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New Deduction for 2025 Taxes !

Treasury, IRS provide guidance on the new deduction for car loan interest under the One, Big, Beautiful Bill | Internal Revenue Service IR-2025-129, Dec. 31, 2025 — The Department of the Treasury and the Internal Revenue Service today provided guidance on the “No Tax on Car Loan Interest” provision enacted under the One, Big, Beautiful Bill.

Find the latest information trending tax scams and schemes

Tax scams | Internal Revenue Service What to know and do about tax scams, IRS impersonators and identity theft.

https://www.irs.gov/individuals/get-ready-to-file-your-taxes

Get ready to file your taxes | Internal Revenue Service Get ready to file your taxes. See tips that can make filing taxes easier next year. Learn about tax law changes, how to view your tax account information online, and ways to get help.

IRS discontinuing sending and receiving paper checks after September 30, 2025

On March 25, 2025 President Trump signed Executive Order 14247 entitled "Modernizing Payments To and From America's Bank Account".

The EO directs the Secretary of the Treasury to stop issuing paper checks for federal disbursements, including tax refunds, after September 30, 2025, with limited exceptions.

After September 30, tax refunds are to be issued by an electronic method. Beyond direct deposit, the IRS hasn't yet indicated what other non-electronic refund methods will be available for tax returns, if any, such as debit and credit cards, prepaid cards, digital wallets, etc.

Thus, we await guidance on how the IRS will handle a return still in process after September 30 with a refund to be disbursed by check, as well as how a refund on Form 1041 will be issued.

The EO also directs to the Secretary of the Treasury "[a]s soon as practicable, and to the extent permitted by law, all payments made to the Federal Government shall be processed electronically." This includes payments of balances due as well as estimated tax payments.

The IRS hasn't yet issued guidance regarding the exceptions and accommodations for taxpayers who haven't got a bank account or for whom electronic methods would be a hardship.

If you don't have a bank account, and may wish to consider opening one prior to September 30 for payments to and from the IRS.

We will continue to monitor communication from the IRS and inform you of changes that will impact how you prepare and file tax returns.

The One Big Beautiful Bill Act, enacted on July 4, 2025, as Public Law 119-21, introduces a wide range of changes that will impact tax returns for the 2025 tax year and beyond. Best Consulting can walk you through the new Bill or you can request for the complete list of new law and their effective dates

Understanding Earned Income Tax Credit

Earned Income Tax Credit (EITC) | Internal Revenue Service If you’re a low- to moderate-income worker, find out if you qualify for the Earned Income Tax Credit (EITC) and how much your credit is worth.