by Lori Bowden | Jan 4, 2026 | Tax & Accounting
If you received tips or overtime pay in 2025, you may be eligible for a new deduction when you file your income tax return. Both deductions can be claimed whether or not you itemize deductions. But various rules and limits apply. Also be aware that such income may...
by Lori Bowden | Jan 3, 2026 | Tax & Accounting
While legislation signed into law in 2025 extends or enhances many tax breaks for businesses, it ends some clean energy tax incentives. Fortunately, your business may still benefit from certain clean energy breaks if it acts in the first half of 2026. Make Building...
by Lori Bowden | Jan 2, 2026 | Tax & Accounting
Here’s a sampling of some significant tax law changes going into effect this year: New charitable contribution deduction for non-itemizers for cash contributions up to $1,000 ($2,000 for married couples filing jointly) New 0.5% of adjusted gross income floor on...
by Lori Bowden | Jan 1, 2026 | Tax & Accounting
Starting in 2026, personal casualty loss deductions will no longer be limited to federally declared disasters. Certain state-declared disasters will also be eligible. For a disaster to qualify, the governor (or D.C. mayor) and the U.S. Treasury Secretary must agree...
by Lori Bowden | Dec 4, 2025 | Tax & Accounting
Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might...
by Lori Bowden | Dec 3, 2025 | Tax & Accounting
For income tax purposes, a business loss generally occurs when a business’s deductions for the year exceed its revenue. Any business, whether new or established, can face losses. Fortunately, the net operating loss (NOL) deduction can turn the pain of a loss this year...
