Author: taxguru
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Biggest Schedule E Rental Property Deductions Every Landlord Should Claim in 2026!
As tax season heats up (filing officially starts January 26, 2026!), rental property owners have a golden opportunity to slash their taxable income. If you report rental income on Schedule E (Form 1040), you’re likely sitting on thousands in deductible expenses that most landlords overlook or misclassify. Rental income is taxable, but the IRS allows…
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No Tax on Car Loan Interest in 2026: New IRS Rules Revealed – Save Up to $10,000 If You Bought (or Buy) a New American-Made Car!
The One Big Beautiful Bill (OBBBA), signed into law in 2025, delivered a surprise tax win for car buyers: a deduction for up to $10,000 in car loan interest paid each year on qualifying new vehicles. Often called the “no tax on car loan interest” break, it’s not a full exemption on payments — but…
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8 States Just Slashed Income Taxes in 2026: How Much Could You Save — and Why Illinois Missed Out?
Happy New Year — and for residents in eight lucky states, it’s literally happier at tax time! As of January 1, 2026, these states rolled out reductions to their individual income tax rates, putting more money back in paychecks right away (via adjusted withholding) or bigger refunds when filing in 2027. This comes amid massive…
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What Are Trump Accounts? A Complete Guide to the New Tax-Advantaged Savings for Children in 2026
Trump Accounts are a new type of tax-advantaged savings and investment account introduced under the One Big Beautiful Bill Act (OBBBA), signed into law on July 4, 2025. These accounts, also referred to as Section 530A accounts, function like traditional individual retirement accounts (IRAs) but are designed specifically for children under age 18. They aim…
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Side Hustle Taxes in 2026: How Gig Workers Can Slash Bills with New Deductions & Avoid IRS Surprises
Earning extra cash on the side—whether driving for rideshare apps, freelancing on Upwork, selling handmade goods on Etsy, or delivering meals via DoorDash—has never been more popular. But with that income comes tax responsibilities, and 2026 brings some welcome relief thanks to the One Big Beautiful Bill Act (OBBBA), signed into law in 2025. The…
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Will the 2026 Tax Changes Put More Money in Your Pocket This Year? Here’s What You Need to Know
Welcome to potentially bigger paychecks in 2026! If you’re like most Americans, you’ve probably heard the buzz about major tax updates kicking in this year, thanks to the One Big Beautiful Bill Act (signed into law in 2025) and the IRS’s annual inflation adjustments. These changes could mean more money in your pocket through higher…
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5 Massive Tax Mistakes That Could Cost You Thousands in the 2026 Filing Season (And How to Avoid Them Before It’s Too Late)
Tax season is officially here—the IRS begins accepting 2025 returns on January 26, 2026, with the deadline looming on April 15. Thanks to the sweeping changes from the One Big Beautiful Bill (signed into law in 2025), millions could see bigger refunds through new perks like no tax on tips, no tax on overtime, no…
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Tax Filing Season 2026: Your Essential Checklist to Gather Documents and Prepare Now
Tax season is just around the corner, and the IRS is already urging taxpayers to “Get Ready” for filing 2025 federal income tax returns. The 2026 filing season is expected to begin in late January (historically around late January to early February), with the standard deadline falling on April 15, 2026. Starting early isn’t about…
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Will Your Paycheck Actually Grow in 2026? Breaking Down the New IRS Brackets and Trump’s Tax Cuts
Hey there, tax warriors! It’s January 7, 2026, and if you’re staring at your first paycheck of the year wondering, “Wait, is this bigger than last month—or am I just imagining it?” you’re not alone. With the IRS dropping fresh inflation adjustments and the One Big Beautiful Bill Act (OBBBA) kicking in some headline-grabbing changes,…
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2026 Tax Brackets Released: Could Your Paycheck Get Bigger This Year?
The IRS has just unveiled the official 2026 tax brackets and inflation adjustments, incorporating key changes from the One Big Beautiful Bill Act (OBBBA). If your income doesn’t skyrocket with inflation, you could see a slightly larger paycheck—or a smaller tax bill—thanks to wider brackets and a boosted standard deduction. But here’s the thought-provoking question:…