Tax Planning

No tax on car loan interest under the new law? Not exactly

ChatGPT said: A, desk, with, a, blue, toy, car, calculator, car, keys, and, a, person, in, the, background, writing, on, paperwork, suggesting, car, financing, or, purchasing.
August 15, 2025
H&B
0
Under current federal income tax rules, so-called personal interest expense generally can’t be deducted. One big exception is qualified residence interest or home mortgage interest, which can be deducted, subject to some limitations, if you itemize deductions on your tax return. The One Big Beautiful Bill Act (OBBBA) adds another exception for eligible car loan […]
#CarLoanInterest, #OBBBA, #TaxUpdate2025
Find Out More
Tax Planning

The new law includes a game-changer for business payment reporting

Form, Nec,,nonemployee,compensation,,irs,tax,return,filing,document,close Up
August 4, 2025
H&B
0
The One, Big Beautiful Bill Act (OBBBA) contains a major overhaul to an outdated IRS requirement. Beginning with payments made in 2026, the new law raises the threshold for information reporting on certain business payments from $600 to $2,000. Beginning in 2027, the threshold amount will be adjusted for inflation. The current requirement: $600 threshold […]
#IRSUpdate, #OBBBA, #TaxPlanning
Find Out More
Tax Credits

Businesses can still choose to address sustainability

Businesswomen,holding,green,ball,globe,with,esg,icon,concepts,for
August 1, 2025
H&B
0
For many years, businesses of all shapes and sizes have at least considered sustainability when running their operations. Many people — including customers, investors, employees and job candidates — care about how a company impacts the environment. And reducing energy use, water consumption and waste generally lowers operational costs. However, the current “environment regarding the […]
#OBBBA, #SustainableBusiness, #TaxPlanning
Find Out More