Taxes December 31, 2025
IRS Issues Proposed Regs on OBBBA’s Car Loan Interest Deduction
The IRS and U.S. Treasury just rolled out official guidance on a brand-new tax deduction that could save car buyers up to $10,000 in 2026.
Taxes October 21, 2025
IRS Provides Relief to Lenders for 2025 on Car Loan Interest Reporting Under OBBBA
The IRS issued transitional guidance on Oct. 21 that provides penalty relief to certain lenders on the new information reporting requirements for car loan interest received in 2025 under the new Trump tax law.
Taxes September 15, 2025
IRS Provides Glimpse of Schedule 1-A Form for New OBBBA Tax Deductions
Schedule 1-A, "Additional Deductions," for Form 1040 will be used during the 2026 tax season to calculate new deductions for tips, overtime, car loan interest, and senior citizens.