Insights

Do you want to avoid mistakes, delays, and losing money on your refund? Prepare in advance and file your taxes with confidence. Before filing your return, make sure you have: 1. Identification and Work Permit: ID, Passport, Social Security, ITIN and valid Work Permit 2. Income statements W-2, 1099-NEC, other 1099 forms, freelance work and digital platforms 3. Bank Information: Account and routing number to receive your fast and secure refund 4. Education, Housing, and Dedu

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?