“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
Conflict of Interest
Clark J. Gebman and Rebecca Gebman v. Commissioner T.C. Memo. 2017-184) Even if we never practice in the U.S. Tax Court, as taxpayer representatives we must always be aware of our ethical duties. This is especially true when representing a husband and wife who previously filed a ... Sherrill Trovato, EA, USTCP
Home Mortgage Interest & TCJA
I have been preparing income tax returns for more than forty years. During that time, there have been many changes as to how nonbusiness interest expense has been treated on Schedule A of a client’s personal income tax returns, Form 1040. In my first couple tax ... C. Dale Boushley, EA, CFP