The Department of the Treasury and the IRS have issued proposed regulations providing general requirements for Trump Accounts, certain definitions relating to Trump Accounts, election rules to open an initial Trump Account by an authorized individual for an eligible individual, and rules for who is the responsible party for the initial Trump Account once the
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The Internal Revenue Service published, for tax year 2025, a new schedule that you can use to take advantage of some tax benefits provided the “One, Big, Beautiful Bill” (OBBB), including no tax on tips, no tax on overtime, no tax on car loans, and no tax on seniors. Schedule 1-A and its related instructions
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There are some changes for the 2026 tax filing season that people who are 65 years of age and older should be aware of. The most recent being the enhanced deduction for seniors, which is provided for in recent legislation. Enhanced deduction for seniors This is a new deduction that is in addition to the
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There are several new tax deductions that have been introduced for the 2026 filing season. A deduction is an amount subtracted from the taxpayer’s income when filing. Deductions lower the taxable income resulting in lowering the federal income tax obligation. New deductions for 2026 filing season Seniors age 65 and older may be eligible to
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The One, Big, Beautiful Bill (OBBB) has a significant effect on federal taxes, credits and deductions. Millions of taxpayers reported earning tips and overtime on their tax returns, many of them are veterans and people working in lower wage jobs. This relief will impact most of these taxpayers and they can start taking advantage of
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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. Optional standard mileage rates are used to calculate the deductible costs of operating vehicles for
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The Department of the Treasury and the Internal Revenue Service has issued a notice announcing upcoming regulations and providing guidance regarding Trump Accounts, which are a new type of individual retirement account (IRA) for eligible children. The Working Families Tax Cuts provides for establishing a Trump Account on behalf of every eligible child for whom
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The Internal Revenue Service have issued guidance for workers eligible to claim the deduction for tips and for overtime compensation for tax year 2025. Specifically, the IRS clarified for workers how to determine the amount of their deduction without receiving a separate accounting from their employer for cash tips or qualified overtime on information returns
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The Internal Revenue Service has announced that the amount that individuals can contribute to their 401(k) plans, 403(b) plans, governmental 457 plans, and the federal government’s Thrift Savings Plan plans in 2026 has increased to $24,500, up from $23,500 for 2025. The limit on annual contributions to an IRA is increased to $7,500 from $7,000.
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Recent legislation retroactively reinstated the reporting threshold in effect prior to the passage of the American Rescue Plan Act of 2021 (ARPA) so that third party settlement organizations are not required to file Forms 1099-K unless the gross amount of reportable payment transactions to a payee exceeds $20,000 and the number of transactions exceeds 200.
-> Continue reading Form 1099-K threshold reverts to $20,000