This article was published by the IRS. The Internal Revenue Service has announced that the amount individuals can contribute to their 401(k) plans in 2026 has increased to $24,500, up from $23,500 for 2025. The IRS also issued technical guidance regarding all cost‑of‑living adjustments affecting dollar limitations for pension plans and other retirement-related items for tax [...]
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 [...]
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 [...]
Taking the Standard Deduction Versus Itemizing The Tax Cuts and Jobs Act (TCJA) substantially increased the standard deduction amounts, thus making itemized deductions less attractive for many individuals. The OBBBA makes this change permanent. For 2025, the standard deduction amounts are: $15,750 (single); $23,625 (head of household); and $31,500 (married filing jointly). If the total of [...]
