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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|

Never ending rules and compliance requirements for businesses
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Never ending rules and compliance requirements for businesses

Business, Individuals

Never ending rules and compliance requirements for businesses

If you are a business owner, then, you are familiar with the increase in regulations and the complexity of running a business. Keeping a business in compliance is more and more difficult due to the fast pace of law changes from different Federal, State and Local government entities and the allocation of more funding for

By Victor Garrido, CPA, EA|2024-09-02T21:18:19+00:00August 26th, 2024|Categories: Business, Individuals|Tags: California, DOL, federal, FinCen, FTC, Local, noncompete, overtime, pregnant, State, violence, workers|

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