Changes and Deadlines Archives - Page 2 of 13

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The OBBBA permanently restored 100% bonus depreciation for property placed in service after January 19, 2025 — saving about $40,000 first-year federal tax on a $200,000 capital expense at 21%

Warren Cohen2 days ago2 days ago015 mins

On July 4, 2025, President Trump signed the One Big Beautiful Bill Act into law. Tucked inside the sprawling legislation was a provision that tax professionals had been lobbying for since 2023: the permanent restoration of 100% first-year bonus depreciation under Internal Revenue Code Section 168(k). For any business that buys qualifying equipment, machinery, or…

Focused businessman with documents reading information online over laptop on table at home office

Quarterly estimated taxes are due in 14 days — self-employed and gig workers who underpay by June 15 get hit with an 8% IRS penalty plus daily interest

David Keller2 days ago2 days ago019 mins

A rideshare driver who pulled in $12,000 between April and May. A freelance graphic designer who invoiced $8,500 across three clients. A reseller who moved $6,000 in merchandise through an online storefront. None of them had a single dollar of federal tax withheld from those earnings. All of them owe the IRS a quarterly estimated…

a woman and a child are sitting at a table

The OBBBA quadrupled the employer-provided childcare tax credit from $150,000 to $500,000 — and small businesses under $31 million in receipts can claim up to $600,000 in qualifying expenses at 50%

David Keller2 days ago2 days ago019 mins

Running a childcare center for employees has never been cheap. In 2026, staffing, licensing, and facility costs in major metro areas can easily exceed $1 million a year for a single site. Until last summer, the federal tax code offered employers a credit that topped out at $150,000, a ceiling that had not moved since…

Closeup of customer paying to a waitress in a cafe

Tipped workers can now deduct up to $25,000 a year in cash tips from federal taxes through 2028 under the OBBBA — worth about $5,500 to a server in the 22% bracket

Warren Cohen3 days ago3 days ago013 mins

A full-time server at a busy steakhouse pulling in $800 a week in tips just got a reason to pay closer attention to her tax return. Under the One Big Beautiful Bill Act, signed into law on July 4, 2025, tipped workers can deduct up to $25,000 in tip income from their federal income taxes…

Happy smiling customers family caucasian couple man woman buy new car smile clients buyers female

The OBBBA auto-loan-interest deduction lets new-car buyers write off up to $10,000 a year in loan interest through 2028 — phasing out above $100,000 single or $200,000 joint income

Warren Cohen3 days ago3 days ago011 mins

For the first time in four decades, Americans who finance a new car can deduct the interest on their auto loan from their federal taxes. The provision, tucked into the One Big Beautiful Bill Act signed into law in 2025, revives a write-off that vanished after the Tax Reform Act of 1986 and gives qualifying…

A young woman who is in a state of stress calculates monthly housing costs and installments for a ca

Overtime pay up to $12,500 single or $25,000 joint becomes deductible through 2028 under the OBBBA — saving a worker with $20,000 of annual overtime about $4,400 at the 22% bracket

David Keller3 days ago3 days ago013 mins

When the One Big Beautiful Bill Act became law in May 2025, it carried a provision that most overtime-eligible workers had never lobbied for and many still do not know exists: a federal income tax deduction for qualified overtime pay. The write-off, which took effect retroactively for the entire 2025 tax year, lets workers subtract…

Make a Realistic 3d model of residential building Newly Constructed Modern Home of modern cozy hous

The capital-gains exclusion on a primary-home sale still caps at $500,000 for couples and $250,000 for singles — untouched since 1997 — while median U.S. homeowner equity now tops $213,000

David Keller3 days ago3 days ago014 mins

When Congress passed the Taxpayer Relief Act of 1997, a three-bedroom ranch house in San Jose might have sold for $280,000. Today that same house could fetch $1.5 million or more. A single homeowner who held on for the full ride would owe federal capital-gains tax on roughly $750,000 of profit after applying the $250,000…

Business woman in the office an the desk verifying documents.

Quarterly estimated taxes are due in 15 days — self-employed and gig workers who underpay by June 15 get hit with an 8% IRS penalty plus daily interest

Warren Cohen3 days ago3 days ago017 mins

A freelance graphic designer who pocketed $12,000 between April and May 2026 but set nothing aside for taxes is about to find out exactly what the IRS charges for that oversight. The second quarterly estimated tax payment for 2026 is due June 15, and for the millions of self-employed workers, rideshare drivers, and gig-economy contractors…

a woman sitting on a couch next to a little girl

The Dependent Care FSA cap just jumped to $7,500 for joint filers — the first inflation adjustment since the $5,000 ceiling was set in 1986 — pre-tax shielding at the 22% bracket saves a family about $1,650 a year

Warren Cohen3 days ago3 days ago011 mins

A married couple with two kids in full-time daycare can easily spend $18,000 or more a year on care. Until now, the most they could shelter from taxes through a Dependent Care Flexible Spending Account was $5,000, a ceiling Congress set in the Tax Reform Act of 1986 and never adjusted. Starting with the 2026…

Couple laptop and paper in home for discussion online banking and travel budget Man woman or document in kitchen with tech invoice payment or explain contract for property investment opportunity

The OBBBA just permanently restored the federal tax deduction for mortgage insurance premiums starting with the 2026 tax year — PMI, FHA MIP, and VA funding fees all qualify

Warren Cohen3 days ago3 days ago013 mins

For years, homeowners paying mortgage insurance had to wait and wonder whether Congress would renew a federal tax deduction that kept expiring. That cycle is over. A provision tucked inside the One Big Beautiful Bill Act, signed into law on July 4, 2025, permanently allows borrowers who itemize their taxes to deduct mortgage insurance premiums…

Category: Changes and Deadlines

The OBBBA permanently restored 100% bonus depreciation for property placed in service after January 19, 2025 — saving about $40,000 first-year federal tax on a $200,000 capital expense at 21%

Quarterly estimated taxes are due in 14 days — self-employed and gig workers who underpay by June 15 get hit with an 8% IRS penalty plus daily interest

The OBBBA quadrupled the employer-provided childcare tax credit from $150,000 to $500,000 — and small businesses under $31 million in receipts can claim up to $600,000 in qualifying expenses at 50%

Tipped workers can now deduct up to $25,000 a year in cash tips from federal taxes through 2028 under the OBBBA — worth about $5,500 to a server in the 22% bracket

The OBBBA auto-loan-interest deduction lets new-car buyers write off up to $10,000 a year in loan interest through 2028 — phasing out above $100,000 single or $200,000 joint income

Overtime pay up to $12,500 single or $25,000 joint becomes deductible through 2028 under the OBBBA — saving a worker with $20,000 of annual overtime about $4,400 at the 22% bracket

The capital-gains exclusion on a primary-home sale still caps at $500,000 for couples and $250,000 for singles — untouched since 1997 — while median U.S. homeowner equity now tops $213,000

Quarterly estimated taxes are due in 15 days — self-employed and gig workers who underpay by June 15 get hit with an 8% IRS penalty plus daily interest

The Dependent Care FSA cap just jumped to $7,500 for joint filers — the first inflation adjustment since the $5,000 ceiling was set in 1986 — pre-tax shielding at the 22% bracket saves a family about $1,650 a year

The OBBBA just permanently restored the federal tax deduction for mortgage insurance premiums starting with the 2026 tax year — PMI, FHA MIP, and VA funding fees all qualify

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