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Hudak & Company, 1013 Mumma Drive, Lemoyne, PA (2025)

09/08/2025

OBBBA Reinstates 100% Bonus Depreciation for Many Capital Expenses

The recently enacted One Big Beautiful Bill Act (OBBBA) reinstated 100% bonus depreciation for many capital expenses, a policy that had previously expired at the end of 2022. Under this policy, businesses may deduct the entire cost of qualifying capital assets during the year that the assets are placed in service, instead of dividing that cost between multiple years.

Certain types of capital business property and investments will not qualify for 100% bonus depreciation. The IRS will provide further guidance on eligible expenses later this fall. Note also that 100% bonus depreciation will only apply to assets acquired and placed in service on or after January 20, 2025.

A business tax professional can help you determine which of your capital expenses qualify for 100% bonus depreciation, and help you devise the most advantageous depreciation strategies overall.

09/02/2025

Multiple Home Energy Credits to Expire at the End of 2025 – Did You Know?

Currently, the IRS offers homeowners a variety of tax credits related to energy efficiency and clean energy production and use. For example, the Energy Efficient Home Improvement Credit reimburses qualifying homeowners for a portion of the cost of certain high-efficiency heating and cooling (HVAC) systems, as well as the cost of insulation, doors and windows that reduce energy use. Meanwhile, home improvements that generate or use alternative energy, such as installing solar panels or a solar-powered water heater, may qualify for the Residential Clean Energy Credit.

Under the recently enacted One Big Beautiful Bill Act (OBBBA), these two credits will expire on December 31, 2025. Therefore, many energy-related home improvements made in 2026 or later will not qualify for federal tax benefits. A tax professional can help you determine whether any of your planned home improvements qualify for home energy credits, so you can prioritize eligible projects for the remainder of 2025.

08/25/2025

OBBBA Increased 2025 Standard Deduction Amounts

The recently enacted One Big Beautiful Bill Act (OBBBA) increased the standard deductions that people may claim on their 2025 tax returns above the levels previously announced by the IRS. Here are the new standard deduction amounts based on filing status:

Single or Married Filing Separately (MFS): $15,750, an increase of $1,150 from 2024

Head of Household: $23,625, an increase of $1,725 from 2024

Married Filing Jointly (MFJ) or Qualifying Surviving Spouse: $31,500, an increase of $2,300 from 2024

The OBBBA also increased the enhanced deduction available to people of age 65 or older. Watch for further details on that change and other new deductions in the coming weeks.

08/18/2025

Workplace Educational Assistance Programs and Student Loans

The IRS recently issued a reminder that employers may continue to use workplace educational assistance programs to help employees repay student loans through December 31, 2025. In general, employers may provide up to $5,250 of assistance per year to employees for qualifying education expenses, without those funds counting as taxable wages. In other words, employees may exclude the assistance from their reported gross income.

Traditionally, workplace educational assistance programs only cover current education expenses, such as tuition, books, and certain other required fees and course materials. However, a temporary provision currently in effect allows the programs to also cover repayment of qualifying student loans. This special provision will expire at the end of 2025, so those who wish to use tax-free educational assistance to repay loans should do so before January 1.

08/11/2025

One Big Beautiful Bill Act Creates New Tax Deductions – Did You Know? (3/3)

As a result of Congress enacting the 2025 One Big Beautiful Bill Act, many people will have the opportunity to claim new tax deductions over the next several years. These deductions will be available both to those who itemize deductions and those who use a standard deduction. One of the new deductions is offered exclusively to seniors, while another relates to interest on auto loans.

For tax years 2025 through 2028, eligible people of age 65 or older may claim a general deduction of up to $6,000 per year (up to $12,000 for joint filers). Note that you may claim this new deduction in addition to the enhanced standard deduction already available to seniors. However, seniors with modified adjusted gross incomes (MAGIs) above $75,000 (or $150,000 for joint filers) may not qualify for the deduction, or may receive a reduced deduction amount.

The car loan interest deduction will apply to auto loans initiated after December 31, 2024, along with certain auto loans refinanced after that date. In order to qualify for the deduction, the loan must be used to finance the purchase of a qualifying new (not used) vehicle. The maximum deduction amount is $10,000 per year, with the deduction phasing out for people with MAGIs above $100,000 (or $200,000 for joint filers).

The IRS will provide additional guidance on these deductions later this fall.

08/04/2025

One Big Beautiful Bill Act Creates New Tax Deductions – Did You Know? (2/3)

As a result of Congress enacting the 2025 One Big Beautiful Bill Act, many people will have the opportunity to claim new tax deductions over the next several years. These deductions will be available both to those who itemize deductions and those who use a standard deduction.

