kosciuszko County Auditor Alyssa Schumacher wants to update taxpayers on some changes to deductions, exemptions, and credits that were recently approved by the Indiana General Assembly. This change affects property taxes for 2026, which will be paid in 2025, and adjustments will be made over the next five years. Given the […]
Three Tax Strategies to Consider Before Year-End for Larger Deductions
Important points Taxpayers can benefit from the new SALT cap by prepaying estate taxes and paying state and local taxes before the year’s end. Those who don’t itemize might want to postpone charitable contributions planned for 2025 to next year, whereas itemizers may consider making contributions due in 2026 sooner. Homeowners have just a month […]
IRS issues instructions on Trump’s ‘no tax on tips’ and overtime deductions: Key information to understand
IRS Provides Guidance on New Tax Provisions The IRS has issued new guidance regarding the “no tax on tips” and “no tax on overtime” provisions included in the One Big Beautiful Bill Act (OBBBA) for workers eligible to claim credits for the 2025 tax year. Signed into law by President Donald Trump in July, the […]
IRS issues updated guidance on tips and overtime deductions being tax-free
IRS Offers Guidance on New Tax Provisions for Tips and Overtime The IRS has issued new guidance concerning the “no tax on tips” and “no tax on overtime” provisions outlined in the One Big Beautiful Bill Act (OBBBA), which will be relevant for workers claiming credits for the 2025 tax year. This law, signed by […]
IRS issues advice on tips and overtime deductions for Trump workers. What employees should understand.
IRS Guidance on Tax Deductions for Workers As the tax season draws near, the IRS has shared new guidance regarding federal deductions that workers can claim for tips and overtime pay, a result of President Trump’s recent legislation. This guidance outlines how to report these deductions for the upcoming tax year. Yet, tax experts warn […]