Tax deductions

The Internal Revenue Service issued a revenue procedure on how businesses can take advantage of new tax breaks offered by the OBBBA and withdraw elections made under the old rules.

Americans' tax refunds are averaging about $350 higher than this time last year but so far running well below the extra $1,000 President Donald Trump promised.

The new IRS Tax Withholding Estimator accounts for changes to tax credits and deductions introduced by the One Big Beautiful Bill Act.

The IRS's changes in its instructions for claiming the new tax deduction for tips is making it more difficult for self-employed and gig economy workers.

Here's a tip; what a relief; established client base; and other highlights from our favorite tax bloggers.

What are taxpayers currently asking their preparers?

Volunteer Income Tax Assistance sites serve as the front line of tax compliance for low- and moderate-income taxpayers. The 2026 filing season has introduced several recurring issues that require heightened diligence by site coordinators and student volunteers.

The new Schedule 1-A and updated instructions enable taxpayers to claim the new tax breaks for tips, overtime, car loans and senior citizens for tax year 2025.

Cryptocurrency disposals; cosmetic compliance; paper or plastic; and other highlights from our favorite tax bloggers.

The American Institute of CPAs is asking the Treasury and the IRS for further guidance on the rules for deducting domestic research and development expenses.

The IRS handed out a hefty tax break to large corporations, ensuring that President Trump's lucrative R&D deduction doesn't increase their tax bills.

In practice, depreciation does not eliminate tax cost over time. It merely redistributes it.

The basics of the car loan interest deduction is that it must be a new vehicle assembled in the United States, with the loan being a first lien on the vehicle.

Notice 2026-11 from the IRS provides guidance on the permanent 100% additional first-year depreciation deduction provided by the One Big Beautiful Bill Act.

Tax season is starting as a number of new provisions of the One Big Beautiful Bill Act take effect.

Right now, cannabis businesses operating legally under state law still can't deduct basic costs like rent, salaries or marketing.

The tax deduction applies to new cars assembled in the U.S. purchased from 2025 through the end of 2028.

The proposed regulations relate to the new deduction for interest paid on vehicle loans incurred after Dec. 31, 2024, to purchase new made-in-America vehicles for personal use.

According to IRS Notice 2026-10, however, some other mileage rates will go down.

With no guidance available, tax practitioners and their clients have to figure out how much risk they want to take.