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I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.
I try to add tax blog articles weekly on tax topics that may be interesting to you. Please browse. If there is a topic you would like to see here or would like to more information on, please contact me.
So what’s all the news “hooplah” about the Premium Tax Credit? Applies if: Have Medical Insurance from Health Insurance MarketPlace (Healthcare.Gov) [NOT MEDICARE OR MEDICAID] and Household Income is less than 400% of poverty guidelines AND Purchase a Silver or higher plan with a reduced Premium or Premium Discount. The Premium Discount is the PREMIUM … Clearing up Premium Tax Credit Confusion
IRS FACTS & FIGURES, TBA=To be announced 2025 2026 Social Security COLA 2.5% … Facts and Figures–2025 Standard Deduction and Other Limits
Tips/Overtime—IRS Notice 2025-69 2 2025-2028 Tax Years Tips: Must work in industry where Tipping is routine (e. g. Hair care) AND IRS specifies industry qualifies for Tip Deduction. Hyperlink lists industries and code numbers. Tip is voluntary. Not subject to negotiation. Not “expected” or an arbitrary charge on customer bill. No additional service required for … 2025 Tips/Overtime Deduction “Cliff Notes” From Tax Newsletter with Updates
Provisions affecting most individuals: Stealing the “Tax Cookies”: Employee Business Expense permanently repealed: No deductions for Union Dues, Safety Shoes, Railroader mileage etc. Ask employer about reimbursement. Self Employed can still deduct on business schedule. Clean Electric Vehicle Credit (plug in cars/trucks). Terminated September 2025. Home Energy Credit dies December 31, 2025. For Energy Star … BBB Summarized Changes-From Christmas Tax Newsletter