Taxpayers who receive payments as independent contractors or make payments to contractors are probably familiar with Forms 1099-NEC and 1099-MISC. For as long as any of us can remember, the filing threshold for these forms has been $600. This was the original...
Wait a Minute, Mr. Postman! The United States Postal Service added a new section to the Domestic Mail Manual (DMM) in late 2025. Why, you may be asking, is this in a tax blog? Why would we care what the USPS has in its Mail Manual? The new section 608.11 defines...
New Year, New Regs In keeping with tradition, the IRS released guidance on the new Qualified Passenger Vehicle Loan Interest (QPVLI) deduction on New Year’s Eve. The proposed regulations run over 95 pages and are available here. If you’re looking for an overview of...
When the One Big Beautiful Bill Act was passed, it created four new deductions for individual taxpayers to claim on their 2025 tax returns. We’ve discussed these deductions in previous articles, so we’re not going to dive too deep into the specifics here, but if...
As the months continue to pass, the aftermath of the One Big Beautiful Bill (OB3) Act continues to push the IRS to release guidance on the dozens of new tax provisions within the bill, one of the more interesting of which is the deduction for car loan interest...
One of the hotly anticipated deductions from the One Big Beautiful Bill (OB3) Act was the tips deduction. While it might have been appealing to simply declare all tips non-taxable, such a rule would create a deduction prone to fraud. To curb abuse of this new tips...