One of the new deductions relates to bonus pay that employees may receive for working overtime. In general, eligible employees may deduct overtime pay that exceeds their normal pay rate. For example, if employees ordinarily get paid $20/hour, but a $30/hour rate applies to their overtime work ("time and a half"), then up to $10/hour of their overtime earnings will be deductible. The maximum deduction amount will be $12,500 per year, or $25,000 for joint filers.

People with modified adjusted gross incomes (MAGIs) above $150,000 (or $300,000 for joint filers) may not qualify for this deduction, or may receive a reduced deduction amount. To be eligible for this special deduction, overtime pay must be reported by an employer on an official IRS document like Form W-2. The IRS will provide additional guidance on this deduction, including special transitional rules for 2025, later this fall.

07/28/2025

One Big Beautiful Bill Act Creates New Tax Deductions – Did You Know? (1/3)

As a result of Congress enacting the 2025 One Big Beautiful Bill Act, many people will have the opportunity to claim new tax deductions over the next several years. These deductions will be available both to those who itemize deductions and those who use a standard deduction.

One of the new deductions is for qualified tip income received in occupations where tipping is customary. The maximum deduction amount will be $25,000 per year, with a lower limit potentially applying for those who receive tips in the context of self-employment. People with modified adjusted gross incomes (MAGIs) above $150,000 (or $300,000 for joint filers) may not qualify for the deduction, or may receive a reduced deduction amount.

The IRS will release a detailed list of occupations that may be eligible for this new deduction sometime this fall. Only tips reported on an official tax document like Form W-2, 1099 or 4137 will qualify for the deduction. Therefore, tipped employees should continue submitting required monthly tip reports to their employers.

07/21/2025

Receiving Online Payments - Did You Know?

If you are self-employed and receive payments through online payment processing platforms, take care to separate business and personal transactions. You can do this by setting up separate business accounts on the platforms, or by using features that allow you to specify the purpose of payments. Otherwise, the platforms may overreport your income.

07/14/2025

IRS Impersonation Scams - Did You Know?

The IRS recently issued new warnings about ongoing IRS impersonation scams designed to steal people's money, identities or both. The first thing to know about these scams is that the IRS almost always initiates contact with a person by sending a letter through the mail on official letterhead. If you receive an IRS letter and have created an IRS online account, you can log in to your account to check whether the letter is authentic. Otherwise, if you have doubts about a letter you receive, call the IRS at 800-829-1040 for more information.

The IRS does not initiate contact through email or social media messages, and only sends text messages with the recipient's permission, for instance because the person signed up for notifications. If you receive a message supposedly from the IRS promoting mysterious stimulus payments or tax credits, it is almost certainly a scam. Delete the message and do not click any links, as the links typically lead to fake IRS websites created to steal people's tax refunds or personal information.

Finally, when reaching out by phone, IRS employees do not leave aggressive messages threatening people with arrest. They also never demand payment in a specific format, such as prepaid gift cards. If you are unsure about the legitimacy of a phone call supposedly from the IRS, hang up and call an official IRS customer service number for more information.

07/07/2025

Flexible Spending Arrangements (FSAs) - Did You Know?

Considering a job change? Before leaving your current position, check the account balances in your flexible spending arrangements (FSAs). You generally cannot transfer an FSA to a different workplace, so you will want to use up those funds to avoid forfeiting them to your employer.

06/30/2025

Employer Childcare Tax Credit – Did You Know?

Businesses that provide childcare services for employees may be eligible to claim a tax credit for some of the expenses involved. The Employer-Provided Childcare Tax Credit is offered to organizations that maintain on-site childcare facilities for employees, or provide resource and referral services like contracting with a qualified childcare facility.

To qualify for the Childcare Tax Credit, a business must incur expenses to provide childcare services for employees. The standard credit amount is 25% of costs associated with maintaining a childcare facility, or 10% of resource and referral costs, up to a maximum of $150,000. Eligible businesses may claim the credit as part of their general business credit, and so may carry any unused credit amount back one year, or forward up to 20 years. A business tax professional can help you structure the childcare services your enterprise provides for employees to meet the requirements for this business tax credit.

06/25/2025

Workplace Health Benefits - Did You Know?

If you set aside pre-tax dollars for medical expenses through a workplace benefits program, pay careful attention to whether the plan is a flexible spending arrangement (FSA) or health savings account (HSA). Generally, you must use up an FSA balance each year or risk losing it. This restriction does not apply to HSAs. Rules may vary slightly depending on your employer's plan options.

Hudak & Company

09/08/2025

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Monday	9am - 5pm
Tuesday	9am - 5pm
Wednesday	9am - 5pm
Thursday	9am - 5pm
Friday	9am - 5pm