Written by Peterson & Associates
OBBBA – Significant New Tax Law Changes for 2025 Tax Returns
Significant New Tax Law Changes for 2025 Tax Returns Overtime: The Act also adds a new deduction of up to $12,500 ($25,000 for joint filers)…
Written by Peterson & Associates
OBBBA Items Affecting 2025, 2026 or Future Years’ Individual Tax Returns
Other Items Affecting 2025, 2026 or Future Years’ Individual Tax Returns ABLE accounts: The Act permanently provides for additional contributions to Achieving a Better Life…
Written by Peterson & Associates
OBBBA Items Affecting 2025, 2026 or Future Years’ Business Tax Returns (including 1040s with Schedules C or E)
Other 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…
Written by Peterson & Associates
No Tax on Overtime: What the New Deduction Means for Employees
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
Clean Energy Credits are Expiring Early
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 Made Permanent: What Investors Need to Know
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
2026 Federal Income Tax Brackets and Standard Deduction Amounts
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
Updated Deductions: Charitable Contributions, Car Loans, SALT, and Moving Expenses
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
Tip Deductions and Expanded Employer Credits
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…
