Starting in 2025, you may be able to deduct the interest you pay on a car loan—even if it’s for personal use. That’s right: the same way mortgage interest can reduce your taxes, interest on your personally owned vehicle might now help you save on your tax bill, thanks to a new rule in effect…
Tax Credits
Electric Vehicles for Contractors = Act Before 9/30/2025
Why Contractors Should Care About This Tax Credit If you’re thinking about upgrading your work trucks or vans, now’s the time to go electric. With the passage of the One Big Beautiful Bill Act (OBBBA) on July 4th of this year, the deadline to qualify for the $7,500 tax credit has moved up – way…
2021 Child Tax Credits
Child tax credits are typically claimed when you file your tax returns. However, if you’re a parent, you’ll be happy to hear that, starting in 2021, child tax credits will be coming in the form of advance payments. The payments represent half of what you qualify for in terms of child tax credits, with the…