The Internal Revenue Service is increasing the tax deduction motorists can take for using private vehicles for business, a rare midyear move sparked by high gas prices.

Under the new 'One Big Beautiful Bill,' the IRS is permanently ending the moving expense deduction for most taxpayers after December 31, 2025, with exceptions for some government workers.

He adds that good recordkeeping and internal control practices must be maintained on an ongoing basis for a tax deduction to survive an audit by the IRS or some other income-tax authority.

The Bottom Line Car loan interest is deductible only if you’re self-employed or a business owner and the vehicle is used for work. To claim the deduction, track your mileage, select the right ...

Discover top tax deductions for self-employed individuals, including home office, travel, and equipment. Maximize your deductions and minimize your tax burden.

Ford Motor's Q2 earnings will reveal tariff impacts, but tax changes are yet to be reflected; policy volatility clouds outlook. Click to read why F is a Hold.

Independent contractor tax filing works differently than for employees. Learn about key deductions, filing requirements and tips with this guide.