Key New Deductions & Credits (2025–2028) Provision What’s New Who Benefits Senior Bonus Deduction Filers age 65+ can claim an additional standard deduction — $6,000 (Single) or $12,000 (MFJ). Phases out for MAGI > $75K / $150K. Retirees, seniors Overtime Deduction New above-the-line deduction up to $12,500 for qualified overtime compensation. Middle-income earners Auto Loan Interest Deduction New above-the-line deduction up to $10,000 for interest on qualified passenger-vehic

When disaster strikes, financial recovery can feel overwhelming. Thankfully, the One Big, Beautiful Bill Act (OBBBA)  has extended key...

Published by 2 Cherry Tax – Wisdom in Wealth, Strategy in Growth The One Big, Beautiful Bill Act (OBBBA)  brings some important updates...

The One Big, Beautiful Bill Act (OBBBA)  introduces important updates to the State and Local Tax (SALT) deduction limits, impacting...

The Opportunity for Better Budgeting and Benefit Allocation Act (OBBBA) introduces several groundbreaking provisions that directly impact...

The One Big, Beautiful Bill Act (OBBBA) introduces several important tax law changes beginning in 2026 that affect homeowners, educators,...

The One Big, Beautiful Bill Act (OBBBA)  has brought sweeping changes to U.S. tax law, and one of the areas most impacted is...

The Risks of Unreported Income, FATCA Non-Compliance & 1099-HSA Failing to report income, foreign assets, or Health Savings Account (HSA)...

A federal court reinstated the Corporate Transparency Act (CTA), requiring most small businesses to file a Beneficial Ownership...

Understanding Gift Tax Returns: A Guide for Kids and Parents Giving and receiving gifts is a joyful part of life. Whether it’s a birthday...

Form/Account Deadline Details Form 1099 Jan 31, 2025  (Recipients), Provide to recipients by Jan 31. Feb 28, 2025  (Paper IRS Filing),...

Beneficial Ownership Information (BOI) filing requirements under the Corporate Transparency Act (CTA) Filing for 2024: Key Deadlines and...

Individual Tax Policies ·          Extension of Tax Cuts and Jobs Act (TCJA): A critical component of the proposed reforms is the...

2024 Standard Deduction Changes Filing Status 2023 Standard Deduction 2024 Standard Deduction Increase Single $13,850 $14,600 $750...

Tax season can be stressful, but the IRS offers extensions for those needing more time to file or pay their taxes. Here’s a brief guide...

It is important to carefully consider and choose the appropriate entity type for your business. The entity type you select will have...

If you as a taxpayer or business owner have received Form 1099-K, it is because: You received payments related to your activities in the...

Typically see refund info within 24 /48 hours after IRS acknowledges e-filed return for latest tax year. Wait six weeks after paper...

Recent updates to R&D credit: On Aug. 16, 2022, the Inflation Reduction Act, had tax credits intended to encourage investment in domestic...

The new credit, worth up to $7,500, is made up of two requirements, each adding up to half of the credit. Technical Requirement: Battery...