Andrea Coombes
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Editor, Taxes @Bankrate | she/her | CFP® | writer, editor, financial coach | former @NerdWallet @MarketWatch
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Articles by Andrea Coombes
More States Are Moving To Flat Taxes — Here's What It Means For You | Bankrate Original
The trend toward flat personal income tax rates has accelerated over the past few years, with eight states switching to a flat tax since 2023 (including Kansas and Ohio, which will have flat rates after 2025). States are moving to flat-rate income tax structures to cut taxes, increase or stabilize their population and drive economic growth.
No Tax On Social Security Benefits? Lawmaker Proposes New Bill Original
Lawmakers have introduced a bill that would permanently end taxes on the Social Security benefits received by retirees. The One Big Beautiful Bill Act, which became law in July, didn’t end taxes on Social Security benefits. Instead, it added a new bonus tax deduction worth up to $6,000 for taxpayers aged 65 and older. The proposed law would raise the so-called “wage base” — that is, the dollar limit on which workers pay Social Security payroll taxes — to fund the elimination of taxes on benefits.
Casualty Loss Deduction: How To Claim A Tax Break If Disaster Hits
When a disaster strikes, you’re thinking about the safety of yourself and your loved ones, sometimes followed by the daunting task of rebuilding your home. Taxes are likely the furthest thing from your mind. But when the dust settles, the government does offer some tax assistance for disaster victims in the form of a casualty loss deduction. While calculating the deduction can be complicated, it can be a significant benefit to those who have endured a major loss. What is a casualty loss?
Did You File A Tax Extension? 4 Tips To Prepare For Oct. 15 Deadline Original
Each year, millions of taxpayers file an extension so they can get extra time to file. Now the Oct. 15 deadline is fast approaching. Tax extensions are filed for a variety of reasons, and a common one is delayed paperwork. “We use them often when a taxpayer does not have complete information,” says Morris Armstrong, an enrolled agent in Cheshire, Conn. Many forms, including W-2s and 1099s, are subject to revision, he says, which can delay tax filing.
3 Tax Tips For Back-To-School Savings In 2025 And Beyond Original
Some schools are back in session, but many families are still getting prepared for another back-to-school season — and the expenses that come with it. From tuition to backpacks and computers, parents may be looking for ways to save. Families plan to spend an average of $858 on school supplies, clothing and electronics this year, down from about $875 in 2024, according to the National Retail Federation.
New $1,700 Tax Credit Coming Soon For Donations For Private Schools Original
Taxpayers can soon take advantage of a new federal tax credit of up to $1,700 for donations to scholarship-granting organizations (SGOs) — nonprofit groups that use contributions to fund scholarships for students to attend qualified private schools of their choice. The new credit is part of the One Big Beautiful Bill Act, signed into law by President Donald Trump on July 4. This credit becomes available for eligible donations made on or after Jan. 1, 2027.
Is Unemployment Taxed? Here's What You Need To Know
If you’re collecting unemployment benefits, the IRS will expect you to pay your current federal income tax rate on that money. Some states also tax unemployment compensation, while other states don’t. There are ways to plan your taxes so you don’t face a huge hit all at once at tax time. If you were recently laid off or furloughed from your job, you may be eligible for unemployment compensation. Benefits are administered at the state level, and you must meet specific requirements to qualify.
Filing Status: Which Tax Status Will Save You The Most Money?
There are five different options when it comes to choosing a tax filing status, but your choices are narrowed down by whether you’re married or single, and whether you have a qualifying dependent. Two statuses are for unmarried people: single and head of household. Another two are for married people: married filing jointly and married filing separately. The fifth status — qualifying surviving spouse — is for taxpayers whose spouse died in the previous two years.
CPA, Enrolled Agent, Accountant: Which Tax Pro Is Best For You? Original
Choosing the right tax professional can make a big difference for your peace of mind. But with so many options — from tax accountants to tax attorneys, certified public accountants (CPAs) to enrolled agents (EAs) and more — it’s not always clear who’s best for your situation. Each type of tax pro brings different qualifications, specialties and legal authority when it comes to filing returns, offering tax advice or representing you before the IRS.
5 States With The Highest Income Tax Rates — And 5 With The Lowest | Bankrate Original
It’s understandable to feel envious of people who live in states with low or no income taxes. After all, after paying federal taxes, state income taxes take another swipe at your bottom line. But if you’re comparing places to live, look at the big picture and consider other local taxes, experts say. Because if state income taxes are really low, you’re likely paying higher property or sales taxes to compensate for that.
2025 U.S. Expat Tax Guide: What You Should Know If You Live Abroad Original
Image by GettyImages; illustration by Bankrate Table of contents What you should report to the IRS if you live abroad Tax breaks for U.S. expats Foreign earned income exclusion (FEIE) Foreign housing exclusion or deduction Foreign tax credit (FTC) What are the tax deadlines for expats? Living abroad doesn’t mean you can leave your U.S. tax responsibilities behind. If you’re an American expat, the IRS still expects you to report your worldwide income — no matter where you live or work.
