Looking to take advantage of new tax deductions for tips, overtime, seniors, or car loan interest? Pay attention to the details.
New Tax Breaks and Deductions: What to Know There are new tax breaks being announced, focusing on areas like tips, overtime pay, senior deductions, and even interest on car loans. Many people filing income taxes are anticipating larger refunds or reduced tax liabilities this year. However, while this may hold true for some, others might […]
IRS tax refunds have increased by 10.8%, according to new filing data.
Average Tax Refunds Rise This Season This tax season, the average refund is up by 10.8% compared to the same time last year, based on the latest data from the IRS. As of March 13, individual filers are seeing an average refund of $3,623, which is a jump from $3,271 at the same time last […]
Debate arises over ‘marriage penalty’ in Washington state’s new millionaire tax
Washington State’s Proposed Income Tax Raises Concerns Washington state’s proposed income tax, which includes what tax experts say is the largest “marriage penalty” in the country, could lead to higher taxes for some couples filing jointly. The state House of Representatives has approved this new income tax, which imposes a 9.9% rate on earnings exceeding […]
Authorities Cancel Citizenship of Immigrant Found Guilty of Tax Fraud
Justice Department Moves to Revoke Citizenship of Nigerian National The Justice Department has initiated a lawsuit to revoke the U.S. citizenship of Emmanuel Oluwatosin Kazeem, a Nigerian national, due to his involvement in a substantial tax fraud scheme. Filed on Wednesday, the lawsuit alleges that Kazeem engaged in conspiracy to steal the identity of a […]
Chicago increases hotel tax for tourists to 19% to enhance tourism marketing budget
Chicago City Council Approves Increase in Tourism Tax The Chicago City Council has decided to raise tourism taxes, aiming to boost marketing programs for tourists. Specifically, an ordinance has been voted on that raises the lodging tax for hotels in the area from 17.5% to 19%. This figure includes various city, county, and state taxes. […]
New York Governor Kathy Hochul suggests the state’s tax base is shrinking
Hochul Addresses New York’s Tax Challenges Governor Kathy Hochul of New York recently expressed concerns about the state’s declining tax base, emphasizing the necessity of maintaining wealthy taxpayers to sustain social programs. She made these comments during the “New York Agenda: Albany Summit” organized by Politico. Hochul illustrated her point by encouraging wealthy individuals to […]
IRS unveils list of major tax scams for the 2026 filing season
IRS Warns Taxpayers About Common Scams in the 2026 Filing Season Frank Bisignano, the Commissioner of the Social Security Administration, recently spoke on “Morning with Maria” about the record tax refunds, tax breaks for families and seniors, and the federal government’s efforts against fraud as Tax Day approaches. As part of its annual alert, 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 […]
Audit reveals that Arts Tax lacks a method to assess success in providing arts education to students.
Portland’s Arts Tax Audit Reveals Management Issues PORTLAND, Ore. — A recent audit from the City Auditor’s Office indicates that Portland has struggled to manage its arts tax, approved by voters in 2012. The report highlights that there’s been little assessment of how effectively the tax has improved access to arts education for elementary students, […]
New IRS form Schedule 1-A reveals four significant tax deductions for 2025.
Updated March 18, 2026, 10:58 a.m. ET As tax season progresses, millions of people are encountering an important new form, Schedule 1-A, which they need to complete in order to take advantage of new and generous tax breaks on their 2025 federal income tax returns. If you don’t submit this form along with your tax […]