Home Ownership – What We Can and Can’t Deduct
6/15/2025 Home Ownership What We Can and Can’t Deduct This section explains what expenses are deductible as a homeowner. It also points out what expenses are not deductible. There are three primary points for consideration: state and local real estate taxes, sales taxes, and home mortgage interest. Frequently, your real estate taxes and home mortgage […]
Bureau of Economic Analysis – Prices & Inflation
6/5/2025 Bureau of Economic Analysis Prices and Inflation Bureau of Economic Analysis – Prices and InflationThe prices you pay for goods and services change all the time – moving at different rates and even in different directions. Some prices may drop while others are going up. A price index is a way of looking beyond […]
Tax scam warning signs
5/28/2025 Tax scam warning signs Scammers mislead you about tax refunds, credits and payments. They pressure you for personal, financial or employment information or money. IRS impersonators try to look like the IRS. Be very careful not to fall into the depths of a scam. Watch out for: A big payday – If it sounds too […]
Personal Income and Outlays
3/28/2025 Personal Income and Outlays ersonal income increased $116.8 billion (0.5 percent at a monthly rate) in March, according to estimates released today by the U.S. Bureau of Economic Analysis. Disposable personal income (DPI)—personal income less personal current taxes—increased $102.0 billion (0.5 percent) and personal consumption expenditures (PCE) increased $134.5 billion (0.7 percent). Personal outlays—the sum of PCE, personal interest […]
2025 Standard Mileage reimbursement Rates
12/20/2024 2025 Standard Mileage reimbursement Rates The Internal Revenue Service announced that the optional standard mileage rate for automobiles driven for business will increase by 3 cents in 2025, while the mileage rates for vehicles used for other purposes will remain unchanged from 2024. Optional standard milage rates are used to calculate the deductible costs of operating […]
Notable tax changes for 2025
12/17/2024 Notable tax changes for 2025 Notable tax changes for 2025 The tax year 2025 adjustments described below generally apply to income tax returns to be filed starting tax season 2026. The tax items for tax year 2025 of greatest interest to many taxpayers include the following dollar amounts: Standard deductions. For single taxpayers and married […]
Businesses and tax-exempt organizations that buy a qualified commercial clean vehicle may qualify for a clean vehicle tax credit of up to $40,000 under Internal Revenue Code (IRC) 45W.
8/15/2024 Businesses and tax-exempt organizations that buy a qualified commercial clean vehicle may qualify for a clean vehicle tax credit of up to $40,000 under Internal Revenue Code (IRC) 45W. Credit amount These are the steps we use to calculate the credit amount: We find the maximum credit amount based on the gross vehicle weight […]
Lawmakers Will Have to Reform the Tax Code in 2025
5/15/2024 Lawmakers Will Have to Reform the Tax Code in 2025 The 2017 Tax Cuts and Jobs Act (TCJA) reduced average tax burdens for taxpayers across the income spectrum by temporarily changing the structure of the individual income tax, including lower rates, wider brackets, a larger standard deduction and child tax credit in lieu of personal and dependent exemptions, […]
IRS Tax Highlights for 2024
3/24/2024 IRS Tax Highlights for 2024 The tax year 2024 adjustments described below generally apply to income tax returns filed in 2025. The tax items for tax year 2024 of greatest interest to most taxpayers include the following dollar amounts: The standard deduction for married couples filing jointly for tax year 2024 rises to $29,200, […]
Employer-Provided Childcare provides employers with up to $150,000 business tax credit
2/26/2024 Employer-Provided Childcare provides employers with up to $150,000 business tax credit The Employer-Provided Childcare Tax Credit, is an incentive for businesses to provide child care services to their employees. This business tax credit helps employers fund employees with both child-care services and facilities. This tax credit is designed to help employers cover some of […]