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Current Tax News
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Congress did not include a delay to the beneficial ownership information reporting requirement in its government funding bill. The AICPA has been advocating for a delay. [...]
The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 70 cents per mile driven, up 3 cents from 2024. [...]
Treasury and the IRS announced that certain portions of future regulations finalizing the proposed regulations for required minimum distributions will apply beginning in the 2026 distribution calendar year. [...]
The IRS released final regulations that amend the definition of “coverage month” and amend other rules in existing income tax regulations for computing the premium tax credit. [...]
The IRS announces expansion of online accounts, including the tax pro account, as part of the quarterly update to its strategic operating plan. [...]
The analysis provides key insights into how their models work and the sort of outputs we can expect from their models as part of next year’s tax debate. [...]
Thirty-nine states will begin 2025 with notable tax changes, including nine states cutting individual income taxes. Recent years have seen a wave of significant tax reforms, and the changes scheduled for 2025 show that these efforts have not let up. [...]
While tariffs are often presented as tools to enhance US competitiveness, a long history of evidence and recent experience shows they lead to increased costs for consumers and unprotected producers and harmful retaliation, which outweighs the benefits afforded to protected industries. [...]
The US already has massive problems with cigarette smuggling. A cigarette prohibition would be devastating to tax coffers while pushing smokers toward what could become the world’s largest illicit market. [...]
The holiday season is marked by time with friends and family, joy, and gift-giving. But could tax policy make the sticker shock from your shopping list next year tariff-ying? [...]
Welcome to the wonderful world of tax refunds, where the dollars you receive after filing taxes can either bring a smile to your face or leave you scratching your head. Taxes play a significant role in your financial life, and your annual tax refund can have a big impact. But how does it all work? […] The post Understanding Your Tax Refund: A Comprehensive Guide appeared first on TaxAct Blog. [...]
Updated for tax year 2024. If you frequently drive your car for business purposes as a self-employed individual, you know how car expenses can quickly add up. And it’s not just the cost of gas — every time you drive your car, you use oil, weaken your brake pads, clog up your air filter and […] The post How to Claim Mileage Deductions and Business Car Expenses appeared first on TaxAct Blog. [...]
You sold your house, an investment property, or something else of value. When do you tell the Internal Revenue Service (IRS)? While tax law can seem overwhelming for many Americans, we’re here to help you make sense of it. Below, you’ll learn how capital gains taxes work, when to make estimated tax payments, and how […] The post When Does Capital Gains Tax Apply? appeared first on TaxAct Blog. [...]
If you are self-employed and work at home — even just part-time — you may claim a home office tax deduction for expenses related to your home office. Alas, if you’re an employee who has been working from home since the COVID-19 pandemic, that amazing home office tax deduction you’ve heard so much about does […] The post What’s New About the Home Office Deduction in 2024? appeared first on TaxAct Blog. [...]
Updated for tax year 2024. What are tax forms? Income tax forms are the official government documents the IRS requires you to fill out when you file your taxes. Usually, the more complicated your finances are the more tax forms you may need to fill out. On top of the federal tax forms, many states and […] The post Tax Forms & Schedules appeared first on TaxAct Blog. [...]