Insights

What is “No Tax on Car Loan Interest”? From 2025 through 2028 , some people may be able to claim a deduction of up to $10,000 per year for interest paid on a loan used to purchase a qualifying vehicle for personal use . Important: This does NOT apply to leases (rentals/leases). It is a deduction available with standard deduction or itemized deductions . How much can you deduct? Up to $10,000 per year (annual maximum). Income limit (phase-out) The deduction begins to d

At MDR Tax Filing, we believe that an informed taxpayer makes better financial decisions. The recent inflation adjustments included in the so-called “Big Beautiful Bill” (Sections 70101, 70102, 70106, 70107, and 70401 ) bring significant changes to standard deductions and tax brackets , which will directly impact your tax return in 2025 and 2026. Below, we explain what changes and why planning ahead can help you pay less in taxes. Why are inflation adjustments important?

The holiday season is for enjoying, sharing, and creating wonderful memories… but it can also become a time of excessive spending if you don't plan well. Here's a simple and practical guide to help you keep your finances under control without losing the magic of the holidays. 1. Set your Christmas Budget Set a total amount for gifts, meals, entertainment, and travel. Divide it by category to avoid overspending in any one area. Example: Gifts: $300 Lunch and dinner: $200 Decor