Written by Peterson & Associates
Significant New Tax Law Changes for 2025 Tax Returns Overtime: The Act adds a new deduction of up to $12,500 ($25,000 for joint filers) for…
Written by Peterson & Associates
Items Affecting 2025, 2026 or Future Years’ Individual Tax Returns ABLE accounts: The Act permanently provides for additional contributions to Achieving a Better Life Experience…
Written by Peterson & Associates
Items Affecting 2025, 2026 or Future Years’ Business Tax Returns (including 1040s with Schedules C or E) Bonus depreciation: The Act makes additional first-year (bonus)…
Written by Peterson & Associates
No Tax on Overtime: A New Federal Deduction for Workers The One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025, introduced…
Written by Peterson & Associates
The One Big Beautiful Bill Act (OBBB) brings major updates to energy and clean vehicle tax credits, making 2025 a critical year for homeowners and…
Written by Peterson & Associates
Opportunity zones are economically distressed communities that have been designated by states and certified by the U.S. Treasury, where new investments may be eligible for…
Written by Peterson & Associates
The One Big Beautiful Bill Act (OBBBA), passed in 2025, permanently extended the lower tax rates and higher standard deductions originally introduced under the Tax…
Written by Peterson & Associates
Charitable Contribution deductions for non-itemizers The 2025 Tax Act introduces a permanent charitable deduction for non-itemizers, allowing individuals who do not itemize deductions to claim…
Written by Peterson & Associates
No Tax on Tips Starting in 2025, the One Big, Beautiful Bill (OBBB) introduces a federal income tax deduction for tips, allowing eligible workers to…
