A new tax break is available this filing season for taxpayers who have car loans on vehicles that meet certain specifications. The One Big Beautiful Bill Act (OBBBA), which was passed through Congress ...

The overtime deduction is an option whether a taxpayer claims the standard deduction or itemizes deductions, such a deducting mortgage interest. It's a mixed bag when it comes to what employers are ...

A change made by the Internal Revenue Service in its instructions for claiming the new tax deduction for tips is making it more difficult for self-employed and gig economy workers to claim, and may ...

ALBUQUERQUE, N.M. – New Mexicans can benefit from three major tax deductions this year, according to David Hicks from Oakmont Advisory Group. Hicks explained that tips are now deductible for waitstaff ...

The Internal Revenue Service has published a new Schedule 1-A and updated instructions for claiming the new tax breaks in the One Big Beautiful Bill Act for tips, overtime, car loans, and senior ...

Although recent legislation introduced many tax deductions, there aren't as many changes to keep track of for the 2026 tax year. That said, it's still important to learn about changes and enhancements ...

The One Big Beautiful Bill Act included a slew of federal tax deductions that could have reduced South Carolina residents’ 2025 state income tax bills by an estimated $279 million. That’s if the ...

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Why are we asking for donations? Why are we asking for donations? This site is free thanks to our community of supporters. Voluntary donations from readers like you keep our news accessible for ...

The tax break on tip income is not automatic. You need to file a new form. The U.S. Treasury Department has a list of dozens of occupations that 'customarily and regularly received tips' that qualify ...

President Donald Trump's "big beautiful bill" added the "no tax on overtime" deduction for 2025 returns. Certain workers can deduct up to $12,500 for single filers or $25,000 for married couples ...

Many of you have your W-2s and are ready to do your taxes. But before you file, there's one thing to remember: there are big changes this year. 7 On Your Side is explaining some of the deductions that ...