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...

Amidst the challenges of launching my business during the uncertain and transformative times of the COVID-19 pandemic, meditation became...

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...

A Governor's Certificate of Valor recognizes aiding those trapped in earthquake's aftermath Chris & Adam with our hero Ken Costa March...

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...

In the bustling city of San Jose, where dreams are nurtured and ambitions are pursued, resides an extraordinary individual named...

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...

If you receive a notice, please be sure of your rights. Taxpayers have the right to: Raise objections. Provide additional documentation...

A Recent Chat with a Client "What do you mean, you will have a penalty if you don't make estimated payments? Is this a scam?" Let's dig...

We've Got a Vault of Resources to Help Small Business Owners Master Their Tax Game. Whether you're a self-employed superhero, a gig...

At 2 Cherry Tax, we value your data security. Protecting your tax returns and signatures is essential to us. That's why we're thrilled to...

Chris & Adam (sons) with our hero Ken Costa Governor's Certificate of Valor: Recognizing Earthquake Rescue Efforts March & its usual...

IRS Online Account: Access essential information for tax preparation, balance payment, and notice follow-up through the IRS Online...

Hey there, tax-explorers! Today, we're diving into the world of dual-status taxpayers – a term that might sound a bit fancy, but we're...

So, you've taken the plunge into the business realm, ready to rake in those profits, huh? Well, let me tell you, managing your books of...

Health savings accounts (HSA) and flexible spending accounts (FSA) both help people save for future medical expenses. These accounts also...

You can qualify for the Federal Solar credit as long as your solar system is new or being used for the first time between January 1, 2006...

Thresholds & Planning 401 K Contribution 2022: $20,500 catch up age 50>$ 6,500 2023: $22,500 catch up age 50>$7,500 ROTH Contribution...

"Uncle Sam will not audit me, I am a small fish" - We hear it more often than not. Don't be surprised that in the years to come IRS...

Setting up of Businesses Every entrepreneur needs to understand the importance tax as they plan to set up their entity. The process is...

Almost everyone thinks there is tax season, that's the only time to plan and work on your taxes. The sheer anxiety that it brings people...

The Middle-Class Tax Refund is a one-time payment to provide assistance to 23 million Californians for high cost of living crisis as a...

Tax season is here. What if we don't file this year or under report income? How much do you we owe? Interest & Penalty are a taxpayer's...

A casual conversation at a park while my kids play: Mr. Startup: “I have business idea, but know nothing on how to set it up" Pooja:...

In 2021, taxpayers self-prepared returns were about 67 million. Please keep the following points in mind before you file your tax...

If you are a small business owner: Deduction can be taken by homeowners & Renters. You may deduct mortgage interest, insurance,...

Often times after filing the tax returns, we are anxious about our refunds. Easy tracking can be done online by using these links below....

As a lawful taxpayer you have fundamental rights, if you have a penalty, a letter, any communication from IRS that you think is incorrect...

Business taxpayers who pay nonemployee compensation of $600 or more must report these payments to the IRS. Payers must file Form 1099-NEC...

Standard mileage rates : 58.5 cents per mile driven for business use 18 cents per mile driven for medical 14 cents per mile driven in...

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Please check details about your child tax credit information on the IRS portal below. Child Tax Credit Update Portal | Internal Revenue...