Plain-language notes on U.S. tax deadlines, IRS letters, cross-border reporting and running a small business, written by the CPAs who handle these questions every day.
OBBBA §70203: for 2025–2028, deduct up to $10,000 of qualified passenger-vehicle loan interest on a new, U.S.–finally-assembled personal vehicle financed after 2024. MAGI phase-out applies. NCDOR: does not reduce NC taxable income.
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OBBBA enhanced senior deduction: up to $6,000 per person age 65+ for 2025–2028 ($12,000 if both spouses qualify), on top of the traditional age extra SD. 6% MAGI phase-out; NCDOR: does not reduce NC taxable income.
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OBBBA §225: for 2025–2028, deduct the FLSA overtime *premium* only—up to $12,500 ($25,000 MFJ), with MAGI phase-out. Not the full OT check. NCDOR: does not reduce NC taxable income.
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OBBBA (P.L. 119-21) added §224: deduct up to $25,000 of qualified tips for 2025–2028, with MAGI phase-out. NCDOR states the deduction does not reduce NC taxable income. Cary/RTP tipped workers should plan records and Schedule 1-A carefully.
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EO 14324 suspended the $800 de minimis for all countries effective Aug 29, 2025—ACE rejects 321/Type 86; low-value goods need ACE entry and duties. SCOTUS held Feb 20, 2026 that IEEPA does not authorize tariffs—CAPE refunds (Phase 3 ~Oct 6) still matter, but 301/232 and ordinary HTS remain. Cary/RTP ecommerce & importers: compliance planning checklist.
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For 2026, North Carolina’s individual income tax rate falls from 4.25% to 3.99% and the C-corp rate from 2.25% to 2%—verified on NCDOR rate pages. Cary/RTP employees, owners, and C corps should update withholding, estimates, and entity models. Compliance planning only.
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Gold Card (EO gifts $1M/$2M + USCIS I-140G $15,000/person) and H-1B cost headlines ($100k proclamation payment in litigation per USCIS; proposed $103,265 NPRM not final) are pushing high-end clients to accelerate immigrant paths. LPR status or substantial presence generally means worldwide Form 1040 reporting—pre-immigration compliance planning checklist; verify fluid fee dates against White House/USCIS/IRS.
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Even with a ~$40,000 federal SALT cap, North Carolina’s Taxed PTE election (S corps / partnerships) and California’s 9.3% PTE tax can still ease individual SALT pressure via entity-level state tax and federal entity deduction. Elect on a timely return—once filed, the NC election cannot be changed. Cary/RTP owners: model before you file.
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OBBBA (P.L. 119-21) permanently restores 100% bonus depreciation under §168(k) for qualified property acquired after January 19, 2025. Cary/RTP small businesses should confirm contract and placed-in-service dates before year-end CapEx—and note temporary §168(n) qualified production property.
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Articles are general information, not tax or legal advice for your specific situation.
