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Understanding the New Schedule 1-A: How to Claim Tips, Overtime, and Car Interest Deductions in 2026
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Understanding the New Schedule 1-A: How to Claim Tips, Overtime, and Car Interest Deductions in 2026

Business, Individuals

Understanding the New Schedule 1-A: How to Claim Tips, Overtime, and Car Interest Deductions in 2026

Starting with the 2026 tax year, the IRS will introduce a new form — Schedule 1-A — to capture several expanded deductions approved in the One Big Beautiful Bill Act (OBBA) that many taxpayers might overlook or might not claim. This new schedule allows individuals under certain income thresholds to report and deduct:Tips received from

By Victor Garrido, CPA, EA|2025-10-24T21:11:51+00:00November 24th, 2025|Categories: Business, Individuals|Tags: 1-A, car, deduction, interest, irs, overtime, Schedule, senior, tips|

Cohan rule – Use of estimates for allowable business deductions without documentation
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Cohan rule – Use of estimates for allowable business deductions without documentation

Business, Individuals

Cohan rule – Use of estimates for allowable business deductions without documentation

The Cohan rule originated from a case from 1930, but it is still applicable and used to this date. The Cohan rule allowed to claim deductions even if the taxpayer had no documentation for these expenses (in general and in practice, the Court allows lower expenses that the ones claimed by the taxpayer). Cohan was

By Victor Garrido, CPA, EA|2025-01-07T08:20:09+00:00September 30th, 2024|Categories: Business, Individuals|Tags: auto, car, cohan, compositor, court, CPA near me, deductions, estimates, rule, Sales, tax|

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