One Big Beautiful Bill Act (OBBA)
It contains a provision providing a tax deduction for employees’ overtime income in 2025 through 2028. Originally, the data regarding such overtime income was to be reported on a W-2 form. However, as employers are preparing their 2025 W-2 forms (to be issued in...
Business mileage tax deduction rate goes up in 2026
The Internal Revenue Service’s annual inflation adjustments are among the changes we’ll encounter in 2026. And today, the agency finally announced next year’s standard optional mileage rate amounts you can use next year to claim various deductible vehicular trips. The...
State Income Tax Changes
Nine states have individual income tax rate reductions taking effect: Georgia, Indiana, Kentucky, Mississippi, Montana, Nebraska, North Carolina, Oklahoma, and Ohio are all scheduled to see individual income tax rate reductions. Ohio will transition to a...
Standard Deduction 2026 Amounts Are Here
The IRS released the 2026 standard deduction amounts you’ll use for your 2026 tax return — and they’re higher than ever. The IRS adjusts these amounts for each filing status every year. Since these adjustments are based on inflation, the standard...Lorem Ipsum is simply dummy text of the printing and typesetting industry. dummy text of the printing Ltting industry.
Recent Comments