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Is Child Support Taxable? Child Support Tax Law Explained

If you’re filing your taxes and have paid or received child support in the last year, you likely have some […] The post Is Child Support Taxable? Child Support Tax Law Explained appeared first on .

One Big Beautiful Bill: What You Need to Know

The One Big Beautiful Bill Act — also known as the Big Beautiful Bill, or One Big Beautiful Bill (OBBB) […] The post One Big Beautiful Bill: What You Need to Know appeared first on .

What Is the QBI Deduction and How Does it Work?

Updated for tax years 2024 and 2025. You may qualify for the qualified business income deduction (QBI deduction) if you’re filing […] The post What Is the QBI Deduction and How Does it Work? appeared first on .

Are Daycare Expenses Tax-Deductible? Understanding the Child and Dependent Care Credit

Raising kids or caring for a dependent isn’t cheap — especially when you’re juggling work or school on top of […] The post Are Daycare Expenses Tax-Deductible? Understanding the Child and Dependent Care Credit appeared first on .

How a Summer Job Affects Your Taxes

A summer job is a great way to add extra money to your bank account. Whether you’re a cash-strapped student, a […] The post How a Summer Job Affects Your Taxes appeared first on .

Why Choose Thomson Reuters ONESOURCE for your Indirect Tax Needs?

When Adobe set out to remove 40% of the customization from its SAP system for managing indirect taxes, Thomson Reuters … The post Why Choose Thomson Reuters ONESOURCE for your Indirect Tax Needs? appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Global Minimum Tax (GMT) and the data dilemma

Debbie Berkovitch

As we move through 2025, the Global Minimum Tax regime—also known as GloBE or OECD BEPS 2.0 Pillar 2—has … The post Global Minimum Tax (GMT) and the data dilemma appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

How to manage trade volatility: Strategies and technology for global trade professionals

Debbie Berkovitch

Highlights: A Thomson Reuters/Freight Waves webinar highlighted that over 50% of imports face risk from tariffs Companies are adapting … The post How to manage trade volatility: Strategies and technology for global trade professionals appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

How will AI affect accounting jobs?

Jump to ↓ How is AI affecting accounting? Is AI replacing accounting jobs? What is AI automating in accounting? Can … The post How will AI affect accounting jobs? appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Legal expert warns employers of risks in recouping wage overpayments without proper protocols

Legal definitions vary by state Most U.S. states permit employers to recover wage overpayments without needing prior authorization from employees, … The post Legal expert warns employers of risks in recouping wage overpayments without proper protocols appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Shared goals of IT and corporate tax departments in digital transformation

kayla.malone@thomsonreuters.com

As tax regulations evolve and technology advances, it is crucial for IT and corporate tax departments to work together to … The post Shared goals of IT and corporate tax departments in digital transformation appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Can indirect tax grow a company?

“Grow the business,” they said. “But how?” they asked. “Through indirect tax,” said the CFO, and they all leaned in … The post Can indirect tax grow a company? appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

How generative AI is shaping the future of tax and accounting

adam.gleason@thomsonreuters.com

Jump to ↓ Top priorities for GenAI integration The impact GenAI has on client relationships with tax and accounting firms … The post How generative AI is shaping the future of tax and accounting appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Managing Pillar Two data using ONESOURCE Tax Provision and Orbitax GMT

Debbie Berkovitch

Highlights: Pillar Two introduces unprecedented complexity, requiring sophisticated technology software. Orbitax Global Minimum Tax (Orbitax GMT) automates data collection and … The post Managing Pillar Two data using ONESOURCE Tax Provision and Orbitax GMT appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

Transform your CPA firm: Easy implementation with UltraTax CS

adam.gleason@thomsonreuters.com

Jump to ↓ Addressing the technology gap in CPA firms Key strategies for UltraTax CS implementation The hidden costs of … The post Transform your CPA firm: Easy implementation with UltraTax CS appeared first on Tax & Accounting Blog Posts by Thomson Reuters.

‘Trump Accounts’ Could Be Better. Here’s How.

If the federal government really wanted to make saving more accessible for taxpayers, it would swap the proposal for Trump Accounts to replace the complicated mess of savings accounts currently available with universal savings accounts.

How the IRA Provisions (and Scores) Have Changed

The final House bill makes impressive cuts to the IRA green energy tax credits, but it does so in part by introducing more complexity.

Beer Taxes by State, 2025

Jacob Macumber-Rosin, Adam Hoffer

In the United States, taxes are the single most expensive ingredient in beer. The tax burden accounts for more of the final price of beer than labor and materials combined—the many different layers of applicable taxes combining to total as much as 40.8 percent of the retail price.

Capital Cost Recovery across the OECD, 2025 Update

Cristina Enache

The ongoing economic uncertainty from Russia’s war in Ukraine, economic recovery, supply chain disruptions, and rising interest rates have highlighted the importance of business investment.

