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 […]
If you buy a new car (assembled in the USA) in 2025 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 vehicle. Easy […]
👉 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 […]
Beginning in tax year 2025, and continuing through 2028, individuals aged 65 or older by year-end may claim a new deduction of $6,000. On a joint return, each spouse may qualify, allowing for up to $12,000 in total deductions if both meet the age requirement (subject to IRS limitations and phaseouts). Easy Tax Service in […]