Hutto, Preston & Associates, LLC

Proposed regulations provide guidance on car loan interest deduction In proposed regulations for the car loan interest deduction, the IRS addresses issues for taxpayers and lenders, including eligibility criteria for the deduction and information-reporting requirements.

Business standard mileage rate increases for 2026 The IRS increased the optional standard mileage rate used to calculate the deductible costs of operating a vehicle for business to 72.5 cents per mile driven, up 2.5 cents from 2025.

IRS clarifies health savings account changes in H.R. 1 in new notice Among other changes, the guidance explains that bronze and catastrophic plans are considered HSA-compatible under Sec. 223.

Welcoming a new member of your family will come with new benefits under the Working Families Tax Cuts. The and Treasury have issued guidance that overviews how Trump Accounts work and answers questions on creating the account, the $1,000 pilot program contribution and more. Taking advantage of this individual retirement account (IRA) for your child starts them off with a leg up. These funds cannot be withdrawn from the accounts until January 1 of the year the child turns 18. After that point, the account is treated like a traditional IRA.

Learn more about Trump Accounts at https://ow.ly/nYLo50XBrVx.

IRS outlines details for Trump accounts The IRS released initial details on Trump accounts, a new type of IRA for some children. Also, a billionaire business executive pledged $6.25 billion to provide 25 million children with a $250 contribution to a Trump account.

IRS clarifies how employees can claim 2025 tip and overtime deductions The IRS also is updating some income tax forms and instructions to help taxpayers claim the deductions.