Wondering what tax reporting might look like under the One Big Beautiful Bill Act (OBBBA)? The IRS has released drafts of some 2025 tax forms (that you’ll file in 2026), including a draft of the new ...

Taxpayers who want to claim some attractive new income tax deductions that were packed into the One Big Beautiful Bill Act will need to keep their records — and get ready to file yet another form to ...

Understanding your 1040 is the best way to legally minimize your taxes. Top tax professionals will tell you that effective tax planning needs to be proactive, not reactive. The best tax planning needs ...

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 ...

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 ...

Thanks to provisions in the One Big Beautiful Bill Act, the standard deduction has been super-sized for seniors: Taxpayers 65 and older can now claim up to an additional $6,000 without itemizing their ...

IRS is developing a new Schedule 1-A to use to claim new deductions for tip income, overtime pay, car loan interest and new tax break for those 65 an older. IRS and Treasury give new guidance on what ...