The Internal Revenue Service has announced that the optional standard mileage rate for business use of automobiles will increase by 2.5 cents in 2026, while the mileage rate for vehicles used for medical purposes will decrease by half a cent, reflecting updated cost data and...
One of the financial benefits of owning a home is that you may qualify to deduct the interest you pay on your mortgage loan each year on your federal income taxes, something that can reduce your tax bill....
The IRS has released its inflation adjustments for tax year 2026, covering more than 60 provisions. These changes reflect updates from the One, Big, Beautiful Bill (OBBB) and will apply to returns filed in 2027. Here's what stands out:...
If you work from home, you might be eligible to claim a home office deduction. This can help reduce your taxable income by allowing you to write off certain home expenses related to your business use. Here’s what you need to know to determine if...
Ordinary and necessary travel expenses are deductible when you travel away from home on business. You are considered to be traveling away from home if:...
Many taxpayers are curious about whether gifting cash, property, or assets triggers any tax obligations. The answer is generally no; however, there are certain limits and exceptions to consider....
At the end of December, the IRS announced standard mileage rates for 2025. Below are the deductions, if you are using an automobile for approved purposes:...
The IRS will be addressing the deductibility of state and local tax payments for federal income tax purposes. It's a reminder that federal law controls payments for federal income tax purposes no matter how state law wants to view things. The Tax Cuts and Jobs Act...
When you acquire assets for your business—whether it's office equipment, machinery, or even vehicles—you're essentially investing in property that will help generate income over time. These assets, however, don’t retain their full value indefinitely. Depreciation is a way to account for the gradual decline in...
You may be able to turn an IRS tax payment into a tax refund if you take some year-end actions now. Consult with your tax professional to determine if any of the following actions apply to your situation....