Trump’s Policies Deal a Double Blow to Tax-Cutting States

President’s Trump's policies would throw high-tax states a life raft as they swim against the tide—before potentially hitting all states with a tariff-induced economic tsunami that could force lawmakers’ hands and reverse recent tax relief.

Rhode Island Should Not Imitate Massachusetts’ Tax Mistakes

Katherine Loughead

Rhode Island lawmakers are debating raising the state’s top income tax rate. Though billed as a tax hike on high earners, the consequences would manifest across the state’s entire economy—creating a risk that Rhode Island will tax its way into uncompetitiveness.

How Does the House-Passed Tax Bill Change the Section 199A Pass-Through Deduction?

Rather than permanently expanding a complicated, nonneutral tax break, Congress should prioritize permanence for the most neutral and pro-growth policies like bonus depreciation and R&D expensing.

“Big Beautiful Bill” House GOP Tax Plan: Preliminary Details and Analysis

Garrett Watson, Erica York, Alex Muresianu, Alex Durante, Huaqun Li, Peter Van Ness, Aleksei Shilov, William McBride

Our preliminary analysis finds the tax provisions increase long-run GDP by 0.8 percent and reduce federal tax revenue by $4.0 trillion from 2025 through 2034 on a conventional basis before added interest costs.

The Remittances Tax: High Paperwork, Low Payoff

Alan Cole, Patrick Dunn

The House-passed "One Big Beautiful Bill" includes a new 3.5 percent tax on remittances, or non-commercial transfers of money that people in the US send to people abroad.

How Would the Proposed $4,000 Senior Deduction Compare to No Tax on Social Security?

The House's “Big Beautiful Bill” increased senior deduction would deliver a larger tax cut to lower-middle- and middle-income households compared to exempting all Social Security benefits from taxation, and would not weaken the trust funds. But given the temporary nature of the policy, it would increase the deficit-impact of the reconciliation bill without boosting long-run economic growth.

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Washington’s B&O Tax Targets Traders After New Ruling

With the Antio court decision and HB 2081 now law, day traders may be pulled into Washington’s business tax system. Before tax year 2025, traders considered their personal and trading entity accounts exempt from Washington State Business & Occupancy (B&O) tax, a revenue-based tax on businesses. What’s New Lots have changed, and we are tackling […]

House Bill Targets SALT Cap Workarounds and PTET Deduction for Traders and Service Professionals

A Renewed Blow in the SALT Wars and a Wake-Up Call for High-Income Professionals My parents once gave me a binary career choice: become a doctor or a lawyer. I took the road less traveled and became a CPA. While they respected my choice, none of us anticipated that the government would gradually single out […]

Tax Extensions 2024: 12 Tips To Save You Money by April 15, 2025

Individual tax returns for 2024 are due April 15, 2025, but many active traders won’t be ready to file on time. Brokers often issue corrected 1099-Bs close to the deadline, and partnerships and S-Corps filing by March 17, 2025, may not deliver K-1s until after April 15. Add to that the complexity of wash sale […]

Tips for Options Traders on Preparing 2024 Tax Returns

As we move into tax season, options traders must be mindful of how their trading activities impact their tax filings. Understanding the nuances of tax treatment for various types of options, trader tax status (TTS), and available elections can significantly affect your tax liability. This guide provides key insights from Robert A. Green, CPA, on […]

Unlock Tax Savings with Section 475: Avoid Wash Sales and Capital Loss Limits

Section 475 MTM can convert capital gains and losses into ordinary income and losses, providing significant tax advantages. It allows traders to avoid wash-sale rules and capital-loss limitations, making it a powerful tax strategy for those who qualify. Section 475 ordinary income may also be eligible for the 20% qualified business income deduction. This summary […]

Trader Tax Status Demystified: Qualify, Save, and Succeed

Trader tax status (TTS) allows active traders to claim significant tax benefits by treating trading as a business. Unlike investors, who are limited in the deductions they can take, traders with TTS can deduct various business expenses and avoid certain restrictions imposed on investment-related losses. This summary of Chapter 1 of Green’s 2025 Trader Tax […]

Essential Tax Tips for Traders: Q4 Estimated Payments Due January 15, 2025

As the fourth quarter of 2024 ended, traders must prepare for the upcoming estimated tax payment deadline. The IRS requires that the Q4 estimated tax payment for the 2024 tax year be submitted by January 15, 2025. Understanding Estimated Taxes Estimated taxes are periodic payments made on income not subject to withholding, such as earnings […]

2024 Year-End Tax Planning Strategies For Active Traders And Investors

Don’t wait until tax time in April; arrange tax savings before year-end. Learn about deferring income, accelerating deductions, tax-loss selling, avoiding wash sale losses, paying estimated taxes, S-Corp payroll with health and retirement benefits, SALT cap workaround strategies for pass-through entities, and other tax-saving strategies. Tax planning for traders at year-end 2024 should be similar […]

