The Internal Revenue Service issued the 2025 optional standard mileage rates used to calculate the deductible costs of operating an automobile for business, charitable, medical or moving purposes. Beginning on January 1, 2025, the standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be: 70 cents per mile …
One Big Beautiful Bill provisions 2025
No Tax on Overtime Under the new law, taxpayers who rely on tips or put in extra hours will be able to keep more of their earnings. Qualified tips must: be cash or charged tips received in an occupation that customarily and regularly received tips be voluntary, not negotiated or required in advance, and determined …
Taxation on Virtual Currency
The IRS had already confirmed that virtual currency is to be treated as a capital asset if it can be converted to cash. This means that capital gains rules apply to any gains or losses on the sale or transfer of virtual currency and will be reported on a Schedule D. Transactions involving a digital asset are …
Bella Income Tax 