👉 No Tax on Overtime (up to $12,500) If you earn extra income from overtime, you may be able to deduct the amount of overtime compensation received during the taxable year, up to $12,500. 👉 No Tax on Tips (up to $25,000) For the first time ever, tip income can be tax-free—up to $25,000 […]
If you buy a new car (assembled in the USA) after December 31, 2024 and make loan payments on it, you may be able to deduct up to $10,000 in interest—even if you don’t itemize deductions. To qualify, the loan must be incurred after December 31, 2024, and secured by a first lien on the […]
Stocks, bonds, and property are considered capital assets. When you sell or otherwise dispose of a capital asset, this can create a taxable event that must be reported to the IRS for income tax purposes. The IRS states that when you sell a capital asset, the difference between the adjusted basis in the asset and […]
The IRS requires the fiduciary of a domestic decedent’s estate, trust, or bankruptcy estate file Form 1041 to report: The income, deductions, gains, losses of the estate or trust. The income that is either accumulated or held for future distribution or distributed currently to the beneficiaries. Any income tax liability of the estate or trust. […]