Generally, except for home mortgage interest, personal interest expense isn’t deductible for federal income tax purposes. With the passage of the legislation commonly known as the One Big Beautiful Bill Act (OBBBA), another exception has been added. That is, you might be able to deduct your car loan interest. But various rules and limits apply. The Specifics The OBBBA allows eligible individuals, including those who don’t itemize deductions, to deduct some or all the interest

Key Elements of Business Succession Planning. Ever since you became a business owner, you’ve focused on growing revenue, managing...

Alright, listen up, folks! Tax planning is like the secret sauce for both individuals and businesses to score big savings, dodge those...

While there are still 7 tax rates, the income ranges (tax brackets) for each rate have shifted slightly to account for inflation. For...

To benefit from a Home Office Deduction, specific criteria must be met, and a designated portion of your home must be utilized in one or...

Beginning on January 1, 2024, many companies in the United States will have to report information about their beneficial owners (i.e.,...

There are two ways you can take deductions on your federal income tax return: you can itemize deductions or use the standard deduction....

Here are six powerful business tax deduction strategies you can easily understand and implement before the end of 2023 1. Prepay...

The IRS urges taxpayers to promptly review their tax withholding to avoid surprises, whether in the form of significant refunds or...

Many businesses consider the occasional wining and dining of customers and clients just to stay in touch with them to be a necessary cost...

Section 1031 Exchanges and what you need to know.

Still Waiting on Stimulus Payments? You may claim the credit when you file your 2020 tax return! Here is what you need to know.

#BeCyberSmart Security threats constantly change and evolve. We take extra precautions here at DPFT to ensure that your information is...

Since income tax is not withheld on Social Security, you may need to pay estimated tax. Our office can help you.

As a parent with young children, you are faced with many rewards and challenges, such as saving for a college education.

You may be aware that most homeowners are able to exclude up to $250,000 of the gain realized on the sale of a principal residence.

A health savings account (HSA) provides a tax benefit for amounts that are contributed and used to pay qualified medical expenses.