Now that car loan interest can be tax-deductible, going out for a ride seems more relaxing! Thanks to the One Big Beautiful Bill, the maximum car loan interest deduction is $10,000. It's available for both itemizing and non-itemizing taxpayers. You must include the vehicle identification number (VIN) on your tax return to claim the deduction. Learn [...]
This article was published by the IRS. The 2026 tax filing season is drawing near. The IRS encourages taxpayers to “Get Ready” and start preparing now. Taking a few steps today can save time and help taxpayers ensure they’re filing accurate returns in the coming months. The annual IRS "Get Ready" campaign is a series of [...]
You still have a few hours left to take any important year-end financial or tax planning action for your business. This handy 2025 year-end checklist from Paychex can help! Click here to download.
As the year draws to a close, it's important that we discuss any year-end strategies that might help lower your business's taxable income for 2025. This has been a big year for tax law changes, with the President signing the One Big Beautiful Bill Act (OBBBA) into law this summer. Most of the changes are highly [...]
Retirement Plans If you can afford to do so, investing the maximum amount allowable in a qualified retirement plan will yield a large tax benefit. If your employer has a 401(k) plan and you are under age 50, you can defer up to $23,500 of income into that plan for 2025. Catch-up contributions of $7,500 are [...]
