This article was published by the IRS. Parents and families may be eligible for one or more available tax credits that could reduce their tax bill. Each credit has different eligibility criteria. The first step is ensuring each child has a Social Security number. To qualify for any of the various credits, the child and taxpayer [...]
This article was published by the IRS. New Schedule 1-A and Form 1040 instructions show how taxpayers will claim important deductions The Internal Revenue Service published, for tax year 2025, a new schedule that taxpayers will use to realize important tax benefits of the One, Big, Beautiful Bill, including no tax on tips, no tax on [...]
This article was published by the IRS. A tax credit reduces the amount a person owes in income taxes dollar-for-dollar. Some tax credits are even refundable, meaning if a person's tax bill is less than the amount of a refundable credit, they can get the difference back in their refund. The One, Big, Beautiful Bill has [...]
This video highlights recent law changes within the Massachusetts Department of Revenue, including Massachusetts tax conformity to certain provisions within the One, Big, Beautiful Bill. There may be some differences between MA and federal law for tax year 2025. Additionally, it covers the annual update of the Senior Circuit Breaker credit. The maximum amount of the [...]
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 [...]
