#federal-tax-deduction

#federal-tax-deduction

The tax provides more than $23 billion per year in revenue for federal highway and public transit programs. The federal gas tax has been in place, in one way or another, since 1919 and was last raised in 1993.

An update to the tax code will enable some car buyers to write off their monthly payments on their taxes this year, with significant caveats for eligibility.

These figures reflect what we see every day. Compliance isn't difficult because people are careless—it's difficult because it's fragmented, deadline-driven, and overwhelmingly manual.

Most employer 401(k) plans allow mid-year changes to the deferral election percentage. Before the bonus pay period, raise the deferral rate high enough to funnel as much of the bonus as possible into the 401(k), up to the annual limit.

A recent analysis from Tufts University's Center for State Policy Analysis estimates it would reduce state tax revenue by roughly $5.1 billion per year - about a 10% overall decline - while saving the median Massachusetts household around $1,250 annually.

7 On Your Side and a team of tax experts will answer your questions about changes to the tax law, new deductions, deadlines, and much more.

Under current law, bitcoin is treated as property, which means every purchase with the asset triggers a capital gains calculation, regardless of transaction size. BPI argues that this framework discourages routine payments, such as buying coffee or sending small remittances, because users must track cost basis and report minor gains and losses.

The key to selling underperforming holdings at a loss and using those losses to cancel out capital gains on a dollar-for-dollar basis is to bring one's capital gains level down as close as possible to zero. Additionally, it's possible to use $3,000 of capital losses per year to offset other ordinary income, so there's the potential here with such a strategy to actually lower one's overall tax burden by selling the right securities at the correct time.

Throughout, there's a Virtual Assistant chatbot if you need to ask questions or get help, which gives me extra peace of mind. Plus, it's included with the DIY service, which saves me a bunch of money, rather than going with one of the options that includes a real tax expert to look over things. H&R Block's service asks lots of questions related to potential tax breaks,

With the spring approaching, it's time to start thinking about how you'll file your taxes. Unfortunately, with the recent demise of Direct File, there isn't a free, government-provided alternative to TurboTax in 2026, and you'll need to look to other federal programs, including IRS Free File, to file your paperwork. If you don't qualify for Free File, chances are you'll need to dish out cash for Intuit's software.

"We are still in the early days of the so-called great wealth transfer," says the lawyer Pierre Valentin, the joint head of art law at Fieldfisher. "The wave started in the US with the sale of collections such as those of Sydell Miller, Mica Ertegun and more recently, Leonard Lauder. The wave is coming to Europe, for example with the auction of the collection of Pauline Karpidas [last] September. I expect that there will be many more of those 'white glove' sales in the next 10 to 15 years because younger collectors collect differently from their parents and grandparents."

It's that time of year again. Tax season is about to begin, and most Americans need to complete their 2025 filings by Wednesday, April 15. To avoid missing a deadline or paying a penalty, plan to check your local tax dates and income paperwork as soon as possible. Here's everything you need to know about taxes in the new year.

Tax filing season officially begins on Monday, January 26. If you missed the news last year, the IRS has ended its Direct File Service. My home state joined the program in 2025, and while it wasn't the only free option for filing taxes, I can attest it was absolutely the easiest -- especially if your tax situation goes beyond basic W-2 forms. (I was surprised to learn that fewer than 300,000 people used the service last year.)

A new year brings a new tax filing season. With many cash-strapped Americans worried about their finances, many can't wait to file their returns. The sooner you file, the sooner your chances of getting your refund, after all. But just when can you begin submitting your tax return to the Internal Revenue Service (IRS)? That depends. Here's what you need to know about the 2026 tax filing season.

Days before the 2026 tax filing season begins, the head of the IRS announced a shake-up Tuesday, saying the personnel and operational changes are intended to improve taxpayer service and modernize the agency. The timing of the announcement coincides with a critical moment for the agency, as the IRS prepares to process millions of tax returns while simultaneously implementing major tax law changes under the tax and spending package President Donald Trump signed into law last summer.