If you use your car for work, you might be able to deduct it on your taxes. But the rules aren’t always straightforward, and misunderstanding them can cost you money. Let’s break it down so you know what’s allowed, what’s not, and how to make the most of it.
For decades, the answer to “Can I deduct car loan interest?” was simple: No. ... But that changed in 2025. Under the recently passed One Big Beautiful Bill Act , taxpayers may now qualify for a Car Loan Interest Deduction 2025, but the rules are specific, temporary, and not everyone will benefit. If you're considering buying a new vehicle, here’s what you need to know before assuming you qualify for this new car tax deduction 2025.
Many small business owners like the idea of offering a 401(k), but hesitate because it sounds expensive or complicated. What often gets missed is that the IRS actually provides tax credits to help small businesses start retirement plans, and those credits have become much more generous in recent years. In some cases, these credits can cover a large portion of the cost of starting and maintaining a 401(k) during the early years.