It’s Hard For Traders To Move Out Of New York For Tax Purposes

In today’s digital world, some people, especially traders, can operate their economic activities while traveling around the U.S. and the world. Some land in one place and change tax domicile, while others continue traveling and never establish a new domicile. The problem is that some states, like New York and California, continue to subject people […]

The Tax Cuts And Jobs Act Mainly Expires In 2025

Most of the tax changes in the 2017 Tax Cuts & Jobs Act (TCJA) expire (sunset) at the end of 2025. TCJA featured tax cuts and some tax hikes to help pay for it. Meanwhile, TCJA’s massive tax cut lowering the corporate tax rate to 21% does not expire. Accountants and taxpayers have grown accustomed […]

The $1000 Instant Tax Deduction: What It Means for You

A new $1000 Instant Tax Deduction is coming next year. Here’s the short version: In the lead-up to the April 2025 federal election, the Government announced a “$1000 instant tax deduction”. They label this as “Tax reform for easier, faster, better tax returns”. They claim it will provide cost-of-living relief and make it easier and […] The post The $1000 Instant Tax Deduction: What It Means for You appeared first on Etax - 2025 Tax Return Online.

Stage 3 Tax Cuts explained – what do they mean for you?

Amanda Glass-Watson

Stage 3 Tax Cuts in a snapshot Stage 3 tax cuts were adjusted from 1 July 2024, aiming to give a bit of a tax break to lower and middle income earners, compared to earlier tax changes that favoured workers already enjoying the biggest salaries. Compared to the original tax cuts, the new changes help […] The post Stage 3 Tax Cuts explained – what do they mean for you? appeared first on Etax - 2025 Tax Return Online.

How To Get Your Tax Refund Faster

When you’re expecting a tax refund, waiting is never easy. Instead of just wishing it will arrive sooner, read on! There’s no way to know exactly how long the ATO will take to process your tax return. Behind the scenes, the ATO examines tax returns more closely than ever, analysing and comparing your return to […] The post How To Get Your Tax Refund Faster appeared first on Etax - 2025 Tax Return Online.

myGov vs Etax vs tax agent office

“What’s the best way to do my tax return?” Let’s compare myGov, Etax and other tax return options: What’s the best one for you? The ATO advertises a tax system called myTax, which is inside the myGov website – and it’s one way to lodge your tax return. As a taxpayer, it is hard for […] The post myGov vs Etax vs tax agent office appeared first on Etax - 2025 Tax Return Online.

How To Do Your Best Tax Return and Boost Your Refund

Many Australians lose hundreds of dollars each year – simply because they forget about work-related deductions and the receipts for items they can claim. Do you compare your tax refund to your friends and family and wonder, “How can I get a better refund”? There are many ways Australians can improve their tax refund. Unfortunately, […] The post How To Do Your Best Tax Return and Boost Your Refund appeared first on Etax - 2025 Tax Return Online.

APRA Super-fund or a Self-Managed Super Fund?

Choosing the Right Super Option for Your Unique Needs Self-managed super funds (SMSFs) are growing in popularity and more Australians are using them to build their retirement funds. What are SMSFs, and most importantly, are they worth it? Below we compare the two most popular options, self-managed and APRA-regulated funds. Definitions What is a Self-Managed […] The post APRA Super-fund or a Self-Managed Super Fund? appeared first on Etax - 2025 Tax Return Online.

Australian Superannuation Guide

Amanda Glass-Watson

Everything you need to know about superannuation, from the basics of how funds work, extra payments, tax deductions & keeping them on track. The post Australian Superannuation Guide appeared first on Etax - 2025 Tax Return Online.

Claiming Work From Home Tax Deductions

Cameron Prosser

If you’re an employee who works from home, you’re probably using things like your phone, internet, and electricity. These are considered work from home tax deductions that you could potentially claim on your tax return. The post Claiming Work From Home Tax Deductions appeared first on Etax - 2025 Tax Return Online.

Work related car expenses: what can I claim on my tax return?

Ashley Debenham

The ATO has rules for how to calculate car deductions. Find out how new car deduction rules may affect you (and your tax refund). The post Work related car expenses: what can I claim on my tax return? appeared first on Etax - 2025 Tax Return Online.

Simple Ways to Improve Your Tax Refund

Here’s the most common question people ask us every year: How can I get a bigger refund and pay less tax?” Australians are always looking for ways to improve their tax refund. We’ll answer this common question with four easy ways to improve your refund… 1. Manage your tax receipts Keeping track of your receipts […] The post Simple Ways to Improve Your Tax Refund appeared first on Etax - 2025 Tax Return Online.

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