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.
Are there new deductions for childcare expenses?
For 2024–2025, you can generally claim 20%–35% of up to $3,000 of qualifying expenses for one qualifying person, or up to $6,000 for two or more, depending on your AGI.
Which tax breaks are available for electric vehicle purchases?
Up to $7,500 for qualifying new electric, plug-in hybrid, or fuel cell vehicles
What are 2025 compliance updates for cross-border sales?
New sourcing rule for U.S.-produced inventory sold through a foreign branch: up to 50% of income from qualifying sales can be treated as foreign-source for section 904 limitation purposes
Which states require reporting for retail delivery fees?
Requires sellers to collect, file, and remit the Retail Delivery Fee (RDF) on each taxable delivery into Colorado.
How the One Big Beautiful Bill Act (“OBBBA”) Alters Charitable Deduction Strategies for 2025 and 2026
Charitable giving is a cornerstone of many tax-planning strategies — but with the passage of OBBBA, the landscape for deductions tied to philanthropy is shifting
Unlocking Bigger Tax-Advantaged Retirement Savings in 2026: What the New Limits Mean for You
The line has been raised. For 2026, the Internal Revenue Service (IRS) has increased the contribution ceilings for both workplace retirement plans and individual retirement accounts
IRS Grants Employers Reporting Relief on Tips & Overtime for Tax Year 2025 — What Businesses Need to Know
The IRS has announced new reporting relief for employers on tips and overtime wages, confirming that no penalties will apply for Tax Year 2025 as businesses transition into updated reporting requirements
What emergency preparedness steps should I take for tax and business records?
Keep permanent books and records sufficient to establish income, deductions, credits, and other return items, and retain them as long as they may be material to any tax administration matter.
Which IRS notices should I respond to immediately?
Jeopardy assessment or termination: The IRS can immediately assess and demand payment when it believes collection will be jeopardized by delay.
How do I choose a reputable tax preparer?
Decide whether you need basic return prep or year‑round advisory, audit representation, or business entity expertise. Only attorneys, CPAs, and enrolled agents (EAs)