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New 2026 W-2 Form
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AUTHOR: Bogdan Sheremeta on 8/29/2025
FIRST: DAN SMITH on 8/29 | RECENT: DAN SMITH on 8/29
THE OBBBA CREATED A NEW tax deduction for “qualified passenger vehicle loan interest” effective 2025 through 2028.
It comes with a lot of rules and nuances, so I wanted to cover this topic a bit more in depth in case you are planning to acquire a vehicle soon.
So, what is “qualified passenger vehicle loan interest”?
It means any interest that was paid during the taxable year (e.g 2025) on a loan started after Dec.
“TRUMP ACCOUNT” WAS created as part of the OBBBA signed on July 4, 2025. But is this account anything special? And how could we use it strategically to build wealth?
There’s been a lot of confusion about how it works, who qualifies, and whether they’re actually useful. I’ll walk through the rules, highlight key opportunities, and give my take on when (if ever) this account makes sense.
First and foremost, I want to point out that no contributions are allowed before 12 months after the date of the enactment of the OBBBA,
THE OBBBA WAS SIGNED on July 4, 2025. There are a lot of different changes in various areas, including student loans, Medicaid, SNAP, etc
My goal is to focus on reviewing the Title VII – Finance, specifically focusing on Subtitle A – Tax.
There are many changes and my goal is to focus on the most important provisions impacting individuals and small business owners.
Let’s get into it:
Section 70101. Extension of the tax rates.
Comments
The sales people will be saying "Buy a new car! Save lots of money on taxes!"
Post: The Wheel Deal
Link to comment from September 7, 2025
Especially with the current price tag of the new cars, it's not a bad decision!
Post: The Wheel Deal
Link to comment from September 7, 2025
Good observation. I think en route to the dealership could be a good example of this!
Post: The Wheel Deal
Link to comment from September 7, 2025
Sounds like a great book, and thank you for sharing your thoughtful comments! I'm also waiting for the IRS to clarify whether contributions would be treated as gifts for purposes of estate taxes (likely, yes). But if not, this could be another great way to lower estate taxes and set the next generation for success tax-free.
Post: Trump Accounts: A Deep Dive into Kids’ Savings
Link to comment from August 24, 2025
You are not the only one who feels this way. I've seen a lot of comments like this.
Post: Trump Accounts: A Deep Dive into Kids’ Savings
Link to comment from August 24, 2025
Them: "Hey, let's simplify the 1040!" Also them: "Let's add below the line deductions, like overtime deduction, tips, car loan interest, senior deduction that phase out after 2028!" Totally with you on this one. This just makes the tax code so much more bloated.
Post: Trump Accounts: A Deep Dive into Kids’ Savings
Link to comment from August 24, 2025
The account MUST be invested in funds that track US indexes (e.g., VOO or VTI), and aren't industry specific, before the beneficiary turns 18. I am also a big believer in index funds and think this is a decent requirement to have!
Post: Trump Accounts: A Deep Dive into Kids’ Savings
Link to comment from August 24, 2025
Tom, more clarification is needed from the IRS on this one. Based on my understanding (and this is not a tax advice) the 0.5% floor might not be relevant in the context of QCDs.
Post: One Big Beautiful Act: Tax Breakdown and Planning Strategies
Link to comment from August 18, 2025
One thing you can do is to just use the Web browser version. You also don’t have to log in to ask questions (even though it could be helpful for tracking). Of course, best not to share any PII.
Post: Is It Safe to use ChatGPT on your iPhone?
Link to comment from August 17, 2025
The tax code started becoming overwhelming with so many temporary provisions expiring. At the same time, new items keep getting introduced for things that never existed before (e.g. the checkbox for digital assets). The tax lobbying industry is strong...
Post: One Big Beautiful Act: Tax Breakdown and Planning Strategies
Link to comment from August 16, 2025