Schedule

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|

Cannabis still Schedule I controlled substance – Section 280E applies
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Cannabis still Schedule I controlled substance – Section 280E applies

Business, Individuals

Cannabis still Schedule I controlled substance – Section 280E applies

The Cannabis industry had some rumors in the last few months on a potential move from Schedule I substance which are considered hard drugs with no medical use and that are especially harmful for users due to abuse to a more relaxed Schedule III which are medical drugs with lower dependence. The current Biden administration

By Victor Garrido, CPA, EA|2025-01-07T07:48:05+00:00October 21st, 2024|Categories: Business, Individuals|Tags: 280E, cannabis, controlled, federal, I, III, irs, marijuana, Schedule, section, State, substance|

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