Requirements to claim a deduction for interest paid on auto loans are many! OBBBA benefits include new tax deductions for tip income, overtime pay, and interest paid on auto loans, as well as an additional standard deduction for senior citizens and an increased maximum deduction for state and local taxes. There is a great deal
Major Business Tax Incentives From OBBBA
Make sure your business gets a head start taking advantage of the tax incentives included in last year’s One Big Beautiful Bill Act. Among the major changes for businesses, the OBBBA renews and makes permanent these tax breaks: 100% bonus depreciation, Immediate expensing of domestic R&D costs without a 5 year amortization requirement, Business interest
Is The Federal Deduction For State And Local Taxes Really Worth Its SALT
One of the most news-making elements of The OBBBA is the federal deduction for state and local taxes (S.A.L.T.). The new SALT rules quadrupled the maximum for those income offsets. Historically, the SALT deduction was unlimited. That changed and fluctuated over time. In its current iteration, the 2025 tax law has granted a five-year bump-up
Know the Rules on NOLs
Small business owners can generally use net operating losses (NOLs) to offset taxable income from another tax year. Prior to the Tax Cuts and Jobs Act, NOLs could be carried back two years to offset taxable income before being carried forward for up to 15 years. Under the TCJA, the two-year carryback period was repealed
