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Reporting Name, Image and Likeness (NIL) income
Contributed by: KristineS, FreeTaxUSA Agent, Tax Pro Congratulations! Your sports prowess was just monetized into an NIL deal! Not only do you get to do cool things like endorse national brand labels, drive a sports car from a major car dealership, eat at up-scale restaurants or a local favorite hamburger joint, wear…
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What are 401(k) limits for highly compensated employees (HCE)?
Contributed by: TriciaD, FreeTaxUSA Agent, Tax Pro A 401(k) plan allows employees to save part of their wages for retirement with benefits like tax-deferred growth and employer matching contributions. Annual contributions to a 401(k) plan are limited. Highly compensated employees (HCEs) are subject to certain rules…
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What are the top 10 changes introduced by the One Big Beautiful Bill Act (OBBBA)?
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro On July 4, 2025, President Trump signed the One Big Beautiful Bill Act (OBBBA) into law. This new law extended and replaced the Tax Cuts and Jobs Act (TCJA), which was set to expire at the end of 2025. The OBBBA takes effect from 2025 through 2028. You may be wondering what…
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What is Form 1099-DA, and how will it affect my tax return?
Contributed by: BarbaraL, FreeTaxUSA Agent, Tax Pro What is IRS Form 1099-DA (Digital Asset Proceeds)? Did you get a brand-new form this year titled Form 1099-DA and wonder what it even means or what you’re supposed to do with it? Starting in calendar year 2026, you might receive a 1099-DA if you sold, traded, or got rid…
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What is the new deduction for senior citizens, and how will it impact taxable social security benefits?
Contributed by: Henry, FreeTaxUSA Agent, Tax Pro With the recent signing into law of the One Big Beautiful Bill Act (OBBBA), millions of older Americans got a significant tax break through a new deduction available from 2025 to 2028. You may be wondering how the deduction works and if it affects social security benefits.…