Introduction The IRS has introduced stricter reporting requirements for side hustle income in 2025, affecting freelancers, gig workers, and independent contractors. With the expansion of third-party payment reporting and...
Introduction The IRS adjusts tax brackets annually to account for inflation and economic changes. For the 2025 tax year, the tax brackets have been updated to reflect cost-of-living adjustments....
Introduction Each year, the IRS updates tax policies to reflect economic conditions, legislative changes, and enforcement priorities. The 2025 tax year brings several key updates that affect individuals, businesses,...
Introduction Many taxpayers miss out on valuable deductions simply because they don’t know they exist. The IRS tax code allows for several deductions that can reduce taxable income, but...
Introduction Legal fees can be expensive, but some may be tax-deductible if they meet IRS guidelines. The Tax Cuts and Jobs Act (TCJA) of 2017 eliminated most personal legal...
Introduction The Child Tax Credit (CTC) is a valuable tax benefit for families with dependent children, helping to reduce tax liability and, in some cases, provide a refund. The...
Introduction Small business owners and self-employed individuals often use their vehicles for work-related purposes. The IRS allows deductions for business-related car expenses, but specific rules apply. You can choose...
Introduction Homeowners who invest in energy-efficient upgrades can qualify for valuable tax credits, helping them save money while reducing their carbon footprint. The IRS offers two main energy tax...
Introduction Charitable donations can lower your tax bill while supporting causes you care about. The IRS allows deductions for qualified contributions, but specific rules apply. To claim the deduction,...
Introduction Business travel can be a significant expense, but the IRS allows deductions for ordinary and necessary travel costs related to your work. Whether you’re a self-employed professional, freelancer,...