Mileage deductions can save taxpayers significant money, but eligibility rules have changed. With the One Big Beautiful Bill Act (OBBBA) making permanent adjustments, it’s essential to know whether you qualify for vehicle-related deductions in 2025Read More »Are You Eligible for Vehicle Expense Deductions?
Did you know that animals serving a legitimate business purpose may qualify for tax deductions? This benefit isn’t limited to farms — many industries can claim expenses for working animals.Working Animals vs. Personal PetsTo qualify,Read More »Can Pets Qualify as Business Expenses?
Most personal interest expenses aren’t deductible for federal tax purposes. However, there are several exceptions worth knowing about. Below are four types of interest expenses that may qualify — including a new deduction introduced underRead More »New Tax Breaks: Deductible Interest Expenses Explained
If you used one or more vehicles for business in 2025, you may qualify for valuable tax deductions. These deductions can include both operating expenses and depreciation, but the rules vary depending on how theRead More »How to Maximize Your 2025 Vehicle Expense Write‑Offs
Standard Deduction vs. ItemizingWhen filing your individual income tax return, one of the biggest decisions is whether to claim the standard deduction or itemize. The One Big Beautiful Bill Act (OBBBA) has changed the landscapeRead More »OBBBA Expands SALT Deduction: Tax Savings Opportunities for 2025
The deadlines for filing 2025 tax returns (or extensions) are quickly approaching. While most tax planning strategies must be completed by December 31 of the tax year, some important decisions can still be made whenRead More »Tax Planning 2025: How to Use Depreciation Deductions Wisely
Before claiming a charitable deduction on your 2025 tax return, make sure you have the right documentation. If you itemize deductions, you may be able to deduct donations made to qualified charities last year. However, theRead More »Avoid IRS Issues: How to Substantiate Charitable Donations in 2025
Did your company handle repairs on tangible property — such as buildings, equipment, or vehicles — during 2025? Many of these costs may be fully deductible on your 2025 tax return, provided they don’t qualify as “improvements”Read More »Tangible Property Safe Harbors: Tax Savings for 2025
Millions of taxpayers face losses each year from severe storms, floods, wildfires, and other disasters. If your home or personal property has been damaged, you may qualify for a casualty loss tax deduction. Recent legislationRead More »How to Claim a Casualty Loss Deduction After a Disaster
With 2025 behind us and the tax filing deadline approaching, now is the time for businesses to review which expenses qualify as deductions. The rules aren’t always straightforward, and what counts as deductible may surpriseRead More »Not All Business Expenses Are Deductible: 2025 Tax Filing Guide
Significant updates to charitable contribution rules will take effect in 2026, impacting how both itemizers and nonitemizers claim deductions. While some taxpayers will face new limits, others — particularly those who take the standard deductionRead More »Charitable Giving in 2026: New Limits, New Opportunities
Businesses can generally deduct interest paid or accrued for federal tax purposes, but limits apply. Starting in 2025, changes under the One Big Beautiful Bill Act (OBBBA) will allow larger deductions for many taxpayers. UnderstandingRead More »OBBBA Act: Bigger Tax Breaks on Business Interest