New Tax Law Raises The Stakes On Sports Betting And Gambling Original
The house always wins in gambling, and soon it could feel like Uncle Sam does too. That’s because gamblers face what amounts to a tax hike beginning in 2026: They’ll no longer be able to deduct the full amount of their wagering losses. New rules included in the massive tax bill that was signed into law in July will reduce the tax deduction gamblers can claim on their losses, from 100 percent to 90 percent, starting next year.
How The IRS Catches Tax Cheats Original
Cheating on your taxes is a form of high-stakes gambling. You might catch a break and evade suspicion, but the IRS is incentivized to go after those Americans who don’t pay what they owe — an amount that totals hundreds of billions in unpaid taxes each year. An estimated $514 billion in individual income taxes went unpaid in 2022, according to the most recent IRS data. Add in unpaid corporate, employment and estate taxes and the tax gap that year was $696 billion.
Trump's 'Big, Beautiful Bill': Here's When Key Tax Laws Go Into Effect Original
Americans may soon see a wave of tax changes — some as early as this year, others rolling out in future tax seasons. These updates stem from the massive tax bill recently signed into law by President Donald Trump. The new legislation includes several key tax rules: an extension of many of the provisions of the 2017 Tax Cuts and Jobs Act (TCJA), an expanded child tax credit, a larger standard deduction for seniors, tax breaks for workers who receive tips and overtime pay, and more.
Trump's New Car Loan Interest Deduction — Here's How To Qualify For A Tax Break | Bankrate Original
Car buyers may now benefit from a new tax break that allows them to deduct up to $10,000 in auto loan interest each year from their federal income taxes — reducing their taxable income. The provision, which is in effect for new cars purchased from 2025 through 2028, is part of the “big beautiful bill” legislation signed into law by President Donald Trump on July 4.
The 10 States With The Highest Property Taxes, And The 10 States With The Lowest Original
sanjeri/GettyImages Table of contents 10 states with the highest property taxes 10 counties with the highest property taxes 10 states with the lowest property taxes How property taxes are calculated Hidden costs on the rise If you’re a homeowner, you’ve likely been feeling the sting of rising property taxes. Property tax bills have been climbing, marching upward along with home prices.
Solar Tax Credit And Other Clean Energy Credits: Get Them Before They're Gone Original
If you’ve been debating whether it’s time to “go solar” on your home, you better go call a residential solar installation company — and soon. You only have until the end of the year to take advantage of a federal tax credit that allows homeowners to claim up to 30 percent of eligible solar-related costs as a tax break. If that feels like a tight deadline to get solar panels installed on your home, it probably is.
5 Tax-Law Changes For Freelancers And Gig Workers In 'Big Beautiful Bill' Original
If you deliver for DoorDash or run your own freelance business, your taxes may look different under the massive new tax law that President Donald Trump signed into law on July 4. Freelance, self-employed and gig workers already juggle multiple clients and unpredictable income streams, which can add an extra layer of stress during tax season compared to a traditional W-2 job. But this time, the changes could work in your favor — as long as you know what to look for.
New charitable giving tax deduction worth up to $2,000 is coming soon, and you don’t have to itemize
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Trump's Temporary Tax Breaks: 5 New Tax Provisions That Won’t Last Long
Millions of Americans will see significant shifts in their tax bills under President Donald Trump’s “big beautiful bill.” The sweeping legislation delivers several key tax breaks, including no federal income tax on some tips and overtime pay, a car loan interest deduction, a higher state and local tax (SALT) deduction and a new “bonus” deduction for qualifying seniors. However, those provisions come with an expiration date.
6 Ways The New Tax Law Could Slash Your Tax Bill In 2025 Original
The sweeping new tax and spending bill that President Donald Trump signed into law on July 4 contains numerous new provisions and will have a major impact on almost all Americans. Among other effects, the new law will leave roughly 17 million people without health insurance, according to an estimate from KFF, a nonprofit health research group, and cut food assistance for more than 22 million families, according to a report from the Urban Institute, a nonprofit research organization.
Tax Attorney: What They Do, How To Decide If You Need One
If you find yourself needing legal help or advice with regard to taxes — whether it’s to set up a business, manage your finances in a tax-smart way, create an estate plan, deal with an overdue tax debt or handle a tax dispute with the IRS — then a tax attorney might be for you. Here’s what you need to know. What is a tax attorney? As the name implies, a tax attorney specializes in tax law.
No Tax On Tips And Overtime: What Workers Should Know Original
In a sweeping shift poised to reshape the tax landscape for millions of American workers, President Donald Trump signed the massive tax bill into law on July 4, thus fulfilling one of his major campaign promises to eliminate federal income taxes on some tips and overtime pay. Trump first pledged to end taxes on tips during a campaign rally in Las Vegas in 2024, aiming to win support of voters in the swing state.
