HIVE TAX AI
Lotus Li
Lotus Li is a CPA who has transformed 20 years of professional experience into building products with a mission to simplifying everyone’s tax journey. She is passionate about bringing cutting-edge AI into the world of tax and finance and is deeply immersed in designing, building, and launching innovative AI-powered tax solutions.
What is new in the above-the-line deductions (e.g., tips/overtime)?
No tax on tips: for tax years 2025 through 2028, eligible employees and self-employed individuals can deduct qualified tips, up to $25,000 per year, subject to a phaseout once modified AGI exceeds $150,000, or $300,000 on a joint return.
What changes affect the Alternative Minimum Tax this season?
For the current filing season, you are generally filing a 2025 federal return in 2026. The main point is that there is no major One, Big, Beautiful Bill AMT change affecting 2025 returns
How have income tax marginal rates changed for 2025 income?
For 2025 income, the federal individual marginal tax rates themselves did not change in percentage terms: they remain 10%, 12%, 22%, 24%, 32%, 35%, and 37%. What changed for 2025 was the income thresholds for each bracket, due to inflation adjustments.
What are the updated federal tax brackets for 2025 income?
For 2025 taxable income, the federal ordinary income tax rates for individuals remain 10%, 12%, 22%, 24%, 32%, 35%, and 37%.
How has the standard deduction changed for returns filed in 2026?
If you mean the 2026 filing season, you are generally filing a 2025 federal return. For those 2025 returns, the One, Big, Beautiful Bill Act increased the standard deduction to
What are the key One, Big, Beautiful Bill Act changes relevant this tax season?
For the current filing season, you are generally filing your 2025 federal return, due April 15, 2026, and the IRS has said several One, Big, Beautiful Bill Act provisions first affect these 2025 returns.
S-Corp Election Tax Strategies for Business Owners: Why This Is Often the Most Effective Low-Risk Tax Strategy for 2026
For many profitable owner-operated businesses, an S-Corp election tax strategy remains one of the most practical ways to reduce taxes without relying on aggressive positions
How do bonus depreciation rules apply to small businesses this season?
Bonus depreciation (the special depreciation allowance under IRC § 168(k)) is not limited to “small businesses” specifically; it depends
How is the employer-provided childcare tax credit enhanced?
For amounts paid or incurred after December 31, 2025 (generally starting with tax year 2026), the employer-provided child care credit under IRC § 45F is enhanced in several ways
Are there expanded credits for education through state or federal programs this season?
Here’s what HIVE AI had to say about "Are there expanded credits for education through state or federal programs this season?": Federal (IRS) education credits this filing season (generally 2025 income filed in 2026) There are not new “expanded” federal education...