A quarterly magazine from the National Association of Enrolled Agents
Winter 2025 vol.43 no.4
“No Tax on Car Loan Interest?” How the New Deduction Works
Tax Planning

“No Tax on Car Loan Interest?” How the New Deduction Works

Beginning in 2025, some taxpayers will have a new opportunity to deduct interest on personal auto loans. Section 70203 of Public Law 119-21 (the One Big Beautiful Bill Act) amends §163 of the Internal Revenue Code (IRC), allowing a deducti... Kyle Harris, EA

Winter 2025, Tax Planning, interest, modified adjusted gross income, MAGI, adjusted gross income, AGI, Clean Air Act, One Big Beautiful Bill Act, §931, §933, OBBBA, §163(h)(4), §163(h)(4)(E)(ii), vehicle identification number, VIN, Schedule 1-A, car loan
Navigating Cannabis Tax Planning
Tax Planning

Navigating Cannabis Tax Planning

Navigating the murky waters of cannabis tax planning has always been complex when you consider the ambiguity around the tax code and the regulations impacting the marijuana industry. So how do enrolled agents who chose t... Amorette D. Mason, EA

Winter 2024, Tax Planning, TCJA, Tax Cuts and Jobs Act, §199A, cannabis, marijuana, §280E, COGS, §10.22, §10.35, small business, §10.34, §471(c), social justice, Schedule I, Schedule II, Drug Enforcement Administration, DEA, chief financial officer, CFO, cost of goods sold, §IRC 471-11(c)(2)(i), §IRC 471-11(c)(2)(ii), §6694, §6700