When you are investing in equipment, it is normal to feel unsure about the rules around Section 179. You want to claim as much as you can without breaking any limits or triggering a phaseout. The core ...

In 2026, U.S. businesses can deduct up to $2.56 million for qualifying equipment under Section 179, with 100% bonus depreciation permanently restored for additional purchases. These provisions, ...

A much-followed tax break improvement is inching toward becoming a reality. A proposed tweak to the state and local tax (SALT) deduction — capped at $10,000 since 2018 — could soon offer relief to ...

New tax deductions for overtime pay, tips, seniors, and car loan interest don’t disappear immediately when income crosses a line. Some deductions, such as one for those 65 and older, end up being ...

Small businesses need to invest in equipment, vehicles, software, and building upgrades to grow. The One Big Beautiful Bill Act strengthened a tool that helps you do exactly that: Section 179 of the ...

A new tax break is available this filing season for taxpayers who have car loans on vehicles that meet certain specifications. The One Big Beautiful Bill Act (OBBBA), which was passed through Congress ...

The $6,000 tax deduction is available for retirees who are 65 and over, although it begins to phase out with an income of $75,000 for single tax filers and $150,000 for married joint tax filers. Tax ...

At a 12% marginal tax rate, for example, the $6,000 enhanced senior deduction for a single taxpayer who is 65 or older would result in $720 in tax savings. The new enhanced deduction for seniors on ...

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The tax break on tip income is not automatic. You need to file a new form. The U.S. Treasury Department has a list of dozens of occupations that 'customarily and regularly received tips' that qualify ...

Why are we asking for donations? Why are we asking for donations? This site is free thanks to our community of supporters. Voluntary donations from readers like you keep our news accessible for ...