Congress recently passed the One Big Beautiful Bill Act, or OBBBA, which introduces a new tax deduction for tips beginning in 2025. This provision, called “No Tax on Tips,” sounds broader than it really is.

Congress enacted the One Big Beautiful Bill Act, or OBBBA, in July. This law created a new deduction called the No Tax on Tips deduction. Do you qualify?

When it comes to IRS audits, one of the most common reasons taxpayers lose deductions is the lack of proper documentation.

Based on IRS regulations, club dues are generally not deductible if the organization’s principal purpose is to conduct entertainment activities for its members. However, there are exceptions for civic and public service organizations.

Considering offering your timeshare to your employees as an incentive? Here are 2 potential methods to help you achieve tax deductions for your timeshare.

One significant tax benefit of owning residential rental property or non-residential commercial or investment property is depreciation—a deduction you get without spending any additional money.