Federal Tax Deductions
-
No tax on car loan interest under the new law? Not exactly
Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest,…
Read More: No tax on car loan interest under the new law? Not exactly -
How a business owner’s home office can result in tax deductions
As a business owner, you may be eligible to claim home office tax deductions that will reduce your taxable income. However, it’s crucial to understand…
Read More: How a business owner’s home office can result in tax deductions -
Many business tax limits have increased in 2025
A variety of tax-related limits that affect businesses are indexed annually based on inflation. Many have increased for 2025, but with inflation cooling, the increases…
Read More: Many business tax limits have increased in 2025 -
Small business strategy: A heavy vehicle plus a home office equals tax savings
New and used “heavy” SUVs, pickups and vans placed in service in 2025 are potentially eligible for big first-year depreciation write-offs. One requirement is you…
Read More: Small business strategy: A heavy vehicle plus a home office equals tax savings -
How inflation will affect your 2024 and 2025 tax bills
Inflation can have a significant impact on federal tax breaks. While recent inflation has come down since its peak in 2022, some tax amounts will…
Read More: How inflation will affect your 2024 and 2025 tax bills -
When can you deduct business meals and entertainment?
You’re not alone if you’re confused about the federal tax treatment of business-related meal and entertainment expenses. The rules have changed in recent years. Let’s…
Read More: When can you deduct business meals and entertainment?
Stay current on weekly blogs by following our social media posts on LinkedIn, Facebook, and Twitter.