Tax Fraud: What It Is And How To Avoid It
Tax fraud comes in a variety of forms, from falsifying documents and orchestrating elaborate tax schemes, to misrepresenting your financial situation and evading taxes. Tax fraud is a serious offense, punishable by fines and even jail time. Actor Wesley Snipes and musician Willie Nelson are just two examples of celebrities who got into hot water with the IRS for tax evasion, which is a type of tax fraud.
Electric Vehicle (EV) Tax Credit Ends Soon Under Trump's Tax Law Original
If you’re considering buying an electric vehicle, now is the time to act. The massive tax bill that President Donald Trump signed into law on July 4 wipes out the popular electric vehicle (EV) tax credit. And the deadline for claiming this tax break is hurtling toward us: Electric vehicles purchased after Sept. 30 will no longer qualify. The EV tax credit was originally launched in 2008, but received a major overhaul under former President Joe Biden’s Inflation Reduction Act of 2022.
Tax Evasion vs. Tax Avoidance: One's Illegal, The Other Is Smart Planning
Mob boss Al Capone was famously convicted of tax evasion. He didn’t pay taxes he earned through illegal operations, and he went to prison for it. But while tax evasion is illegal, tax avoidance is not. Tax avoidance involves using legal strategies to lower your tax liability. It’s a matter of semantics, perhaps, but for taxpayers looking to stay on the right side of the law, it’s important to know the difference between the two.
A New Charitable Giving Tax Deduction Is Coming And Millions More Taxpayers Will Qualify For It Original
Taxpayers who donate to the causes that are close to their hearts have a new reason to celebrate — and to give: The massive new tax law includes a valuable new tax deduction for qualified charitable contributions, worth up to $1,000 for single filers and $2,000 for married filing jointly taxpayers, starting in 2026. And here’s what’s surprising about this new tax benefit: It’s available to taxpayers who claim the standard deduction — you don’t have to itemize.
New charitable giving tax deduction worth up to $2,000 could soon be on the way for millions of filers
Taxpayers who donate to the causes that are close to their hearts may soon have a new reason to celebrate — and to give: The Senate’s version of the “big, beautiful” tax bill includes a valuable new tax deduction for qualified charitable contributions, worth up to $1,000 for single filers and $2,000 for married filing jointly taxpayers. The exciting part is this: This tax deduction would be available to taxpayers who claim the standard deduction — you wouldn’t have to itemize to benefit.
New charitable giving tax deduction worth up to $2,000 could soon be on the way for millions of filers
We may create and activate advertisements based on a profile informed by collecting and analyzing behavioral and personal characteristics. Develop and improve services Information about your activity on this service, such as your interaction with ads or content, can be very helpful to improve products and services and to build new products and services based on user interactions, the type of audience, etc.
New charitable giving tax deduction worth up to $2,000 could soon be on the way for millions of filers
New charitable giving tax deduction worth up to $2,000 could soon be on the way for millions of filers by Andrea Coombes, CFP® Thu, June 19th 2025 at 3:59 PM MediaNewsGroup/LongBeach Press-Telegram/GettyImages
New charitable giving tax deduction worth up to $2,000 could soon be on the way for millions of filers
We may create and activate advertisements based on a profile informed by collecting and analyzing behavioral and personal characteristics. Develop and improve services Information about your activity on this service, such as your interaction with ads or content, can be very helpful to improve products and services and to build new products and services based on user interactions, the type of audience, etc.
There's A New Tax Break Worth $6,000 For Older Taxpayers — Here's Who Qualifies | Bankrate Original
Americans who are 65 and older got a hefty new tax break under the massive tax bill that President Donald Trump signed into law on July 4: A new bonus deduction that’s worth as much as $6,000 per taxpayer, which means up to $12,000 for married-filing-jointly spouses who are both 65+. The new tax deduction is available this year, so if you’re eligible you can claim it on your 2025 tax return that you’ll file in 2026.
Senate’s tax bill trims popular breaks — 4 ways it could impact your taxes | Bankrate Original
U.S. lawmakers appear primed for a tax-bill showdown, with the Senate’s proposed version of the “big, beautiful” act, released Monday, challenging the House version of the bill on several key tax measures, including a lower cap on the state and local taxes (SALT) deduction, a less generous boost to the child and tax credit and less hefty tax breaks for tips and overtime pay. The Senate version of the bill also adds much deeper cuts to Medicaid than the House version does.
New ‘bonus’ tax deduction up to $6,000 could be on the way for those age 65 or older
New ‘bonus’ tax deduction up to $6,000 could be on the way for those age 65 or older by Andrea Coombes, CFP® Wed, June 18th 2025 at 12:24 PM Bloomberg/Contributor/Getty Images Share
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